Business News Highlights: Stock Market Settles Higher, Sensex Rallies Over 550 Points, Nifty Above 22,300
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The stock markets last week exhibited a major bearish sentiment, before reversing the trend and attempting a recovery rally in the last trading session on Friday. The BSE Sensex settled at 73,088, after climbing almost 600 points, while the NSE Nifty50 closed the session at 22,147, gaining more than 150 points. The Sensex declined close to 700 points in the early trading hours, while the Nifty reached a fresh intra-day low of 21,778, before closing in the green.
This week will be driven by the earnings season as Reliance Industries, along with others report their financial results for the last quarter of the 2023-24 fiscal year. Geopolitical conflicts, specially Iran-Israel tensions, will drive the markets in the week.
Pravesh Gour, Senior Technical Analyst, Swastika Investmart Ltd, noted, “This week will be crucial for the market amid ongoing worries about the conflict between Iran and Israel. If tensions escalate significantly, there's a risk of panic selling and increased volatility across global stock markets. Moreover, the market will be keeping a close eye on fluctuations in crude oil prices, as geopolitical events frequently impact them.”
The major earnings expected in the week include Tech Mahindra, Bajaj Finance, Bajaj Finserv, Nestle India, Maruti Suzuki, and HCL Tech.
Further, India will also see the release of the HSBC Manufacturing, Services, and Composite PMI numbers for April in the first half of the week. The foreign exchange reserves for the country, till April 19 this month, will be revealed by the end of the week.
The Bank of Japan will also announce its interest rate decision on Friday, giving an insight into the country’s monetary policy ahead.
Notably, the key equity benchmark indices experienced major erosion last week. The Sensex decreased 1.55 per cent or 1,156.57 points, while the Nifty50 experienced a drop of 1.65 per cent or 372.4 points.
HDFC MF Launches Manufacturing Fund
HDFC Mutual Fund launched the HDFC Manufacturing Fund for the period April 26, 2024 to May 10,2024, the HDFC Asset Management Co Ltd announced on Monday. The open-ended equity scheme will follow the Indian manufacturing sector and invest in equity and equity-related securities of firms involved in manufacturing activities.
Domestic Air Traffic Touches New Single-Day High; Crosses 4.71 Lakh Passengers
Domestic air traffic touched a new single-day high of 4,71,751 passengers on Sunday, according to official data. The traffic on Sunday was more than 14 per cent higher than the average pre-Covid count of 3,98,579. On April 21, the total number of domestic air passengers stood at 4,71,751 and the number of flights was 6,128, as per the data from the civil aviation ministry.
This is higher than the domestic air traffic of 4,28,389 passengers and 5,899 flights recorded on April 21, 2023. In a post on X, the ministry said India's domestic aviation is "everyday at a new high".
Tata Power Delhi Distribution Appoints New CEO
Tata Power Delhi Distribution Ltd on Monday named Gajanan S Kale as the new CEO of the firm, effective April 19, 2024. Tata Power and the Government of NCT of Delhi collectively own Tata Power-DDL.
Zomato Hikes Platform Fee To Rs 5 Per Order
Zomato has hiked its platform fee by 25 per cent to Rs 5 per order from Rs 4 in select markets, citing it as a part of business calls taken by the food tech giant. According to the company's app, it has also paused its intercity food delivery service 'Intercity Legends'. This comes days before it is slated to announce the results for the quarter that ended in March. When reached out for a comment, a Zomato spokesperson told PTI, "These are business calls which we take basis various factors from time to time".
Stock Market Closing Bell: Sensex Settles Just Under 73,650, Nifty Almost 200 Points Higher
The stock market settled on a positive note on Monday after starting the session in green. The BSE Sensex closed just under the 73,650 mark at 73,648.62, rallying more than 550 points, while the NSE Nifty ended the day at a high of 189.40 points, at 22,336.40.
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