Business News Highlights: Stock Markets Close, Sensex Settles Near 73,900, Nifty At 22,400
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The stock markets opened the week with a positive sentiment. During the pre-opening session on Monday, the key equity benchmark Sensex, surpassed the 74K mark and gained over 200 points in the morning.
During the last week, markets exhibited major volatility, however, closed the week in green. During the special trading session on Saturday, both Sensex and Nifty hit fresh peaks during the session. The BSE Sensex closed at 73,806.15 on Saturday, while the NSE Nifty50 settled at 22,378.40, marking a fresh closing high.
This bull run was attributed to the strong GDP growth of 8.4 per cent reported by India for the third quarter of the current fiscal year. The GDP growth surpassed market expectations of 6.7 per cent.
Notably, foreign portfolio investors also changed their stance on the Indian equities market drastically and poured in over Rs 1,500 crore in the market in February, official data revealed. This stood against the outflow seen in Indian equities so far in the preceding months, with Rs 25,743 crore withdrawn from the segment in January. This change of strategy was also attributed to the robust GDP numbers and corporate earnings.
Investors continued to remain bullish on the debt markets and infused more than Rs 22,419 crore in the segment during February.
Providing an outlook, Santosh Meena, head of research, Swastika Investmart Ltd, noted, “Key upcoming events, such as the release of the US services PMI on March 5, 2024, testimony by the US Fed Chair Powell, along with the US unemployment rate on March 8 will be closely watched for their potential impact on market sentiment. Crude oil is also inching higher, and any negative surprise from there can disturb the mood of the market. However, the market is ignoring any bad news and continuing its bullish momentum.”
Ola Electric Receives PLI Automotive Certificate, Firm Now Eligible For PLI Benefits
The International Centre for Automotive Technology (ICAT) granted the PLI-Automotive Certificate to Ola Electric Technologies on Monday as part of the production-linked incentive (PLI) scheme. The automotive testing agency informed that the company's EV, namely 2W (Ola S1 Pro Gen2) satisfied the minimum domestic value addition criteria of 50 per cent needed for the certificate.
"With this certificate, which has gone through a process of due diligence, OLA will now be entitled to a Production Linked Incentive (PLI) payable by the Ministry of Heavy Industries," ICAT Director Saurabh Dalela said, PTI reported.
Axis Mutual Fund Launches New Debt Scheme To Raise Rs 100 Crore
Axis Mutual Fund unveiled a new debt scheme on Monday, aiming to collect at least Rs 100 crore during the initial subscription phase. According to a statement from the fund house, the scheme commenced on Monday and will conclude on March 12. B Gopkumar, MD and CEO, Axis Mutual Fund, added, "The current yield curve presents material opportunities to investors with a medium to long-term investment horizon and can be a notable add-on to the investor's passive debt portfolio," reported PTI.
Abu Dhabi's ADIA Acquires Shares In SpiceJet
SpiceJet said on Monday that the Abu Dhabi Investment Authority (ADIA) acquired the airline's shares from the open market, however, the carrier didn't disclose any details.
PowerGrid To Raise Funds Worth Rs 1,200 Crore Via Bond Issues
Power Grid announced on Monday that its board has authorised a proposal to raise funds up to Rs 1,200 crore via bond issues. The firm issued an exchange filing and informed, "The Committee of Directors for Bonds approved the raising of bonds as unsecured, non-convertible, non-cumulative, redeemable, taxable Powergrid bonds - LXXVI (76th) issue up to Rs 1,200 crore." The firm said that the base size of the issue is Rs 400 crore, with a green shoe option of Rs 800 crore.
Stock Market: Sensex Closes At 73,872.29, Nifty Settles 62 Points Higher
The stock markets traded on an almost flat note on Monday, however, attempted a small rally before ending in green. The BSE Sensex closed below the 73,900 mark at 73,872.29, up by 66 points, while the NSE Nifty50 managed to settle at 22,400.25, higher by 61.50 points.
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