Stock market today: Indian stock indices, BSE Sensex and Nifty50 declined approximately 1 per cent intraday on Thursday as major companies like HDFC Bank, TCS and Reliance faced substantial selling pressure.
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India and the US are set to begin negotiations for a bilateral trade agreement aimed at doubling trade to $500 billion by 2030. Commerce Minister Piyush Goyal emphasized the potential for mutual concessions and tariff reductions to facilitate this growth, with negotiations expected to start soon and a strong agreement anticipated within 6-8 months.
Motilal Oswal Financial Services recommends buying Metro Brands with a target price of Rs 1,460 due to strong growth potential. HSBC suggests reducing Tata Chemicals to Rs 820 citing limited benefits and muted demand. Nuvama maintains a reduce stance on Ashoka Buildcon targeting Rs 294. Equirus is bullish on Transport Corp, targeting Rs 1,395.
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The world's top 10 business leaders of 2024 have significantly impacted industries. Elon Musk leads in innovation. Jensen Huang drives AI advancements. Satya Nadella transformed Microsoft. Warren Buffett remains an investment icon. Mukesh Ambani, chairman of Reliance Industries, is the only Indian on Fortune's Global 100 list. He ranks 12th globally.
The sensex fell 1.6% due to weak December quarter results, indicating an economic slowdown. Major sectors ended in the red, with banks and consumer sectors leading declines. Disappointing corporate earnings, global uncertainties, and a weak rupee contributed to investor concerns, while long-term growth optimism remains positive.
In 2023-24, 58% of manufacturing establishments were led by women, a rise from the previous year. Women made up 28.1% of the overall workforce, with significant contributions in OAEs and proprietary businesses. Notably, West Bengal and Maharashtra employ significant numbers of female workers in rural and urban sectors, respectively.
Budget 2025 stock market opening: Indian stock markets will operate a special trading session on Saturday, February 1, 2025, for the Union Budget 2025-26 presentation by Finance Minister Nirmala Sitharaman. Regular market hours will be observed, with a focus on potential fiscal strategy impacts on various sectors.
The rupee hit a lifetime low of 85.84 against the dollar, closing at 85.83, despite RBI intervention. The drop was influenced by a strong dollar, poor capital flows, and weak equity markets. Foreign investors withdrew $1.1 billion in January, and broader economic concerns, including rising US bond yields and HMPV virus fears, added to the pressure.
Russian oil exports to India have dropped 25% in February amid sanctions, while US shipments surged nearly 100%. The overall Middle East exports to India for February might be lower than the initial 20-day average, as loadings typically decrease in the latter half of each month.