Business News Highlights: Stock Market Ends In Red, Sensex Settles 700 Points Lower, Nifty At 21,817
Business News Highlights: Please follow this space for all the breaking news and latest updates from the Stock Market, economy, and corporate world
PHF Leasing Ltd, a deposit-accepting NBFC, announced on Tuesday its intention to recruit 200 individuals across various sectors in the next two quarters, which aligns with its expansion strategies and forthcoming office launches. The Jalandhar-based NBFC currently employs over 400 personnel. Established in 1998, PHF Leasing operates as a category 'A' Deposit-taking NBFC registered with the Reserve Bank of India.
A significant downturn in the stock market resulted in investors witnessing a decrease in wealth amounting to Rs 4.86 lakh crore on Tuesday. This occurred concurrently with a sharp decline in the BSE benchmark Sensex, which plummeted by over 700 points. The Sensex concluded the day with a loss of 736.37 points or 1.01 per cent, settling at 72,012.05.
At its lowest point during the trading session, the benchmark recorded a decline of 815.07 points or 1.12 per cent, reaching 71,933.35. Against the backdrop of lacklustre performance in equities, the market capitalisation of BSE-listed companies observed a substantial reduction, dropping by Rs 4,86,777.98 crore to Rs 3,73,92,545.45 crore.
Shares of insurance giant Life Insurance Corporation of India (LIC) experienced a decline of nearly 3 per cent on Tuesday, marking the third consecutive day of downturn. The stock concluded with a decrease of 2.77 per cent, settling at Rs 879.50 per share on the BSE. Throughout the trading session, it experienced a loss of 3.15 per cent, dropping to Rs 876.05. Similarly, on the NSE, it witnessed a decline of 2.71 per cent, reaching Rs 879.85.
Over the course of three days, the stock has depreciated by 8.27 per cent on the BSE. Comparatively, from its 52-week high of Rs 1,175, the stock has plummeted by 25.14 per cent.
The car-sharing marketplace Zoomcar and EaseMyTrip unveiled a collaborative partnership on Tuesday, enabling users to reserve self-drive cars directly through the latter's online travel platform. This integration seamlessly incorporates Zoomcar's diverse range of self-drive vehicles into the EaseMyTrip platform, granting travellers the flexibility to book their preferred Zoomcar directly from the EaseMyTrip app.
The Indian rupee depreciated 12 paise on Tuesday, reaching 83.02 (provisional) against the US dollar. This decline was attributed to a significant sell-off in domestic equities and ongoing outflows of foreign capital. Additionally, forex traders noted that the strengthening of the US dollar against major currencies globally contributed to the downward pressure on the Indian currency. In trading at the interbank foreign exchange market, the rupee commenced at 82.94, touching an intra-day low of 83.05 and a high of 82.93.
The stock market ended the trading session in red on Tuesday after continuing in downwards trajectory throughout the day. The Sensex ended trading more than 700 points lower and settled at 72,012.05, while the Nifty closed at 21,817.45, down by 238.25 points.
WeWork India announced on Tuesday that it will be opening a new flexible workspace in Chennai with a capacity of 2,000 desks. The firm informed that it has taken 1.3 lakh square feet of office space in the Olympia Cyberspace building in the city and the workspace will be operational in June.
Bharat Heavy Electricals Ltd (BHEL) announced on Tuesday that it has recieved an order to set up 1,600 MW Singrauli Supercritical Thermal Power Plant (STPP) Stage-III from NTPC. The state-owned engineering company informed that the plant will be established next to the current 2,000 MW thermal power station (TPS) at Singrauli in Sonbhadra, Uttar Pradesh.
Tata Consultancy Services (TCS) witnessed a significant drop of over 3 per cent in its share value during Tuesday's morning trade, as Tata Sons, its promoter, offloaded approximately 2.3 crore shares, representing a 0.65 per cent equity stake in the IT services giant, through block deals. TCS shares experienced a sharp decline of 3.30 per cent, reaching a low of Rs 4,015.65 each on the NSE. Similarly, on the BSE, the stock plummeted by 3.15 per cent to Rs 4,014 per share, exerting notable downward pressure on the benchmark Sensex.
Grasim Industries Ltd announced on Tuesday that it has been issued an investment of Rs 1,250 crore from the International Finance Corporation (IFC) via subscription to Non-Convertible Debentures (NCD). The flagship firm of the Aditya Birla Group said the sustainability-linked NCDs would help provide support to the firm’s investment in paint manufacturing. “IFC’s investment will accelerate Grasim’s decarbonization drive through the increased adoption of renewable energy and water recycling in the paint manufacturing process,” it said via a release.
The State Bank of Pakistan maintained the status quo on interest rate for the sixth consecutive meeting and kept the rate unchanged at a record high of 22 per cent. The development comes as the new government engages in discussions with the IMF to evaluate if the nation has fulfilled the conditions needed for receiving the final $1.1 billion of the $3 billion bailout from the global lender.
The rupee depreciated 5 paise to hit 82.95 against the US dollar on Tuesday. This decline was attribued to firm crude oil prices and foreign fund outflows.
The stock markets continued to trade in red as the session progressed on Tuesday. As of 10:38 AM, the BSE Sensex slipped 530.49 points and hit 72,217.93, while the NSE Nifty50 stood down by almost 200 points and traded at 21,877.90.
Background
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Sensex tanks 420.56 points to 72,327.86 in early trade; Nifty declines 126.35 points to 21,929.35
The stock market began trading on Tuesday with a bearish outlook and continued to erase the gains made in the last few weeks. The key equity benchmarks fell in early trade, with the BSE Sensex slipping more than 400 points to hit 72,327.86, while the NSE Nifty50 slumped 126.35 points and broke the 22K barrier to touch 21,929.35.
As of 10:12 AM, the Sensex traded at a loss of more than 500 points and slid further to touch 72,211.91, while the Nifty declined by almost 174 points to reach 21,881.85.
In the last trading session on Monday, both Sensex and Nifty closed in the green and pared their losses after trading in volatility. The Sensex settled over 100 points higher at 72,748, while the Nifty closed the session at 22,056, up by 32 points.
Markets continued to remain vary ahead of the upcoming US Fed rate decision to be made public soon. The Foreign Institutional Investors (FIIs) dumped Indian equities worth Rs 2,501.09 crore on Monday, official data from the exchange revealed.
Ratings agency ICRA said on Monday that the Indian IT sector is projected to maintain a tepid revenue growth of 3-5 per cent in the upcoming 2024-25 fiscal year. The agency stated that hiring in the sector will ‘remain muted’ in the short term till growth picks pace.
At the same time, it stated that the profitability of the firms is estimated to be strong amidst the concerns regarding topline growth, and the operating profit margins for the $250 billion IT sector are expected to touch a strong 21-22 per cent in the forthcoming fiscal year.
ICRA Ratings Sector Head, Deepak Jotwani, noted, “Persistent macroeconomic headwinds in key markets of the US and Europe, which has led to lower discretionary IT spends by corporate has led to expectations of tepid revenue growth even in FY25.”
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