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Sensex ends 550 pts higher, Nifty up 175 pts; PSU Bank shines

Strong earnings will help boost the sentiments

Indices soared 1% on Tuesday with Sensex and Nifty almost touching the 59,000 and 17,500 mark….

Gold falls ₹10; silver climbs ₹774.

PSU Bank index continues its forward run, adds 3% in today’s session

State Bank of India continues to shine and leads the PSU Bank index surge

ONGC Videsh bids to retake 20 pc stake in Russia’s Sakhalin-1

Microsoft cuts about 1,000 jobs – Axios


Share Market Close: Benchmark indices ended in green on Tuesday with Sensex closing just below 59,000 and the Nifty a few points shy of 17,500. All indices closed in green with Bank, FMCG, Auto, Realty and Media leading the race. SBI and Adani Ports gained, while NTPC and HDFC shed.

Global stocks took cues from Wall Street and continued the upward trend on Tuesday. Nikkei and Hong Kong gained handsomely along with Indian indices while China remained flat amidst delays in key economic data.

Indices soared 1% on Tuesday with Sensex and Nifty almost touching the 59,000 and 17,500 mark

Indian stock markets continued their rally and gained 1% on Tuesday. Both the indices closed just shy of psychological figures; Sensex below 59,000 and Nifty below 17,500. Sensex gained 550 points to close at 58,960 and Nifty added 175 points and ended the day at 17,486.

All indices ended in the green in today’s session with the PSU Bank index outshining the rest adding 3%. Auto, FMCG and Oil & Gas also made decent gains. Pharma remained flat throughout the session and ended with marginal gains.

Among stocks, State Bank of India continued to climb along with Adani Ports, SBI Life, Eicher Motors and ITC. HDFC, NTPC and Tech Mahindra shed in today’s session.

Gold falls ₹10; silver climbs ₹774

Gold prices in the national capital fell ₹10 to ₹50,783 per 10 grams on Tuesday amid appreciation in rupee, according to HDFC Securities. In the previous trade, the precious metal had closed at ₹50,793 per 10 grams.

Silver, however, climbed ₹774 to ₹57,064 per kilogram from ₹56,290 per kg.

The rupee appreciated 22 paise to 82.08 against the US dollar in early trade on Tuesday, tracking positive domestic equities and an overnight fall in the dollar index.

In the international market, gold was trading in green at USD 1,657 per ounce while silver was up at USD 18.91 per ounce.

ONGC Videsh bids to retake 20 pc stake in Russia’s Sakhalin-1

ONGC Videsh Ltd, the overseas arm of state-owned Oil and Natural Gas Corporation (ONGC), is making a proposal to retake 20 per cent stake in Russia’s Sakhalin-1 oil and gas project in the far east, sources said.

Russian President Vladimir Putin earlier this month disbanded Exxon Neftegaz – a regional subsidiary of US supermajor ExxonMobil – as operator of the Sakhalin-1 and transferred the project and all of its assets and equipment to a new operator.

The other former foreign shareholders in the project – Japan’s Sodeco consortium and ONGC Videsh – have to apply to the Russian government to regain their shareholdings in the project. (PTI)

Microsoft cuts about 1,000 jobs – Axios

Microsoft Corp laid off under 1,000 employees across several divisions this week, Axios reported on Tuesday, citing a source, making it the latest U.S. technology company to cut jobs or slow hiring amid a global economic slowdown.

The layoffs affected less than 1% of Microsoft’s total workforce of around 221,000 as of June 30.

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