Sensex fluctuates, red marks close, energy stocks rise
The Indian stock market Sensex closed on the last day of the week on April 23 with a fall in the red mark. The benchmark indices BSE Sensex and NSE Nifty…
The Indian stock market closed in the red mark on the last day of the week with a fall on 23 April. The benchmark indices BSE Sensex and NSE Nifty lost nearly 0.5% amidst considerable volatility. In addition to the energy sector, most of the stocks in the entire sector were seen to fall in the midst of the ever-increasing crisis in Corona. Let’s understand what was important in the market-
The Sensex has come down to 48,000 again due to weakness. The Nifty 50 index was also close to 14,350 at the close of the market.
23 April Business Highlights
The BSE Sensex dropped 202 points while the NSE Nifty 50 index weakened 65 points.
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At the time of closing the market, 22 out of 30 stocks of the Sensex pack remained in the red mark. Only 18 stocks gained in 50 of the Nifty packs.
JSW Steel’s share in the Nifty pack set a new peak for 52 weeks.
The Nifty Smallcap 100 and the Nifty Midcap 100 index closed in the green mark with a bounce opposite the Nifty. The midcap index gained 0.26% while the smallcap index gained 0.42%.
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Due to considerable volatility, the difference between the day’s high and lowest levels of the Sensex was around 600 points.
The Volatility Index (VIX) has reached 22.69 after a fall of 1.48%.
Market movements
Nifty
Open – 14,326.35 Close – 14,341.35 Variations – (-0.45%) High- 14,461.15 Lo- 14,273.30
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Sensex
Open – 47,863.81 Close – 47,878.45 Variations – (-0.42%) High- 48,265.39 Lo- 47,669.55
The reason for the breakdown of the market
Investors’ concerns about Corona matters remain. This can have a major impact on economic activity. Weak signs of overseas markets also helped Byers in the market. Investors are also being cautious before the fourth quarter results. Lack of enthusiasm in the market from foreign institutional investors and domestic institutional investors is also the reason for disappointment in the market.
Which sector did how well?
Most sector-based indices of the Nifty closed in the red mark on 23 April. Nifty Bank, Financial Services Index, Auto, Pharma and Metal sectors declined by 0.5%. Similarly, IT, FMCG and Realty index lost close to 1%. The Nifty Energy Index gained 0.96%.
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Nifty-50 shares seen the fastest in these stocks
NTPC (+ 3.94%) Power Grid (+ 3.66%) HDFC Life (+ 1.61%) IndusInd Bank (+ 1.47%) BPCL (+ 1.16%)
These shares of Nifty-50 are broken.
Britannia (-2.67%) Mahindra & Mahindra (-2.53%) Dr. Reddy Labs (-2.40%) Wipro (-2.31%) ICICI Bank (-2.02%)
Stocks that remain most active
According to Value, Tata Steel, ICICI Bank and Tata Motors were the three most active stocks in the Nifty. At the same time, according to the volume, the stock of Tata Motors, SBI and ICICI Bank dominated.
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What are the signs for next
The constantly growing Corona cases can be worrying for the market. Investors will also be watching the fourth quarter results for the next few days. Investors should trade with caution.
Manvendra Chaudhary, with over 5 years of professional experience as CEO of Unique News and Megalent Marketing, shares insights on life, business, and health for your success.
Quick-service restaurant chain Wow! Momo has secured Rs 70 crores from Z3Partners in an extension to their latest funding round following Rs 350 crores from Khazanah Nasional Berhad, the sovereign wealth fund of Malaysia. Wow! Momo operates three brands – Wow! Momo, Wow! China, and Wow! Chicken.
CEO Sagar Daryani expressed gratitude stating, “We have been consistent and resilient…this round of investors have shown in us fortifies our faith and further motivates us to be change-makers.” Launched in 2008, Wow! Momo has 600 outlets in 38 cities and ventured into the FMCG sector along with their QSR vertical.
Managing Partner at Z3Partners, Rishi Maheshwari, praised Wow! Momo saying, “Wow! Momo is a reflection of the vibrant entrepreneurial landscape in the country…building a high-quality food business at scale, fuelled by superior execution expertise.” This funding round totals over Rs 480 crores, with Rs 270 crores via primary infusion and Rs 210 crores through a secondary purchase from early-stage investors.
Wow! Momo’s growth trajectory has been impressive with a strong presence in multiple cities. This latest funding will further solidify its position in the market and support its expansion plans. Sagar Daryani and the team at Wow! Momo are optimistic about the future and grateful for the support shown by investors.
Varanasi, April 17 (IANS) – Six more products from Uttar Pradesh have been granted the Geographical Indication (GI) tag, including the famous ‘Tirangi Barfi’ of Kashi, a tricoloured sweet symbolic of the Quit India Movement. The GI Registry awarded the certification on Tuesday, bringing the total number of GI-tagged products in Uttar Pradesh to 75, making it the state with the most GI products in India.
The newly certified products in Uttar Pradesh also include Banaras Metal Casting Craft, Lakhimpur Kheri Tharu Embroidery, Bareilly Cane and Bamboo Craft, Bareilly Zardozi Craft, and Pilkhuwa Hand Block Print Textile. According to GI expert Padma Shri Rajnikant, “Two renowned products from Varanasi, the Tirangi Barfi and Metal Casting Craft, were granted GI certification on Tuesday.” Rajnikant, the general secretary of the Human Welfare Association, has been instrumental in securing GI tags for 148 producers across 14 states and Union Territories.
Rajnikant highlighted the crucial role played by the National Bank for Agriculture and Rural Development (NABARD) Uttar Pradesh, Lucknow office in supporting these six GI tags. He emphasized that this achievement strengthens Uttar Pradesh’s position as the leading state in GI products. In 2008-09, the state had only one GI product, the ‘Allahabad Surkha Amrood.’ With 75 GI products now, Uttar Pradesh continues to lead in this area.
The GI tags not only recognize the unique identity and qualities of these products but also provide protection against imitation and unauthorized use. These certifications also help in promoting traditional craftsmanship and skills, thereby boosting the local economy and preserving the cultural heritage of the region. Tamil Nadu follows Uttar Pradesh with 58 GI products, reflecting the rich cultural diversity and heritage of various states in India.
In a record-breaking achievement, the Central Board of Direct Taxes (CBDT) has signed 125 Advance Pricing Agreements (APAs) in the financial year 2023-24. This marks a significant increase of 31% from the previous year, totaling to 641 APAs since the inception of the programme.
These agreements were established with the aim of promoting ease of doing business, particularly for multinational corporations engaged in cross-border transactions with their group entities. The CBDT statement highlights the importance of these agreements in providing certainty to taxpayers in transfer pricing.
The increased number of APAs is a result of mutual agreements with India’s treaty partners like Australia, Canada, Denmark, Japan, Singapore, the UK, and the US. This collaboration not only brings certainty to international transactions but also offers protection against double taxation, benefiting taxpayers for up to nine years.
The APA Scheme specifies methods of pricing and determines the arm’s length price of transactions in advance, providing taxpayers with a roadmap for the next five years. The option to rollback APAs for the preceding four years further solidifies tax certainty and ensures a smoother process for businesses operating in India’s dynamic economy.
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