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Nifty nears 11,850, Sensex down over 200 points; financials drag, Wipro shares slip 6%

Nifty nears 11,850, Sensex down over 200 points; financials drag, Wipro shares slip 6%



a group of people in a park: Shanghai Composite, Hang Seng, Nikkei 225, and KOSDAQ were all trading with losses. SGX Nifty too was trading over 55 points lower during the early hours of trade on Wednesday.


© Provided by The Financial Express
Shanghai Composite, Hang Seng, Nikkei 225, and KOSDAQ were all trading with losses. SGX Nifty too was trading over 55 points lower during the early hours of trade on Wednesday.

Share Market News Today | Sensex, Nifty, Share Prices LIVE: Sensex and Nifty slipped on Wednesday’s opening bell. S&P BSE Sensex opened over 50 points lower while Nifty 50 was still below the 11,950 mark. Tata Steel and Reliance Industries were the top index gainers, followed by Bharti Airtel and Titan. On the other hand, NTPC, ONGC, and Power Grid were the top drags. All financials were trading with losses. India VIX was marginally up but still below the 21 levels. Global cues on Wednesday were negative with US stock markets having slipped into the red during yesterday’s session. Shanghai Composite, Hang Seng, Nikkei 225, and KOSDAQ were all down in the red. 

The International Monetary Fund (IMF) has projected the Indian economy to contract by 10.3% this year, owing to the coronavirus pandemic. However, the IMF also said that India is likely to bounce back with an impressive 8.8% growth in 2021. The 8.8% growth rate would make India as the fastest growing emerging economy in the world. IMF’s prediction comes after the World Bank said India’s GDP is expected to contract 9.6%. The Reserve Bank of India has forecasted the GDP to shrink 9.5% this fiscal year.

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Dow rises 161 points as economic-stimulus talks show progress

Dow rises 161 points as economic-stimulus talks show progress



a man standing in front of a computer: Xinhua/Wang Ying/ Getty Images


© Xinhua/Wang Ying/ Getty Images
Xinhua/Wang Ying/ Getty Images

  • US stocks moved higher Friday on continued hope that negotiations on fiscal stimulus will lead to a deal before the election.
  • House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin continued negotiations, trying to find middle ground on the size and scope of a new deal.
  • President Donald Trump this week reversed his stance on a stimulus deal and said he now favors a large deal.
  • “Covid Relief Negotiations are moving along,” Trump tweeted on Friday. “Go Big!”
  • Watch major indexes update live here.

US stocks moved higher on Friday as negotiations continued on another round of fiscal stimulus to combat the economic decline caused by the COVID-19 pandemic.

House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin had been trying to make a deal before the November election, but President Donald Trump said earlier this week that negotiations were over.

Fast-forward to Friday, and the talks are back on.

“Covid Relief Negotiations are moving along,” Trump tweeted on Friday. “Go Big!”

Here’s where US indexes stood at the 4 p.m. ET market close on Friday:

Read more: Fund manager Brandon Nelson is tripling his benchmark in 2020 with ‘less-discovered’ companies that become big winners. Here are 3 themes and 9 stocks he’s betting on.

Senate Majority Leader Mitch McConnell said on Friday morning that a stimulus deal before the election was unlikely. But shortly after McConnell spoke, the White House economic advisor Larry Kudlow said Trump had raised his offer to a $1.8 trillion deal from $1.6 trillion. House Democrats recently passed a $2.2 trillion bill.

“I would like to see a bigger stimulus package, frankly, than either the Democrats or the Republicans are offering,” Trump said in a radio interview with Rush Limbaugh on Friday.

Video: White House

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Argument analysis: Due process, causation and stopping points for a 1945 doctrine in a 2020 world

Argument analysis: Due process, causation and stopping points for a 1945 doctrine in a 2020 world

Attorneys and justices explored competing causation standards and competing understandings of due process on Wednesday during oral argument in Ford v. Montana Eighth Judicial District (consolidated with Ford v. Bandemer). The cases present a question of personal jurisdiction: whether individuals injured in automobile accidents involving Ford cars can sue Ford in the states in which the accidents took place (Montana and Minnesota) if Ford regularly sells, ships and markets cars in those states but manufactured and sold the specific cars involved in the accidents in other states.


Sean Marotta, for Ford, and Deepak Gupta, for plaintiffs, phone in for arguments (Art Lien)

Arguments for Ford

Sean Marotta argued for Ford. He proposed that, for a state court to exercise personal jurisdiction over Ford, the company’s contacts with the state must be the “proximate cause” of the accident and injuries sued upon. The case is controlled by the court’s 2017 decision in Bristol-Myers Squibb v. Superior Court of California, which held that selling a similar product in a state could not provide a basis for jurisdiction in that state. In BMS, the plaintiffs were Ohioans suing in California, whereas in this case, the plaintiffs are citizens of the forum states (Montana and Minnesota). But the plaintiff’s home state is irrelevant under Walden v. Fiore. Personal jurisdiction, Marotta reminded the court, protects defendants, not plaintiffs.

Chief Justice John Roberts. The chief justice proposed a hypothetical in which a car manufacturer advertised cars in all states and the ads prompted the plaintiff to purchase the car, including by highlighting the car’s safety. Marotta said advertising was in the “but-for” causal chain but was too attenuated to be the proximate cause of the accident. A plaintiff “tells the story” of an accident, and only those contacts that are part

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Dow spikes 531 points for best day in 12 weeks on renewed hopes of economic stimulus

Dow spikes 531 points for best day in 12 weeks on renewed hopes of economic stimulus



a man standing in front of a computer: Xinhua/Wang Ying/ Getty Images


© Xinhua/Wang Ying/ Getty Images
Xinhua/Wang Ying/ Getty Images

  • US stocks surged on Wednesday on renewed hope for economic stimulus after President Donald Trump advocated for a piecemeal process of passing stimulus measures.
  • The Dow Jones industrial average’s 1.9% increase was its biggest jump in 12 weeks.
  • Potential individual stimulus measures that President Trump would like to see passed include direct payments of $1,200 to Americans and aid to the airline industry.
  • Trump sent the stock market into a tailspin late Tuesday afternoon after he tweeted that he was calling negotiations off between Democrats and Republicans on another round of fiscal stimulus.
  • Still, minutes from the Fed released on Wednesday showed that Fed officials worries a lack of further fiscal stimulus would threaten the economic recovery.
  • Watch major indexes update live here.

US stocks surged on Wednesday on renewed hope of economic stimulus after President Donald Trump signaled that he is open to piecemeal stimulus, rather than a single trillion-dollar-plus package.

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The willingness for individual stimulus measures comes after Trump torpedoed stimulus negotiations on Tuesday afternoon, tweeting that Democrat’s request for a $2.4 trillion stimulus package was too large and that they were not negotiating in good faith.

That tweet sent stocks lower Tuesday afternoon, reversing its daily gains, as investors soured on the idea of no stimulus being passed prior to the upcoming November election.

But Trump seemed to have reversed course Tuesday night, somewhat. He tweeted that he was open to signing legislation that would give Americans a direct payment of $1,200, in addition to providing aid to the airline industry.

Trump tweeted, “If I am sent a Stand Alone Bill for Stimulus Checks ($1,200), they will go out to our great people IMMEDIATELY. I am ready to sign right now. Are you listening Nancy?”

Here’s

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