Bloodbath on final day of the week mainly played spoilsports for Indian markets as a number of agencies have revised down their forecasts for India’s economic growth.
The market also took support from the State Bank of India's report which states that India is likely to become the third largest economy by 2029.
Atul Suri, CEO of Marathon Trends PMS said ace investor Rakesh Jhunjhunwala was sharp in judging talent, which helped him go beyond the financials of the company.
The BSE Sensex declined 30.54 points, or 0.05 per cent to 58,803.33 on September 2, 2022 from 58,833.87 on August 26, 2022. Likewise, the NSE Nifty index settled 19.45 points, or 0.11 per cent, down at 17,539.45 during the same period.
Following the heavy buying by global investors, the benchmark equity index BSE Sensex gained nearly 1,967 points, or 3.41 per cent, to 59,537.07 on August 30, 2022 from 57,570.25 on July 29 last month
Rural Fintech startup Jai Kisan and revenue management solution provider PriceLabs drew venture capital dollars in an otherwise uncharacteristically dull week of start-up fundraising
Ashishkumar Chauhan earlier resigned as Managing Director and CEO of BSE and was relieved of his roles and responsibilities at the exchange from Monday.
Chauhan was part of the founding team of NSE but left it in 2000 for various roles at Reliance Industries group, before returning to the stock exchange arena as deputy CEO of BSE in 2009 and then as CEO in 2012.
Foreign investment and trends in global markets and movement of the rupee as well as crude oil would impact the market sentiment, they said.
Sectorwise, the BSE IT index gained 5.92% during the past five trading sessions. BSE Bankex, BSE Metal, BSE Capital Goods and BSE Realty also outpaced Sensex with a gain of over 4.60%.
This comes after the government last week notified 155 entities as sub-KUAs (KYC user agencies) to use Aadhaar authentication services of the UIDAI (Unique Identification Authority of India).
The proposed deal between PNB Housing Finance and Carlyle last year would have reduced PNB’s stake while making Carlyle the majority shareholder; preferential allotment was approved at a price much lower than the then prevailing market price
"Market will react to HDFC Bank's numbers on Monday, while Ambuja Cement, HUL, IndusInd Bank and Wipro will be the other prominent names for Q1 earnings this week," Santosh Meena, Head of Research, Swastika Investmart Ltd said.
Market watchers believe that equity markets ended in red on fears that central bank moves to fight inflation would spark a recession.
Getting back into a quarterly margin growth of 25% is the first priority for Tata Consultancy Services (TCS), India’s largest software services exporter, with a key executive saying the company is very confident of business and ending the year with double-digit growth.
Early-stage venture capital fund announcements marked the key events for an unusually slow week for start-up fundraising.
At present, insider trading rules are applicable to dealing in securities of listed companies or proposed to be listed, when in possession of unpublished price-sensitive information 'UPSI' .
With a gain of 10%, Titan Company emerged as the top gainer in the Nifty50 pack. It was followed by Hindustan Unilever (up 9.40%), ICICI Bank (up 7.36%), Larsen & Toubro (up 7.33%) and UPL (up 7.26%).
"FIIs are still selling but the momentum has come down significantly, therefore, bulls will look for a relief rally if global markets remain stable," said Santosh Meena, Head of Research, Swastika Investmart Ltd.
In a relatively muted week for start-up funding, retail tech firm Arzooo, realty platform PropShare, business-to-business (B2B) marketplace Solv, and fintech start-ups Progcap and GetVantage raised new funding rounds.
The case pertains to six FMP schemes that matured in April and May 2019, which held investments in debt securities issued by Edisons Utility Works Pvt Ltd and Konti Infrapower & Multiventures Pvt Ltd, belonging to the Essel Group.
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