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On Budget day, Sensex opens 530 pts high at 58,544, Nifty trades at 17,480

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3 years ago

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On Budget day, Sensex opens 530 pts high at 58,544, Nifty trades at 17,480

On Tuesday, the Sensex surged more than 600 points ahead of parliament’s presentation of the 2022-23 Union Budget, with the Nifty up 159 points in open trade.

The 30-share Sensex added 603.39 points or 1.04% to 58,617.56 and the broader Nifty added 159.25 points or 0.92% to 17,499.10.

IndusInd Bank was the biggest gainer in the Sensex sector, up 2.45%, followed by ICICI Bank, HDFC twins, Sun Pharma, Infosys, Kotak Bank and Bajaj Finserv.

Of the 30 Sensex constituents, 28 stocks trade in green. ITC and PowerGrid are laggards.

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Finance Minister Nirmala Sitharaman will table the 2022-23 federal budget in Parliament on Tuesday.

In the previous session, the 30-share BSE index closed up 813.94 points, or 1.42%, at 58,014.17. Likewise, the broader NSE Nifty was up 237.90 points or 1.39 per cent at 17,339.85.

On Monday, the Economic Survey reported that India’s economy is expected to grow between 8% and 8.5% in the fiscal year that begins April 1 and is well-positioned to meet future challenges on the back of widespread vaccine coverage, supply-side reforms and deregulation.

Meanwhile, India’s economy contracted by 6.6% in 2020-21, compared with an earlier estimate of a 7.3% contraction, suggesting that the economy hit by the coronavirus pandemic is not as bad as initially thought.

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Output in eight infrastructure sectors rose 3.8% in December 2021, after contracting 0.4% in the same month last year, as coal, cement and refined products fared better, according to official data released on Monday.

“The Indian government’s fiscal position remains strong, with figures for the first nine months of this fiscal showing that the budget deficit has only been used up by half.

“The fiscal deficit stood at 50.4% in FY22 April-Dec, compared to 145.5% last year. Stronger tax and non-tax revenue has helped the government stabilize the budget,” said Deepak Jasani, head of retail research at HDFC Securities.

On Tuesday, Asian shares took advantage of the tailwinds of a U.S. technology-led rally driven by bargain hunters betting that this year’s stock market rout will subside. Several Asian markets, including China and South Korea, were closed for the Lunar New Year holiday, he added.

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The U.S. stock exchange ended the overnight session on a positive note.

Meanwhile, international oil benchmark Brent rose 1.31% to $91.21 a barrel.

Foreign institutional investors remained net sellers in the domestic capital market, withdrew Rs 3,624.48 crore on Monday, according to provisional data.

Complete News Source : Hindustan Times

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Virat Kohli pays tribute to Ratan Tata, Jay Shah ‘deeply saddened’ by veteran industrialist’s demise

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3 weeks ago

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October 10, 2024

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Virat Kohli pays tribute to Ratan Tata, Jay Shah ‘deeply saddened’ by veteran industrialist’s demise

Tributes continue to pour in for Ratan Tata, with Virat Kohli and Jay Shah taking to their social media accounts to bid farewell to the industrialist.

Former Indian captain and batting legend Virat Kohli paid a touching tribute to Ratan Tata, the legendary business tycoon, who passed away on Wednesday night. Tata, a Padma Vibhushan recipient, was undergoing treatment in intensive care since Monday but breathed his last in Mumbai, leaving a profound impact on many across the nation.

Kohli expressed his condolences through his Instagram account on Thursday morning, sharing a heartfelt message along with a photo of the late industrialist.

Tata’s contribution to business, society, and philanthropy has been widely acknowledged, and his passing marks the end of an era.

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The Board of Control for Cricket in India (BCCI) secretary, Jay Shah, also conveyed his sorrow, stating, “Deeply saddened by the loss of Shri Ratan Tata Ji. His leadership, integrity, and dedication to society set a remarkable standard for legacy. My heartfelt condolences to his loved ones. Rest in peace, Sir.” Shah’s words reflect the collective grief of a nation that has long admired Tata’s contributions to the country.

BCCI’s tribute

Additionally, the BCCI issued a statement about his demise.

“The BCCI expresses its deepest sorrow and joins the nation in mourning the passing of Shri Ratan Tata ji. His invaluable contributions across diverse fields have been instrumental in shaping India’s growth and success story.

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His extraordinary legacy, founded on the principles of passion, empathy, visionary leadership, innovation, and excellence, will continue to inspire and guide future generations for years to come,” the statement read.

Ratan Tata, born on December 28, 1937, in Mumbai, embarked on his journey with the Tata Group in 1962 as a young executive. Over the decades, he transformed the group into a global conglomerate. His work was acknowledged with India’s second-highest civilian honour, the Padma Vibhushan, in 2008, and he received numerous accolades, including honorary doctorates from prestigious institutions in India and abroad.

Tata is survived by his family, including brothers and sisters Simone Tata, Jimmy Tata, Noel Tata, Aloo Tata, Shireen Jejeebhoy, Deanne Jejeebhoy, Leah Tata, Maya Tata, Neville Tata, Manasi Tata, Jamset Tata, Tiana Tata, and others, as mentioned in a family statement.

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