Sensex, Nifty fall in early trade after two days of rally
The Hindu
Updates on Sensex and Nifty on June 22, 2023
The benchmark indices fell in early trade on Thursday, June 22, 2023, acing heavy volatility, amid emergence of profit-taking and negative trend in the US markets.
Hawkish remarks from Federal Reserve Chair Jerome Powell made investors cautious.
The 30-share BSE Sensex fell 150.18 points to 63,372.97 even after a positive beginning to the trade. The BSE benchmark hit an intra-day all-time peak of 63,601.71 in initial deals. However, the benchmark index faced volatile trends later and was trading marginally lower.
The NSE Nifty dipped 25.95 points to 18,830.90 in early trade.
From the Sensex pack, Infosys, Power Grid, Wipro, Kotak Mahindra Bank, Tech Mahindra, Bajaj Finance, Hindustan Unilever and Nestle were the biggest laggards.
Tata Steel, Mahindra & Mahindra, ICICI Bank, HDFC Bank, HDFC, Maruti, ITC and Reliance Industries were among the major gainers.
In Asian markets, Seoul quoted in the green, while Tokyo traded lower.
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.
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