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Yuan revaluation drowns Sensex; bank stocks down

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Mumbai: Revaluation of Chinese yuan coupled with the upcoming key economic data points to subdued investor sentiments – leading a barometer index of the Indian equity markets to plunge 195 points during the late afternoon session on Tuesday.

The barometer 30-scrip sensitive index (Sensex) of the S&P Bombay Stock Exchange (BSE) decline by over 195 points or 0.70 percent.

The wider 50-scrip Nifty of the National Stock Exchange (NSE) was also trading in the red. It was trading lower by 63.35 points or 0.74 percent at 8,462.25 points.

The S&P BSE Sensex, which opened at 28,193.26 points, was trading at 27,905.88 points (2.05 p.m.), down 195.84 points or 0.70 percent from the previous day’s close at 28,101.72 points.

The Sensex touched a high of 28,205.12 points and a low of 27,876.07 points in the intra-day trade so far.

Analysts said the revaluation of the yuan, which is intended to boost exports, has made investment in China cheaper. This is leading foreign investments away from India.

The move has also strengthened the dollar value, which has negatively impacted major world currencies including the Indian rupee.

“The revaluation of yuan is a major reason for the subdued sentiments. The currency wars have started at a time when the world economy is stalling, commodities prices are falling and the Chinese markets are bleeding,” Alex Mathews, head of research with Geojit BNP Paribas, told.

“The Indian rupee has fallen to Rs.64 a dollar. However, the move has helped the information technology (IT) and other exports related stocks.”

Investors are also anxious over the upcoming key economic data points of Consumer Price Inflation (CPI) and Index of Industrial Production (IIP).

“There is very little hope of any positive surprises from the CPI or the IIP, despite good monsoon and pick-up in demand,” Mathews elaborated.

Devendra Nevgi, chief executive of ZyFin Advisors, told IANS that the markets were upset over the logjam in parliament.

The monsoon session of parliament ends on August 13 with fate of key legislations like the GST (goods and services) or the land bill hanging in the balance.

“There is still hope that the government will find a way to pass and implement the GST bill. However, the continuing logjam has provoked bearish sentiments,” Nevgi said.

“However, the signals that are coming — like a proposed joint special session to get the bill passed — are very encouraging.”

Sector-wise, all 12 sub-indices of the S&P BSE except the information technology (IT) and technology, entertainment and media (TECK) index were trading in the red.

The S&P BSE banking index decreased by 296.32 points, followed by automobile index which receded by 282.32 points, capital goods index declined by 270.75 points, metal index edged-lower by 207.43 points and oil and gas index fell by 108.22 points.

However, the S&P BSE IT index gained by 145.23 points and TECK index rose by 52.77 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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