Business News Highlights: Stock Market Closes In Green; Sensex Up 333 Points, Nifty At 19,820
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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.
On Thursday, the two key equity benchmarks extended their winning run into the fifth straight session. At Close, the S&P BSE Sensex rose 385.04 points or 0.58 per cent to 66,265.56. On the other hand, the Nifty was up 116.00 points or 0.59 per cent at 19,727. According to PTI, over the past five sessions, the benchmark index has risen by 1,434.15 points or 2.21 per cent, adding Rs 9.50 lakh crore in the Investors' wealth. The market capitalisation of companies listed on the BSE surged to a fresh all-time high of Rs 319.10 lakh crore on Thursday.
On the other hand, the rupee fell 9 paise to register a new closing low of 83.22 (provisional) against the US dollar on Thursday, marking the fourth consecutive day of decline of the rupee. According to analysts, this decline is credited to the firm American dollar and increased crude oil prices.
According to analysts, crude oil prices are likely to stay elevated. Factors such as supply constraints, potential production cuts, OPEC's extended efforts, positive manufacturing PMI data from China, and economic stimulus measures have fueled this recent price surge. Additionally, a significant reduction of 10.6 million barrels in US crude oil inventories for the week ending August 25 has contributed to the strength in oil prices.
G20 Summit
New Delhi is set to host the 18th G20 Summit from September 8 to 10, welcoming over 25 world leaders and various delegates at the Pragati Maidan venue. To ensure security, entry and exit points around the newly constructed Bharat Mandapam Convention Center will be closely managed. Additionally, all establishments in New Delhi, including schools, offices, restaurants, malls, and markets, will remain closed during the event dates.
NSE Get SEBI Nod To Bring Options Trading On WTI Crude Oil And Natural Gas Futures Contracts
NSE on Friday said that it has received approval from SEBI to introduce options trading on NYMEX WTI crude oil and natural gas futures contracts within its commodity derivatives segment. Notably, WTI (West Texas Intermediate) will serve as the underlying commodity for the oil futures contract offered by the New York Mercantile Exchange (NYMEX).
“The addition of Options on Futures contracts will further boost NSE’s product offering in the overall commodity segment. These contracts are designed to provide the market participants particularly Corporates, Value chain participants and Foreign Portfolio Investors (including all categories of FPIs such as Individuals, Corporates & Family Offices) with a more efficient way to manage their commodity risk," NSE said in the press release.
Bank of Baroda Unveils UPI ATM Function At Over 6,000 ATMs Nationwide
Bank of Baroda (BoB) has introduced UPI ATM functionality at over 6,000 ATMs nationwide. In collaboration with the National Payments Corporation of India (NPCI) and powered by NCR Corporation, BoB has become the first PSB to launch UPI ATMs, BoB said in a statement.
The UPI ATM allows customers, as well as customers of all participating issuer banks, to use any UPI-enabled mobile application, to withdraw cash from Bank of Baroda UPI ATMs without needing their debit cards, it said.
Read More About UPI ATMs Here
Mcap Of BSE-Listed Firms Touch A New Record At Rs 320.94 Lakh Crore
The market capitalisation (Mcap) of BSE-listed companies reached a fresh record high of Rs 320.94 lakh crore on Friday. The S&P BSE Sensex rose by 333.35 points or 0.50 per cent to close at 66,598.91, after Friday's session. Since August 31, the benchmark index has seen a remarkable increase of 1,767.5 points, equivalent to 2.72 percent, reported PTI.
This robust performance in domestic equities has pushed the market capitalisation of BSE-listed firms to a new all-time high of Rs 3,20,94,202.12 crore.
Cafe Coffee Day To Face Insolvency Proceedings, IDBI Trusteeship Moves NCLT For Alleged Default Of Rs 228 Crore
IDBI Trusteeship Services has filed an insolvency proceeding application against Cafe Coffee Day for alleged default of Rs 228 crore. The
Coffee Day Enterprises Ltd, the operator of Cafe Coffee Day outlets, is facing an insolvency application under Section 7 of the Insolvency and Bankruptcy Code.
"An application has been filed against the Company under Section 7 of the Insolvency and Bankruptcy Code, 2016 read with Rule 4 of the Insolvency and Bankruptcy Rules, 2019 by IDBI Trusteeship Services Limited before the National Company Law Tribunal, Bengaluru for alleged default of Rs 228,45,74,180," said the company in a stock exchange filing.
"The Company is seeking appropriate legal advice and will take all appropriate steps to protect its interest in the aforesaid matter," it added.
Gold Prices In Delhi Rises Rs 100, Silver Remains Flat At Rs 74,100/Kg
Gold prices in the national capital on Friday rose by Rs 100, reaching Rs 60,150 per 10 grams. According to HDFC Securities, this rise is due to robust indicators from international markets, reported PTI. In the previous trading session, gold had concluded at Rs 60,050 per 10 grams.
Meanwhile, the price of silver remained unchanged at Rs 74,100 per kilogram on Thursday
In the global markets, as per the report, the price of gold was on the upswing, trading at $1,923 per ounce, while the price of silver remained steady at $23.02 per ounce.
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