Business News Highlights: Stock Market Closes, Sensex Up 408 Points, Nifty Above 22,450
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The stock markets continued to trade downwards on Wednesday as the indices opened in red. The BSE Sensex slipped over 200 points to touch 73,448.09 in early trade, while the NSE Nifty50 declined 63.15 points to hit 22,293.15.
As the trading session progressed, the stock markets exhibited volatility and oscillated back and forth. As of 10:20 AM, the Sensex stood marginally higher and neared the 73,700 mark at 73,697.67, while the Nifty traded lower by 24 points at 22,332.40.
In the last trading session on Tuesday, the stock market ended in red after breaking the rally for the last four consecutive trading days. The S&P BSE Sensex fell nearly 200 points to settle at 73,677, while the NSE Nifty50 closed at 22,356, down 49 points.
Amazon founder, Jeff Bezos, replaced Tesla CEO, Elon Musk, and secured his position once again as the world’s richest person, the Bloomberg Billionaires Index revealed on Tuesday. The index placed Musk’s net worth at approximately $197.7 billion, while it estimated a net worth of $200.3 billion for Jeff Bezos.
Punjab Finance Minister Harpal Cheema tabled the State Budget for the upcoming 2024-25 fiscal year on Tuesday in the state Assembly. The FM presented an outlay of over Rs 2 lakh crore for the Budget for FY25, with Rs 13,784 crore set aside for the agriculture sector.
Representing the Bhagwant Mann-led AAP government, Cheema presented a Budget focused on healthcare and education. He suggested an allocation of Rs 16,987 crore for education work in the state, and Rs 1,425 crore for all the state universities.
China also announced a hike in its defence budget by 7.2 per cent to touch $232 billion, amidst increasing tensions with neighbouring nations. The country also set a target of 5 per cent economic growth for 2024, and said that it aims to generate 12 million jobs in the period.
Sachin Bansal's Navi To Expand Its Tech Team By 30%
Navi, a digital financial services firm backed by the erstwhile founder of Flipkart, Sachin Bansal, announced on Wednesday its intention to bolster its technical team by 30 per cent in 2024. The company's technical team currently comprises approximately 300 individuals, a number slated to increase to 400 by the close of 2024, according to a report by the news agency PTI.
India's Bio-Economy Surges 13-Fold In Last Decade: Union Minister
Union Minister Jitendra Singh disclosed on Wednesday that India's bio-economy has surged 13-fold over the past decade, escalating from $10 billion in 2014 to $130 billion in 2024. Speaking at the 17th Annual International Biocuration Conference (AIBC-2024), the Minister underscored that India is now recognised among the top 12 biotechnology hubs globally.
Gopal Snacks IPO Garners 56% Subscriptions On Day 1
RBI Gov Assures 85% Of Paytm Wallet Users Will Remain Unaffected
RBI Governor Shaktikanta Das stated on Wednesday that approximately 80-85 per cent of Paytm wallet users would not experience any disruption due to regulatory measures. He further advised the remaining users to link their apps to alternative banks. The Reserve Bank of India had, on January 31, prohibited Paytm Payments Bank Ltd (PPBL) from accepting deposits, credit transactions, or top-ups in any customer accounts.
SC Flags State Fiscal Mismanagement, Urges Centre's Attention
The Supreme Court noted on Wednesday that fiscal mismanagement by states is a matter of concern for the union government as it directly affects the nation's economy. The Court advised both the Centre and the Kerala government to resolve their differences regarding a cap on net borrowing by the southern state.
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