Business News Highlights: Stock Market Closes In Red, Sensex Slips 28 Points, Nifty Below 22,450
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The stock markets continued to exhibit the negative sentiment from yesterday and began the session in red on Wednesday. During the early trade, both the key equity benchmarks, Sensex and Nifty traded lower. The BSE Sensex slid over 280 points to reach 73,622.73, while the NSE Nifty50 plunged almost 100 points to hit 22,360.15.
As markets opened and the session progressed, the indices managed to recover from the losses slightly, however, remained in red. The BSE Sensex slipped about 227 points to trade at 73,676.53, as of 9:59 AM, while the NSE Nifty50 inched more than 50 points lower to reach 22,395.25.
In the last trading session on Tuesday, the equity benchmarks broke their three-day winning streak and settled lower amidst volatility. The Sensex settled down by more than 100 points at 73,902, while the Nifty closed the session marginally lower at 22,453, slipping about 9 points.
The markets gear up on Wednesday as the Reserve Bank of India begins its Monetary Policy Committee (MPC) meeting to discuss the fiscal policy and key rates going ahead. The three-day meeting will conclude on Friday, with Governor Shaktikanta Das revealing the outcome on interest rates. The meeting will mark the first for the new 2024-25 fiscal year.
Experts are of the view that the central bank will maintain the status quo on rates, which were last increased in February 2023. Jyoti Prakash Gadia, MD, Resurgent India, expressed that the bank will maintain the rates and said, “While the head line inflation is tapering off, the food inflation is volatile and along with fuel inflation they are still subjected to local and global supply chain uncertainties and therefore, RBI is expected to monitor the situation further till the head line inflation moves closer to 4 per cent.”
Ketan Kulkarni Joins Allcargo Group As Chief Growth Officer
Logistics operator Allcargo Group announced on Wednesday that Ketan Kulkarni has been appointed as the Chief Growth Officer to spearhead business expansion initiatives within the company. With extensive experience in the logistics and supply chain industry, Kulkarni will collaborate with the chairman's office to enhance overall growth and operational efficiency at Allcargo Group.
PhonePe Expands: Introduces UPI Payments For Users In Singapore
Fintech company PhonePe announced on Wednesday that its users are now able to make payments via UPI in Singapore, following an agreement signed with The Singapore Tourism Board. This collaboration capitalises on the established Unified Payments Interface (UPI) connection between India and Singapore. This connectivity enables customers to swiftly engage in cross-border transactions between the two nations, utilising their existing Indian bank accounts directly.
OnePlus Introduces Innovative AI Eraser Image Editing Feature For Smartphones
OnePlus, the global technology brand, introduced a novel artificial intelligence (AI) Eraser image editing feature for its smartphones on Wednesday. The company announced that this feature would gradually become available to OnePlus devices starting this month, including models like the OnePlus 12, OnePlus 12R, OnePlus 11, OnePlus Open, and OnePlus Nord CE 4.
Schwing Stetter India Initiates 1 MW Solar Power Installation In TN
Schwing Stetter India, a construction and concrete equipment manufacturer, has recently implemented a 1 MW solar power system in Tamil Nadu. This initiative aligns with the company's goal of attaining carbon neutrality within its facility, according to an announcement made by the company on Wednesday. The power system is situated in Cheyyar, approximately 120 km west of Chennai in Tiruvannamalai district.
Swiggy Instamart's VP And Head Of SCM Resigns
Karan Arora, Vice President and Head of Supply Chain Management (SCM) at Swiggy Instamart announced his departure from the company on Wednesday after three and a half years. Arora's exit adds to the growing list of VPs and Senior Vice Presidents (SVPs) who have left Swiggy over the past year. Reflecting on his journey, Arora wrote on LinkedIn that after 3.5 years of building Swiggy Instamart, this exhilarating journey of mine has come to an end.
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