Sensex tanks 1.5% in fag-end sell-off, Nifty support at 16800; hourly momentum indicator signals more weakness
BSE Sensex and NSE Nifty 50 ended with a cut of one per cent each on Tuesday,?mirroring the global market trends. BSE Sensex tanked 844 points or 1.5 per cent to end at 57147, while NSE Nifty 50?plunged 1.5 per cent or 257 points to settle at 16984. Stocks of index heavyweights such as Reliance Industries (RIL), Infosys,?ICICI Bank,?HDFC Bank, and TCS among others contributed the most to the indices’ losses. Broader markets also fell in line with equity frontliners. S&P BSE MidCap index fell 1.6 per cent or 406 points to end at 24,757.61, while S&P BSE SmallCap index settled 1.5 per cent or 425 points down at 28,589.
PM Modi’s export policy making record growth, country’s export to top last year’s $420 billion this fiscal
Prime Minister?Narendra Modi’s One District One Product scheme has led to several states in the country quadrupling their exports, setting India on the path to make a new record in merchandise export this fiscal. This fiscal year 2022-23, India is set to surpass the previous year’s $420 billion in exports,?SBI?said in its latest Ecowrap research report. The One District One Export – District as Export Hubs (ODOP-DEH) initiative, started by Uttar Pradesh in 2018, primarily aims to transform every district of the country into an export hub. Launched under the slogan “Vocal for Local,” the ODOP-DEH was applied to other states in the country, after seeing its success in UP.
Indian economy’s growth slow but steady, awaits festive boost
India’s economy showed signs of slowing-but-steady growth last month, with businesses holding on to optimism that domestic demand will revive as the peak shopping season approaches. Four of the eight high-frequency indicators tracked by Bloomberg News showed activity eased in September, while two showed improvement and two held steady. Still, the needle on a dial measuring so-called animal spirits was unchanged from a month ago, as the gauge uses the three-month weighted average to smooth out volatility in the single-month readings.
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Jio 5G outperforms Airtel 5G with faster download speed in preliminary tests
Ookla released a report today based on the data from its Intelligence feature to give an insight of the 5G performance across select cities as well as indicating the growth of 5G-supported devices in India. According to a report from Speedtest Intelligence, telcos have been testing their 5G network which saw the speed to be as low as double-digit 16.27 Mbps to triple-digit 809.94 Mbps.
Delhi government installs 1,000 EV chargers within a year, promises 18,000 more
Delhi government has officially announced that it has completed the installation of 1,000 charging points for EVs (electric vehicles) within a year under the single-window facility. This includes 682 EV chargers installed at 315 locations by BSES Rajdhani Power Limited, 150 charging points installed at 70 locations by BSES Yamuna Power Limited, and 168 EV charging points installed at 50 locations by Tata Power Delhi Distribution Limited.?