Stock market closes in red; Sensex fell 220 points, Nifty below 22,900

Indian benchmark indices closed on Tuesday after a volatile session with Nifty falling below 22,900. Sensex fell 220.05 points or 0.29 percent to 75,170.45 while Nifty fell 44.30 points or 0 .19 percent, to 22,888.20. During the trading session, approximately 1,079 shares changed, 2,272 shares fell and 83 shares remained unchanged.

London-based consumer technology brand Nothing has announced the appointment of Vishal Bhola as the CEO of Nothing India. Boasting a career spanning over 28 years in global business leadership, Bhola brings extensive experience with renowned multinational corporations such as Unilever and Whirlpool.

NMDC, a government-owned entity, on Tuesday announced a hike in lump sum ore prices by Rs 250 per tonne and fines by Rs 350 per tonne. As per the disclosures, the company has revised the lump sum ore rates to Rs 6,450 per tonne and fines to Rs 5,610 per tonne. The lump ore, characterized by a high iron content of 65.5% Fe, contrasts with the fines, which are of poorer quality with a Fe content of 64% and less.

A significant number of employers in India actively promote gender diversity and parity through progressive policies, upskilling initiatives and flexible work options. ManpowerGroup India has also revised its hiring strategies to make hiring women mandatory at all levels and across sectors, according to a report.

The survey shows that 54 percent of Indian employers are optimistic about their companies’ diversity, equality, inclusion and belonging (DEIB) initiatives, believing they are on track to increase women’s participation at various levels – well above the global average of 46 percent .

Motilal Oswal has recently launched a revamped website, designed to provide investors with a robust platform for comprehensive stock market analysis. The website has various advanced features designed to provide investors with key information. In addition to providing real-time market data, the website also provides expert strategies and recommendations for trading derivatives, currencies and commodities.

The Indian government on Monday issued changes to waste and standard output norms for exports of gold and silver jewelry. The Directorate General of Foreign Trade in an official notification said that the net content of exported products will not include the weight of gold or silver fittings and parts if they have been imported and used in the products.

The rupee strengthened by 3 paise to 83.10 against the US dollar on Tuesday amid positive sentiment in domestic markets and weakening US dollar in the global market. At the last Monday’s session, the domestic currency closed at 83.13 against the dollar.

The stock market opened on a positive note on Tuesday as the S&P BSE Sensex crossed the 75,500 mark in the morning and touched 75,541.05 at 9:30 am, climbing over 150 points. At the market opening, the NSE Nifty50 index approached 23,000. and amounted to 22,975.90, gaining nearly 50 points at the same time.

State-owned iron ore mining company NMDC reported a 38 per cent decline in consolidated net profit at Rs 1,415.62 crore for the January-March quarter of fiscal 2023-24 (FY24). The company said its profit was Rs 2,276.94 crore in the corresponding quarter a year ago. The company explains this decline by an increase in costs.