Business News Highlights: Stock Markets Close, Sensex Down 352 Points, Nifty Closes At 22,122
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The stock markets started the week by reversing in the early morning trade. Both the key equity benchmarks slid in the morning, with the BSE Sensex slipping about 121.20 points to touch 73,021.60.
As the trading session started, markets continued to showcase the same sentiment and declined further. As of 10:05 AM, the BSE Sensex dropped almost 300 points to trade below the 73K mark at 72,853.60, while the NSE Nifty50 tested the 22K level and traded at 22,131.20, down by 81.50 points.
The markets exhibited volatility last week, however, maintained an upward trend. In the last trading session on Friday, the Sensex and Nifty pared their gains and closed flat amid profit booking in the second half of the trading session. The BSE Sensex settled at 73,143, 15 points down, while the NSE Nifty50 closed the session at 22,213, down 5 points.
Official data from the depositories revealed that foreign portfolio investors (FPIs) poured in over Rs 18,500 crore in the debt markets in India in February, as of last Friday. However, the investors remained cautious about Indian equities and dumped equities worth Rs 424 crore during the reporting period.
Providing an insight on the market movements, Kislay Upadhyay, smallcase Manager and Founder, Fidelfolio, said, “With introduction of India in global bond indices this year, Indian debt inflows should get steady flows going ahead. Also, further front-loading before actual inclusion in June this year is also expected. This is also in line with long-term aim to deepen our underdeveloped debt-markets.” With the investment of Rs 18,589 crore in the debt markets, the overall FPI influx in the segment crossed Rs 38,426 crore in 2024. Further, investors will keenly observe the quarterly GDP numbers for India and the US, scheduled to be released in the latter half of the week.
Wipro Partners With Nokia To Provide Private Wireless Solutions To Enterprises
Wipro announced on Monday that it will deliver private wireless solutions to enterprises in partnership with Finnish telecom firm Nokia. "The joint private wireless solution with Nokia will help enterprises scale their digital transformation. This joint solution will provide enterprises with a more secure 5G private wireless network solution integrated with their operation infrastructure," the IT services company said in a statement, reported PTI.
SBI Mutual Fund Raises Over Rs 6,700 Crore Via New Energy Fund
SBI Mutual Fund revealed that it has garnered more than Rs 6,700 crore via its latest energy opportunities fund, bypassing its internal target of Rs 5,000 crore. The largest mutual fund house in India said that the NFO attracted more than 5 lakh overall applications. The Energy Opportunities Fund is an open-ended equity scheme introduced by the fund house on the energy theme tracking the movements of the energy index in the benchmark Nifty, reported PTI.
Govt Allows Import Of Yellow Peas After Registration Under Import Monitoring System
Yellow peas import will be permitted after registration under the import monitoring system, effective immediately, the Ministry of Commerce said via an official notification. The imports would be allowed for all consignments of yellow peas where bill of lading was issued on or before April 30. The import for yellow peas stood at $5.43 million during the April-December period in the current fiscal year, while the imports touched $0.14 million in the 2022-23 fiscal year, reported PTI.
Rupee Appreciates 2 Paise To Settle At 82.89 (Provisional) Against US Dollar
The rupee appreciated 2 paise to close at 82.89 (provisional) against the US dollar on Monday, owing to the volatility in the equity market. Forex traders noted that the funds inflow from foreign investors and tepid crude oil prices helped provide backing to the Indian currency. At the interbank foreign exchange market, the domestic unit opened at 82.88 and finally closed at 82.89 (provisional) against the American currency. In the last trading session on Friday, the domestic unit settled 6 paise lower at 82.91 against the greenback.
Stock Market: Sensex Closes Under 72,800, Nifty Ends 100 Points Lower
The stock markets maintained a downward trend on Monday. After opening in red, the markets maintained a downward trend, recovered a bit in the session, however, failed to recover the losses of the day. The BSE Sensex ended the session well below the 73K mark at 72,790.13, down by 352.67 points, while the NSE Nifty50 closed almost 100 points down at 22,122.05.
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