Business News Highlights: Sensex Declines 434 Points, Nifty Holds 22,050
Business News Highlights: Please follow this space for all the breaking news and latest updates from the Stock Market, economy and corporate world
LIVE
Background
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 markets exhibited a positive sentiment on Wednesday morning. The key equity benchmarks increased marginally in early trade. The BSE Sensex opened on a high note at 73,267.48, while the NSE Nifty50 touched a peak of 22,248.85 as the trading session started.
As of 10:12 AM, the benchmark indices traded in the green, however, narrowed their gains. The Sensex stood at 73,107.43, a gain of 50 points, while the Nifty50 traded at 22,218.50, higher by 21.55 points.
The US is set to reveal the PMI numbers for manufacturing, services sector, along with the existing home sale numbers for January, along with other data tomorrow. The central bank’s policy meeting minutes are also among the macroeconomic indicators expected to be released tomorrow.
In the last trading session on Tuesday, both Sensex and Nifty ended higher amid volatility. After inching up and down in the early part of the trading session, the S&P BSE Sensex finally settled at 73,057, higher by 349 points. On the other hand, the NSE Nifty50 closed the session at a record closing high of 22,197, up by 75 points. The index hit a record high of 22,216 in intraday trade.
Zee Entertainment Enterprises Ltd (ZEEL) issued a clarification on Tuesday after reports surfaced of the firm’s discussions with the Sony Group to save the $10 billion merger deal between the companies. The Indian media entity stressed that it is not meeting with the Sony Group to save the media merger, called off by the latter in January 2024.
Notably, the Economic Times reported in the first half of the day citing sources that the companies were engaged in negotiations in a last effort to revive the merger deal. In response, ZEEL issued an exchange filing and said, “We would like to clarify that the Company has not involved in any negotiations.”
Byju's $ 200 Million Rights Issue Fully Subscribed
The top executive of edtech giant Byju’s announced on Wednesday that the company's $ 200 million rights issue has been entirely subscribed to, urging all shareholders to join the renewed mission. Think and Learn Private Limited, operating under Byju's brand, initiated a $ 200 million rights issue at a valuation of less than 99 per cent of its peak valuation of $ 22 billion.
Centre Plans To Simplify KYC Process
Finance Minister Nirmala Sitharaman led the Financial Stability and Development Council (FSDC) meeting on Wednesday, focusing on India's macro-financial stability and its readiness to address associated challenges. Additionally, the FSDC deliberated on devising a strategy to streamline and digitize the Know Your Customer (KYC) process within the financial sector.
Sensex Settles 434.31 Points Lower At 72,623.09
Domestic benchmark indices halted their six-day winning streak on Wednesday as traders opted to take profits. The Sensex concluded 434.31 points, or 0.59 per cent, lower at 72,623.09, while the Nifty fell 141.90 points, or 0.64 per cent, settling at 22,055.05.
Orient Technologies Files Draft Papers With SEBI To Raise Funds Via IPO
Orient Technologies Ltd, an information technology (IT) solutions provider, has submitted preliminary documents to the Securities and Exchange Board of India (SEBI) for an Initial Public Offering (IPO). The proposed IPO consists of a fresh issue of Rs 120 crore and an Offer For Sale of up to 46 lakh equity shares by promoters, as outlined in the Draft Red Herring Prospectus (DRHP) filed on Tuesday.
India Must Prioritise Export To Achieve 10% Economic Growth: Arvind Panagariya
Arvind Panagariya, Chairman of the 16th Finance Commission, said on Wednesday that India should prioritise exports to attain a 10 per cent economic growth. He noted that the allure of import-substituting industrial policies is not exclusive to India, citing successful examples from countries like Singapore, Taiwan, South Korea, China, and India.
Trending News
Top Headlines
