Business
Sensex slumps over 600 pts in early trade; Nifty tests 17,400
Equity benchmark Sensex fell more than 600 points in opening trading on Feb. 11, largely on weakness in IT and financial stocks due to weaker global market trends.
The BSE indicator was down 611.54 points, or 1.04%, at 58,314.49 in early trade. Likewise, the Nifty was down 168.95 points or 0.96% at 17,436.90.
Infosys was the biggest loser in the Sensex portfolio, down more than 2%, followed by Wipro, Tech Mahindra, HCL Tech, HDFC, Bajaj Finance, M&M and Bajaj Finserv.
On the other hand, NTPC and Nestlé India are the only winners.
In the previous session, the 30-share BSE Sensex closed up 460.06 points, or 0.79%, at 58,926.03. Likewise, the broader NSE Nifty was up 142.05 points, or 0.81 per cent, at 17,605.85.
The Reserve Bank of India (RBI) held its key lending rate steady at a record low level for the 10th consecutive meeting on February 10 to support the economy’s durable recovery from the COVID-19 pandemic.
Elsewhere in Asia, stocks in Tokyo and Shanghai rose in intraday trade, while stocks in Hong Kong and Seoul fell.
U.S. stock exchanges fell sharply in overnight trade, pressured by key U.S. inflation data, falling tech stocks and rising benchmark bond yields.
“Asian equities traded sharply lower on Friday after U.S. inflation surged to a four-year high, prompting hawkish comments from Fed officials, sending U.S. Treasuries and Wall Street stocks lower,” said Deepak Jasani, head of retail research at HDFC Securities.
Jasani further added that the Fed may have to act aggressively quickly to ensure inflation does not worsen.
“St. Louis Fed President James Bullard said the central bank should raise rates by 100 basis points in the next three meetings. He raised the possibility of considering action between scheduled policy reviews,” he said.
Meanwhile, Brent crude, the international oil benchmark, fell 0.16% to $91.26 a barrel.
Foreign institutional investors (FIIs) remained net sellers in the capital market as they sold shares worth Rs 1,732.58 crore on February 11, according to stock exchange data.
Complete News Source : The Hindu
Business
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.
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.
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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