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Business News/ Markets / Live Blog/  Sensex ends 638 pts lower, Nifty sheds 216; Metal, Bank, FMCG lag; Pharma shines
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Sensex ends 638 pts lower, Nifty sheds 216; Metal, Bank, FMCG lag; Pharma shines

Share Market Close: Benchmark indices ended lower on Monday and lost more than 1%. Pharma and Healthcare gained, while all other indices ended in the red. ONGC surged 4%, while Adani Enterprise and Eicher Motors dragged.

Stock Market Today: Recession fear still loom (Photo: Mint)Premium
Stock Market Today: Recession fear still loom (Photo: Mint)

Markets continued to remain pessimistic as central banks keep tightening their monetary policy stoking fears of recession among investors. Nikkei took an exception and gained in today's sessions. Most of the remaining Asian markets lost ground while investors kept an eye on what way the global economy is heading.

03 Oct 2022, 07:34:06 AM IST

5G in India: Airtel begins rollout in 8 cities, Jio vows very affordable service

Bharti Enterprises chairman Sunil Mittal said that its 5G service will launch in 8 cities. He said that Airtel 5G will go live in New Delhi, Varanasi, Mumbai, and Bengaluru in addition to four other cities. Name of other four cities is not revealed yet.

The carrier will cover all urban areas by March 2023 and the entire country by March 2024 with its 5G services, he added.

On the other hand, Reliance Jio, the nation's biggest telecom firm, will expand 5G telephony services offering ultra high-speed internet connectivity to every part of the country by December 2023, its chairman Mukesh Ambani said on Saturday.

Jio had in September 2016 made an entry into the telecom sector, offering free voice calls and dirt-cheap data, forcing the competition to either match or fold up/consolidate.

Ambani has now promised affordable 5G services.

03 Oct 2022, 07:30:32 AM IST

Tech giant TCS to consider 2nd interim dividend on 10 Oct. What to expect in Q2?

Largest Indian IT company, Tata Consultancy Services (TCS) will be considering a second interim dividend for the financial year FY23 in a board meeting scheduled on October 10. Also, TCS will announce its financial results for Q2 and six monthly periods of FY23. The Tata Group-backed firm has also announced a record date to determine eligible shareholders for the dividend benefits. In Q2, seasonal strength and digital services growth are likely to lift TCS revenue sequentially. Revival in EBIT margin is also expected due to the absorption of wage revision.

During October 10 meeting, TCS said the board will approve and take on record the audited standalone and consolidated financial results of the company under Indian Accounting Standards for the quarter and six-month period ending September 30, 2022.

03 Oct 2022, 07:29:08 AM IST

Wall Street posts third straight quarterly loss on Friday as inflation weighs, recession looms

The S&P 500 closed the books on its steepest September decline in two decades on Friday, skidding across the finish line of a tumultuous quarter fraught with historically hot inflation, rising interest rates and recession fears.

All three major indexes veered to a sharply lower end, having quashed a brief rally early in the session.

The S&P and the Dow notched their third consecutive weekly declines, and all three indexes posted their second straight monthly losses.

In the first nine months of 2022, Wall Street suffered three quarterly declines in a row, the longest losing streak for the S&P and the Nasdaq since 2008 and the Dow's longest quarterly slump in seven years.

"It's another ugly day to end an ugly quarter in what’s looking like a very ugly year," said Ryan Detrick, chief market strategist at Carson Group in Omaha, Nebraska. "Investors will look back and realize this was the year the Fed pulled a total 180 on their views on inflation and quickly turned incredibly hawkish."

The Commerce Department's personal consumption expenditures (PCE) report did little to assuage those fears, showing that while consumers continue to spend, the prices they are paying have accelerated, drifting further beyond the Fed's inflation target and all but ensuring the central bank's hawkish monetary policy will continue longer than investors had hoped. (Reuters)

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