Business News Highlights: Stock Markets Close, Sensex Down 352 Points, Nifty Closes At 22,122
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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 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.
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.
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.
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.
SJVN Green Energy announced that it entered into an agreement with Jammu & Kashmir Power Corporation Ltd to supply 300 MW of power to the region and the project will be developed at a cost of Rs 5,491 crore, reported PTI.
Allcargo Supply Chain Private Limited (ASPL) announced on Monday that it plans to expand its warehousing space to add 3 million square feet in the upcoming two-three years. The firm said that it intends to start from the north and south regions, reported PTI.
The Indian hotel industry is projected to clock a growth of 7 to 9 per cent in the upcoming 2024-25 fiscal year, a report by ICRA said. Giving an outlook for the industry, the ratings agency said that pan-India hotel occupancy is expected to touch a decade high of 70 to 72 per cent in FY24 and FY25 respectively, against 68 to 70 per cent in FY23.
Nokia maker HMD is reportedly planning to launch Barbie-themed flip phones in July in collaboration with Mattel, reported Verge. The release is expected to be a part of a broader lineup for the summer, including a new Nokia-branded retro feature phone and more.
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Peak XV, formerly known as Sequoia Capital India and South East Asia, announced on Monday that it has launched a new start-up cohort, Spark 03, which includes 14 companies and 16 female founders. The venture capital firm issued a statement and stated that the cohort was dominated by artificial intelligence (AI) with four firms, and four companies in healthtech, while the remaining firms in the group dealt with building software as a service (SaaS), consumer and B2B platforms, reported PTI.
The Indian rupee appreciated 2 paise to touch 82.89 against the US dollar in early trade on Monday owing to foreign funds inflow and dampening crude oil prices in the global market. Forex traders noted that investors remained cautious as India and the US are expected to release macroeconomic data like inflation in the week. At the interbank foreign exchange, the domestic unit opened at 82.88 against the American currency and declined to 82.89 against the US dollar. In the last trading session on Friday, the rupee closed 6 paise lower at 82.91 against the greenback.
The stock markets continued to slip in the morning trading session, after beginning the day in red. As of 10:27 AM, the BSE Sensex traded below the 73K mark at 72,858.75, down by about 285 points, while the NSE Nifty50 touched 22,137.30, slipping almost 75 points.
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 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.
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