The benchmark stock indices have opened the day with minor gains after the significant recovery yesterday.
Join us as we follow the top business news through the day.
Indian shares subdued as China border tensions weigh
A flat opening for the indices on rising geopolitical tensions.
Reuters reports: "Indian shares were little changed on Wednesday, pressured by banking stocks, as heightened tensions at India's disputed border with China countered upbeat global sentiment.
The blue-chip NSE Nifty 50 index was up 0.02% at 11,473.10, while the benchmark S&P BSE Sensex slipped 0.06% to 38,877.73 as of 0354 GMT.
India's foreign ministry on Tuesday evening accused China of further “provocative actions” on the disputed Himalayan border while commanders from both sides were holding talks on Monday to defuse tensions between the countries.
In Mumbai, the Nifty bank index fell 0.61%, while the Nifty auto index was down 0.46%. Power Grid Corporation of India Ltd was the top laggard on the Nifty.
Broader Asian markets were higher following buoyant U.S. manufacturing indicators and a rally in U.S. technology companies. MSCI's broadest index of Asia-Pacific shares outside Japan gained 0.25%."
Appliance makers bet on festive season sales
Reeling from the significant drop in spending amid the pandemic, consumer-focussed brands are betting on the festive season to help recover losses of the past few months. Seeing steady growth post the lockdown, the brands expect an uptick of up to 30% in business, led by home and kitchen appliances on the back of work-from-home trends and strong demand from semi-urban and rural markets.
“Driven by a gradual uptick in demand for value-based products, we are expecting steady growth. We are hopeful the festive season will help recover losses incurred in the past few months,” Suguru Takamatsu, divisional head, CSD, CE, Panasonic India, said.
Festive sales, in general, account for 35-40% of annual business for most consumer durable firms.
Panasonic saw 10% growth in July, as opposed to a contraction in May, owing to pent-up demand, first-time buyers and rising rural contribution due to a favourable monsoon.