HomeBusinessBusiness News Highlights: Stock Market Closes In Red, Sensex Slips 28 Points, Nifty Below 22,450
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By : ABP News Bureau | Updated at : 03 Apr 2024 08:02 PM (IST)
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Business News Highlights: Hello and welcome to ABP Live’s Business LIVE blog. Please follow this space for all the breaking news and latest updates from the stock market, economy, and the corporate world.
The stock markets continued to exhibit the negative sentiment from yesterday and began the session in red on Wednesday. During the early trade, both the key equity benchmarks, Sensex and Nifty traded lower. The BSE Sensex slid over 280 points to reach 73,622.73, while the NSE Nifty50 plunged almost 100 points to hit 22,360.15.
As markets opened and the session progressed, the indices managed to recover from the losses slightly, however, remained in red. The BSE Sensex slipped about 227 points to trade at 73,676.53, as of 9:59 AM, while the NSE Nifty50 inched more than 50 points lower to reach 22,395.25.
In the last trading session on Tuesday, the equity benchmarks broke their three-day winning streak and settled lower amidst volatility. The Sensex settled down by more than 100 points at 73,902, while the Nifty closed the session marginally lower at 22,453, slipping about 9 points.
The markets gear up on Wednesday as the Reserve Bank of India begins its Monetary Policy Committee (MPC) meeting to discuss the fiscal policy and key rates going ahead. The three-day meeting will conclude on Friday, with Governor Shaktikanta Das revealing the outcome on interest rates. The meeting will mark the first for the new 2024-25 fiscal year.
Experts are of the view that the central bank will maintain the status quo on rates, which were last increased in February 2023. Jyoti Prakash Gadia, MD, Resurgent India, expressed that the bank will maintain the rates and said, “While the head line inflation is tapering off, the food inflation is volatile and along with fuel inflation they are still subjected to local and global supply chain uncertainties and therefore, RBI is expected to monitor the situation further till the head line inflation moves closer to 4 per cent.”
19:45 PM (IST) • 03 Apr 2024
Ketan Kulkarni Joins Allcargo Group As Chief Growth Officer
Logistics operator Allcargo Group announced on Wednesday that Ketan Kulkarni has been appointed as the Chief Growth Officer to spearhead business expansion initiatives within the company. With extensive experience in the logistics and supply chain industry, Kulkarni will collaborate with the chairman’s office to enhance overall growth and operational efficiency at Allcargo Group.
19:32 PM (IST) • 03 Apr 2024
PhonePe Expands: Introduces UPI Payments For Users In Singapore
Fintech company PhonePe announced on Wednesday that its users are now able to make payments via UPI in Singapore, following an agreement signed with The Singapore Tourism Board. This collaboration capitalises on the established Unified Payments Interface (UPI) connection between India and Singapore. This connectivity enables customers to swiftly engage in cross-border transactions between the two nations, utilising their existing Indian bank accounts directly.
19:15 PM (IST) • 03 Apr 2024
OnePlus Introduces Innovative AI Eraser Image Editing Feature For Smartphones
OnePlus, the global technology brand, introduced a novel artificial intelligence (AI) Eraser image editing feature for its smartphones on Wednesday. The company announced that this feature would gradually become available to OnePlus devices starting this month, including models like the OnePlus 12, OnePlus 12R, OnePlus 11, OnePlus Open, and OnePlus Nord CE 4.
18:43 PM (IST) • 03 Apr 2024
Schwing Stetter India Initiates 1 MW Solar Power Installation In TN
Schwing Stetter India, a construction and concrete equipment manufacturer, has recently implemented a 1 MW solar power system in Tamil Nadu. This initiative aligns with the company’s goal of attaining carbon neutrality within its facility, according to an announcement made by the company on Wednesday. The power system is situated in Cheyyar, approximately 120 km west of Chennai in Tiruvannamalai district.
18:16 PM (IST) • 03 Apr 2024
Swiggy Instamart’s VP And Head Of SCM Resigns
Karan Arora, Vice President and Head of Supply Chain Management (SCM) at Swiggy Instamart announced his departure from the company on Wednesday after three and a half years. Arora’s exit adds to the growing list of VPs and Senior Vice Presidents (SVPs) who have left Swiggy over the past year. Reflecting on his journey, Arora wrote on LinkedIn that after 3.5 years of building Swiggy Instamart, this exhilarating journey of mine has come to an end.
17:34 PM (IST) • 03 Apr 2024
HITES Posts 31% Jump In Net Profit In FY24
HLL Infra Tech Services Ltd (HITES) witnessed a significant increase in net profit, surging by 31 per cent to Rs 32.86 crore in the fiscal year 2023-24, compared to Rs 25 crore in FY23, according to the Health Ministry. This growth was attributed to higher revenue from the infrastructure division.
Additionally, the total turnover of the central public sector undertaking under the Health Ministry saw a notable rise of 17.18 per cent, reaching Rs 425.10 crore in 2023-24, as stated by the ministry. This marked an increase from Rs 362.77 crore in the previous fiscal year 2022-23.
16:57 PM (IST) • 03 Apr 2024
India to Develop First Commercial Crude Oil Storage Facility
India, ranked as the world’s third-largest oil consumer and importer, is planning to construct its inaugural commercial crude oil strategic storage to bolster its stockpiles to safeguard against potential supply disruptions. Indian Strategic Petroleum Reserves Ltd (ISPRL), established by the government to develop and manage strategic petroleum reserves nationwide, has issued bids for constructing a 2.5 million-tonne underground storage facility at Padur in Karnataka, as detailed in the tender document.
16:23 PM (IST) • 03 Apr 2024
Stock Market: Sensex Settles 28 Points Lower, Nifty Below 22,450
The Indian market concluded the highly volatile session on Wednesday with marginal movement. The Sensex concluded the day 27.09 points, or 0.04 per cent, lower at 73,876.82, while the Nifty registered a slight decline of 18.6 points, or 0.08 per cent, ending at 22,434.70. Despite initial negative trends influenced by weak global cues, the market recovered from losses during the early hours of trading. It approached record highs, buoyed by the performance of IT, metal, oil & gas, and power sectors. However, a surge in selling during the final hour wiped out the intraday gains.
15:28 PM (IST) • 03 Apr 2024
Jindal Stainless Set To Sell Entire 26% Stake In Jindal Coke By September
Jindal Stainless announced on Wednesday that the firm has decided to divest its entire 26 per cent ownership in Jindal Coke by September of this year. In the initial phase, the company sold 4.87 per cent of its shares in Jindal Coke for over Rs 36.49 crore. These shares were acquired by JSL Overseas at the same valuation, as stated in a regulatory filing.
14:57 PM (IST) • 03 Apr 2024
Govt Lifts Duty On Export Of 1,000 Tonnes Kalanamak Rice
The government has abolished the duty on exports of up to 1,000 tonnes of the Kalanamak rice variety through six designated customs stations. Previously, there was a 20 per cent duty on overseas shipments of Kalanamak rice. According to a notification from the Finance Ministry, the duty exemption for exporting up to 1,000 tonnes of this rice variety will take effect starting Wednesday.
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