Business News Highlights: Stock Market Closes In Red, Sensex Down 906.07 Points, Nifty At 21,997
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The key equity benchmarks, Sensex and Nifty, reversed their initial gains and traded flat amidst market volatility on Wednesday. At 10 am, the Sensex recorded a decrease of 32.34 points or 0.04 per cent, settling at 73,635.62, while the Nifty declined by 47.20 points or 0.21 per cent, reaching 22,288.50. Among the stocks traded, 569 witnessed advances, while 2,557 experienced declines, with 70 remaining unchanged.
In the previous session on Tuesday, the stock market witnessed a volatile trading session, with the Indian benchmark indices ending with a mixed performance. The BSE Sensex gained 165.32 points, or 0.22 per cent, closing at 73,667.96, while the Nifty rose by three points, or 0.01 per cent, settling at 22,335.70. Initially, the market opened on a neutral to positive note, with gains expanding during the day. However, profit booking ensued later in the session, leading to selling across various sectors, except for Information Technology stocks.
Furthermost, retail inflation in India dipped to a four-month low of 5.09 per cent in February from 5.10 per cent in January, staying well within the Reserve Bank of India's (RBI) tolerance range of 2-6 per cent for six consecutive months, according to a release by the National Statistical Office (NSO), Ministry of Statistics and Programme Implementation on Tuesday. In rural areas, inflation remained stable at 5.34 per cent in February, unchanged from January and slightly lower than the 5.93 per cent recorded in December. Urban areas also saw a slight decrease in inflation, with February figures easing to 4.78 per cent compared to 4.92 per cent in January.
Akhil Mittal, senior fund manager (Fixed Income) at Tata Asset Management, highlighted, "Headline inflation in February 2024 stands at 5.09 per cent, slightly below market expectations of 5 per cent and lower than January's 5.10 per cent. The major contributor was food inflation, registering at 8.66 per cent against 8.3 per cent in January. Core inflation remains below 3.4 per cent, offering significant reassurance and potentially steering headline inflation closer to the RBI's 4 per cent target in the long run. While the RBI has highlighted the risk of food inflation spilling over into broader inflation, we anticipate the regulator to maintain a cautious stance. However, softening of core inflation should provide relief. We think RBI would rather continue with stability priority and continue maintaining 4 per cent inflation target as sacrosanct, and hence we do not see premature easing from the RBI."
Popular Vehicles IPO Sees 45% Subscription on Day 2
The initial public offering (IPO) of Popular Vehicles and Services Limited achieved a subscription rate of 45 per cent on the second day of subscription. The IPO, valued at Rs 601.55 crore, garnered bids for 65,31,800 shares against the total offering of 1,44,15,110 shares, according to data from the NSE. Retail individual investors (RIIs) subscribed to 77 per cent of their allotted portion, while non-institutional investors subscribed to 20 per cent.
RBI Penalises Bank of India And Bandhan Bank
The Reserve Bank of India (RBI) announced on Wednesday that it has imposed penalties against the Bank of India and Bandhan Bank. The Bank of India faces a penalty of Rs 1.4 crore for non-compliance with regulatory norms concerning various aspects, including interest rates on deposits and advances, as well as customer service. Additionally, Bandhan Bank has been fined Rs 29.55 lakh for non-compliance with specific directives issued by the RBI.
Survey Reveals Over 80% Believe Gig Workers Will Outshine Traditional Employees
India is experiencing a growing preference for freelancing jobs, with 83 per cent of respondents expressing the belief that the gig workforce will surpass the traditional workforce in the future, according to a report by Genius Consultants, a staffing solutions and HR services provider released on Wednesday.
In addition, the report highlighted that 79 per cent of respondents consider the gig workforce structure to be more cost-effective and economical compared to traditional, permanent, and contractual talent. This finding suggests potential benefits for businesses embracing gig models.
India's Entry In Global Bond Indices Is Likely To Rise Foreign Investor Interest In Corporate Bonds: Buch
Madhabi Puri Buch, Chairperson of SEBI, stated on Wednesday that the addition of India to global bond indices is anticipated to heighten investor interest in corporate bonds. Addressing a research conference hosted by SEBI and its educational arm, NISM, Buch also mentioned that SEBI plans to lower the minimum investment size for real estate investment trusts and infrastructure investment trusts, aiming to enable broader participation from the general public in these assets.
Heavy Industries Ministry Unveils Rs 500 Crore Scheme To Boost E-Mobility
The Ministry of Heavy Industries announced on Wednesday a new initiative to boost e-mobility in India, allocating Rs 500 crore for four months starting April 2024. This scheme specifically targets 2-wheelers and 3-wheelers. The announcement comes as the second phase of the FAME-II (Faster Adoption and Manufacturing of Electric Vehicles in India) program draws to a close on March 31, 2024.
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