Markets bounce back in early trade after three days of fall
The Hindu
Equity benchmark indices rebounded in early trade on August 4 after three days of fall amid buying in IT counters and mixed global market trends.
Equity benchmark indices rebounded in early trade on August 4 after three days of fall amid buying in IT counters and mixed global market trends.
Bouncing back from a three-day decline, the 30-share BSE Sensex climbed 300.1 points to 65,540.78 in early trade. The NSE Nifty advanced 105.9 points to 19,487.55.
From the Sensex pack, Tech Mahindra, Wipro, HCL Technologies, Tata Consultancy Services, Infosys, JSW Steel, Titan and ITC were among the biggest gainers.
Power Grid, Hindustan Unilever, Tata Motors and ICICI Bank were among the laggards. In Asian markets, Shanghai and Hong Kong were trading in the positive territory while Seoul and Tokyo quoted lower. The U.S. markets ended marginally lower on August 3.
“India’s services sector growth touched a 13-year high in July as a substantial improvement in demand conditions and pick-up in international sales induced the strongest increase in new business and output,” a monthly survey said.
Foreign Institutional Investors (FIIs) offloaded equities worth ₹317.46 crore on Thursday, according to exchange data. Global oil benchmark Brent crude climbed 0.12% to $85.24 a barrel.
The BSE benchmark fell by 542.10 points or 0.82% to settle at 65,240.68 on Thursday. The Nifty declined 144.90 points or 0.74% to end at 19,381.65.
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India’s manufacturing sector underperforms compared to China and South Korea, partly due to public sector wages that raise costs and reduce competitiveness.
Non-Resident Indians (NRIs) from the Gulf Cooperation Council (GCC) region, once prominent investors in the Indian equity market are seen shying away due to rupee depreciation and have moved to global funds, said a top financial services executive.
Mobile phones are increasingly migrating to smaller chips that are more energy efficient and powerful supported by specialised Neural Processing Units (NPUs) to accelerate AI workloads directly on devices, said Anku Jain, India Managing Director for MediaTek, a Taiwanese fabless semiconductor firm that claims a 47% market share India’s smartphone chipset market.
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