Business News Highlights: Stock Market Closes, Sensex Bleeds About 850 Points, Nifty Settles Below 22,300
Business News Highlights: Please follow this space for all the breaking news and latest updates from the stock market, economy, and corporate world
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 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 (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.
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.
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.
Brent crude prices slipped on Monday afternoon in the aftermath of the Iran-Israel conflict escalation. According to LSEG data, Brent crude oil prices slipped over 1 per cent and touched approximately $89.48 per barrel in the afternoon.
ChatGPT-creator, OpenAI, opened its first office in Asia in Tokyo, Japan and expanded its global presence, reported Reuters. The company plans to capitalise on new revenue streams.
Read More | ChatGPT-Creator OpenAI Opens First Asia Office In Tokyo. Here's What It Means For The Firm
India's Wholesale Price Index (WPI) - based inflation data rose marginally to 0.53 per cent in March 2024, on a year-on-year (YoY) basis, official data from the government revealed on Monday.
Read More | India's WPI Inflation Rises Marginally In March To 0.5 Per Cent
Tech start-up SkillsCapital announced on Sunday that it has launched a programme to help tech and SAP professionals find job opportunities on a global level. The firm said that the programme will mainly target professionals in Tier-2 and Tier-3 cities. It also said that it has created a talent pool of over 14,000 technology and SAP professionals. SAP is a leading enterprise resource planning (ERP) software.
Tesla and Tata Electronics have signed a deal for the former to procure semiconductor chips for its operations worldwide, a report by The Economic Times said on Monday citing sources.
Read More : Tesla, Tata Electronics Ink Semiconductor Deal: Report
Indian edtech start-up Byju's announced on Monday that founder Byju Raveendran will see to the daily operations following CEO Arjun Mohan's resignation. Think and Learn, the parent group of the brand, informed that the firm will divided in three divisions, namely the Learning App, Online Classes and Tuition Centres, and Test-Prep. Mohan will move on to an external advisory role, while Raveendran will be more hands-on in managing the day-to-day operations of the edtech brand.
The rupee depreciated 6 paise to touch 83.44 against the US dollar in early trade on Monday, amidst a negative sentiment in equity markets and fund outflow due to concerns regarding geopolitical conflicts. In the last trading session on Friday, the domestic currency settled at 83.38 against the greenback.
The markets opened on Monday in red after the conflict escalated between Iran-Israel over the weekend. The rising geopolitical turmoil resulted in a free fall as markets entered the new trading week. As of 9:30 AM, the NSE Nifty50 crashed almost 200 points to touch 22,329.70, while the BSE Sensex took a nosedive and fell over 600 points to reach 73,637.82.
The stock market nosedived in the pre-open session on Monday. The BSE Sensex plummeted more than 550 points to touch 73,687.22, as of 9:16 AM, while the NSE Nifty50 fell about 160 points to trade at 22,359.60.
The Asian indices traded in red on Monday morning as markets reacted to the escalating tensions between Iran and Israel. The Nikkei index slipped more than 1 per cent, while the Hang Seng Index fell more than 0.5 per cent, reported Reuters. Crude oil prices also slipped 0.33 per cent.
Background
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.
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.”
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