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The Sensex and the Nifty opened the day on a positive note after yesterday’s huge losses.
Join us as we follow the top business news through the day.
10:30 AM
Retail inflation quickens to 5.52%
India’s industrial output fell for the second successive month in February 2021, contracting 3.6% year on year, even as retail inflation quickened to a four-month high of 5.52% in March, as per data released by the National Statistical Office on Monday.
Electricity was the only sector to register positive growth of a meagre 0.1%, while manufacturing output shrank 3.7% and mining slipped 5.5%, as per the Index of Industrial Production (IIP).
The IIP had contracted 0.87% in January, as per revised data, compared to a 1.6% dip estimated earlier. Final data for November 2020 was also revised upwards, with industrial output in the month shrinking 1.6% compared to a 1.9% dip estimated earlier.
10:00 AM
Indian shares rise after sharp virus-led decline; drug firms jump
A bounce-back after yesterday’s steep fall.
Reuters reports: “Indian shares rose on Tuesday after a bruising coronavirus-led decline in the last session, as beaten-down banking stocks gained and drug companies climbed due to a vaccine approval.
The NSE Nifty 50 index was up 0.36% at 14,363.20, while the S&P BSE Sensex was 0.35% higher at 48,052.45. Each index fell more than 3% on Monday, making it their second worst day in 2021.
Indian regulatory approval for Russia’s Sputnik V COVID-19 vaccine sent shares in local partner Dr Reddy’s Labs up as much as 3%. Cipla and Sun Pharma, which sell COVID-19 medication, continued to gain amid a surge in domestic infections.
State-run banks gained 2.4% and were among the top sectoral gainers. The index had dropped 9% in the previous session.
IT services consultancy TCS fell more than 3% after its March-quarter profit missed analysts’ estimates.
Meanwhile, India’s retail inflation accelerated to a four-month high in March on higher food and transport costs, data showed on Monday.”
9:30 AM
Adani Ports removed from S&P index due to links with Myanmar military
S&P Dow Jones Indices said it has removed India’s Adani Ports and Special Economic Zone Ltd. from its sustainability index due to the firm’s business ties with Myanmar’s military which is accused of human rights abuses after a coup this year.
India’s largest private multi-port operator is building a $290 million port in Yangon on land leased from the military-backed Myanmar Economic Corporation (MEC).
It will be removed from the index prior to the open on Thursday, April 15, it said in a statement on Tuesday.
More than 700 people have been killed since a February 1 military coup that ousted an elected government led by Aung San Suu Kyi.
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