Business News Highlights: Stock Market Ends In Red Zone; Sensex Settles 667 Points Lower, Nifty Near 22,700
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The Indian stock market is likely to experience a decline at the start of trading on Wednesday, with the benchmark indices, Sensex and Nifty 50, expected to open lower as a result of subdued global indicators.
In the previous trading session on Tuesday, the two primary equity gauges, Sensex and Nifty, concluded the trading session in negative territory following a period of volatility despite achieving record highs over the past three days. The S&P BSE Sensex experienced fluctuations between gains and losses throughout the day, ultimately closing at 75,170, down by 220 points. Similarly, the NSE Nifty50 ended the day at 22,888, registering a decline of 44 points.
Furthermore, during a recent interview, former Reserve Bank of India (RBI) Governor Raghuram Rajan expressed the expectation that India will maintain its current economic policy trajectory regardless of whether Prime Minister Narendra Modi secures a third term in office or not.
On Tuesday, the senior economist said the country will most likely maintain its economic policy direction. “There is a lot of continuity built into Indian policy. Whatever government comes in will take a lot of the good stuff that has been done and continue it,” Rajan said while speaking with Bloomberg.
In addition, Reliance Industries, which manages the world's largest refining complex, has reportedly struck a one-year deal with Russia's Rosneft to procure a minimum of 3 million barrels of oil per month, payable in roubles, as revealed by four sources familiar with the agreement to Reuters news agency. This move to shift the payment currency signifies a strategic alignment with Russian President Vladimir Putin's efforts to bypass the Western financial system, particularly amidst enduring sanctions imposed by the US and Europe.
Beyond ensuring a consistent influx of discounted oil for Reliance, this agreement also represents a noteworthy development within the global oil arena, particularly as the OPEC+ coalition of oil-producing nations prepares to prolong voluntary production cuts beyond June. Comprising the Organisation of the Petroleum Exporting Countries (OPEC) and its partner countries like Russia, the OPEC+ alliance is scheduled to deliberate the extension of these cuts during an online meeting slated for June 2nd.
Rupee Declines 21 Paise To Close At Rs 83.39
The rupee closed down by 21 paise at 83.39 (provisional) against the US dollar on Wednesday, mirroring a downturn in domestic stocks and heightened crude oil costs. Forex experts noted that increased demand for dollars from importers and oil marketing firms (OMCs) pressured the rupee. Nonetheless, foreign investments in bond markets before India's government bonds were added to the global bond index helped mitigate losses.
Stock Market Close: Sensex Plunges 667 Points, Nifty At 22,704
Indian benchmark indices concluded downward for the fourth consecutive session on Wednesday, with Nifty hovering around 22,700. The Sensex saw a decline of 667.55 points, or 0.89 per cent, ending at 74,502.90, while the Nifty dropped by 183.50 points, or 0.80 per cent, settling at 22,704.70. Among the traded stocks, 1473 advanced, 1871 declined, and 90 remained unchanged.
Essar Group's Pluckk Ventures Surpasses Rs 100 Cr Revenue Mark In FY24
The B2C fresh produce food tech platform Pluckk announced on Wednesday that it had achieved a revenue of Rs 100 crore in FY24, attributed to its digital presence on e-commerce platforms. Established in 2021, Pluckk operates in Delhi, Mumbai, Bengaluru, and Pune through over eight marketplace platforms, delivering over 2 million products monthly, according to a company statement.
Prestige Estates Q4 Result: Profit Fell 70% To Rs 140 Crore
Prestige Estates Projects recorded a 70 per cent decrease in consolidated net profit, amounting to Rs 140 crore for the quarter ended March 2024, primarily due to reduced income. In comparison, its net profit was Rs 468.4 crore in the corresponding period of the previous year. Total income declined to Rs 2,232.5 crore in the quarter from Rs 2,938 crore in January-March FY23, according to a regulatory filing released late Tuesday.
Suzlon Secures 551 MW Wind Energy Project From Aditya Birla Group
Suzlon Group announced on Wednesday that it has secured an order for a 551.25 MW wind power project from Aditya Birla Group. The project is set to be executed across two locations in Rajasthan and Gujarat, as stated by Suzlon Group. The company added that Suzlon will develop 368.55 MW in the Barmer district of Rajasthan, while the client will develop another 182.70 MW at the site in the Bhuj district of Gujarat.
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