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Wednesday
June 2020
6:30 AM IST
News Headlines
Competitive sports resume in England after 75-day shutdown        Amit, Vikas nominated for Khel Ratna by BFI; 3 names for Arjuna        Indian manufacturing output falls further in May, rate of job cuts accelerates: PMI        Sensex, Nifty spurt over 2 pc as India begins to unlock economy        Violent protests engulf US, thousands arrested and nearly 40 cities under curfew        Hong Kong blocks Tiananmen vigil; rush on for UK passports        Depression in Arabian Sea to intensify into severe cyclonic storm; will impact Mumbai        Deferred due to coronavirus, elections to 18 RS seats to be held on June 19: EC        Cabinet decisions will bring positive changes in lives of farmers, labourers, workers: PM        COVID-19: India now seventh worst-hit country in world        Mercury plummets as rain lashes Haryana and Punjab        New biography on PM Modi released        Oman reports 1,014 new COVID-19 cases, 11,437 in total        SpaceX Nasa Mission: Astronauts on historic mission enter space station        Woman dies of COVID-19 in Kerala, toll rises to ten; 61 new cases reported        DINGKO Cancer-stricken boxing hero Dingko Singh tests positive for COVID-19        As Lockdown-4 ends, home ministry issues guidelines for ''Unlock-1'' from June 8        COVID-19 tally in Kerala rises to 1,208, 7 Pilots and cabin crew, among 58 infected        Locusts in TN local grasshopper species, pose no threat, says govt        Delhi-Moscow AI flight returns midway after pilot found COVID-19 positive        
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Business News
Sensex skids from record high as Moody's cuts India credit outlook
 
Mumbai, Nov 8 (PTI) Equity benchmark BSE Sensex tumbled 330 points on Friday as investors pressed the exit button after Moody's cut India's credit rating outlook citing growth concerns.

Profit-booking following the recent record-setting run and unease over frothy valuations also took their toll, analysts said.

Trading on a weak note though the day, the 30-share Sensex briefly turned positive to hit a fresh intra-day high of 40,749.33, but failed to sustain the momentum. It finally ended 330.13 points, or 0.81 per cent lower at 40,323.61.

Similarly, the broader NSE Nifty plunged 103.90 points, or 0.86 per cent, to end at 11,908.15.

The Sensex had closed at fresh lifetime highs in three of the five sessions this week, while the Nifty had reclaimed the key 12,000-mark after five months.

During the action-packed week, the Sensex advanced 158.58 points or 0.39 per cent, and the Nifty inched up 17.55 points or 0.14 per cent.

Top losers in the Sensex pack on Friday included Sun Pharma, Vedanta, ONGC, TCS, HUL, ITC, NTPC, Asian Paints and Infosys, shedding up to 4.23 per cent.

On the other hand, Yes Bank, IndusInd Bank, ICICI Bank, Kotak Bank, Tech Mahindra and HCL Tech rose up to 3.76 per cent.

Moody's Investors Service cut country's credit rating outlook to negative -- the first step towards a downgrade, saying the government has been partly ineffective in addressing economic weakness, leading to rising risks that growth will remain lower.

The Indian rupee too depreciated 33 paise to 71.30 against the US dollar intra-day.

"Rating downgrade forced investors to book profit in a volatile market and rupee weakened to 3-week low. Given the subdued performance of the equity market during the year, MF inflows fell to four-month low while premium valuation of large and blue-chips is not attracting new funds in the market," said Vinod Nair, Head of Research, Geojit Financial Services.

Sectorally, BSE FMCG, metal, oil and gas, healthcare, IT, teck, telecom and power indices fell up to 1.80 per cent.

BSE realty, bankex and consumer durables indices rose up to 1.55 per cent.

Broader BSE midcap and smallcap indices too ended up to 0.79 per cent lower.

Meanwhile, MSCI, the world's biggest index compiler, has added eight Indian stocks including HDFC Asset Management, Info Edge (India) and Indraprastha Gas Ltd to its India Index, while removing Vodafone Idea, Yes Bank, BHEL, Glenmark Pharmaceuticals, Indiabulls Housing Finance and L&T Finance Holdings.

MSCI also added seven stocks and deleted four from MSCI Global Standard Index. The additions include Berger Paints, Colgate, DLF, HDFC AMC, ICICI Prudential Life, SBI Life, and Siemens. The deletions from the global index include Glenmark, Indiabulls Housing, Vodafone Idea, and Yes Bank.

On the global front, markets wavered amid lack of concrete progress on the US-China trade negotiations.

Bourses in Shanghai, Hong Kong and Seoul settled on a negative note, while Tokyo ended in the green.

Exchanges in Europe too were trading lower in their respective early deals.

Brent crude futures, the global oil benchmark, fell 1.24 per cent to USD 61.53 per barrel.


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KERALA NEWS
Woman dies of COVID-19 in Kerala, toll rises to ten; 61 new cases reported
 Kozhikode/Thiruvananthapuram: A 53-year old woman, who returned from Riyadh recently succumbed to th  
COVID-19 tally in Kerala rises to 1,208, 7 Pilots and cabin crew, among 58 infected
Vijayan slams Railways for scheduling trains to Kerala without informing state
Kerala records 6th COVID-19 death
INTERNATIONAL NEWS
Violent protests engulf US, thousands arrested and nearly 40 cities under curfew
 Washington, Jun 1 (PTI) The US remained a tinderbox of anger and emotion as violent protests erupted
Hong Kong blocks Tiananmen vigil; rush on for UK passports
Oman reports 1,014 new COVID-19 cases, 11,437 in total
SpaceX Nasa Mission: Astronauts on historic mission enter space station
NATIONAL NEWS
Depression in Arabian Sea to intensify into severe cyclonic storm; will impact Mumbai
 New Delhi, Jun 1 (PTI) The depression in the Arabian Sea is likely to intensify into a severe cyclon
Deferred due to coronavirus, elections to 18 RS seats to be held on June 19: EC
Mercury plummets as rain lashes Haryana and Punjab
New biography on PM Modi released
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