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Nifty flirts with 10K, Sensex retreats from lifetime highAn officegoer walks past people watching share prices on a digital display outside the BSE building in Mumbai on Tuesday. AFP

Nifty flirts with 10K, Sensex retreats from lifetime high

Wave of profit-booking drags it down to settle at 9,964 points26 Jul 2017 | 1:08 AM

MUMBAI:The historic 10,000 level proved to be short-lived today as the Nifty closed with a negative bias and the Sensex lost from its lifetime high after investors went for profit in recent gainers.

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Mumbai, July 25 

The historic 10,000 level proved to be short-lived today as the Nifty closed with a negative bias and the Sensex lost from its lifetime high after investors went for profit in recent gainers.

The NSE benchmark made history breaching the 10,000-mark for the first time by hitting an all-time high of 10,011.30 at the outset, led by stronger-than-expected earnings by blue chips and continuous buying by foreign funds and domestic institutions.

But a wave of profit-booking dragged the gauge down by 1.85 points, or 0.02%, to settle at 9,964.55. Steady monsoon progress and smooth GST takeoff had helped both the key indices scale historic highs, traders said.

The flagship Sensex climbed to a fresh life high of 32,374.30 before closing down 17.60 points, or 0.05%, at 32,228.27.

In the past two trading sessions, the key barometer had gained 341.47 points. “Market made a historical day by touching 10k supported by better earnings from blue chips and strong liquidity.

However, profit booking at higher levels pulled the market to mild correction due to psychological effect, muted Q1 results for midcaps and awaiting Fed monetary policy meet,” said Vinod Nair, Head of Research, Geojit Financial Services.

Participants also looked up to US Federal Reserve policy meeting later today. Key indices in the Asian region lay low. Major losers include Lupin 1.96%, along with Tata Motors, Coal India and Sun Pharma.  Airtel surged 1.76% after reports of the government considering giving telecom companies more time to pay for the spectrum they bought, in a bid to ease sectoral stress. — PTI

SC asks Subrata Roy to deposit Rs 1,500 cr by September 7

26 Jul 2017 | 1:08 AM

NEW DELHI:The Supreme Court today said it did not intend to send Sahara Group chief Subrata Roy to jail as he had enough property to shell out the money ordered by it.

Idea-Voda merger gets CCI approval

26 Jul 2017 | 1:08 AM

NEW DELHI: Shares of Idea Cellular rose by 6.5% today after the Competition Commission of India (CCI) approved merger of Vodafone India and the company in a $23-billion deal that will create the country’s largest telecom operator.

Corporate Results

Jio effect: Airtel Q1 profit tanks 75%

26 Jul 2017 | 1:08 AM

NEW DELHI: Country’s largest telecom company, Bharti Airtel today posted 74.89% decline in consolidated net profit to Rs 367 crore for the June quarter of the current fiscal, hit hard by the disruptive pricing of newcomer Reliance Jio.

Markfed to boost exports to Canada

26 Jul 2017 | 1:08 AM

CHANDIGARH:Markfed Chairman Amarjit Singh Samra yesterday said they would increase exports of ready-to-eat (RTE) products to Canada.

Undue profit of over Rs 1 cr to come under GST authority’s lens

Undue profit of over Rs 1 cr to come under GST authority’s lens

23 Jul 2017 | 11:39 AM

NEW DELHI: The proposed anti-profiteering authority under the new GST regime will take up for scrutiny only those cases that have mass impact and those where undue profit of more than Rs 1 crore has been earned, a senior government official said.

India Inc pay gap: CEOs earn up to 1,200-times of average staff

23 Jul 2017 | 3:10 PM

NEW DELHI: A huge pay gap between CEOs and other employees at Indian companies has come to the fore, with the biggest listed blue-chip firms doling out to their top executives salary packages of up to 1,200-times of their median employee remunerations.

Mercedes calls for lower taxes on luxury cars in India

Mercedes calls for lower taxes on luxury cars in India

23 Jul 2017 | 3:41 PM

NEW DELHI: German carmaker Mercedes-Benz has pitched for lower taxes on luxury cars in India, saying the move will help in job creation as well as increase tax collection from the segment.

Launching Rs 200 note will fill ‘missing middle’: SBI report

23 Jul 2017 | 3:44 PM

NEW DELHI: The introduction of Rs 200 note will fill in the “missing middle”, even as the new currency in circulation (CIC) has already reached 84 per cent of the pre demonetisation level, says a report.

Interview for RBI Deputy Governor’s post on July 29

Interview for RBI Deputy Governor’s post on July 29

23 Jul 2017 | 11:41 AM

NEW DELHI: A search panel headed by the Cabinet Secretary is scheduled to interview candidates on July 29 to find a successor for RBI Deputy Governor S S Mundra, who is completing his three-year term this month-end.

We’ll definitely prune the portfolio: Tata Sons Chairman

We’ll definitely prune the portfolio: Tata Sons Chairman

23 Jul 2017 | 10:01 AM

NEW YORK: Emphasising that there will “definitely” be pruning of the Tata portfolio, Tata Sons Chairman Natarajan Chandrasekaran has said that the company will not exit a business “just to get a headline” but only when it is certain it is not getting returns from it.

