Business News Highlights: Stock Market Closes, Nifty Settles Above 22,000, Sensex Jumps 376 Points
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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.
At 10 am on Friday, the two primary equity benchmarks, Sensex and Nifty, were trading higher. The Sensex rose by 281.03 points or 0.39 per cent to reach 72,331.41, while the Nifty increased by 97.40 points or 0.44 per cent to reach 22,008.20. Among the stocks traded, 2139 recorded gains, 890 declined, and 67 remained unchanged.
On Thursday, both Sensex and Nifty concluded the trading session with gains. The Sensex rose by 227.55 points to reach 72,050.61, while the Nifty increased by 70.70 points to reach 21,910. The Nifty's closing value approached its all-time high, nearing the 22,000 milestone.
In addition, amid regulatory actions concerning Paytm Payments Bank, the Reserve Bank of India (RBI) has initiated further measures to oversee business payment transactions made through commercial cards. On Thursday (February 15), the RBI unveiled steps to limit a card network's facilitation of transactions to recipients not equipped to accept cards unless authorised by the regulator.
"Under this arrangement, the intermediary accepts card payments from corporates for their commercial payments and then remits the funds via IMPS/RTGS/NEFT to non-card accepting recipients. On closer scrutiny, it was observed that this arrangement qualified as a payment system. Under the provisions of the Payment and Settlement Systems (PSS) Act, 2007, such payment system requires authorisation under Section 4 of the PSS Act, which has not been obtained in the instant case. The activity was, therefore, without legal sanction,” the RBI said in a public release on its website on Thursday.
At the end of 2023, Germany surpassed Japan to become the world's third-largest economy as Japan entered a recession, relinquishing its position. A Reuters report highlighted that this shift has prompted concerns about the timetable for the Bank of Japan's departure from its prolonged ultra-loose monetary policy.
Paytm Shares Rebound Post 3 Days Fall
Shares of Paytm surged by 5 per cent on Friday, recovering after three consecutive days of decline. This rebound comes as the company faces regulatory scrutiny for multiple violations linked to its payments bank operations. Additionally, shares of One97 Communications, the parent company of Paytm, also reached their upper circuit limit on both the BSE and the NSE.
SpiceJet's Ajay Singh, Busy Bee Airways Bid For Go First
Ajay Singh, the head of SpiceJet, in collaboration with Busy Bee Airways, has submitted a bid for bankrupt Go First. The move aims to bolster the budget carrier's operations by acquiring additional slots and international flying rights from Go First.
Tech Sector's Revenue Likely To Touch $ 254 Bn In FY24: Nasscom
The revenue of the domestic technology industry is expected to increase by 3.8 per cent to $ 254 billion for this fiscal year, said the industry body Nasscom on Friday. Excluding hardware, the revenue is forecasted to reach $ 199 billion, marking a growth of 3.3 per cent over FY23.
Stock Market: Sensex Ends Over 376 Points Higher, Nifty Settles Above 22,000
Indian benchmark indices closed higher for the fourth consecutive session on Friday, with the Nifty surpassing 22,000 points. The Sensex ended the day by 376.26 points or 0.52 per cent, reaching 72,426.64, while the Nifty rose by 129.90 points or 0.59 per cent, closing at 22,040.70.
We Will Find Another Opportunity, Says Sony After Zee Merger Collapse: Report
After the cancellation of the proposed merger of its Indian arm with Zee, Sony will reportedly explore alternative options. This includes seeking out new opportunities to replace the original plan and pursuing organic growth opportunities in India, which is seen as holding significant long-term potential.
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