Business Live: Sensex drops over 200 points in early trade; Nifty tests 9,850

The Sensex and the Nifty have recovered to trade in the green after opening the day with minor losses.Join us as we follow the top business news through the day.10:20 AMPetrol price hiked by 55 paise/litre, diesel by 60 paise; 11th straight day of increase Petrol price on Wednesday was hiked by 55 paise per litre and diesel by 60 paise a litre, marking the 11th consecutive day of increase in rates that now totals to ₹6.02 for petrol and ₹6.4 for diesel.Petrol price in Delhi was hiked to ₹77.28 per litre from ₹76.73, while diesel rates were increased to ₹75.79 a litre from ₹75.19, according to a price notification of state oil marketing companies.Rates have been increased across the country and vary from State to State depending on the incidence of local sales tax or VAT.This is the 11th straight day of increase in rates since oil companies on June 7 restarted revising prices in line with costs, after ending an 82-day hiatus in rate revision.
 10:00 AMSensex drops over 200 points in early trade; Nifty tests 9,850The benchmark stock indices opened with slight losses but have since moved into positive territory.PTI reports: “Equity benchmark Sensex dropped over 200 points in early trade on Wednesday dragged by weakness in index-heavyweights HDFC Bank, Reliance Industries and ICICI Bank amid weak cues from Asian peers and persistent foreign fund outflows.After touching a low of 33,332.96, the 30-share index was trading 225.22 points, or 0.67 per cent, lower at 33,380.Similarly, NSE Nifty fell 56.40 points, or 0.57 per cent, to 9,857.60.According to traders, border tension with China, weakness in global markets, spike in COVID-19 cases and unabated foreign fund outflows weighed on investor sentiments.PowerGrid was the top laggard in the pack, shedding around 2 per cent, followed by NTPC, SBI, UltraTech Cement, M&M, HDFC Bank and Kotak Bank.On the other hand, Maruti, Tech Mahindra, Axis Bank and Infosys were among the gainers.In the previous session, the BSE barometer settled 376.42 points, or 1.13 per cent, higher at 33,605.22, while the broader Nifty closed 100.30 points, or 1.02 per cent, up at 9,914.On a net basis, foreign institutional investors sold equities worth Rs 1,478.52 crore in the capital market on Tuesday, provisional exchange data showed.”9:45 AM63% professionals think their employers will be better off 1 year from now: LinkedIn survey The LinkedIn Workforce Confidence Index released on Tuesday had an optimistic tone with it showing 63% of employees believed that their companies will be better off one year from now. But, in the shorter term, in the next six months, the findings showed that 41% of the enterprise professionals think their companies will do better in the next 6 months. However, this confidence of professionals from larger enterprises fades when it comes to individual confidence, as ICI scores show that enterprise professionals (+42) are least confident about the future of their jobs, finances and careers, when compared to their SMB (+51) and mid-market (+50) peers.LinkedIn, the world’s largest professional network, today announced the findings of the fifth edition of the fortnightly pulse on the confidence of India’s workforce. Based on survey responses of 2,903 professionals in India, findings from the fortnight of May 4 – 31 reveal how executives with different professional backgrounds exhibit varied levels of confidence towards company outlook, personal finances, and remote working.
 9:30 AMIndian companies shifting accounts to large, stable banks amid COVID crisisInteresting behavior by large companies as the Covid-19 crisis looks to threaten the financial stability of banks.PTI reports: “Worried about the stability of financial sector following outbreak of coronavirus, many Indian companies are shifting their accounts to larger and more stable banks, said a report.The outbreak of COVID-19 has created unprecedented crisis around the globe impacting hard the economy as well as the financial sector.For an Indian banking system already in turmoil before the outbreak of the global pandemic, the COVID-19 crisis represents an especially stern test. In response to the perceived threat, India’s companies are “fleeing to the safety” of the country’s largest banks, aid the report of New Greenwich Associates released by rating agency Crisil.“Even before COVID-19, Indian companies were worried about the stability of some banks and their own access to funding and liquidity, says Gaurav Arora, Head of Asia at Greenwich Associates.“Now faced with an unprecedented economic shutdown, many large and middle market companies are joining consumers in moving business to India’s biggest and presumably safest banks,” Arora said.Greenwich Associates, part of Crisil Limited (an S&P Global Company), is a global provider of data, analytics and insights to the financial services industry.The report further said that at the top of the list of India’s biggest and presumably most stable bank is State Bank of India (SBI), which was benefiting from companies’ worries about the stability of other public- and private-sector banks before the COVID-19 crisis.SBI’s lower cost of funding gives it a distinctive advantage, and Greenwich Associates data show that the bank has been steadily improving in service and relationship quality.“That improvement makes it an increasingly viable alternative for companies dissatisfied with the service or credit policies of their current banks during the crisis,” says Winston Jin, Greenwich Associates consultant and report co-author.As per the report, even before the COVID-19 crisis, India’s biggest private sector banks were winning business from their smaller private-sector counterparts, due to fallout from the Yes Bank restructuring.Importantly, the spike in demand for digital banking solutions caused by the COVID-19 lockdown plays to the strength of these banks and could actually create opportunities to capture new relationships, as long as their balance sheets remain relatively strong and they are able to continue lending to hard-pressed companies, it said.”

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