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Market LIVE: Sensex down 200 points on global cues; Nifty sub 12,700; banks drag
Sensex and Nifty opened lower amid weak global cues as rise in corona virus infections stoked concerns that fresh lockdowns may impact economies world wide but later markets started recovery.
Sensex slipped 200 points at open and Nifty fell below 12650 amid sell-off globally as investors feared the economic impact of an accelerating rise in coronavirus infections worldwide.
RIL top gainer
The company will invest up to $50 million in Breakthrough Energy Ventures IILP. Investment will be made in tranches over 8-10 years with the $50 million constituting 5.75% of the size of the fund contemplated at present. Breakthrough Energy is backed by Jeff Bezos, Jack Ma and Bill Gates, among others.
Nifty Bank down as sell-off continues
Gold prices down
Gold and silver prices in India struggled for direction today. On MCX, gold futures edged 0.07% higher to ₹50,635 per 10 gram while silver rates dropped 0.2% to ₹62,615 per kg. In the previous session, gold prices had risen 0.76% or ₹380 per 10 gram while silver had edged 0.28% higher. In India, analysts expect a rise in sales this week on the occasion of Dhanteras and Diwali. Gold prices have significantly corrected from its August levels of of ₹56,000 when it hit a record high.
Realty cos gain:The government on Thursday offered income tax relief to help builders clear their inventory and boost demand from home buyers as part of the stimulus package aimed at supporting economic recovery. The incentive involves amending the Income Tax Act to allow a 20% differential between the actual sale price of land or building and the stamp duty value.
October inflation speeds up in worrying sign
Consumer Price Index (CPI)-based inflation shot up to a worrying 7.61% in October, well above the central bank’s comfort zone, fuelled by a spike in food prices, official data showed on Thursday.
Retail inflation for September was revised to 7.27% from the earlier reported 7.34%. Food price inflation quickened to 11.07% in October from 10.68% the month before as vegetables, fish, egg, meat and oils witnessed sustained price rise, showed data issued by the statistics ministry on Thursday.
Investors are advised to calibrate their risk profile and keep themselves within the affordable limits as some market pundits believe that the markets are over heated and a correction is inevitable.
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