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Chinese slide, Greek crisis subdues markets; Sensex down 368 points

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Mumbai: The continuous slide in the Chinese stock markets and the stalemate in the Greece debt talks dampened investor sentiments leading to a barometer index of the Indian equity markets shedding 368 points on Wednesday.

The benchmark 30-scrip Sensitive Index (Sensex) of the S&P Bombay Stock Exchange (BSE) dropped by 367.98 points or 1.31 percent during the late-afternoon session.

The wider 50-scrip Nifty of the National Stock Exchange (NSE) was also trading deep in the red. It plunged 116 points or 1.36 percent at 8,394.90 points.

The Sensex, which opened at 28,031.45 points, was trading at 27,803.71 points (at 2.30 p.m.) in the late-afternoon session — down 367.98 points or 1.31 percent from the previous day’s close at 28,171.69 points.

The Sensex has so far touched a high of 28,031.45 points and a low of 27,635.78 points in the intra-day trade.

Analysts said the downward trajectory in the Indian markets was due to the spill-over effect from the continuous slide in the Chinese stocks markets and the stalemate regarding the Greek debt talks.

“The continuous slide in the Chinese markets since sometime now has caused a downfall of nearly 40 percent. The inability of the government, fund houses and brokerage firms in arresting the fall has caused international panic,” Anand James, co-head, technical research desk, Geojit BNP Paribas told IANS.

“Indian markets have been anxious about the Chinese stock markets crash. Coupled with this, the stalemate in the Greek debt crisis has subdued investor confidence here,” James said.

He elaborated that the strong macroeconomic fundamentals in terms of growth, inflation, current account and fiscal deficits provides a reasonable degree of resilience to the Indian financial system.

He predicted that the next major triggers for the markets will be the upcoming first quarter results and the key macro-economic data scheduled to be released on Friday.

“There is a hope that the first quarter (Q1) numbers due to be released soon will be better than the Q4 of 2014-15. Factors like lower inflation, easing of monetary policy and stable rupee are expected to be translated into better Q1 numbers,” James added.

The first major result to come out will be of Tata Consultancy Services (TCS) on July 9.

During Wednesday’s intra-day trade, all 12 sector-based indices of the BSE were trading in the red.

The S&P BSE automobile, metal, bank, information technology (IT), capital goods, consumer durables, healthcare, oil and gas and technology, entertainment and media (TECK) stocks came under intense selling pressure.

The S&P BSE automobile index plunged by 339.98 points, metal index crashed by 322.11 points, bank index plummeted by 283.06 points, IT index contracted by 108.88 points, and capital goods index receded by 74.93 points.

The S&P BSE consumer durables index fell by 59.97 points, followed by healthcare index which decreased by 56.51 points, oil and gas index which declined by 55.15 points and TECK index slid 54.66 points.

Business

Apple is giving a huge discount on its gadgets: Details inside

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If you want to buy an iPhone and were waiting for a nice offer, then we have a piece of good news for you! Amazon Summer Sale May 2022 has begun and they are offering major discounts on various smartphones, laptops, and smart TVs, among others.

The sale is live now on the e-commerce platform with no-cost EMI options and exchange discounts on various products. In addition to this, Amazon has also partnered with several banks including ICICI, Kotak Bank, and RBL so that customers get instant discounts of up to 10% using their cards and EMI transactions.

Customers can easily enjoy this summer sale and get massive discounts on iPhones. They can also compare prices on Flipkart Big Saving Days Sale 2022 before making a purchase.

 

Amazon Summer Sale May 2022: Discount offer on iPhone 13 

Apple’s coveted phone model iPhone 13 in the 128 GB storage model will be available during the Amazon Summer Sale May 2022 for Rs 64,900. The MRP of the phone is Rs 79,900. This means that the customers will be able to enjoy a discount of up to Rs 15,000 on the purchase of the iPhone 13.

If you have an old iPhone in working condition then you will also be eligible to receive another additional discount worth up to Rs 17,000 on the iPhone 13.

Buy at Rs. 64,900 (MRP – Rs. 79,900)

Features of Apple iPhone 13 

The iPhone is powered by an A15 Bionic processor with 6 core CPU. Apart from this, it has 16 core neural engines. With the iPhone 13, up to 512 GB of storage will be available. The iPhone 13 has a 6.1-inch Retina XDR display with 1000 nits brightness.

The iPhone 13 has a 12-megapixel dual rear camera setup. This time a new wide-angle camera has been given, whose aperture is f/1.6. With this, there is support for sensor optical stabilisation. Night mode has been made better than before. The second lens is also 12 megapixels ultra-wide and has an aperture of f/2.4.

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