Business
Stock Market Updates: Sensex, Nifty Lose Early Gains Due to High Volatility; Tata Steel Drops 10%
The Sensex and Nifty opened in the green on Monday, following a volatile week, as SGX Nifty futures faded early gains. The Sensex was up 288.99 points, or 0.53 percent, to 54615.38 at 09:16 IST, while the Nifty was up 77.80 points, or 0.48 percent, to 16344. In terms of the overall market, 1563 shares have advanced, 531 shares have declined, and 98 shares have remained unchanged in the first session.
The top gainers on the Sensex were Maruti, NTPC, M&M, Titan, Nestle, Asian Paints, IndusInd Bank, Ultratech Cement, Kotak Bank, and Dr Reddy’s, which rose up to 4%. Tata Steel, on the other hand, has lost 10% of its value.
Steel stocks are likely to experience a short-term correction as the imposition of export duties on certain steel products is detrimental to the sector, whereas a reduction in customs duties on raw materials and the resulting lower steel prices would benefit sectors like construction, capital goods, and automobiles.
Metal stocks, on the other hand, fell as steel export duties were raised. Tata Steel and JSW Steel both fell 10%, leading the Sensex and Nifty indexes lower.
Markets in general were mixed. The BSE MidCap index increased by 0.16 percent, while the BSE SmallCap index fell by 0.11 percent.
The Nifty Metals index fell more than 6%, while the auto index gained more than 2%. Real estate and consumer durables were also up. While the Nifty IT and financials gained only slightly.
The ‘risk-off, risk-on roller coaster market,’ according to Dr VK Vijayakumar, chief investment strategist at Geojit Financial Services, is set to continue in the near term. Last Friday’s rebound in the S&P 500 from bear market territory could indicate that the market is unlikely to turn long-term bearish. The market will be closely watching macroeconomic data from the United States in the coming days. The government’s aggressive anti-inflation measures, such as lowering excise duties on gasoline and diesel and other initiatives to lower steel prices, will relieve the RBI of some of its inflation-controlling responsibilities. Despite the fact that this is a positive from a market standpoint, the government’s additional borrowing and fiscal deficit exceeding budget estimates are areas of concern.”
Fears of a recession pushed the S&P500 into a bear market briefly on Friday before closing flat. The Dow ended the day unchanged, while the Nasdaq fell 0.3 percent. However, stock futures in the United States gained more than 1% on Monday.
This morning, Asian markets were mixed. On Monday, Asian stocks were hit by persistent concerns about inflation and rising interest rates, as well as fresh selling in technology stocks, which weighed on Chinese markets. After U.S. stocks ended the previous session with negligible gains for the day, MSCI’s broadest index of Asia-Pacific shares outside Japan was flat. This month, the index is down 3.6 percent. The Hang Seng Index fell 0.38 percent, while the mainland’s CSI300 fell 0.37 percent, indicating a negative tone. The Nikkei stock index in Japan was up 0.8%.
Business
Virat Kohli pays tribute to Ratan Tata, Jay Shah ‘deeply saddened’ by veteran industrialist’s demise
Tributes continue to pour in for Ratan Tata, with Virat Kohli and Jay Shah taking to their social media accounts to bid farewell to the industrialist.
Former Indian captain and batting legend Virat Kohli paid a touching tribute to Ratan Tata, the legendary business tycoon, who passed away on Wednesday night. Tata, a Padma Vibhushan recipient, was undergoing treatment in intensive care since Monday but breathed his last in Mumbai, leaving a profound impact on many across the nation.
Kohli expressed his condolences through his Instagram account on Thursday morning, sharing a heartfelt message along with a photo of the late industrialist.
Tata’s contribution to business, society, and philanthropy has been widely acknowledged, and his passing marks the end of an era.
The Board of Control for Cricket in India (BCCI) secretary, Jay Shah, also conveyed his sorrow, stating, “Deeply saddened by the loss of Shri Ratan Tata Ji. His leadership, integrity, and dedication to society set a remarkable standard for legacy. My heartfelt condolences to his loved ones. Rest in peace, Sir.” Shah’s words reflect the collective grief of a nation that has long admired Tata’s contributions to the country.
BCCI’s tribute
Additionally, the BCCI issued a statement about his demise.
“The BCCI expresses its deepest sorrow and joins the nation in mourning the passing of Shri Ratan Tata ji. His invaluable contributions across diverse fields have been instrumental in shaping India’s growth and success story.
His extraordinary legacy, founded on the principles of passion, empathy, visionary leadership, innovation, and excellence, will continue to inspire and guide future generations for years to come,” the statement read.
Ratan Tata, born on December 28, 1937, in Mumbai, embarked on his journey with the Tata Group in 1962 as a young executive. Over the decades, he transformed the group into a global conglomerate. His work was acknowledged with India’s second-highest civilian honour, the Padma Vibhushan, in 2008, and he received numerous accolades, including honorary doctorates from prestigious institutions in India and abroad.
Tata is survived by his family, including brothers and sisters Simone Tata, Jimmy Tata, Noel Tata, Aloo Tata, Shireen Jejeebhoy, Deanne Jejeebhoy, Leah Tata, Maya Tata, Neville Tata, Manasi Tata, Jamset Tata, Tiana Tata, and others, as mentioned in a family statement.
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