Markets rally for 3rd day running; Sensex climbs over 62,000 level in early trade
The Hindu
Benchmark indices began the trade on a positive note on May 23, rallying for the third day running, amid fresh foreign fund inflows and continuous buying in IT counters.
Benchmark indices began the trade on a positive note on May 23, rallying for the third day running, amid fresh foreign fund inflows and continuous buying in IT counters.
The 30-share BSE Sensex climbed 187.61 points to 62,151.29 in early trade. The NSE Nifty advanced 69.35 points to 18,383.75.
Among the Sensex firms, Infosys, Bajaj Finserv, IndusInd Bank, Bajaj Finance, HCL Technologies, Tech Mahindra, Wipro, Tata Consultancy Services, Asian Paints and ITC were the major gainers.
Titan, Kotak Mahindra Bank, Bharti Airtel, Mahindra & Mahindra and Tata Motors were the laggards.
In Asian markets, Seoul and Tokyo were trading in the green, while Shanghai and Hong Kong quoted lower.
The U.S. market ended mostly with gains on Monday.
"The silver lining lies in the fact that the looming June 1st deadline for raising the US debt limit, which could potentially lead to a financial crisis, seems to be having minimal impact on the Nifty," said Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd.
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GCCs keep India’s tech job market alive, even as IT services industry embarks on a hiring moratorium
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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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