Business News Highlights: Stock Market Closes, Sensex Settles 526 Points Up, Nifty Above 22,120

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.

The trading session on Wednesday began on a positive note as both primary equity indices, Sensex and Nifty, opened in the green. By 10 am, the Sensex had surged by 432.33 points or 0.60 per cent, reaching 72,902.63, while the Nifty climbed by 130.20 points or 0.59 per cent, settling at 22,134.90. Among the listed stocks, 1,897 showed gains, 1,141 experienced declines, and 104 remained unchanged.

In the early hours of Wednesday's trading session, the rupee remained relatively stable against the US dollar, with support from positive domestic equities offset by the strength of the American currency. Forex traders noted that heightened crude oil prices in the global market weighed on investor sentiment. Opening at 83.33 against the dollar at the interbank foreign exchange, the rupee initially dipped to an early low of 83.34, marking a decline of 5 paise from its previous close. However, it subsequently rebounded and was trading at 83.31 against the US dollar.

In the preceding session on Tuesday, the Sensex and Nifty broke their three-day winning streak, closing in the red due to persistent selling pressure on specific major index heavyweights. The S&P BSE Sensex, after hitting a low of 72,363, ended the session 362 points lower at 72,470. Similarly, the NSE Nifty 50 saw a decline to a low of 21,948 before settling at 22,005, marking a decrease of 92 points.

Furthermost, urban India experienced a notable increase in consumer sentiment in March, registering a rise of 2.8 percentage points, according to the LSEG-Ipsos Primary Consumer Sentiment Index (PCSI) report released on Tuesday. This index, monitoring consumer sentiment across 29 countries, reaffirms India's top position, boasting the highest National Index score of 72.2. Indonesia closely follows with a score of 63.4, emerging as the sole other nation with a score exceeding 60.

Only nine of the countries surveyed have achieved a National Index score surpassing 50. These countries comprise Mexico (58.6), Brazil (56.8), Thailand (55.5), the Netherlands (55.1), Singapore (53.3), the US (53.1), Sweden (50.9), Poland (50.8), and Australia (50.8).

In Addition, on Tuesday, SpiceJet Ltd said that it has reached a settlement with Export Development Canada (EDC) to resolve liabilities amounting to Rs 755 crore. The airline hailed this agreement as the 'most significant milestone in SpiceJet's financial restructuring endeavours.

18:04 PM (IST)  •  27 Mar 2024

Infosys To Provide AI Tools To German Media Giant For Advanced Storytelling

Infosys, an IT company, announced on Wednesday that it has entered into a strategic agreement with Germany's Handelsblatt Media Group to provide artificial intelligence (AI) technology. Under this deal, Infosys will assist Handelsblatt Media Group in storytelling and compiling reports on global economic and financial subjects.

In the inaugural year of this collaboration, Infosys will collaborate with Handelsblatt Research Institute (HRI), an independent economic research institution affiliated with the Handelsblatt Media Group. Utilising its AI-based platform, Infosys Topaz, the company aims to enhance the accessibility and readability of HRI's reports on global economic and financial matters for the public, as stated in a release by Infosys.

17:46 PM (IST)  •  27 Mar 2024

Maruti Suzuki Reveals Changes In Senior Management Restructuring

Maruti Suzuki India announced on Wednesday that its board appointed Partho Banerjee as the new head of the marketing and sales function, effective April 1, 2024. Banerjee, currently serving as the Head of Service, will succeed Shashank Srivastava, who is being transferred from the position of Head of Marketing & Sales to Member of the Executive Committee, as per a regulatory filing by the automotive giant. Similarly, Tarun Aggarwal has been designated as the new Head of Engineering, effective April 1, 2024.

17:21 PM (IST)  •  27 Mar 2024

DLF Announces Proposal To Raise Rs 600 Crore Via Debenture Issuance

The real estate company DLF Ltd is securing Rs 600 crore through the issuance of non-convertible debentures (NCDs) to investors, aimed at refinancing its current debts. According to a regulatory filing on Wednesday, DLF revealed that its wholly-owned subsidiary, DLF Home Developers Ltd, has successfully raised this capital.

The Securities Allotment Committee of DHDL's Board of Directors has sanctioned the allocation of 60,000 NCDs, each with a face value of Rs 1 lakh, totalling an aggregate principal amount of Rs 600 crore, through a private placement to eligible investors.

16:44 PM (IST)  •  27 Mar 2024

HPCL Collaborates With Tata Motors To Set Up EV Charging Stations

The electric mobility division of Tata Motors Ltd and Hindustan Petroleum Corp inked a memorandum of understandingto establishg EV charging stations nationwide in India. The partnership plans to utilise HPCL's extensive network of 21,500 fuel outlets across the country to deploy public charging stations strategically, catering to the 1.2 lakh Tata Motors electric vehicles already in operation on Indian roads, as stated in a joint release by both entities, the company said on Wednesday.

15:56 PM (IST)  •  27 Mar 2024

Stock Market Close: Sensex Gains 526 Points, Nifty Over 22,120

The market rebounded, buoyed by purchases in leading companies and sectors like automobiles, real estate, power, and capital goods, erasing losses from the previous session on Wednesday. By the day's end, the Sensex surged by 526.01 points, or 0.73 per cent, reaching 72,996.31, while the Nifty climbed 119 points, or 0.54 per cent, to settle at 22,123.70.