BUSINESS
Market sentiments this week to be driven by global cues
The domestic market witnessed a significant rally at the end of the week, driven by higher-than-expected domestic manufacturing PMI and positive GDP growth data, reflecting a robust economic outlook, he said. Favourable global cues also played a role in this upturn. Notably, there was heavy buying in metal stocks in anticipation of further stimulus measures from the Chinese government.
Will markets continue to rally
BSEMIDCAP gained 2.34 per cent while BSESMALLCAP was up a staggering 3.78 per cent. Markets gained on three of the five trading sessions and lost on one session while they were flat on the 5th session. The only day of loss was on Thursday when August futures expired.
Naresh Goyal sent to ED custody till Sep 11 in money-laundering case
Arrested after hours of interrogation late on Friday night, Goyal is accused of allegedly diverting around Rs 9.50 crore from a public sector bank (Canara Bank) loan to clear off his private loans and commissions. Goyal (74) was produced before a special PMLA court on Saturday afternoon, where the ED said that his daughter Namrata Goyal’s production house also got money from Jet Airways accounts to pay salaries and other commitments.
Top 25 stocks in NSE 500 which gained over 20% in August
As per a research by BOB Economics Research, Tanla Platforms is down 18.5 per cent during the month, Vedanta is down 15.8 per cent, Medplus Health Services is down 15.4 per cent.
Uday Kotak resigns as MD & CEO of Kotak Mahindra Bank
Kotak, whose resignation was considered at the Bank's Board Meeting on Saturday, will continue as a non-executive Director of the Bank.
ED to court: Naresh Goyal diverted bank monies to clear personal loans
Producing Goyal before a special PMLA court here on Saturday, the ED said that his daughter Namrata Goyal’s production house also got money from Jet Airways accounts to pay salaries and other commitments.
US economy added jobs at robust pace last month
The monthly job total came in similar to last month’s job gains; however, the July total was revised down by 30,000 jobs to 157,000. June was revised down significantly as well, from 185,000 to 105,000, CNN reported.
FPIs sold stocks for Rs 20,620 crore in August
Rising bond yields in the US and strong dollar index are negative for capital flows. This is the primary reason why FPIs have been sellers in the cash market, he said.
Amazon e-commerce business acquirer Benitago files for bankruptcy
Founded by Benedict Dohmen and Santiago Nestares in 2016, Benitago connects with self-starting Amazon business owners who are looking to sell their businesses.
Walmart paid $3.5 bn to buy Flipkart shares from Binny Bansal, Tiger Global & others
In a Securities and Exchange Commission (SEC) filing in the US, the company said that during the six months ended July 31, 2023, “the company paid $3.5 billion to acquire shares from certain Flipkart non-controlling interest holders and settle the liability to former non-controlling interest holders of PhonePe”.
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