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Hart Consumer Products Recalls Nailers Sold At Walmart

Sensex slumps 372 points; Nifty drops below 17,800

M&M was the top loser in the Sensex pack, shedding over 3%, followed by Tech Mahindra, L&T, HCL Tech, Tata Steel and IndusInd Bank.

Equity benchmark Sensex tanked 372 points on Thursday, tracking losses in index majors L&T, Infosys and TCS amid a negative trend in global markets.

The 30-share index ended 372.32 points or 0.62% lower at 59,636.01. Similarly, the NSE Nifty fell 133.85 points or 0.75% to 17,764.80.

M&M was the top loser in the Sensex pack, shedding over 3%, followed by Tech Mahindra, L&T, HCL Tech, Tata Steel and IndusInd Bank.

On the other hand, SBI, PowerGrid, HDFC Bank, Reliance Industries and HUL were among the gainers.

The domestic sentiment was impacted by the negative cues from other Asian markets coupled with inflationary pressures, partially driven by a surging trend in energy prices, said Likhita Chepa, Senior Research Analyst, Capitalvia Global Research.

Elsewhere in Asia, bourses in Shanghai, Hong Kong, Tokyo and Seoul ended with losses.

Stock exchanges in Europe were largely trading with gains in mid-session deals.

Meanwhile, international oil benchmark Brent crude slipped 0.46% to $79.91 per barrel.

Rupee rises 4 paise to end at 74.24 against U.S. dollar

Brent crude futures, the global oil benchmark, fell 0.24% to $80.09 per barrel.

The rupee erased most of its initial gains to settle 4 paise higher at 74.24 (provisional) against the U.S. dollar on Thursday, as some pullback in crude oil prices and a weak greenback in the overseas market supported the local unit.

However, a massive sell-off in the domestic equity market restricted the rupee’s gain, forex dealers said.

At the interbank forex market, the local unit opened strong at 74.10 against the greenback and witnessed an intra-day high of 74.01 and a low of 74.26 during the day’s trade.

It finally ended at 74.24 a dollar against the previous close of 74.28.

Brent crude futures, the global oil benchmark, fell 0.24% to $80.09 per barrel.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading lower by 0.08% at 95.75.

Foreign institutional investors were net sellers in the capital market on Wednesday as they offloaded shares worth ₹344.35 crore, as per exchange data.

Gold gains marginally; silver declines by ₹121

Gold was trading in the green at $1,869 per ounce in the international market

Gold in the national capital on Thursday gained marginally by ₹21 to ₹48,196 per 10 grams amid rally in international precious metal prices, according to HDFC Securities.

In the previous trade, it had settled at ₹48,175 per 10 grams.

Silver, however, dipped ₹121 to ₹65,147 per kilogram from ₹65,268 per kilogram in the previous trade.

In the international market, gold was trading in the green at $1,869 per ounce and silver was flat at $25.09 per ounce. "Gold prices traded firm with spot gold prices at COMEX trading 0.13% up at $1,869 per ounce on Thursday. Gold prices held firm trading range supported by dollar decline and fall in US bond yields," according to HDFC Securities, Senior Analyst (Commodities), Tapan Patel.

Ian King Business Podcast: HS2 plans, finnCap sales and Land Securities’ recovery

Sky’s Ian King speaks to the chief executive of West and North Yorkshire Chamber of Commerce about the HS2 high-speed rail project.

Plus, he hears from the chief executive of investment bank, finnCap, about its latest sales. And the chief executive of the UK’s second biggest listed commercial property firm, Land Securities, joins the show to talk about its COVID recovery.

Gold Edges Lower In Range-bound Trade

Gold prices edged lower on Thursday, but the downside remained capped as the U.S dollar slipped off a 16-month peak after a recent rally.

Spot gold dipped 0.2 percent to $1,863.93 per ounce, after having hit a fresh over five-month peak on Wednesday. U.S. gold futures were down 0.2 percent at $1,866.

The dollar rally stalled and the yield on the 30-year Treasury bond moved 2 basis points lower to 1.9713 percent, while Turkey’s lira sank to a record low of near 11 to the dollar ahead of an expected interest rate cut by the central bank.

Chicago Federal Reserve President Charles Evans said at a virtual conference on Wednesday that the U.S. central bank will be mindful of inflation and it’s going to take until the middle of next year to complete the wind-down of its bond-buying program.

The Bank of England is expected to act on interest rates at its December meeting after data showed British inflation hit a 10-year high.

The European Central Bank must be ready to rein in inflation in the euro zone if it proves more durable than forecast, ECB board member Isabel Schnabel said on Wednesday.

Hart Consumer Products Recalls Nailers Sold At Walmart

Hart Consumer Products, Inc. is recalling about 15,700 units of Hart 18-Gauge 2″ Brad Nailers for potential risk of serious injury hazard, a statement by the U.S. Consumer Product Safety Commission (CPSC) showed.

The company said the contact sensor on the nailer can malfunction and involuntarily discharge a nail, posing a risk of serious injury hazard to the user or bystanders.

The company is yet to receive any reports of incidents or injury related to the use of the recalled nailers.

The recall involves white, blue, and black color handheld Hart 18-Gauge 2″ Brad Nailers with model numbers HPNR01, HPNR01B, HPNR01B-SK, or HPNR01BNCA. It has the name “HART” white on a black background on the side of the nailer and has “18ga BRAD NAILER” printed in white on a blue background on the side of the nail tray/magazine.

The recalled nailers were manufactured in Vietnam by Techtronic Industries Vietnam Manufacturing Co., Ltd. and imported into the United States by Anderson, South Carolina-based Hart Consumer Products Inc.

The nailers were sold exclusively at Walmart USA retail stores across the United States and online at www.walmart.com from April 2021 through September 2021 for between $130 and $160.

The company has advised consumers to immediately stop using the recalled nailers and return it to any Walmart USA store for a full refund. Consumers can also return items for free by mail via a scheduled pickup from your home.