MUMBAI:

Benchmark indices were trading higher in the afternoon session with Nifty above 18400.The Sensex was up 369.32 points or 0.60 per cent at 62,397.22, and the Nifty was up 99.60 points or 0.54 per cent at 18,414.40. About 1,799 shares advanced, 1,422 shares declined, and 155 shares were unchanged.

Nifty Bank index rose 0.5% led by Bandhan Bank, Bank of Baroda, IDFC First Bank.

Asian stocks started cautiously on Monday as investors braced for a China policy rate decision and economic data this week, while awaiting a host of U.S. Federal Reserve officials to speak to vindicate market pricing of rate cuts this year.

Early action was sluggish following a report on Friday showed U.S. consumer sentiment slumped to a six-month low in May and long-term inflation expectations jumped to the highest since 2011, boosting the U.S. dollar and Treasury yields.

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The Sensex closed at 36,939 points. The Sensex had lost 36,911.23 points earlier in the day.

Similarly, the Nifty ended 181 points lower at 10,891. It fell to 10,882.25 at one point. The Nifty has strong support at 10,800. If it breaks that threshold, the Nifty is likely to fall further.

Banking stocks fell sharply. Banking stocks were adversely affected by indications of a move regarding the extension of the moratorium. Similarly, the Nifty index fell by 2.33%. Shares of Bandanbank fell 10%.

The top five gainers in the Nifty stocks were Tata Motors, Titan, Tata Steel, Acer Motors and BPCL. Tata Motors gained 7%. Shares of Tata Motors rose on the back of better-than-expected first-quarter results and better-than-expected July sales.

UPL, IndusInd Bank, HDFC Life, Kotak Mahindra Bank and ONGC were the top five losers in the Nifty. UPL is down 5.5%.

Reliance Industries, which had played a key role in the stock market surge last month, fell 2.90%. Reliance alone contributed to a 300-point decline in the Sensex.

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The current trend is to buy smartphones, mixers, grinders, kitchen utensils, headphones, speakers and other home appliances through credit cards and pay for them in several installments. The reason for the increase in the method of payment as EMI is the low income of the people following COVID-19.

The financial crisis caused by COVID-19 led to a significant decline in the income of the common people. There are many people who are late in getting their salaries, have had significant pay cuts or are on the verge of losing a job. In this case, most people spend money very carefully. Instead of paying together, more and more people are paying for several months. The idea is to have as much money as possible in times of crisis. This has turned out to be a boon for credit card companies.

One of the reasons for this is that NBFCs, which were previously dominant in the consumer finance market, have lagged behind in business. The zero Interest EMI scheme offered by NBFCs and banks is no longer available. Many companies have withdrawn such schemes. Many companies have withdrawn such schemes. With this, the use of credit cards has increased. All credit card companies have an EMI payment scheme. Credit card loans have increased by 30-40 per cent compared to the period before COVID-19.

In general, the credit business fell by 70 per cent during the COVID-19 period. At the same time, NBFCs’ consumer finance fell by a third. This has been beneficial for credit card companies.
In this case, the business of credit card companies is likely to improve. SBI Cards is the only company listed on the stock exchange in this field. The company went public last March.

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Diesel price scaled to a new high after prices were hiked for the 22nd time in just over three weeks. Petrol price has now increased by 5 paise a litre and diesel 13 paise a litre across the country by state oil marketing companies.

In Delhi, petrol price per litre was raised to Rs.80.43 as compared to Rs 80.38 earlier. Meanwhile, diesel price has been increased to Rs.80.53 a litre from Rs Rs.80.40.
In Mumbai, petrol price went up from Rs.87.14 per litre to Rs.87.19, while diesel was hiked to Rs.78.83 from Rs.78.71.

Rates differ from state to state depending on the incidence of value-added tax (VAT).

While the diesel price has been hiked for the 22nd time since June 7, petrol price has been raised on 21 occasions. There was no change in prices on Sunday.

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UST Global announced a strategic investment in London headquartered Ksubaka, a provider of innovative in-store gamified sales, data collection, and marketing tools for retailers. The collaboration combines Ksubaka’s platform to deliver fast-to-market solutions and UST Global’s broad reach for deep system integrations and working with most of the top retailers in the world.

“At UST Global,we are constantly looking for innovative ways to help our clients find their crucial edge in the rapidly shifting and highly competitive retail market. Ksubaka will help us revolutionize the digital landscape for our retail clients globally,”said Sunil Kanchi, Chief Investment Officer, UST Global.“Ksubaka’s vast experience in enhancing customer experience and their unique business strategy has helped them carve a niche in the retail industry.Our clients will now have access to a framework that allows retailers to grow their solution,integrate,and scale,”he said.

Ksubaka has developed a wide range of cutting-edge products that enable retailers to deliver a superior customer experience. The company has launched initiatives like Smiles, a customer research app; Cloudshelf, a powerful offline-to-online aisle for retail stores; and Gamified Experience, a range of custom games to connect with customers, encourage exploration,and promote brands.

“Ksubaka is excited to be at the heart of the digitization of physical space that is underway. Our solutions deliver trackable results via touchscreens, without any of the pain points they are accustomed to,” said Julian Corbett,Co-Founder and Chairman,Ksubaka. “We aim to constantly improve the retail space by helping retailers better engage, communicate with, and understand their shoppers. We are very excited to partner with UST Global and deliver these innovative in-store experiences,”Giles Corbett,Ksubaka’s Co-founder and CEO said.

Adapting to the Covid-19 situation of their clients,Ksubaka has released a suite of products to support their return-to-market, most recently a remote temperature sensing kiosk to reassure and help keep safe staff and visitors as they return to stores.

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