Business News Highlights: Stock Market Closes, Sensex Ends At 72,748, Nifty Settles Over 22,050
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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 stock market entered the trading week in a volatile fashion. The key equity benchmarks, Sensex and Nifty, oscillated back and forth marginally and traded nearly flat in the morning session.
As of 10:02 AM, the BSE Sensex stood 35 points higher at 72,678.47, while the NSE Nifty50 traded marginally lower by 3.50 points and hit 22,019.85 in the session.
In the last trading session on Friday, the indices settled lower amidst uncertainty regarding the US Fed rate cut. The S&P BSE Sensex closed 454 points lower and hit 72,485. On the other hand, the NSE Nifty50 settled at 22,023, down 123 points.
As the trading session progressed on Monday, the indices maintained a downward trajectory and continued to trade in red. As of 10:11 AM, the Sensex traded at 72,482.23, slipping more than 150 points, while the Nifty dipped to 21,955.35, down by 68 points.
The US Fed is expected to hold its monetary policy meeting on Tuesday and announce the decision on interest rates at the end of the two-day meeting on Wednesday. Further, other central banks like the Bank of Japan and the Bank of England are also scheduled to reveal their monetary policy decisions in the week.
Foreign portfolio investors (FPIs) remained bullish on the Indian equities market and continued to pour funds in the sector in March so far. Official data revealed that the investors bought equities worth Rs 40,710 crore in the first half of March and also maintained a positive stance towards the debt market with an investment of Rs 10,383 crore in the period under review.
Elaborating on the investor movements, V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services, said, “FPIs have been changing their strategy in response to the changes in the bond yields in the US. Therefore, now that US bond yields have again spiked up in response to stubborn inflation, they may again turn sellers in some of the days, going forward.”
Krystal Integrated Services IPO Receives 13.21 Times Subscription On Last Bidding Day
Krystal Integrated Services clocked 13.21 times subscriptions for its intial public offering (IPO) on the last bidding day on Monday. The maiden issue of the management and security services provider was subscribed 43.90 times by non-institutional investors, 7.33 times by qualified institutional buyers, and 3.31 times by retail individual investors. The IPO included a fresh issue of up to Rs 175 crore and an offer-for-sale (OFS) of up to 1,750,000 equity shares.
ASK Hedge Solutions To Raise Rs 3,000 Crore Corpus For AIF
ASK Hedge Solutions announced on Monday that it plans to raise Rs 3,000 crore orpus in the upcoming 18 months for its alternative investment fund. CEO Vaibhav Sanghavi said, "The ASKAbsolute Return Fund is an open-ended category-III alternative investment fund (AIF), which will be seeking to raise the money from high networth individuals, ultra HNIs, family offices and corporate treasuries."
HCG Group To Invest Rs 500 Crore In Gurugram's PNG, CNG Expansion
HCG Group celebrated the inauguration of Piped Natural Gas (PNG) connections in Palam Vihar, Gurugram. The event was graced by the esteemed presence of Gajendra Singh, Member of the Petroleum and Natural Gas Regulatory Board (PNGRB), underscoring the imperative shift towards sustainable energy solutions for a greener and healthier future. Singh commended HCG Group for its proactive stance in championing eco-friendly energy alternatives, aligning with national sustainability objectives. Kapil Chopra, the Chairman of HCG Group, accompanied by Managing Director Rahul Chopra, unveiled the company's visionary plans aimed at significantly increasing access to sustainable energy in the region. Chopra announced the group's ambitious goal of delivering nearly 100,000 domestic PNG connections within the next year, with a steadfast commitment to extending this service to approximately 300,000 households over the subsequent five years.
Servotech Power Systems To Set Up 20 EV Charging Stations In Nashik
Servotech Power Systems announced on Monday that it has recieved an order to set up 20 EV charging stations across the Nashik Municipal Corporation area. The firm informed that the aim is to cater to the growing need for accessible charging facilities for EVs.
Rupee Depreciates 4 Paise To Close At 82.90 (Provisional) Against US Dollar
The Indian rupee depreciated 4 paise to close at 82.90 (provisional) against the US dollar on Monday. Analysts noted that the positive trajectory of the domestic markets and foreign fund inflows helped provide support to the domestic unit and limit its losses. After opening at 82.84 against the American currency at the interbank foreign exchange market, the rupee touched a high of 82.83, before dropping to 82.91 and finally settling at 82.90. In the last trading session on Friday, the domestic currency closed at 82.86 against the greenback.
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