Business News Highlights: Markets Settle Nearly Flat, Sensex Closes Over 50 Points Down, Nifty Over 22,500
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The stock market remained closed on Monday as the Lok Sabha elections were underway in Mumbai. In the last trading session on Saturday, the indices settled the day on a slightly higher note. The S&P BSE Sensex ended trading above the 74K mark at 74.005.94, gaining nearly 100 points, while the NSE Nifty50 closed the day just above 22,500 at 22,502, marginally up by 36 points.
The markets this week will maintain a close watch on the Flash PMI manufacturing and service data expected to be released by India. On the global level, inflation data from the UK, along with jobless numbers from the US will also be revealed in the week. The US will also see the release of S&P global services data and global manufacturing PMI in the latter half of the week.
Major Q4 earnings expected in the week include ONGC, SAIL, One97 Communications, PowerGrid, JK Tyre, InterGlobe Aviation, ITC, and NTPC, among others.
The market will keenly clock any movements in the global oil benchmark, Brent crude, along with fluctuations in the rupee-dollar trends.
Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd, noted, “While volatility could increase over the next couple of weeks, selective buying in key frontline, mid and smallcap stocks will persist.”
Foreign portfolio investors continued to exhibit their worries about Indian equities and withdrew Rs 28,242 crore from the segment in the month so far, as of May 17, 2024, official data from the depositories revealed. During the same period, the investors remained bullish over the Indian debt market and invested Rs 178 crore in it.
Sharing an outlook, Karthick Jonagadla, Smallcase Manager and Founder, Quantace Research, explained, “Following the Lok Sabha elections, FPI inflows into India could strengthen due to three key factors -- potential easing of interest rates by the US Federal Reserve, positive resolutions in global geopolitical tensions and India's increasing weight in the MSCI Emerging Markets Index projected to exceed 20 per cent by mid-2024.”
City Union Bank Q4: Net Profit Rises 17 Per Cent YoY
Private lender City Union Bank on Tuesday reported a 17 per cent increase in its net profit to Rs 254.81 crore in the January-March quarter in 2023-24 fiscal year (FY24) against Rs 218.04 crore clocked in the same quarter in the 2022-23 fiscal year (FY23). The lender attributed the growth to an improvement in recovery from slippages.
India's Digital Economy To Reach $1 Trillion By 2027-28: Rajeev Chandrasekhar
India's digital economy is anticipated to touch $1 trillion by 2027-28, Minister of State for Electronics and IT, Rajeev Chandrasekhar said on Monday evening. The minister pointed out that the digital economy is growing at the rate of 2.8 per cent per annum.
Stock Market Closing Bell: Sensex Under 74K, Nifty Inches Up By 27 Points
The stock market closed on a nearly flat note amidst volatility on Tuesday. The S&P BSE Sensex ended the session under the 74K mark at 73,953.31, slipping more than 50 points, while the NSE Nifty50 settled for the day above 22,500 at 22,529.05, registering a gain of 27 points.
FSIB Postpones Interview For Selecting Next SBI Chairman
The Financial Services Institution Bureau (FSIB) has postponed the scheduled interview to select the SBI Chairman. The postponement from the headhunter for directors of publically owned banks and financial entities comes mere hours before the scheduled interview, reported PTI citing sources. The report noted that the interview is expected to be held after the new government is formed post elections.
ICRA Projects A Growth Rate Of 6.7 Per Cent For March Quarter
Rating agency ICRA on Tuesday projected that India will clock a GDP growth rate of 6.7 per cent in the January-March quarter in the 2023-24 fiscal year (FY24). Meanwhile, the estimates for the full FY24 stood at 7.8 per cent.
Aditi Nayar, Chief Economist, Head - Research & Outreach, ICRA, noted, "The lower volume growth coupled with diminishing gains from commodity prices dampening the profitability of some of the industrial sectors is expected to dampen India's GVA growth in Q4 FY2024."
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