Business News Highlights: Stock Market Closes Flat; Sensex Up 11 Points, Nifty Below 19,400
Business News Highlights: Please follow this space for all the breaking news and latest updates from the Stock Market, economy and corporate world.
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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. Here are some important events will be keeping an eye on August 30.
Macroeconomic Data
China is expected to release it’s official manufacturing purchasing managers’ index (PMI) on August 30. China’s manufacturing PMI increased to 49.3 in July, up from 49 in June. The data is expected to show an impact on global markets.
Further, anticipation about India’s economic data to be released on the last day of August is projected to make it’s impact felt in the market. The markets closed on Tuesday with nominal gains after trading higher throughout the session. The S&P BSE Sensex closed at 65,076 levels, edging up by 79 points or 0.12 per cent. On the other hand, the Nifty managed to hold the 19,300 level, concluding at 19,343, with an increase of 37 points or 0.19 per cent.
On the 30-share Sensex platform, Jio Financial Services (up 5 per cent), Tata Steel, Tech Mahindra, NTPC, JSW Steel, and PowerGrid emerged as top gainers. On the flipside, Bharti Airtel, HUL, Axis Bank, Reliance, IndusInd Bank, and Sun Pharma were among the top losers.
IPOs Ahead
Rishabh Instruments raised Rs 147.2 crore via anchor book on Tuesday, ahead of it’s initial public offering (IPO) on August 30. The Nashik-based company will be open for subscription on Wednesday and will offer a fresh issue worth Rs 75 crore. The IPO is expected to be in the range of Rs 418-441 per share and investors can bid for minimum 34 shares in a lot and multiple lots after.
Aeroflex Industries is expected to be listed in the market on August 31. The IPO consists of a fresh issue worth Rs 162 crore and an offer for sale of up to 1.75 crore equity shares. The offer was in the price range of Rs 102-108 per share. The IPO was subscribed 97 times.
PhonePe Launchs Stock Market Trading Platform Share.Market
PhonePe on Wednesday announced the launch of its market trading platform Share.Market. The Walmart group firm PhonePe said it has started 'Share.Market' with stocks and ETFs and will gradually add future and options segments.
Ujjwal Jain will be the Chief Executive Officer of the new platform -- Share.Market.
With the foray into the stock broking segment, the company has completed its financial services portfolio, PhonePe Founder and CEO Sameer Nigam said. At present, the company provides payments, e-commerce, banking, and insurance services
Stock Market Closes Flat; Sensex Up 11 Points, Nifty Below 19,400
The key benchmark indices, Sensex and Nifty, closed on a flat note on Wednesday after trading higher in the early session. At close, the Sensex was up 11.43 points or 0.02 per cent at 65,087.25, while the Nifty was up 4.80 points or 0.02 per cent at 19,347.50.
Leading the gainers on the Nifty were Tata Steel, Maruti Suzuki, M&M, Eicher Motors, and Infosys. Meanwhile, Power Grid Corporation, SBI, BPCL, Dr. Reddy's Laboratories, and Hero MotoCorp were among the losers.
Sectorwise, the realty index saw a 1 per cent increase, while auto, FMCG, information technology, and metal rose by 0.5 per cent each. Conversely, power, oil & gas, and bank sectors declined by 0.5 per cent each.
The BSE midcap and smallcap indices both registered gains of 0.5-0.8 per cent each.
Govt Will Bear Impact Of LPG Price Cut, Not Oil Companies, Says Petroleum Minister
Minister for Petroleum and Natural Gas Hardeep Singh Puri has said that the government will absorb the impact of the Rs 200 reduction in the price of domestic cooking gas cylinders, reported Moneycontrol The comments came a day after the government announced the price cuts on domestic cooking gas cylinders.
According to the report, the LPG price cut has raised concerns among oil marketing companies (OMCs) due to the potential cost impact of approximately Rs 7,500 crore.
BharatPe CBO Dhruv Dhanraj Bahl Steps Down Amid A Series Of Top Executives Exits
BharatPe's Chief Business Officer Dhruv Dhanraj Bahl is stepping down from the company after about 4 years, the company said. As per a PTI report, Bahl's exit follows a series of exits of top executives from the Gurugram-based company. Dhanraj Bahl joined the company in 2020 as head of operations and was elevated to Chief Operating Officer, before assuming his present role of CBO for Merchant Lending.
Bahl has also worked at Paytm and Airtel Payments Bank. Prior to joining BharatPe, he served as the Chief Business Officer (CBO) at insurance firm Roadzen.
Oil Prices Rise Amid US Stockpile Concerns, Brent Crude Futures At $85.91 Per Barrel
Oil prices climbed on Wednesday jitters of reduced US crude inventories, the largest fuel consumer globally, along with concerns arising from a Gulf of Mexico hurricane, reported Moneycontrol.
In the global market, October's Brent crude futures rose 42 cents reaching $85.91 per barrel at 07.48 GMT, as per report. With the October contract expiring on Thursday, the more active November contract stood at $85.32, marking a gain of 41 cents. Meanwhile, US West Texas Intermediate crude futures rose 50 cents to $81.66.
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