Business News Highlights: Stock Market Closes, Sensex Settles Over 73,800, Nifty At 22,378

Business News Highlights: Please follow this space for all the breaking news and latest updates from the Stock Market, economy and corporate world

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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 markets exhibited positive sentiment and rallied ahead in the pre-open session on Saturday. During the early morning session, the BSE Sensex jumped over 150 points to cross 73,900, while the NSE Nifty50 moved just above the 22,400 mark by gaining more than 50 points. 

Earlier, the exchanges announced that both the BSE and the NSE will remain open on Saturday for a special trading session in the equity and equity derivatives market to evaluate the platform’s preparedness to handle major disruptions and failures. The first session would be conducted from 9:15 AM to 10 AM on the PR, while the second session would last from 11:30 AM to 12:30 PM on the DR site.

In the last trading session on Friday, both the equity benchmarks ended the session in green. This rally was seen for last two consecutive sessions. The BSE Sensex also reached a fresh peak of 73,819 during the day, while the NSE Nifty50 touched 22,353. At closing, the Sensex stood at 73,745, higher by 1,245 points, while the Nifty rallied over 350 points to settle at 22,339.

The Financial Intelligence Unit-India (FIU-IND) also announced on Friday that it has levied a major penalty of Rs 5.49 crore on the Paytm Payments Bank Ltd citing violations under the Prevention of Money Laundering Act (PMLA), 2002. The investigative body said that the probe into the fintech firm started after law enforcement agencies provided specific intelligence regarding illicit activities undertaken by the certain entities associated with the banking company.

Automajors like Maruti Suzuki, Tata Motors, and Hyundai reported robust sales for the month of February, credited to the consistent demand for sports utility vehicles (SUVs). Further, other auto companies like Mahindra & Mahindra, Honda Cars, along with others also logged a rise in vehicle dispatched to dealers in the month.

19:08 PM (IST)  •  02 Mar 2024

Google Reinstates Several Delisted Indian Apps

Google reinstated several Indian apps it had previously removed from its Play Store on Friday following a disagreement over unpaid service fees. Hours after the Centre strongly objected to the action taken by the tech giant Google, emphasising that the startup ecosystem plays a crucial role in the Indian economy and its destiny should not be determined by any major tech corporation, the apps were reinstated.

18:08 PM (IST)  •  02 Mar 2024

Govt Mandates Approval For Under-Trial AI Deployment

The government has issued an advisory requiring social media and other platforms to label under-trial AI models and prevent the hosting of unlawful content following the controversy over Google's AI platform's responses to queries about Prime Minister Narendra Modi. The Ministry of Electronics and Information Technology issued the advisory on March 1, warning of criminal action for non-compliance.

It mandates that all intermediaries or platforms ensure that the use of Artificial Intelligence models, software, or algorithms does not allow users to host, display, upload, modify, publish, transmit, store, update, or share any unlawful content.

17:24 PM (IST)  •  02 Mar 2024

Can Not Permit App Delisting: Ashwini Vaishnaw

Expressing firm opposition to Google's removal of certain apps from its Play Store, the government declared on Saturday that the delisting of Indian apps is unacceptable. IT and Telecom Minister Ashwini Vaishnaw conveyed in an interview with PTI that the tech giant and the affected startups have been summoned for a meeting next week. 

16:44 PM (IST)  •  02 Mar 2024

Captive, Commercial Coal Mining Production Soars 27% In Apr-Feb

Coal production from captive and commercial mines surged by 27.06 per cent year-on-year to reach 126.8 million tonnes (MT) during April-February of this fiscal year. Additionally, coal dispatch from these mines witnessed a notable increase, rising by 29.14 per cent to 128.88 MT over the same period of the previous fiscal year, as stated by the coal ministry.

15:50 PM (IST)  •  02 Mar 2024

Rs 13,000 Crore Allocated To 24 Lakh Farmers In Chhattisgarh For Paddy Procurement

Chief Minister Vishnu Deo Sai announced at a public meeting in Tamamunda village, Jashpur district, that a total of Rs 13,000 crore would be distributed to over 24 lakh farmers in Chhattisgarh on March 12 as part of the paddy procurement process in the state. This sum is additional funds beyond the Minimum Support Price (MSP) provided to farmers for paddy procurement.