Business News Highlights: Stock Market Closes Almost Flat, Sensex Settles Near 73,900, Nifty Marginally Lower
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The stock markets traded in an overall positive sentiment last week. Both the key equity benchmark indices, Sensex and Nifty, gained 0.20 per cent and 0.24 per cent respectively in the previous week.
However, the indices reversed the trend and broke the rally in the last trading session on Friday. The S&P BSE Sensex settled more than 700 points lower at 73,878, while the NSE Nifty50 closed the session below the 22,500 mark at 22,476, declining 173 points. During the day, the indices hit fresh intraday lows.
This week will begin with the release of macroeconomic data such as the HSBC Services and Composite PMI for April. Further, the ongoing fourth-quarter earnings season will also see some major firms reveal their results, such as JSW Steel, BPCL, State Bank of India, Voltas, Canara Bank, BSE Limited, L&T, HT Media, and Asian Paints, among others.
Sharing the outlook for the week, Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd, noted, “On Monday, markets will react to the US employment data and Q4 results of companies like Dmart and Kotak Bank.”
Vinod Nair, Head of Research, Geojit Financial Services, added, “The market will also remain vigilant about the BoE (Bank of England) policy and GDP data from the euro zone. We expect a degree of consolidation in the market due to expensive valuations and any election-led jitters.”
Official data from the depositories revealed that foreign portfolio investors adopted a cautious stance towards Indian equities and infused Rs 1,156 crore in the market in the first two trading sessions of May. The investors withdrew Rs 1,726 crore from the Indian debt market in the period under review.
ICICI Bank Enables UPI Facility For NRI Customers For Payments In India
ICICI Bank on Monday said that it has now enabled the quick payment facility UPI for its non-resident Indian (RI) customers for conducting e-commerce transactions and paying utility and merchant bills. The bank in a statement said that the NRI customers can now access this facility with their international mobile number linked with their NRE/NRO ICICI bank account in India and make payments to any Indian QR code, mobile number, bank account, etc.
Jet Airways Founder Naresh Goyal Gets Interim Bail On Medical Grounds
The Bombay High Court on Monday approved Jet Airways' founder, Naresh Goyal,'s interim bail request. The court granted two months of interim bail on medical grounds to Goyal, who was arrested by the ED in a money laundering case. The court's single bench of Justice N J Jamadar said Goyal would pay a surety of Rs 1 lakh and not leave Mumbai without seeking permission. Further, the court also instructed Goyal to surrender his passport.
Zee Media Corp Terminates CEO Ojha's Employment
Zee Media Corporation announced via an official filing on Monday that it terminated its CEO Abhaj Ojha's employment, effective May 4, 2024. "We hereby inform you that the Board of Directors at their meeting held today has approved and confirmed the cessation of employment of Mr. Abhay Ojha from the organization and his consequent cessation as the Chief Executive Officer of the Company with effect from May 4, 2024," the company noted.
The firm didn't specify any reasoning behind the change.
Marico Q4: Net Profit Jumps 5 Per Cent YoY, Revenue Up 2 Per Cent
Fast moving consumer goods firm, Marico Limited, reported a 5 per cent jump in its net profit at Rs 318 crore in the fourth quarter earnings for the 2023-24 fiscal year (FY24). The company's net profit stood at Rs 302 crore in the corresponding January-March quarter in the preceding 2022-2023 fiscal year (FY23).
The FMCG firm's revenue grew almost 2 per cent to Rs 2,278 crore in Q4FY24, against Rs 2,240 crore logged in the same quarter a year earlier.
Rupee Settles 5 Paise Lower At 83.50 Against US Dollar
The rupee depreciated 5 paise to close at 83.50 (provisional) against the US dollar on Monday. Forex traders said surging crude oil prices and dampened domestic equities impacted the sentiments in the market. In the last trading session, the domestic unit settled at 83.45 against the greenback.
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