by admin | May 25, 2021 | Business Summit, Events, Halal Food, Halal Industries, Halal Medicine, Muslim World
Istanbul : The Organisation of Islamic Cooperation (OIC) stated that the size of the global halal products market has grown exponentially in the last decade, from $3.7 trillion in 2012 and expected to reach $6.4 trillion by 2019.
This was contained in the statement of OIC Secretary General Dr. Yousef Al-Othaimeen at the opening ceremony of the 5th edition of the OIC Halal Expo and the World Halal Summit held in Istanbul, Turkey, on November 23-25.
OIC Assistant Secretary General for Economic Affairs Ambassador Hameed Opeloyeru, who read out the statement of the secretary general, explained that organizing the annual halal expo is one of the main planks for advancing trade in the OIC. The event affords actors — traders, investors, exporters, the industry guilds and the general public — the opportunity to know the latest halal products in the member states, with a view to promoting halal products and increasing communication between the investors and industry leaders.
He stressed that there was a need for active bodies in the food, halal services, production and marketing sector in the OIC member states to follow a common course to ensure that all specialized bodies unify their standards and issue accreditation certificates for a suitable regulatory environment for these procedures.
Istanbul is hosting the Halal Expo in cooperation with the OIC-affiliated Islamic Centre for the Development of Trade (ICDT), Standards and Metrology Institute for Islamic Countries (SMIIC).
—IINA/SM/OIC-UNA
by admin | May 25, 2021 | Economy, Markets, News
By Porisma P. Gogoi,
Mumbai : Pursuing the optimism on a sovereign ratings upgrade of the Indian government’s bonds by US credit rating agency Moody’s last week, the key Indian equity indices rode the bulls with a further thrust given by continued buying by domestic institutional investors.
Market observers were of the view that investors awaited the comments from another ratings agency Standard & Poor’s (S&P) that came later on Friday evening.
On a weekly basis, the barometer 30-scrip Sensitive Index (Sensex) of the Bombay Stock Exchange (BSE) closed higher from its previous week’s close by 336.44 points, or 1 per cent, at 33,679.24 points.
The broader Nifty50 of the National Stock Exchange (NSE) edged higher by 106.1 points, or 1.03 per cent, to close the week’s trade at 10,389.70 points.
“Markets ended with healthy gains this week despite trading in a range for a major part of the week,” Deepak Jasani, Head – Retail Research, HDFC Securities, told IANS.
“Sectorally, the top gainers were the media, energy, pharma and realty indices. The top losers were the PSU Banks and metal indices,” Jasani added.
According to D.K. Aggarwal, Chairman and Managing Director of SMC Investments and Advisors, uninterrupted buying by domestic financial institutions amid softening statement from US Fed minutes supported the Indian markets.
“The recent released Federal Reserve minutes indicated that an interest-rate hike is likely but the pace of future tightening could be more moderate than expected given muted inflation,” Aggarwal told IANS.
Provisional figures from the stock exchanges showed that domestic institutional investors bought scrips worth Rs 2,925.56 crore.
However, foreign instituttional investors continued to remain net sellers and sold stocks worth Rs 1,870.27 crore during the week.
Figures from the National Securities Depository (NSDL) revealed that foreign portfolio investors (FPIs) invested in equities worth Rs 2,106.45 crore, or $325.16 million, during November 20-24.
“Market participants’ eyes were on the S&P report that was expected on Friday evening. Moody’s has upgraded their rating on India last week and this has boosted the sentiments of the market participants,” Aggarwal added.
Arpit Jain, AVP at Arihant Capital Markets, told IANS: “Indian equity benchmarks rose for seventh day in a row on Friday.”
“On the domestic front, GST rate change has been done on the 178 items, specifically FMCG — an area which has been seeing good traction. Sectors like pharma, infra and FMCG continued to remain in focus,” said Jain.
On the currency front, the rupee strengthened by 31-32 paise to close at 64.70 against the US dollar from its last week’s close at 65.01-02.
“With Q2 results out of the way and lack of fresh triggers, Nifty failed to move above 10,400 levels. Some profit booking was visible in large caps and sectors which have gained in recent rally,” said Vinod Nair, Head of Research, Geojit Financial Services.
The top weekly Sensex gainers were: Sun Pharma (up 6.09 per cent at Rs 548.55); Reliance Industries (up 4.38 per cent at Rs 949.50); Infosys (up 4.02 per cent at Rs 1,009.95); Bajaj Auto (up 2.52 per cent at Rs 3,293.10); and ONGC (up 1.92 per cent at Rs 180.90).
