Business News Highlights: Sensex Settles In Red, Nifty below 22,250

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.

India's stock indices, the BSE Sensex and NSE Nifty, kicked off positively on Friday, driven by a surge in IT majors. The Sensex rose by 99.44 points or 0.14 per cent to 73,257.68 points, while the broader Nifty gained 18.30 points or 0.08 per cent to 22,235.75 points. A

On Thursday, during the final trading session, both major equity benchmarks, Sensex and Nifty, staged a significant rebound, ending the day in positive territory due to widespread buying across sectors. The S&P BSE Sensex concluded at 73,158, marking a gain of 535 points, while the NSE Nifty50 closed above the 22,000 mark after hitting a low of 21,875, settling at 22,217 with a gain of 162 points.

Furthermost, following the government's announcement of an increase in the minimum price for sugarcane growers, shares of sugar companies declined by 3 per cent on Thursday. The adjustment in the minimum price, set to take effect for the 2024-25 season beginning in October, had a notable impact on companies within the sector.

Rana Sugars saw a decrease of 2.86 per cent, ending at Rs 25.44 per share on the BSE. Similarly, Mawana Sugars closed at Rs 102.07, Shree Renuka Sugars at Rs 48.96, Dalmia Bharat Sugar and Industries at Rs 402, and EID Parry (India) at Rs 630.60, all reflecting a downward trend on Friday.

On Wednesday, an official statement released by the government highlighted the broad impact of the decision, "This decision of the central government is going to benefit more than 5 crore sugarcane farmers (including family members) and lakhs of other persons involved in the sugar sector,” it states.

In addition, RBI Governor Shaktikanta Das emphasized the importance of continuing efforts to address inflation, warning against premature policy adjustments that could undermine the progress achieved in stabilising prices. In the detailed minutes of the February Monetary Policy Committee (MPC) meeting, revealed by the central bank on Thursday, Das highlighted the need for monetary policy to remain vigilant, stating that the challenge of controlling inflation is still ongoing.

18:35 PM (IST)  •  23 Feb 2024

Jio Fin Services Mcap Reaches Over Rs 2.2 Lakh Crore

Jio Financial Services shares surged nearly 15 per cent on Friday, propelling its market valuation beyond the Rs 2.2 lakh crore threshold. By closing the trading session, Reliance Industries' market capitalisation stood at Rs 20,20,470.88 crore. 

On the NSE, shares of Jio Financial Services climbed by 10.62 per cent to settle at Rs 335 each, while on the BSE, they rose by 10.18 per cent, closing at Rs 333.90 each. 

17:42 PM (IST)  •  23 Feb 2024

RBI Asks NPCI To Help In Paytm App Operations

The Reserve Bank of India (RBI) announced on Friday that the National Payments Corporation of India (NPCI) has been directed to explore the potential of becoming a third-party application provider for sustaining UPI operations on the Paytm app. This initiative aims to guarantee seamless services for Paytm app users. 

17:25 PM (IST)  •  23 Feb 2024

Odisha CM Announces Hike In Self-employed Mechanics' Pay By 62.5%

Chief Minister Naveen Patnaik increased the remuneration of self-employed mechanics in Odisha by 62.5 per cent on Friday. According to an official release from the Chief Minister's Office (CMO), the remuneration for mechanics operating in gram panchayats has been raised from Rs 4,000 to Rs 6,500. This adjustment is anticipated to benefit approximately 13,000 individuals.

16:30 PM (IST)  •  23 Feb 2024

Sensex Ends Flat, Nifty Above 22,200

After an all-time high of 22,297 during early trading, the Nifty encountered downward pressure due to weakness in banking stocks, ultimately closing at 22,212 on Friday. The Sensex also ended the day flat at 73,142. Conversely, the broader indices, Nifty Midcap 100 and Nifty Smallcap 100, each posted gains of 0.3 per cent, surpassing the performance of the benchmarks.

15:33 PM (IST)  •  23 Feb 2024

RBI Allows Banks, Non Banks To Issue PPIs For Making Payments In Public Transport

The Reserve Bank of India (RBI) on Friday granted authorisation for bank and non-bank managed prepaid payment instruments to facilitate payments across different public transport systems. This directive is issued under Section 18, in conjunction with Section 10(2) of the Payment and Settlement Systems Act, 2007 (Act 51 of 2007). The instructions will be implemented with immediate effect.