(Source: ECI | ABP NEWS)
Business News Highlights: Sensex Climbs 450 Points; Nifty Above 21,900. IT Stocks Rally
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The stock markets on Tuesday opened strong as the Reserve Bank of India begins the bi-monthly meet of the Monetary Policy Committee today. As of 10:05 AM, the two key equity benchmarks, Sensex and Nifty, were trading higher. The BSE Sensex stood almost 300 points higher above the 72,000 mark at 72,027.40, while the NSE Nifty 50 jumped nearly 100 points to cross the 21,850 mark at 21,855.85.
In the last trading session on Monday, the equity benchmarks settled sharply lower amid volatility, tracking weak global cues. The S&P BSE Sensex settled 354 points lower to 71,731. The Sensex hit a high of 72,386 and a low of 71,602 during intra-day trade. On the other hand, the NSE Nifty50 closed at 21,772, down 82 points.
Further, the services sector in India logged the fastest pace of growth in six months as the HSBC India Service Purchasing Managers’ Index (PMI) climbed to 61.8 in January. The data reflected that the Indian private sector registered a swift pace of output growth, as goods and services producers, both saw quicker increases.
The RBI MPC meeting will end on Thursday, where the regulator will announce its decision on interest rates. Since February 2023, the central bank has kept a hold on the repo rate at 6.5 per cent. Market experts anticipate the regulator to maintain the same decision, specially after the US Federal Reserve kept its key interest rates unchanged for the fourth consecutive meeting, held on January 30-31, 2024. This meeting will be the last one for the 2023-24 fiscal year.
Other earnings expected throughout the week include Birla Corporation, Britannia Industries, Max Financial Services, Lemon Tree Hotels, Procter & Gamble Health, PowerGrid, Nestle India, TATA Consumer Products, 3M India, Grasim Industries, LIC India, and Zomato, among others.
Nykaa Q3 Result: Profit Nearly Doubles To Rs 16 Crore
E-commerce platform Nykaa on Tuesday reported a 97.55 per cent rise in its consolidated profit to Rs 16.18 crore for the December quarter of the fiscal year 2023-24. The firm's profit (attributable to equity shareholders of the parent) stood at Rs 8.19 crore in the corresponding quarter of the previous fiscal year.
Birla Corp Q3 Result: Firm’s Net Profit Stands At Rs 109 Crore
Birla Corporation on Tuesday reported a consolidated net profit of Rs 109 crore in the December quarter of the financial year 2023-24 as against a loss of Rs 50 crore in the corresponding period a year ago. The firm’s revenue increased 15 per cent to Rs 2,328 crore in the reporting period, the company said in an exchange filing.
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