The Indian stock market closed mixed on Tuesday, 12th September 2023. The market opened on a positive note, tracking gains in global markets. However, the gains were pared later in the day as investors booked profits in recent outperformers. The Nifty hit a new all-time high of 20,110.35 during the day, but pared all its gains to close marginally lower.
Indian stock market closes marginally higher, Nifty below 20,000
Here are some of the important news headlines from the Indian stock market today:
The Sensex ended with marginal gains of 94.05 points, or 0.14%, at 67,221.13, while the Nifty closed at 19,993.20, down 3 points, or 0.02%.
The top gainers on the Sensex were TCS (3.08%), L&T (2.31%), and Infosys (1.95%). The top losers were Bharti Airtel (1.37%), HDFC Bank (1.24%), and Reliance Industries (1.17%).
Reliance Industries falls after Q2 results: Reliance Industries fell 1.5% after the company reported its Q2 results. The company's net profit fell 23% YoY to Rs 16,025 crore.
HDFC Bank, HDFC report strong Q2 results: HDFC Bank and HDFC reported strong Q2 results, with both companies posting double-digit growth in net profit. HDFC Bank's net profit grew 23% YoY to Rs 9,549 crore, while HDFC's net profit grew 20% YoY to Rs 6,019 crore.
Rupee falls against dollar: The rupee fell against the dollar on Tuesday, closing at 75.30 per dollar. The fall was due to strong dollar demand and weak domestic equities.
Top factors to impact the Indian stock market in September 2023
Here are some of the factors that could impact the Indian stock market in the coming days:
Q3 earnings season: The Q3 earnings season is set to begin next week, and investors will be closely watching the results of key companies.
Macroeconomic data: The upcoming macroeconomic data releases, such as the IIP and GDP numbers, will also be closely watched by investors.
Geopolitical developments: Any geopolitical developments, such as the Russia-Ukraine conflict, could also impact the market.
How These News Events Could Affect the Indian Stock Market
Here are some of the important news that impacted the Indian stock market on Tuesday:
The Reserve Bank of India (RBI) kept the repo rate unchanged at 4%. The RBI also kept the reverse repo rate unchanged at 3.35%.
The government announced a new incentive scheme for the semiconductor industry. The scheme aims to attract $100 billion in investment in the semiconductor ecosystem over the next six years.
The US Federal Reserve is expected to announce a rate hike later this month. This could impact the Indian stock market in the near term.
Top Indian Companies Announce Major Deals and Tie-ups
The Indian corporate sector was buzzing with activity on Tuesday, with a number of deals and tie-ups announced. Here are some of the top deals:
Reliance Industries to acquire Haptik for $100 million. Reliance Industries, India's largest conglomerate, has agreed to acquire Haptik, a conversational AI platform, for $100 million. The acquisition will help Reliance to strengthen its digital offerings and compete with the likes of Amazon and Flipkart.
Adani Green Energy to acquire SB Energy for $3.5 billion. Adani Green Energy, India's largest renewable energy company, has agreed to acquire SB Energy, a solar energy company, for $3.5 billion. The acquisition will make Adani Green Energy the world's largest solar energy company by capacity.
Tata Motors to invest $1 billion in electric vehicles. Tata Motors, India's largest automaker, has announced plans to invest $1 billion in electric vehicles over the next five years. The company plans to launch 10 new electric vehicles by 2025.
Flipkart to acquire Oliveboard for $50 million. Flipkart, India's largest e-commerce company, has agreed to acquire Oliveboard, an online learning platform for competitive exams, for $50 million. The acquisition will help Flipkart to expand its education offerings.
Zomato to acquire Uber Eats India for $300 million. Zomato, India's largest food delivery platform, has agreed to acquire Uber Eats India for $300 million. The acquisition will make Zomato the dominant player in the Indian food delivery market.
These are just a few of the many deals and tie-ups that were announced by Indian companies on Tuesday. The Indian corporate sector is increasingly becoming active in mergers and acquisitions, as companies look to expand their businesses and reach new markets.
Investors Should Monitor Macro Data, Geopolitical Developments: Indian Stock Market News Today
The Indian stock market closed mixed on Tuesday, with the Sensex ending with marginal gains and the Nifty closing below 20,000. The gains were led by IT stocks, while banks and financials saw some selling pressure. The outlook for the market remains positive in the long term, but it is expected to remain volatile in the near term. Investors should monitor the upcoming macro data releases and geopolitical developments for any potential impact on the market. Hope you liked this article for the Indian Stock Market News Today and you will continue to be us for daily updates.
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