Business News Highlights: Stock Markets Close Lower, Sensex Under 73,700, Nifty Settles At 22,356
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The stock markets began Tuesday morning in red, as both the benchmark indices, Sensex and Nifty, went back on the gains made a day earlier. The Sensex fell about 300 points to touch 73,574.32 in early trade, while the Nifty slipped 86 points to 22,319.55 in early trade.
As of 10:07 AM, the markets managed to recover some losses, however, continued trading in red. The BSE Sensex stood about 250 points lower and traded at 73,620.94, while the NSE Nifty50 touched 22,341.30, down by 64.30 points.
In the last trading session on Monday, the stock markets traded back and forth amidst volatility, eventually closing slightly higher. The Sensex settled just under the 73,900 mark at 73,872, up by 66 points, while the Nifty closed at 22,406, climbing 27 points.
Delhi government released its Budget for the upcoming 2024-25 fiscal year on Monday. The Arvind Kejriwal-led AAP government launched a scheme titled, ‘Mukhya Mantri Mahila Samman Yojana’, which aimed to provide a monthly allowance of Rs 1,000 to women above the age of 18 years, to help them with their expenses. Further, Finance Minister Atishi said that the budget outlay for FY25 was Rs 76,000 crore, with Rs 16,396 crore allocated towards the education sector, Rs 8,685 crore for healthcare, Rs 500 crore for the development of Delhi Metro, Rs 902 crore towards the unauthorised settlements, and Rs 15 crore for helping young entrepreneurs via Business Blasters scheme.
The global rating agency, Moody’s, also revised upwards its growth forecast for India for the 2024 calendar year from the earlier estimate of 6.1 per cent to 6.8 per cent. The agency credited this boost in confidence to the strong GDP number of 8.4 per cent reported by the Indian economy for the third quarter of the current fiscal year.
Giving an overview of the Indian economy in its Global Macroeconomic Outlook for 2024 report, the agency said, “India's economy has performed well and stronger-than-expected data in 2023 has caused us to raise our 2024 growth estimate to 6.8 per cent from 6.1 per cent. India is likely to remain the fastest growing among G-20 economies over our forecast horizon.”
COAI Raises Concerns As Major Tech Firm Takes Down Apps Over Revenue Dispute
The Cellular Operators Association of India (COAL) announced on Tuesday that major technology firms have no apprehension in evicting non-paying small businesses from their app store even though these large traffic generators (LTG) prefer to have a free ride over telecom service providers' networks for themselves.
These remarks were made by the industry body in response to internet giant Google's proposal to impose a fee ranging from 11 per cent to 26 per cent on in-app payments.
RBI Enforces Restrictions On JM Financial Products
The Reserve Bank of India (RBI) implemented a restriction on JM Financial Products Ltd on Tuesday, prohibiting it from offering any financing services related to shares and debentures. This includes the sanction and disbursal of loans against initial public offerings, effective immediately. Nonetheless, the company is permitted to carry on servicing its existing loan accounts through regular collection and recovery procedures, as stated by the central bank in an official statement.
JG Chemicals IPO Subscribed 2.46 Times On Day 1
The initial public offering (IPO) of JG Chemicals on Tuesday witnessed a subscription of 2.46 times on its first day of subscription. According to NSE data, the Rs 251.2 crore IPO of the zinc oxide manufacturer received bids for 2,00,55,244 shares against 81,68,714 shares on offer. The portion allocated for Retail Individual Investors (RIIs) was subscribed 3.62 times, while the quota for non-institutional investors garnered a subscription of 2.90 times.
Tripura Increases State Government Employee's DA By 5%
Tripura Chief Minister Manik Saha announced a 5 per cent increase in dearness allowance (DA) for state government employees and pensioners on Tuesday. This adjustment, effective from January 1, will benefit 106,932 employees and 82,000 pensioners, according to Saha's statement in the assembly. With this raise, both employees and pensioners will receive a total DA of 25 per cent.
Shares Of Platinum Industries Rises Over 29%
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