Stock market rally continues, Sensex above 32,000
Business & Finance   Wednesday, October 11, 2017 IST

 
The stock market got on to the front foot today as the benchmark Sensex reclaimed the 32,000 -mark by jumping over 104 points after domestic investors pressed on with buying amid strong global cues.
 
Retail investors and domestic financial institutions built up positions ahead of release of data sets of IIP for August and inflation for September, to be released on Thursday.

 

 
An appreciating rupee created positive vibes.
 
Extending its rally, the 30-share Sensex was up 104.02 points, or 0.32%, at 32,028.43. Realty, oil and gas and power stocks rose up to 1.06%.
 
The gauge had gained 332.38 points in the previous three sessions.
 
Also, the NSE Nifty traded at 10,057.45, higher by 40.50 points or 0.40%.
 
Positive leads from other Asian bourses and investors tracking another record on Wall Street supported the upmove, traders said.
 
In the Sensex kitty, Bharti Airtel emerged as the top gainer, surging by 4.32% to Rs 400.65. Reliance Industries too rose 1.54% to Rs 856.35 ahead of its second quarter earnings later this week.
 
Other gainers were Axis Bank, M&M, NTPC and Bajaj Auto.
 
Japan’s Nikkei was up 0.22% and Shanghai Composite rose 0.23% in their early trading. Hong Kong’s Hang Seng too edged up by 0.46%.

 

US Dow Jones Industrial Average had surged 0.31% to close at a fresh record high yesterday.
 

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Nokia plans to cut up to 310 jobs, halt VR camera development
Business & Finance   Tuesday, October 10, 2017 IST
 

Nokia plans to reduce up to 310 jobs from its Nokia Technologies unit and halt development of its virtual reality camera “OZO” and hardware, the Finnish company said on Tuesday.

The unit has about 1,090 employees and the potential cuts are expected to affect staff in Finland, the United States and Britain. Nokia employed about 102,000 employees as of end-June.

The unit will continue to focus on digital health and patent and brand licensing business, Nokia said.

“The slower-than-expected development of the VR market means that Nokia Technologies plans to reduce investments and focus more on technology licensing opportunities,” it said in a statement.

Nokia, whose main business is now telecoms network equipment, launched the camera last year as the first device for its digital media business, one of its new hopes for future growth.

It was designed for making 3D movies and games that can be watched and played with virtual reality headsets. Nokia cut the price of the camera by 25 percent to $45,000 later last year.

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