Gold prices rose by Rs 32 to Rs 40,590 per 10 gram in the national capital on Friday amid rupee depreciation and strong global prices. In the previous trade, the yellow metal had closed at Rs 40,558 per 10 gram. Silver prices also gained Rs 116 to Rs 47,756 per kg as compared to Thursday’s close of Rs 47,640 per kg.
“Spot gold for 24 Karat in Delhi was trading higher by Rs 32 on rupee depreciation and strong global prices. Spot rupee was trading around 14 paise weaker against the dollar during the day,” HDFC Securities Senior Analyst (Commodities) Tapan Patel said.
In early trade on Friday, the rupee opened on a cautious note and fell 7 paise to 71.00 against the US dollar.
In the international market, gold and silver were trading in the green at USD 1,555 per ounce and USD 18.02 per ounce, respectively.
Covid Crisis: Sensex sinks 883 points
Bombay Stock Exchange (BSE) Sensex ended 882.61 points or 1.81% lower at 47,949.42 while National Stock Exchange (NSE) Nifty tanked 258.40 points or 1.77% to 14,359.45.
Equity benchmark Sensex plummeted 883 points on April 19 following a massive across-the-board selloff as mounting COVID-19 cases spooked domestic investors. After crashing over 1,469 points in early trade, the 30-share BSE index pared some initial losses but still ended 882.61 points or 1.81% lower at 47,949.42.
Similarly, the broader NSE Nifty tanked 258.40 points or 1.77% to 14,359.45. PowerGrid was the top loser in the Sensex pack, slumping over 4%, followed by ONGC, IndusInd Bank, Kotak Bank, L&T, Asian Paints and Bajaj Auto. On the other hand, Dr Reddy’s and Infosys were the only gainers. Barring pharma and IT, which remained resilient, all key sectoral indices witnessed sharp correction.
Financials and automobiles witnessed steeper correction. Notably, volatility index soared by over 11%, which does not augur well. Investors’ wealth got eroded by over Rs 3 trillion today, he added.
India’s total tally of Covid-19 cases crossed 1.50 crore with a record single-day rise of 2,73,810 new coronavirus infections, while the active cases surpassed the 19-lakh mark, according to the Union Health Ministry data updated on April 19.
Elsewhere in Asia, bourses in Shanghai, Hong Kong, Seoul and Tokyo ended on a positive note. Stock exchanges in Europe were also largely trading with gains in mid-session deals. Meanwhile, international oil benchmark Brent crude was trading 0.25% lower at $66.60 per barrel.
Flipkart beats Amazon in Diwali online sales!
The pandemic changed the buying behaviour drastically this year and accelerated the shift to e-commerce. This is evident from the increasing number of consumers reflected in the 88% customer growth as well as the higher frequency of shopping online while people celebrate slew of festivals including the festival of lights eventually leading to overall e-commerce market growth of 55% as compared to last year.
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According to Redseer, a management consulting firm, the festive sales from mid October to November clocked 8.3 billion $ in gross merchandise value(GMV) for the ecommerce sector which has increased significantly as compared to 5 billion $ during the festive month previous year. GMV has increased around 65% as compared to previous year. Flipkart, reportedly with 66 % of overall GMV has trumped Amazon this festive season with.
Out of 88 million shoppers who made the purchase this season through e-commerce, 55% come from Tier 2 towns whereas 45% from metros and Tier 1 cities. This number is huge when compared with 47 million shoppers the last season.
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According to Mrigank Gutgutia, director, e-commerce, RedSeer Consulting “One clear lesson from this festive season is that e-commerce has become more mainstream than ever. And it has proven that with the right assortment at the right prices which is delivered quickly in the safety of customer’s homes – the value proposition of e-commerce is very powerful. Thus, it is imperative for brands and sellers to shift their focus to online quickly and enable a seamless online experience for the customer in order to thrive in a post COVID world”
He also said that “The overall growth story has been very bullish this festive season. We had forecast $7 billion in sales but the actual figures surpassed our expectations clearly, showing how comfortable consumers have become with shopping online even in a pandemic-hit year.”
Flipkart experienced 40 % growth in its flagship event, Big Billion Days(BBD) as compared to last year. It was so well received that the ecommerce giant achieved its target only in three days of the week long sale. Amazon also witnessed their sellers reaching out to millions of customers but its sales in the first week was less than half to that of flipkart. The reason for the same is that flipkart has premium and value products hence catering to the not just to metro, tier1 but also tier 2 and tier 2 regions, unlike Amazon which is more targeted to metro and tier 1 customers.
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According to Redseer, despite the Indo-China relations being precarious which could have affected the supply chain, the ecommerce players maintained a high level of item availability.
Affordability along with aggressive tie-ups through brands and financing deals was the strategy used by ecommerce platforms to spur the demand which is enabling both the sellers and brands to recover after the pandemic due to online sales.
In the category mix, smartphones continue to dominate. Also due to forced shift to work and study from home, electronics and large appliances are witnessing increased sales.
Finance Minister Nirmala Sitharaman on country’s economic arrest
Recently Finance Minister Nirmala Sitharaman addresses the India Ideas Summit via video conferencing in New Delhi, She said that the Green shoots are visible and so interventions can happen in future with regard to this matter.
She also said that no sector will be in exclusive control of public sector and PSUs will be present only in pre determined strategic sectors.
She has noticed economic recovery happening both in rural and urban sectors through many governmental interventions.
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While addressing the 2020 India Ideas Summit organized by the US India Business Council (USIBC), we have seen her stating that the,
” The green shoots are based on the high frequency indicators. We will go along as we watch them. It’s not as if we have concluded that the economy has seen green shoots and therefore, we won’t take any more steps. We have kept all the options necessary, absolutely open. The government is willing to participate, talk with everybody and see what best has to be done, interventions can happen even in the future depending on how the
” During the lockdown the several things that have been done have now borne fruits that i can confidently tell you that we are able to see green shoots…the stimulus that we gave which has touched about 10 per cent of the GDP has actually made the difference for the companies which want to come out of the lockdown and the effects of the lockdown,” she said.
As regards to development in the rural sector the Finance Minister said that the, ” We have had a very good summer crop. All of what was necessary has been procured at reasonable price so that farmers are not left high and dry looking for purchasers. Now the estimate for the kharif crop has also come. We can clearly see the agriculture sector is driving the revival.”
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She also stated that the government and the industries have to work together for the economic development of the country and stated that this lockdown has helped most of us.
It looks like the the Finance Minister is putting more emphasis on both rural and urban sectors and various MSME’s because there has been an economic slowdown since the country is doing it’s best to recover from the ill effects of the corona pandemic.
- తెరుచుకున్న సినిమా థియేటర్లు
- సీబీఎస్ఈ ఇంటర్ ఫలితాలు విడుదల
- ఉత్తరాది పెత్తనం.. మన మీడియా విలువ పతనం
- చహల్, గౌతమ్ లకు కరోనా పాజిటివ్
- జగన్ బెయిల్ రద్దు పిటీషన్ పై కోర్టు కీలక నిర్ణయం
- రేపటికి వాయిదా పడిన లోక్ సభ
- పెగాసస్ పై విచారణకు సుప్రీం ఓకే
- తిమ్మరసు : ఇంట్రస్ట్ గా సాగని ఇన్విస్టిగేషన్ డ్రామా !
- ఆర్చరీ క్వార్టర్ ఫైనల్లో ఓడిన దీపికా కుమారి
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