Business News Highlights: Stock Market Closes, Sensex Down 790 Points, Nifty Settles Below 22,000
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At 10 am on Wednesday, the Sensex slipped by 53.06 points or 0.07 per cent to 73,042.16, while the Nifty declined by 22.90 points or 0.10 per cent to 22,175.40. Among the listed stocks, 1495 advanced, 1512 declined, and 99 remained unchanged. Analysts anticipate ongoing volatility leading up to the monthly expiry but acknowledge the potential for the Nifty to reach a new peak.
On Tuesday, the Indian benchmark indices surged, with Nifty maintaining levels around 22,200, supported by increased buying activity in auto, capital goods, IT, and realty sectors. Although the market started off flat to negative, it steadily improved throughout the day, ultimately closing near its peak for the session. The Sensex climbed 305.09 points or 0.42 per cent to reach 73,095.22, while the Nifty advanced by 76.30 points or 0.34 per cent, closing at 22,198.30.
In addition, the Uttarakhand government unveiled its budget for the fiscal year 2024-25 in the state assembly on Tuesday, allocating over Rs 89,000 crore for diverse initiatives. The budget focuses on uplifting impoverished communities, disaster preparedness, infrastructure development, and improving air connectivity across all districts. State Finance Minister Premchand Agarwal presented the budget of Rs 89,230.07 crore in the assembly, emphasising its inclusive approach aimed at nurturing a developed, well-governed, and robust Uttarakhand.
Similarly, during Tuesday's Assembly session, the Jharkhand government introduced a budget of Rs 1.28 lakh crore for the fiscal year 2024-25. Finance Minister Rameshwar Oraon outlined key allocations and schemes designed to enhance agricultural welfare and social security.
The budget projections for the upcoming fiscal year reflect a significant increase of over 10 per cent compared to the previous fiscal year. Led by Chief Minister Champai Soren, the JMM-led coalition government intends to tackle various socio-economic challenges through meticulous financial planning.
RK Swamy IPO: Firm Fixes Price Band At Rs 270-288
RK Swamy Ltd, the Chennai-based marketing communications major, announced a price band of Rs 270-288 per share for its Rs 423-crore Initial Public Offering (IPO) on Wednesday, marking the first in its category to go public. The IPO is scheduled to open for public subscription on March 4 and will close on March 6.
Equity Investors Lose Rs 6 Trillion Amid Market Plunge
Investors witnessed a staggering erosion of Rs 6 trillion in wealth in a single day on Wednesday, as the BSE benchmark Sensex plummeted over 790 points. The 30-share BSE Sensex declined by 790.34 points or 1.08 per cent to settle at 72,304.88. It experienced a sharp decline of 872.93 points or 1.19 per cent to 72,222.29 during the day. The mcap of BSE-listed companies also suffered, plummeting by Rs 6,02,338.56 crore to Rs 3,85,97,298.49 crore ($4.71 trillion).
Meta CEO Zuckerberg Holds Talks With Samsung, LG Officials: Report
Mark Zuckerberg, the Founder and CEO of Meta, reportedly held discussions with Samsung Chairman Lee Jae-Yong and LG CEO Cho Joo-Wan regarding potential collaborations in the fields of artificial intelligence (AI) and extended reality (XR) on Wednesday. The meeting, which took place in Seoul, involved a lunch attended by Zuckerberg, Cho, and other senior officials from LG Electronics, according to a report by news agency Yonhap.
Jharkhand Announces 7.66% Increase In Electricity Tariffs
The Jharkhand State Electricity Regulatory Commission (JSERC) announced a 7.66 per cent increase in power tariffs for the state on Wednesday. According to the new rates, rural domestic consumers will now be charged Rs 6.30 per unit, up from Rs 5.80, while urban consumers will see their rates rise to Rs 6.65 per unit from Rs 6.30. The revised tariffs are set to come into effect from March 1, as per a statement released by the JSERC.
Sensex Dips 790 Points, Nifty Below 22,000
The Indian equity benchmarks experienced a decline of more than one per cent On Wednesday, driven by selling pressure across various sectors, particularly affecting small and midcap stocks. The Sensex concluded the day at 72,304.88, marking a decrease of 790.34 points or 1.08 per cent, after reaching a low of 72,222.29. Similarly, the Nifty dipped to 21,918.85 during the session before settling at 21,951.20, down by 247.10 points or 1.11 per cent compared to the previous close.
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