The losers were: ICICI Bank (down 2.48 per cent at Rs 317.05); SBI (down 1.53 per cent at Rs 332.25); Dr. Reddys Lab (down 1.13 per cent at Rs 2,298.70); Asian Paints (down 0.94 per cent at Rs 1,160.05); and Hindustan Unilever (down 0.93 per cent at Rs 1,266.70).
(Porisma P. Gogoi can be contacted at porisma.g@ians.in)
—IANS
by admin | May 25, 2021 | Economy, Markets, News
Mumbai : A massive bout of profit bookings subdued the key indices of the Indian equities markets during the morning trade session on Tuesday. However, the slide came after the barometer 30-scrip Sensitive Index (Sensex) of the BSE touched its new record intra-day high.
Market observers said that broadly positive global cues, along with healthy buying support for the capital goods and IT sectors had lifted the key indices.
On intra-day record high basis, the barometer 30-scrip Sensex of the BSE touched 33,865.95 points.
At 10.35 a.m. the S&P BSE Sensex traded 65.65 points or 0.19 per cent lower.
The NSE Nifty50 declined by 36.25 points or 0.35 per cent to 10,415.55 points.
The Sensex, which opened at 33,781.01 points, traded at 33,665.54 points (at 10.35 a.m.), lower by 65.65 points or 0.19 per cent from Monday’s close at 33,731.19 points.
The Sensex touched a low of 33,582.38 points during the intra-day trade so far.
“The benchmark indices opened higher on Tuesday tracking Asian markets — which touched their highest levels in a decade,” Dhruv Desai, Director and Chief Operating Officer of Tradebulls, told IANS.
—IANS
by admin | May 25, 2021 | Economy, Markets, News
Mumbai : Key Indian equity indices on Wednesday scaled record highs yet again as positive global cues, coupled with a strong rupee and robust buying activities in banking, metals and FMCG stocks, gave a boost to investor sentiments.
According to market observers, expectations of upbeat quarterly results, as well as the latest report that India for the first time has moved into the top 100 in the World Bank’s Ease of Doing Business global rankings riding on sustained government reforms, added to the upward trajectory of the indices.
Both the indices breached their earlier record levels, both on closing and intra-day basis, scaled on October 30.
The broader Nifty50 of the National Stock Exchange (NSE) breached the 10,400-mark for the first time and stayed above that level on closing basis.
The Nifty50 rose by 105.20 points, or 1.02 per cent, to close at a fresh high of 10,440.50 points — cracking its earlier closing high level of 10,363.65 points.
On an intra-day basis, the Nifty50 scaled a new high of 10,451.65 points, surpassing its previous high of 10,384.50 points.
The barometer 30-scrip Sensitive Index (Sensex) of the BSE too closed at a fresh high of 33,600.27 points — surging 387.14 points or 1.17 per cent — higher than its earlier record closing at 33,266.16 points.
The Sensex touched a high of 33,651.52 points during intra-day trade, breaching its previous record high of 33,340.17 points.
The BSE market breadth was bullish — 1,516 advances and 1,274 declines.
“The Nifty closed above the 10,400 level for the first time. Banking and telecom stocks were in limelight. The Nifty witnessed a gap-up opening before touching new life highs as the session progressed,” Deepak Jasani, Head – Retail Research, HDFC Securities, told IANS.
“Market sentiments were boosted by the latest World Bank report, which elevated India by 30 notches at 100 in the World Bank’s Ease of Doing Business rankings. Positive global cues also supported the rally,” he added.
The broader market indices underperformed the BSE Sensex. The S&P BSE mid-cap index closed higher by 0.35 per cent and the small-cap index by 0.55 per cent.
Vinod Nair, Head of Research, Geojit Financial Services, said: “Market extended gain on account of continued buying in banks in expectation of credit growth and negating the concern on premium valuation. Telecom stocks are gaining positive sentiment in view of attaining attractive competition after tariff revision by key players.”
“Further, positive global cues and expectation of unchanged policy outcome from today’s (Wednesday’s) FED meet is providing a better way to the domestic market.”
On the currency front, the rupee strengthened by 15-16 paise to close at 64.59-60 against the US dollar from its previous close at 64.75.
“The benchmark indices ended the day at record highs on Wednesday after the index heavyweight Bharti Airtel hit its highest in nearly a decade post its September quarter numbers. Traders await the start of central bank meetings and the nomination of the next Fed chair,” Dhruv Desai, Director and Chief Operating Officer of Tradebulls, told IANS.
“Strong moves on banks — PSUs and private — along with metals, FMCG, and infrastructure stocks also added to the sentiment,” he added.
Sector-wise, the S&P BSE banking index surged by 568.76 points, followed by metal index by 277.96 points and FMCG index by 136.20 points.