Despite 21% jump in NPAs in FY17, lenders lap up education loans

Despite 21% jump in NPAs in FY17, lenders lap up education loans

23 Jul 2017 | 11:33 AM

MUMBAI: Despite increasing number of students not paying back their loans spiking NPAs to over 10 per cent, lending continues for higher education with the disbursals topping Rs 20,000 crore in fiscal 2017, according to a report.

Vodafone-Idea merger expected to complete in 2018

Vodafone-Idea merger expected to complete in 2018

25 Jul 2017 | 10:18 PM

NEW DELHI: The country may get its new biggest telecom service provider as early as next year with Vodafone India and Idea Cellular expecting to complete their merger formalities ahead of time, both companies said.

Justdial announces Rs 84 cr share buyback offer

25 Jul 2017 | 11:27 AM

NEW DELHI: Local search engine Justdial on Tuesday said it would buy back equity shares for up to Rs 84 crore from its shareholders at a price not exceeding Rs 700 per share.

Crude oil futures up Rs 13 fuelled by global cues

25 Jul 2017 | 11:09 AM

NEW DELHI: Crude oil futures spurted by Rs 13 to Rs 3,010 per barrel on Tuesday after participants widened their bets tracking a firming trend in Asia.

Gold futures up Rs 37 on firm global cues

Gold futures up Rs 37 on firm global cues

25 Jul 2017 | 10:55 AM

NEW DELHI: Gold prices rose by Rs 37 to Rs 28,553 per 10 grams in futures trade on Tuesday as speculators raised their bets amid a firming trend overseas.

Silver futures up Rs 63 aided by global cues

25 Jul 2017 | 10:48 AM

NEW DELHI: Silver prices rose by Rs 63 to Rs 38,788 per kg in futures trade on Tuesday on speculative buying influenced by firm global prices.

Rupee softens 5 paise against dollar

25 Jul 2017 | 10:04 AM

MUMBAI: The rupee weakened by 5 paise to trade at 64.39 against the US dollar in opening session at the Interbank Foreign Exchange on Tuesday.

Nifty creates history, crosses 10K briefly

Nifty creates history, crosses 10K briefly

25 Jul 2017 | 5:36 PM

MUMBAI: The NSE Nifty on Tuesday breached the 10,000 level for the first time, but then slipped back down to close the day's trade at 9,964.55 points as as investors booked profits in IT, pharma, auto and oil and gas stocks after a strong rally fuelled by rate cut hopes and better financial results.

Briefly

Jaitley to head panel on HPCL stake sale

25 Jul 2017 | 12:29 AM

Finance Minister Arun Jaitley will head a three-member ministerial panel to oversee and expedite the sale of government stake in HPCL to ONGC, Oil Minister Dharmendra Pradhan said on Monday.

IMF retains India’s growth forecast at 7.2% for FY18

25 Jul 2017 | 12:29 AM

NEW DELHI: India will stay ahead of China in growth sweepstakes in 2017 as well as 2018, said the International Monetary Fund (IMF) while retaining the country’s GDP forecast at 7.2% for the current fiscal.

Pranab wanted GST in his term, says Jaitley

25 Jul 2017 | 12:29 AM

NEW DELHI:Finance Minister Arun Jaitley today wrote in a Facebook post that outgoing President Pranab Mukherjee wanted to approve the Constitution amendment on GST during his tenure as the President.

Biz talk

GST unlikely to impact inflation: PHD Chamber

25 Jul 2017 | 12:29 AM

SENIOR VICE-PRESIDENT:Implementation of GST has been largely without hiccups.

NRIs need not give a/c details if seeking no refund: CBDT

25 Jul 2017 | 12:29 AM

NEW DELHI:The I-T Department today said it has provided an optional reporting of details of one foreign bank account by the NRIs in refund cases.

HDFC Bank Q1 profit rises 20% to Rs 3,893 cr

25 Jul 2017 | 12:29 AM

MUMBAI:Private sector lender HDFC Bank today reported 20.22% increase in net profit to Rs 3,893.84 crore for the quarter ended June 30, 2017 as compared to the same period last year.

Sensex, Nifty close at record high on better financial results

24 Jul 2017 | 4:09 PM

MUMBAI: The benchmark BSE Sensex on Monday closed at fresh life-time high of 32,245.87 points while the Nifty settled at new peak of 9,966.40 points on buying in oil and gas, banking, IT and FMCG stocks after better-than-expected financial results.

LyondellBasell to build world’s largest alcohol plant in US

24 Jul 2017 | 3:11 PM

HOUSTON: Petrochemical giant LyondellBasell is planning to build the world’s largest propylene oxide and tertiary butyl alcohol plant in the Houston area, the company’s Indian-American CEO has said.

CCEA approves govt stake sale of HPCL to ONGC: Pradhan in LS

24 Jul 2017 | 2:54 PM

NEW DELHI: The Cabinet Committee on Economic Affairs (CCEA) has given in-principle approval for the sale of the government’s 51.11 per cent stake along with the management control of HPCL to the ONGC, Oil Minister Dharmendra Pradhan said on Monday.

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