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Stock Market Live Updates: Sensex off day’s low, Nifty holds 15,550; auto, metals drag: OIL up.
INFY, HUL valuations up .
Stock Market Live Updates: Indian indices started the week lower tracking losses in Asian peers as they mirrored the sell-off in Wall Street. Global stocks were down as investors digested the new economic projections from the US Fed. Back home, broad-based selling was seen across sectors with banking, auto and metals weighing the most.
Asian markets are weak in the 1st half of trading session. Nikkei down more than 1,000 points
Oil edges up as Iran nuclear talks drag on
Oil prices nudged up on Monday, underpinned by strong demand during the summer driving season and a pause in talks to revive the Iran nuclear deal that could indicate a delay in resumption of supplies from the OPEC producer. Brent crude futures for August gained 30 cents, or 0.4 percent, to USD 73.81 a barrel by 0051 GMT, while US West Texas Intermediate (WTI) crude for July was at USD 71.96 a barrel, up 32 cents, or 0.5 percent. Both benchmarks have gained for the past four weeks amid optimism over the pace of global vaccinations and a pick-up in summer travel. The rebound has already pushed up spot premiums for crude in Asia and Europe to multi-month highs. ”The rebound in demand in the northern hemisphere summer is so strong that the market is becoming increasingly concerned about further sharp drawdowns on inventories,” ANZ analysts said in a note.
EPFO net new enrollments rise 13.73% to 12.76 lakh in April
Net new enrolments with retirement fund body EPFO increased by 13.73 per cent to 12.76 lakh in April from 11.22 lakh in March this year, according to payroll data released on Sunday. The data released by the labour ministry provides a perspective on formal sector employment amid the coronavirus pandemic. During 2020-21, the Employees’ Provident Fund Organisation (EPFO) added 77.08 lakh new members against 78.58 lakh in the year-ago period. According to the provisional payroll data, EPFO added around 12.76 lakh net subscribers during April 2021, an increase of 13.73 per cent over the previous month despite the second wave of COVID-19 pandemic, a labour ministry statement said.
Analysts expect the market may consolidate for some time before resuming its rally and the trend remains intact for an up move towards the 16,000 mark.
Four of top-10 firms add Rs 68,458.72 crore in market-cap; HUL, Infosys biggest gainers.
Four of the 10 most valued companies together added Rs 68,458.72 crore in market valuation last week, with Hindustan Unilever Limited and Infosys emerging as the biggest gainers. While RIL, TCS, Infosys and HUL were the gainers from the top-10 list, HDFC Bank, HDFC, ICICI Bank, SBI, Bajaj Finance and Kotak Mahindra Bank witnessed a cumulative erosion of Rs 43,703.55 crore from their market valuation last week. The market valuation of Hindustan Unilever Limited (HUL) zoomed Rs 26,832.3 crore to reach Rs 5,82,874.25 crore.
The valuation of Infosys jumped Rs 24,628.79 crore to Rs 6,41,108.34 crore.
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