Business News Highlights: Stock Market Closes, Sensex Bleeds About 850 Points, Nifty Settles Below 22,300
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The Asian indices touched red as Nikkei, Kospi slipped more than 1 per cent each. Investors are anticipated to remain cautious as the stock market begins the trading week on Monday. The rising geopolitical concerns due to the emerging Iran-Israel conflict could add to the woes and impact the sentiment amongst investors.
Last week, the key equity benchmark indices broke their bullish run and reversed trend as the session ended on Friday. The uncertainty regarding the interest rate decision from the US Federal Reserve along with global turmoil impacted the market movements.
In the last trading session on Friday, the S&P BSE Sensex closed the day at 74,245, plunging about 800 points, while the NSE Nifty50 settled at 22,519, declining more than 200 points. The Sensex hit a fresh low of 74,189 during the day, while the Nifty made a new record at the low of 22,504.
Meanwhile, official data from the depositories revealed that the foreign portfolio investors retained their bullish outlook on Indian equities in April so far, as of April 12, and infused the segment with Rs 13,347 crore, backed by a resilient Indian economy. The investment in the Indian debt market stood at Rs 1,522 crore in the month.
However, the investors became wary of equities on Friday, April 12, and withdrew Rs 8,027 crore owing to concerns about revisions in India Mauritius tax treaty. Experts stated that these concerns will keep impacting FPI inflows in the near-term till there is some clarity regarding the changes.
Explaining the funds' inflow, Himanshu Srivastava, Associate Director, Manager Research, Morningstar Investment Research India, said, “Several factors might have helped in the huge inflow including Fitch's downgrade of China's sovereign credit rating outlook from stable to negative due to growth concerns. In addition, anticipation of a normal monsoon season this year that could alleviate inflationary pressures, and a resilient domestic economy with promising growth prospects too helped in massive inflows.”
FADA To Undertake Study To Examine Dealer Satisfaction Related To Insurance, Finance Firms
The Federation of Automobile Dealers Associations (FADA) announced on Monday that it began a study on dealer satisfaction focusing on finance and insurance firms. The automotive dealers' body said that it will conduct the study in partnership with PremonAsia, based out of Singapore. The studies will be undertaken at dealerships and will examine the major factors influencing business relationship of the dealership with finance and insurance firms.
Ola Electric Slashes Prices For S1 X Scooter Variants
Ola Electric announced on Monday a reduction in prices of its entry-level scooter S1 X in the range of Rs 5,000 to Rs 10,000 across multiple variants. The new prices are effective immediately, CMO Anshul Khandelwal said. After the change, the S1 X variant with 4kWh battery will cost Rs 99,999, down by Rs 10,000, while the new price for S1 X with 3 kWh battery will be Rs 84,999, lower by Rs 5,000.
India Mortgage Guarantee Corporation, BoI To Offer Home Loans Together
India Mortgage Guarantee Corporation (IMGC) announced on Monday that it entered a partnership with Bank of India (BoI) to provide innovative mortgage guarantee-supported home loan offerings. The collaboration will focus on salaried and self-employed customers looking for home loans in the affordable housing segment.
Stock Market Closing Bell: Sensex Just Under 73,400, Nifty Crashes About 250 Points
The stock market witnessed a bloodbath on Monday as equity markets worldwide felt the impact of the escalating tensions between Iran and Israel. The BSE Sensex closed the session at 73,399.78, crashing 845 points, while the NSE Nifty50 settled at 22,277.85, plunging 241.55 points.
No Plans To Allow Sugar Exports In Current Season, Says Official
The Indian government said on Monday that it will not be looking into allowing sugar exports in the current 2023-24 season, ending October. The Indian Sugar Mills Association (ISMA) has urged the government to permit sugar exports of 10 lakh tonne in the current season, expecting a healthy stock by the season's end. According to a PTI report citing a senior official from the food ministry, the government is not looking into the industry's demand.
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