The Nifty and the Sensex have opened the day on a negative note as investors seemed to be worried about rising inflation and its likely effect on RBI policy going forward.
Join us as we follow the top business news through the day.
Shares fall as November inflation print remains above RBI target
A moderate correction stocks this morning on inflation numbers.
Reuters reports: “Indian shares fell on Tuesday after data showed the country’s retail inflation print for November was above the upper limit of the central bank’s recommended 2%-6% target.
Investors’ sentiment was also dampened by losses in broader Asian markets as increasing COVID-19 deaths and restrictions overshadowed vaccine-related enthusiasm.
By 0355 GMT, the blue-chip NSE Nifty 50 index fell 0.26% to 13,522.55 and the benchmark S&P BSE Sensex slid 0.29% to 46,120.44.
Both the indexes scaled all-time highs in 16 of the past 24 sessions, boosted by record inflows from foreign institutional investors and progress on COVID-19 vaccines globally.
Government data on Monday showed November’s annual retail inflation eased to 6.93% after holding above 7% for two straight months. However, the elevated print leaves little scope for the Reserve Bank of India to cut rates.
ICICI Bank and conglomerate Reliance Industries fell 0.8% and 0.6%, respectively, and were among the top drags to the Nifty 50.
Kotak Mahindra Bank was among the top boosts to the Nifty 50, rising 0.3%, after the bank on Monday said https://bit.ly/37iVoyK the central bank had approved the re-appointment of Uday Kotak as managing director and chief executive officer.”
Focused on investing in India for long run: Facebook
Facebook is committed to investing in India for the long term and continues to build tools for businesses to help them build and grow their online presence, a top company official said.
Speaking to PTI, Facebook Chief Revenue Officer David Fischer said the company has made investments and undertaken some unique bets that it hasn’t done in any other part of the world.
“One of the things that really stands out about India is the pace of innovation, and the transformation that’s happening here and the impact that it is having. And that’s the reason that we are making special investments, we’ve set up a special structure for India and doing some things in India that we haven’t done anywhere else around the world, making some unique investments and bets,” he said.
Facebook is hosting ‘Fuel for India 2020’, which will see its chief Mark Zuckerberg and Reliance Industries Chairman and Managing Director Mukesh Ambani engage in a conversation around opportunities in India, the way digital can accelerate economic progress, and how small businesses will be a key part of the global recovery going forward.