Sensex, Nifty turn choppy; metal stocks fall
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The benchmark BSE Sensex turned choppy in early trade today amid weak global cues and a widened current account deficit, which rose to 2 % of the GDP at $ 13.5 billion in the December quarter.
The 30-share index rebounded by 99.79 points in opening deals only to turn choppy thereafter. The gauge was trading 32.96 points, or 0.10 %, lower at 33,143.04. It had lost 741.94 points in the previous four sessions.
Coal India, Asian Paints, Adani Ports, Hero MotoCorp, Tata Steel, Bajaj Auto and Wipro fell up to 3 %.
The NSE Nifty slipped 18.95 points, or 0.19 %, to trade at 10,176.20.
Metal, realty and IT stocks fell up 1.25 %.
Brokers said weak global cues ahead of the US Federal Reserve policy decision later in the week, influenced the trading sentiments here.
A sharply widened current account deficit (CAD) too weighed on investors’ mood. The CAD rose to 2 % of the GDP at USD 13.5 billion in the December quarter, up from $ 8 billion or 1.4 % in the year-ago period, on the back of higher trade deficit, data released by RBI on Friday showed.
Meanwhile, on a net basis, foreign institutional investors sold equities worth Rs 150.46 crore on Friday, while domestic institutional investors (DIIs) sold shares worth ₹770.53 crore, as per the provisional data.
In Asia, Hong Kong’s Hang Seng rose 0.35 %, while Shanghai Composite index up 0.13 % in early trade today. Japan’s Nikkei, however, was down 0.89 %.
In Asia, Hong Kong’s Hang Seng rose 0.35 %, while Shanghai Composite index up 0.13 % in early trade today. Japan’s Nikkei, however, was down 0.89 %.
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Mahindra & Mahindra Financial Services on Tuesday said it has appointed Mahesh Rajaraman as Chief Risk Officer (CRO) of the company with effect from August 1, 2024.
In a regulatory filing, Mahindra Finance said Mallika Mittal has tendered her resignation and ceased to be the CRO of the company with effect from May 17.
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AstraZeneca aims to grow revenue by about 75% to $80 billion by 2030, it said on Tuesday, boosted by the expected launch of 20 new medicines and through growth in its existing oncology, biopharmaceuticals and rare disease portfolio.
The Anglo-Swedish drugmaker had reported total revenue of $45.81 billion last year and earlier expected to launch at least 15 new medicines between 2023 and 2030.
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Realty firm Shriram Properties Ltd has partnered with a landowner to develop a 4-acre housing project in Bengaluru with an estimated revenue potential of more than Rs 250 crore.
In a regulatory filing on Tuesday, the company informed that it has signed a Joint Development Agreement (JDA) for the development of a prime 4-acre land parcel located at Yelahanka in Bengaluru.
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Claiming that the BJP has bagged 310 seats after the completion of five phases of the Lok Sabha polls, Union Home Minister Amit Shah on Tuesday urged the people of Odisha to free the state from babu-raj and allow the BJP to form government at the Centre and also in the state.
Addressing an election rally in Sambalpur where the BJP has fielded Union Minister Dharmendra Pradhan, Shah said this time lotus, the party's symbol, will bloom in Odisha.
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JSW Cement will invest around Rs 3,000 crore to set up a new cement manufacturing factory in Nagaur district of Rajasthan, said the Sajjan Jindal company on Tuesday.
The investment includes a clinkerisation unit of up to 3.30 million tonnes per annum and a grinding unit of up to 2.50 MTPA, along with an 18 MW waste heat recovery-based power plant, said the company, referring to manufacturing processes.
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