- Apple bets big on India: iPhone 14 models now being manufactured locally
- Weakening rupee to make import of crude oil, commodities expensive, fuel inflation
- S Jaishankar at UNGA: India on side of those respecting UN Charter and its founding principles
- BPCL signs pact with Brazil's Petrobras to diversify crude oil sourcing
Sensex, Nifty to remain closed today for Maharashtra Day
The major bourses NSE and BSE will remain closed today due to Maharashtra Day. The market is closed for the second time in three days. Earlier on Monday, both Sensex and Nifty remained closed due to Lok Sabha elections.
The major bourses NSE and BSE will remain closed today due to Maharashtra Day. The market is closed for the second time in three days. Earlier on Monday, both Sensex and Nifty remained closed due to Lok Sabha elections. Amid major national and international factors like oil prices and volatile rupees, Indian stock investors remained cautious on Tuesday. BSE Sensex and Nifty closed flat. BSE Sensex ended 35 points lower, while NSE Nifty closed 6 points lower. The broader markets witnessed sharp sell-offs on Tuesday, amid investor aversion to financial stocks. YES Bank shares took a massive beating after it reported a loss of Rs 1,507 crore for the quarter ended March 31, 2019.
YES Bank, Indiabulls Housing Finance, IndusInd Bank, Hero Motocorp, and Infratel were the Nifty losers. YES Bank share fell 29.2 percent, Indiabulls was down 6.40 percent, IndusInd Bank was down 5.8 percent, Hero Motocorp fell 3.8 percent, while Infratel saw a 3.79 percent beating on the NSE.
Most banking stocks ended with losses. PNB Housing declined 8.8 percent and DHFL slipped over 5.6 percent. After Supreme Court set aside its merger with National Spot Exchange, 63 Moons Technologies shares hit 10 percent upper limit. JSW Steel, ZEEL, IOC, HCL Tech, and TATA Steel shares headed north. A lot of selling pressure was witnessed in the market.
The retreat in oil prices kept from falling further. Brent crude was at $72.7 per barrel on Tuesday, which is $2 down from last week’s high of $74.7. Indian rupee ended higher at 69.56 against the US dollar on Tuesday. Lower oil prices and stronger rupee the two factors that the investors were tracking.
Asian markets were mostly lower on Tuesday, on weak Chinese manufacturing activity. Ahead of the US Central bank’s Federal Open Market Committee’s (FOMC) policy decision on May 1, investors remained cautious.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.