On the other hand, the S&P BSE consumer durables index fell by 112.86 points, automobile index by 52.03 points and healthcare index by 22.92 points.
Major Sensex gainers on Wednesday were: Bharti Airtel, up 8.19 per cent at Rs 538.40; State Bank of India, up 4.58 per cent at Rs 319.80; ICICI Bank, up 4.42 per cent at Rs 313.20; HDFC, up 2.58 per cent at Rs 1,751.35; and Axis Bank, up 2.05 per cent at Rs 533.75.
Major Sensex losers were: Dr Reddy’s Lab, down 2.90 per cent at Rs 2,360.90; Power Grid, down 1.06 per cent at Rs 210.50; Hero MotoCorp, down 0.99 per cent at Rs 3,816.45; Sun Pharma, down 0.89 per cent at Rs 548.45; and Bajaj Auto, down 0.60 per cent at Rs 3,240.50.
—IANS
by admin | May 25, 2021 | Economy, Markets, News
Mumbai : Key Indian equity indices on Tuesday fell from their record high levels to close on a flat-to-negative note as investors booked profits in metals, automobile and IT stocks.
According to market observers, mixed global cues, coupled with heavy selling pressure in index heavyweights like Infosys, Mahindra and Mahindra (M&M), Tata Steel, State Bank of India (SBI) and Tata Motors, among others, added to the losses.
The broader Nifty50 of the National Stock Exchange (NSE) closed lower by 28.35 points, or 0.27 per cent, at 10,335.30 points.
The barometer 30-scrip Sensitive Index (Sensex) of the BSE closed at 33,213.13 points — down 53.03 points or 0.16 per cent.
The Sensex touched a high of 33,294.30 points and a low of 33,164.28 points during the intra-day trade.
However, the BSE market breadth was slightly bullish — 1,398 advances and 1,320 declines.
The broader market indices outperformed the BSE Sensex. The S&P BSE mid-cap index closed higher by 0.14 per cent and the small-cap index by 0.46 per cent.
“Markets corrected on Tuesday after the Nifty touched life highs in the previous session (on Moday). The indices had opened lower in the morning on the back of mixed Asian markets and a negative closing for the US markets overnight,” Deepak Jasani, Head – Retail Research, HDFC Securities, told IANS.
On Monday, the key indices scaled fresh highs, both on closing as well as intra-day basis.
The Sensex closed at a fresh high of 33,266.16 points, after touching a record high of 33,340.17 points intra-day, while the broader Nifty50, which touched an intra-day record high of 10,384.50 points, closed at a new high of 10,363.65 points.
“Major Asian markets ended on a mixed note, while European indices like FTSE 100 and CAC 40 traded higher,” Jasani added.
Vinod Nair, Head of Research, Geojit Financial Services, said: “Markets ended on a negative note after a volatile trade due to strong resistance around recent high and profit booking in PSU banks and metal stocks after the recent solid performance.
“The domestic macros remain positive supported by ample reforms and good Q2 results so far, while rising oil price in the global market and tomorrow’s (Wednesday) FED policy influenced domestic market to take a wait and watch approach.”
On the currency front, the rupee strengthened by 10-11 paise to close at 64.75 against the US dollar from its previous close at 64.85-86.
“Indian shares fell on Tuesday, retreating from record highs hit in the previous session, as recent outperformers such as SBI fell, while Infosys dropped after going ex-dividend,” Dhruv Desai, Director and Chief Operating Officer of Tradebulls, told IANS.
“Government’s measures on bank recapitalisation, infrastructure, and crop prices, coupled with domestic flows, would support India stocks even as downgrades in earnings continue,” he added.
Sector-wise, the S&P BSE metals index declined by 264.53 points, followed by automobile index by 104.34 points and IT index by 66.72 points.
On the other hand, the S&P BSE consumer durables index rose by 139.98 points, banking index by 69.52 points and realty index by 67.73 points.
Major Sensex gainers on Tuesday were: Axis Bank, up 8 per cent at Rs 523.05; ONGC, up 2.38 per cent at Rs 191.10; Bharti Airtel, up 0.98 per cent at Rs 497.65; Hero MotoCorp, up 0.63 per cent at Rs 3,854.75; and Wipro, up 0.39 per cent at Rs 294.35.
Major Sensex losers were: Infosys, down 2.43 per cent at Rs 921.65; M&M, down 2.14 per cent at Rs 1,345; Tata Steel, down 2.11 per cent at Rs 703.65; SBI, down 2.02 per cent at Rs 305.80; and Tata Motors, down 1.66 per cent at Rs 428.55.
—IANS
