Business News Highlights: Stock Markets End In Green, Sensex Crosses 73K, Nifty Over 22,200
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The stock markets opened trading on Tuesday in red. The BSE Sensex dropped a little over 100 points to 72,605.25 in early trade. The markets continued to behave volatile and backtracked a little over the gains made in the last trading session.
However, the markets continued to trade slightly higher in the session. As of 10:24 AM, the Sensex stood almost 100 points higher at 72,793.61. However, the NSE Nifty50 traded almost flat at 22,121.35, down by 0.90 points.
Both India and the US are scheduled to release their monetary policy meeting minutes in the week. The minutes will help provide insights to the market investors regarding the interest rate policy decisions ahead of the central banks in both countries.
Further, macroeconomic data such as jobless claims, S&P Global PMI data for manufacturing, services sectors, along with existing home sale numbers are scheduled to be released in the US towards the end of the week. Several officials from the Fed are also set to deliver their addresses in the week.
The HSBC Services PMI, Composite PMI, and Manufacturing PMI for the month of February for India is scheduled for the latter half of the week.
In the last trading session on Monday, both key equity benchmarks, Sensex and Nifty, settled higher marking the fifth consecutive session in green. The BSE Sensex settled at a gain of almost 300 points at 72,708, on the other hand, the NSE Nifty50 touched a fresh peak of 22,122, up 82 points.
The Bombay High Court (HC) on Monday called the CBI’s arrest of former ICICI Bank MD, Chanda Kochhar, and her husband, Deepak Kochhar, an ‘abuse of power’ with regards to a loan fraud case. The bench, comprising Justices Anuja Prabhudessai and N R Borkar, criticised the investigation agency’s actions, and said the arrest was “without application of mind and due regard to the law”. The ruling stated that the CBI failed to provide substantial evidence or circumstances to justify the arrest.
Notably, the arrest occurred on December 23, 2022, regarding the Videocon-ICICI Bank loan case.
EV Start-Up Vidyut Secures $10 Million In Series A Funding Round
Electric vehicle start-up Vidyut announced on Tuesday that it raised $10 million capital funding including equity and debt in Series A fundraising for increasing its services. The funding round was dominated by 3one4 Capital, in addition to participation from existing investors like Saison Capital, Alteria Capital, and Force Ventures, among others. The EV firm will now provide EV insurance, lifecycle management and vehicle resale. It is also planning to expand its footprint to 40 cities, reported PTI.
India's AI Market To Reach $17 Billion By 2027: Nasscom Report
The AI market in India is estimated to reach $17 billion by 2027, a Nasscom report in partnership with BCG revealed on Tuesday. The report titled, 'AI Powered Tech Services: A Roadmap for Future Ready Firms; AI & GenAI's Role in Turbocharging the Industry', said that this growth would be helped by several factors like a major increase in AI investments, surging enterprise tech spending, and the growing AI talent in the country, among others, reported PTI. The study also said that the AI market is currently growing at a compounded annual growth rate (CAGR) of 25 to 35 per cent.
Raymond Realty Launches Premium Housing Project In Bandra
Raymond Realty announced on Tuesday that it will develop a premium housing project in Bandra, Mumbai. The real estate segment of the Raymond Group said that this project would generate an estimated revenue of about Rs 2,000 crore.
Govt To Set Up A Maritime Development Fund For Providing Support To Shipping Sector
The government is looking into establishing a maritime development fund (MDF) to help provide economical and long-term financial support to the shipping sector, T K Ramachandran, Secretary, Ministry of Ports, Shipping and Waterways, said on Tuesday. Addressing an event conducted by industry body CII, the official said that the government is also planning to provide infrastructure status to the shipping sector.
Rupee Appreciates 6 Paise To Settle At 82.95 (Provisional) Against US Dollar
The Indian rupee appreciated 6 paise and closed at 82.95 (provisional) against the US dollar on Tuesday, owing to a strong sentiment in the equity market and a tepid American currency. At the interbank foreign exchange market, the domestic unit opened at 83.02 and hit an intraday high of 82.91, before settling at 82.95 (provisional) against the American dollar.. On Friday, the Indian unit settled 4 paise higher at 83.01 against the greenback.
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