Business News Highlights: Indices Reverse Trend, Sensex Settles 20 Points Lower, Nifty Under 23K
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Japan’s Nikkei rallied ahead on Monday morning, while the MSCI’s broadest index of Asia-Pacific shares outside Japan also logged gains in the day.
In the last trading session on Friday, both equity benchmarks, Sensex and Nifty, closed the day on a flat note amidst volatility. The S&P BSE Sensex hit a fresh peak of 75,636.5 in intraday and settled at 75,410, inching down by 8 points. The NSE Nifty50 ended trading at 22,957, slipping 11 points after breaching the 23,000 mark in the day.
Vinod Nair, Head of Research, Geojit Financial Services, commented on the market outlook and said, “The domestic market is reaching new highs, with largecaps playing second fiddle to the broader market rally, indicating sustained momentum in the short-term.”
Markets will also keenly observe macroeconomic data set to be released this week. Domestically, investors will clock the GDP growth rate figures for June to be revealed on Friday.
The fourth quarter earnings season nears its end and the major results expected in the week include Life Insurance Corporation of India, NMDC, Parle Industries, Aditya Birla Fashion & Retail, General Insurance Corporation of India, IRCTC - Indian Railway Catering & Tourism Corp, and MMTC, among others.
Globally, the US and Japan will also see the release of some macroeconomic indicators in the week.
Sharing an outlook, Pravesh Gour, Senior Technical Analyst, Swastika Investmart Ltd, said, “The monthly derivatives expiry on Thursday may also fuel volatility in markets. We have reached the final curtain for the Q4 earnings season. Many companies, including names like Tata Steel, will release their financial results this week. Positive earnings from the final quarter could provide strength to the market to continue its bullish momentum. We are very close to the Lok Sabha election results, and the election verdict will give a boost to FII flows.”
DCM Shriram Industries Q4: Net Profit Rises 23 Per Cent YoY
DCM Shriram Industries reported a 23 per cent jump in consolidated net profit to Rs 38.64 crore in the fourth quarter of the 2023-24 fiscal year (FY24) on Monday, against Rs 31.53 crore logged in the same quarter a year earlier.
REnergy Dynamics Aims To Book Orders Worth Rs 5,000 Crore By 2029
REnergy Dynamics (RED) announced on Monday that it has entered into the renewable energy sector and is aiming for an order book worth Rs 5,000 crore by 2029. The firm said that its business is expected to majorly come from large-scale bioenergy projects, engineering, procurement, and construction (EPC) services to renewable energy developers.
Rupee Settles At 83.14 Against US Dollar
The Indian rupee closed at 83.14 (provisional), depreciating 4 paise against the US dollar on Monday. In the last trading session on Friday, the domestic currency settled at 83.10 against the greenback.
Stock Market: Sensex Closes Under 75,400, Nifty Inches 25 Points Down
The stock market witnessed major volatility on Monday. The key equity benchmark indices ended the trading session in red after reaching fresh peaks during the day. The BSE Sensex closed the day at 75,390.50, declining nearly 20 points, while the NSE Nifty50 settled almost 25 points lower at 22,932.55.
Best Agrolife Q4: Net Loss Widens To Rs 72.49 Crore In Q4FY24
Best Agrolife Ltd on Monday clocked a widening in net loss to Rs 72.49 crore in the January-March quarter in the 2023-24 fiscal year (FY24), against a loss of Rs 8.41 crore logged in the same quarter a year earlier. Vimal Kumar, MD of the agrochemicals company said, "Despite the high competition from imports, particularly pricing pressure from China and the challenges posed by the global economic climate, we have maintained good profit margins."
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