Stock Market: Slowdown in the Indian market for the second consecutive day, Sensex at 66400, Nifty at 19659.85
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stock market: Today again in the second trading day of the week, lethargy is being seen in the Indian market. Major stock indices Sensex and Nifty are trading in a narrow range on Tuesday morning. Investors are waiting for the US Federal Reserve’s decision on the interest rate and the quarterly results of the companies. Withdrawal of foreign funds and rising crude oil prices have also affected investor sentiment. During this period, the 30-share BSE Sensex was up 13.76 points or 0.02 per cent at 66,398.54. The broader NSE Nifty rose 4.40 points, or 0.02 per cent, to 19,676.75. Whereas, NIFTY-50 Was trading at 19659.85 at 11.45 am. This week, the market will be watching the quarterly results of many major companies including Tata Motors, Bajaj Auto, Axis Bank, Cipla, Dr. Reddy’s, Bajaj Finance, Tech Mahindra. Sensex stocks gained in UltraTech Cement, Tata Motors, JSW Steel and M&M. On the other hand, ITC, Tech Mahindra, Asian Paints and Infosys were trading with losses.
Rupee rises 14 paise to 81.67 against US dollar
The rupee appreciated by 14 paise to 81.67 against the dollar in early trade on Tuesday amid weakness in the American currency in the overseas market. Forex traders, however, said a rise in crude oil prices limited the local currency’s gains. The rupee opened at 81.74 at the Interbank Foreign Exchange market, and then recovered to 81.67, showing a gain of 14 paise over its previous closing price. The rupee had closed at 81.81 against the dollar on Monday. Meanwhile, the dollar index, which shows the position of the US dollar against a basket of six major currencies, fell 0.09 percent to 101.25. Global oil benchmark Brent crude futures were up 0.18 per cent at US $ 82.89 per barrel. According to stock market data, foreign institutional investors (FIIs) sold shares worth a net Rs 82.96 crore on Monday.
The market is eyeing the results of Tata Motors and Bajaj
Today the results of the first quarter of the country’s two largest companies Tata Motors and Bajaj are going to be released today. Along with this, Larsen & Toubro can also release its results today. Apart from this, the results of Axis Bank, Bajaj Finance, Dr Reddy’s Laboratories, HDFC Asset Management Company, Cipla, Shree Cement, Tata Consumer Products, Tech Mahindra, ACC, Bajaj Finserv, Nestle India and NTPC are also likely to come this week. Earlier on Monday, the BSE Sensex closed 299.48 points or 0.45 per cent lower at 66,384.78, while the NSE Nifty fell 72.65 points or 0.37 per cent to close at 19,672.35. Meanwhile, the global oil standard Brent crude was up 0.13 percent at US $ 82.85 per barrel.
TVS Credit Services net profit up 40.9 percent in Q1
Non-Banking Financial Company (NBFC)NBFC) TVS Credit Services Limited said on Tuesday that its net profit in the first quarter of the financial year 2023-24 increased by 40.9 percent to Rs 117 crore. TVS Credit Services had reported a net profit of Rs 83 crore during the corresponding quarter of the previous year. The company’s total income rose to Rs 1,353 crore from Rs 868 crore on a year-on-year basis in the quarter under review. Assets under management increased to Rs 21,924 crore during this period.
Tata Steel’s profit fell by 93 percent
Tata Steel (Tata steel) has released the results of the first quarter of the year. The net profit of the company fell by almost 93 percent to Rs 525 crore. The company had earned Rs 7,714 crore in the April-June quarter last year. Whereas, in January-March 2023, the company’s net profit was Rs 1,566 crore. Compared to the previous quarter, the company’s operating revenue has also fallen by about 6.2 percent. It has been around Rs 59,489 crore, while it was Rs 63,430 crore in the previous quarter.
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