Business News Live: Weakness seen in Indian market in pre-opening, pressure seen in Sensex and Nifty
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Weakness seen in Indian market in pre-opening, pressure seen in Sensex and Nifty
The Indian market has made a weak start amid negative global signals. BSE Sensex was trading at the level of 66,694.01 with a fall of 106.83 points. Whereas, Nifty was at the level of 19835.15 with a fall of 66.25 points.
Meta expands WhatsApp payment service in India, new ‘tool’ will make shopping easier
WhatsApp announced the expansion of its payments service in India. This will make it easier for people transacting with merchants to make payments. They will also be able to make purchases directly in the chat using credit and debit cards with the option of UPI app including various digital payment options. Mark Zuckerberg, founder and CEO of Meta, said that India is leading the world in terms of adoption of ‘messaging’ by people and businesses. WhatsApp said that it is working with partners like Razorpay and PayU to make payments easier. Zuckerberg has said that the acceptance of ‘messaging’ as a better way of working between people and businesses is increasing and India is a leader in this matter in the world. The social media giant has unveiled many new ‘tools’ here. This will help in expanding the business using WhatsApp.
Long term policy needed for ethanol price to encourage investment
Indian Sugar Mills Association (ISMA) said that the government should bring a long-term policy and formula for ethanol pricing. This will encourage sugar mills to expand their capacity by about 400 crore litres. This capacity expansion will require an estimated investment of Rs 17,500 crore. Briefing reporters about the demand-supply scenario of sugar for the marketing year 2023-24 starting next month, ISMA President Aditya Jhunjhunwala also demanded that the minimum sale of sugar be reduced in view of the rise in production costs. The price should be increased to Rs 38 per kg which is currently Rs 31 per kg. He said ISMA will release fresh estimates of sugar production for marketing year 2023-24 (October-September) during November after analyzing satellite images of sugarcane area in major producing states. Only then will it be able to assess whether there is any surplus quantity of sugar left for export after meeting the domestic demand for sugar and ethanol.
Indications are coming from the global market, today the stock market may again have a weak start.
The Indian stock market may again have a bad start today amid weak signals from the global market. There is a softening in the markets of Asia since morning. Gift Nifty is also trading with a slip of 100 points. At the same time, due to the strict commentary of the US Federal Reserve, weak signals are being received from the global markets. S&P 500 index and Nasdaq slipped by more than one and a half percent yesterday. Earlier on Wednesday, a huge decline was seen in the Indian market. The Sensex based on 30 shares closed at 66,800.84 points with a fall of 796 points or 1.18 percent. At one time during trading it had fallen to 868.7 points.
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