Business News Highlights: Stock Market Close, Sensex Up 165 Points, Nifty Ends Flat Amid Volatility
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The two primary equity indices on Tuesday, Sensex and Nifty, are experiencing upward movement driven by purchasing activity in TCS, HDFC Bank, Infosys, HCL Tech, and Reliance Industries stocks. At 10 am, the Sensex recorded a gain of 441.93 points, or 0.60 per cent, reaching 73,944.57, while the Nifty rose by 96.30 points, or 0.43 per cent, reaching 22,429. Among the listed stocks, 804 showed an increase in value, 2,290 experienced a decline, and 76 remained unchanged.
In the previous session on Monday, the two primary equity benchmarks, Sensex and Nifty, concluded trading with disappointing performances, anticipating the release of CPI inflation data scheduled for Tuesday. The BSE Sensex plummeted by 617 points to 73,503. Meanwhile, the NSE Nifty50 ended the day at 22,333, marking a decline of 161 points.
On Monday, JM Financial witnessed a significant decline in its stock value in the stock market. The company's shares plummeted by 9 per cent during the mid-session trade, marking a notable drop on the first trading day of the week, following regulatory restrictions imposed by the Securities and Exchange Board of India (SEBI) due to violations.
The company's stock saw a decrease of 8.72 per cent, reaching Rs 80.27 per share on the BSE, while it experienced a decline of 8.64 per cent, touching Rs 80.35 apiece on the NSE. The market regulator has restricted the firm from accepting new mandates to serve as a lead manager for public debt securities issuances after identifying regulatory breaches.
Further, market regulator SEBI announced an amendment in the regulations for real estate investment trusts on Monday, allowing investors to gain fractional ownership of rent-yielding real estate assets by investing a minimum of Rs 10 lakh. In response to increasing demand for high-value realty assets, SEBI has introduced the framework for Small and Medium Real Estate Investment Trusts (SM REITs). Experts believe that this move will profoundly benefit the burgeoning fractional ownership sector in the country.
Industrial Production In India Sees 3.8% Growth In January
India's industrial production rose by 3.8 per cent in January, as per official data released on Tuesday. The growth, measured by the Index of Industrial Production (IIP), compares to a 5.8 per cent increase in January 2023. "India's Index of Industrial Production experiences a 3.8 per cent growth in January 2024," according to an official statement.
Bank's Credit Off-Take Continues To Increase: CARE
Retail Inflation in India Drops to 5.09% in Feb
Retail inflation in India slightly eased to 5.09 per cent in February from 5.10 per cent in January, remaining well within the Reserve Bank of India's (RBI) tolerance range of 2-6 per cent for the sixth consecutive month. Rural inflation held steady at 5.34 per cent, matching January's figure and slightly below December's 5.93 per cent. Urban inflation marginally decreased to 4.78 per cent in February compared to 4.92 per cent recorded in January.
Servotech EV Infra Raises Rs 12 Crore
Karnataka Govt Hikes Employee DA To 42.5%
The Karnataka government sanctioned the increase of Dearness Allowance (DA) for state government employees from the current 38.75 per cent to 42.5 per cent on Tuesday. This announcement precedes the upcoming Lok Sabha elections. Additionally, the DA for employees receiving central pay scales will be raised from 46 per cent to 50 per cent, according to an official statement.
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