Business News Highlights: Stock Market Settles Higher, Sensex Rallies Over 550 Points, Nifty Above 22,300
Business News Highlights: Please follow this space for all the breaking news and latest updates from the stock market, economy, and corporate world
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 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 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 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".
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.
iPhone maker Apple is all set to invest in the Indian workforce in the next three years and employ more than 5 lakh people via its vendors, reported PTI citing sources in the know. Currently, the tech firm's vendors and suppliers together operate a workforce of about 150,000 people in India. The largest employer for the firm in the country is Tata Electronics which runs two plants.
Read More | Hiring Alert: Apple May Create 5 Lakh Jobs In India In 3 Years
CRM Runo announced on Monday that it raised $1.5 million in the pre-series A funding round, driven by Callapina Capital and Unicorn India Ventures. The call management firm said it will utilise funds to bring in more senior staff and expand its presence in the MENA region, the US, and Canada.
Pharma player, Lupin, announced on Monday that it launched the Mirabegron extended-release tablets (25 mg) in the United States market after receiving approval from the US FDA.
Jio Financial Services saw a surge in the stock market on Monday. As of 12:53 PM, the shares of the firm climbed almost 3 per cent on both BSE and NSE and traded at approximately Rs 380 apiece. Earlier in the session, the firm's stock hit a fresh peak of Rs 384.85 after reporting a 6 per cent jump in consolidated net profit in the fourth quarter earnings last week.
Realty firm Suraj Estate Developers Ltd said on Monday that it purchased a 1.073 sq mt plot in Mumbai for Rs 33 crore for a redevelopment project.
The Reserve Bank of India (RBI) reportedly urged all non-bank Payment System Operators (PSOs) to clock all high value or suspicious transactions and report them to the authorities during the Lok Sabha elections, currently underway.
The banking regulator in a letter to non-bank PSOs said that funds can be used to impact voters and influence elections, and therefore advised all fintechs to highlight such transactions to the official agencies, reported Moneycontrol.
The rupee appreciated 5 paise to touch 83.39 against the American dollar in early trade on Monday, backed by a strong sentiment in domestic equities. In the last trading session on Friday, the domestic currency closed at 83.44 against the greenback.
Zomato hiked its platform fee by 25 per cent to Rs 5 per order, after introducing a fee of Rs 2 per order earlier in August 2023. The last hike in the fee was in January 2024 when it was raised to Rs 4 per order.
The stock market opened on a positive note on Monday morning as they continued the sentiment from the last trading session. As of 9:30 AM, the BSE Sensex gained almost 350 points and traded at 73,437.28, while the NSE Nifty50 jumped about 100 points and reached 22,244.50.
Oberoi Realty announced on Saturday that its sales bookings dropped 53 per cent to Rs 4,007 crore in the 2023-24 fiscal year (FY24), against bookings worth Rs 8,572 crore in the preceding 2022-23 fiscal year (FY23). The Mumbai-based firm said that it sold 228 units worth Rs 1,775 crore in the last quarter of FY24, and 4.49 lakh square feet of carpet area in the period.
Background
Business News Highlights: Hello and welcome to ABP Live's Business LIVE blog. Please follow this space for all the breaking news and latest updates from the stock market, economy, and the corporate world.
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.
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