Markets hold on to early gains after RBI monetary policy decision
The Hindu
Benchmark equity indices jumped in late morning trade, extending their rally to the third straight session, after the RBI decided to keep the policy rate unchanged
Benchmark equity indices jumped in late morning trade on June 7, extending their rally to the third straight session, after the RBI decided to keep the policy rate unchanged for the eighth time in a row, in line with market expectations.
Buying in IT stocks added to the positive trend in markets.
The 30-share BSE Sensex jumped 907.43 points to 75,981.94 during the late morning trade. The NSE Nifty went up by 260.95 points to 23,082.35.
Interest rate-sensitive bank, realty and auto stocks were trading with gains.
In the past two days, the BSE benchmark surged 2,995.46 points or 4.15% after Tuesday's massive rout.
The Reserve Bank of India (RBI) on Friday decided to keep the policy rate unchanged for the eighth time in a row, saying it will maintain a tight vigil on inflation.
Announcing the second bi-monthly monetary policy for the current financial year, RBI Governor Shaktikanta Das said the Monetary Policy Committee (MPC) has decided to keep the repo rate unchanged at 6.5%.
Coal Ministry's new rules eliminate CCO approval for opening mines, expediting operations and enhancing efficiency in coal production.
India imposes anti-dumping duties on Chinese steel and refrigerant gas to protect domestic industries from unfair pricing.
Sensex declines for the third day, losing 367 points due to foreign fund outflows and thin trading conditions.
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Silver futures soar to ₹2.32 lakh/kg as global prices exceed $75, marking a record high in commodities trading.
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Rupee drops 23 paise to 89.94 against the dollar amid negative equity trends and rising crude prices.
The commencement of commercial flight from the Navi Mumbai International Airport (NMIA) is expected to speed up infrastructure and real estate development across Navi Mumbai and surrounding regions, analysts & industry executives said.
GCCs keep India’s tech job market alive, even as IT services industry embarks on a hiring moratorium
Global Capability Centres, offshore subsidiaries set up by multinational corporations, mostly known by an acronym GCCs, are now the primary engine sustaining India’s tech job market, contrasting sharply with the hiring slowdown witnessed by large firms in the country.
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.
In one more instance of a wholly owned subsidiary of a Chinese multinational company in India getting ‘Indianised’, Bharti Enterprises, a diversified business conglomerate with interests in telecom, real estate, financial services and food processing among others, and the local arm of private equity major Warburg Pincus have announced to collectively own a 49% stake in Haier India, a subsidiary of the Haier Group which is headquartered in Qingdao, Shandong, China.