Business News Highlights: Stock Market Ends Lower, Sensex Settles Above 71K, Nifty Closes Over 21,600
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Sensex climbs 52.48 points to 71,647.97 in early trade; Nifty up 30.70 points to 21,813.20
The stock markets opened the week in positive territory. The two key equity benchmarks, Sensex and Nifty, climbed marginally in morning trade. The BSE Sensex climbed 52.48 points to touch 71,647.97 in early trade, while the NSE Nifty50 traded higher by 30 points at 21,813.20.
As of 10:18 AM, however, the markets traded in red. The Sensex stood lower by over 200 points, and fell below the 71,500 mark to 71,382.67, while the Nifty slipped almost 100 points to touch 21,698.60.
Official data from the depositories showed that Foreign Portfolio Investors (FPIs) continued to stay bullish on the debt markets in India and infused Rs 15,093 crore in February, till Friday. The equities, however, saw an outflow of more than Rs 3,000 crore during the first nine days of the month. Before this, January saw an inflow of Rs 19,836 crore in the debt markets, reflecting the highest monthly influx of funds seen since June 2017. The investors withdrew Rs 25,743 crore from Indian equities in January.
In the last trading session on Friday, the two key equity benchmarks, Sensex and Nifty, closed in the positive territory after trading without much gains amid volatility. The S&P BSE Sensex climbed 167 points to close at 71,595, while, the NSE Nifty50 settled marginally higher at 21,783, up by 65 points.
ONGC reported its third-quarter financial results on Saturday and logged a fall of 13.6 per cent in net profit on a year-on-year (YoY) basis. The net profit of the firm stood at Rs 9,535.67 crore in the October-December quarter in the current fiscal year, against Rs 11,044.73 crore reported in the corresponding quarter a year earlier.
The revenue of the gas distribution company also fell by 10 per cent to Rs 34,788.07 crore in Q3FY24, against Rs 38,583.29 crore in the third quarter of the 2022-23 fiscal year. The public company also announced a second interim dividend of 80 per cent for the shareholders.
The last leg of Q3 earnings is expected to be released in the week. Coal India, GE Power India, NHPC, Steel Authority of India, Zee Media Corporation, Bosch, Coffee Day Enterprises, Hindalco Industries, IRCTC, Siemens, and Senco Gold are some of the big names set to announce their financial results.
GlaxoSmithKline Pharmaceuticals Q3: Net Profit Crashes 72 Per Cent YoY
GlaxoSmithKline Pharmaceuticals reported a 72 per cent plunge in net profit in the third quarter of the current fiscal year on Monday. The pharma company's net profit stood at Rs 46 crore in the October-December quarter in the 2023-24 fiscal year, dropping from Rs 165 crore logged in the same quarter a year earlier.
India's Industrial Production Climbs To 3.8 Per Cent In Dec 2023
Industrial production in India increased 3.8 per cent in December 2023, official data from the National Statistical Office revealed on Monday. Comparatively, the factory output saw a growth of 5.1 per cent in the same month a year earlier. Industrial production is measured by factory output in terms of the Index of Industrial Production (IIP). The manufacturing sector in the country saw output climb by 3.9 per cent in December 2023, higher than 3.6 per cent in December 2022.
India's Retail Inflation Eases To 5.10 Per Cent In January
India's retail inflation improved to 5.10 per cent in January, against 5.69 per cent in December, official data from the National Statistical Office revealed on Monday. The inflation numbers marked the lowest level seen in three months. The food and beverage inflation stood at 8.3 per cent in January, against 8.70 per cent in the preceding month.
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Bharat Forge Q3: Net Profit Climbs 31 Per Cent To Rs 378 Crore
Bharat Forge reported a 31 per cent jump in its profit after tax in the October-December quarter in the current fiscal year. The auto components major logged a profit of Rs 378 crore in Q3FY24, against Rs 289 crore in the third quarter of the preceding fiscal year. The total revenue of the firm increased to Rs 2,263 crore in the quarter under review, from Rs 1,952 crore logged in the same period a year earlier.
Elon Musk Reveals Blueprint To Settling On Mars
Elon Musk revealed his ambitious plan to settle humans on Mars in the near future via a social media post on Sunday. The billionaire said that he plans to ferry 1 million people to Mars.
To Read More about this, click HERE
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