Indian equity indices ended with decline in the volatile session on Thursday after Finance Minister Nirmala Sitharaman presented the inline Interim Budget with no big announcements. At close, the Sensex witnessed decline of 106.81 points or 0.15% at 71,645.30, and the Nifty was down 28.20 points or 0.13% at 21,697.50.
Meanwhile, Paytm shares hit 20% lower circuit today after the Reserve Bank of India (RBI) on Wednesday ordered Paytm Payments Bank to stop accepting fresh deposits in its accounts or popular wallets after February 29, 2024. Current market price of Paytm shares on BSE is Rs 608.80 apiece.
Indian stock indices kicked off on a positive note on February 1, with Nifty crossing the 21,750 mark ahead of the Interim Budget. The Sensex witnessed a gain of 63.63 points or 0.09%, reaching 71,815.74, while the Nifty experienced a rise of 24.20 points or 0.11%, reaching 21,749.90. Among the stocks in play, 1763 showed advancement, 664 witnessed a decline, and 89 remained unchanged.
Major gainers on the Nifty included Eicher Motors, BPCL, Tata Motors, M&M, and Maruti Suzuki, whereas the losers featured Wipro, L&T, LTIMindtree, Britannia, and Nestle.
The Nifty 50 witnessed a rollercoaster ride at the beginning of the February F&O series. After a robust start, the index stumbled mid-week, only to regain momentum and close near the 21,750 mark, leaving traders on edge.
All eyes are now on Finance Minister Nirmala Sitharaman as she gears up to present the Union Budget on Thursday. While the market anticipates a Vote on Account or an interim budget, expectations are rife for a clear direction on policy and the road ahead, making it a crucial moment for investors.
The Nifty Bank often considered the weaker sibling to the Nifty, showcased unexpected strength on Wednesday during its options contracts' weekly expiry. Although still 5.5% away from its record high, the index closed within striking distance of the 46,000 mark, offering a glimmer of hope to the bulls.
As the market gears up for Thursday's trading session, here are the stocks in the spotlight:
Paytm: The Reserve Bank of India (RBI) has directed Paytm Payments Bank to halt the onboarding of new customers due to observed deficiencies in technology and customer redressal mechanisms. Paytm faces potential challenges, estimating an impact of Rs 300 crore to Rs 500 crore on its annual EBITDA in the worst-case scenario.
Dixon Technologies: Despite doubling year-on-year revenue, Dixon Technologies' net profit of Rs 97 crore falls short of estimates. The mobile business, contributing two-thirds of the revenue, sees a decline on a sequential basis.
Godrej Consumer Products: Solid operational performance leads to sharp margin expansion for Godrej Consumer Products, with consolidated revenue surpassing expectations. The LatAm currency impact weakens revenue, but domestic organic volume growth and EBITDA margin outperform market estimates.
Shree Cement: In-line sales volumes and lower costs contribute to Shree Cement's better-than-expected EBITDA. The company also announces an interim dividend of Rs 50 per share.
JSPL: Jindal Steel and Power Limited reported a December quarter net profit of Rs 1,928 crore, significantly surpassing estimates. The benefits from captive thermal coal mines in India start materializing, resulting in lower raw material costs and a better EBITDA.
Mankind Pharma: Mankind Pharma sees a robust financial performance with a 25% increase in revenue, a 39% rise in EBITDA, and a 55% surge in net profit. The company maintains a strong net cash balance of Rs 2,756 crore.
Cochin Shipyard: Secures a Rs 500 crore order from a European client for the design and construction of a hybrid service operation vessel (SOV), to be delivered in 2026.
Divgi TorqTransfer Systems: Wins orders worth Rs 212.1 crore from two North American automotive transmission manufacturers over a five-year period, contributing to the expansion of the product portfolio.
Glenmark Pharma: Collaborates with Pfizer to launch Abrocitinib in India, a drug approved for the treatment of Atopic Dermatitis.
Amidst these market dynamics, global cues present a mixed scenario. Asian markets opened with variations, responding to Fed Chair Jerome Powell's announcement of no rate cut in March. The US markets experienced a decline, with the S&P 500 falling the most since September, setting the stage for a potentially muted start for the Indian market as indicated by GIFT Nifty against Nifty Futures Wednesday close.
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Feb 01, 2024, 3:58 pm IST
Market Ends With Minor Cuts Post Budget Announcement
The Indian stock market closed with minor cuts as Nifty 50 and Sensex erased opening gains post the Interim Budget announcement. The market indices witnessed fluctuations throughout the day, with PSU Banks lifting Nifty Bank, while midcap stocks faced a downturn.
Feb 01, 2024, 3:58 pm IST
Aditya Gaggar Director of Progressive Shares
"The interim budget was the much anticipated non-event which was seen through tight market movements as the Index oscillated in a narrow range to settle the day lower at 21,697.45 with a loss of 28.25 points. PSU Banking was the best-performing sector of the day by gaining over 3%; and on the flip side, Media and Metal segments corrected over 1%. A mixed activity was seen in the Auto and Pharma space. Divergence was seen in the Broader markets where Midcaps corrected and moved in tandem with the Benchmark Index while Smallcaps ended in green. A small bearish candle was formed on the daily chart but the undertone remains bullish with the downside protected at 21,630 which is 21DMA support while the immediate resistance is placed at 21,840."
Feb 01, 2024, 3:57 pm IST
Budget Reaction: Murthy Nagarajan, Head-Fixed Income, Tata Asset Management
"The Fiscal deficit of 5.1 and total gross borrowing is Rs 14.13 Lakh crores, the total net borrowing is at Rs 11.75 Lakh crores. The Nominal Growth in expected to be 10.5 % and tax revenue growth is expected to grow by 11.93%, which is a conservative estimate," said Murthy Nagarajan.
The total non-tax revenue has been budgeted at Rs 1.53 Lakh Crores same as last year. The numbers look realistic as the assumption are realistic. The capital expenditure is targeted at Rs 11.11 lower than market expectation of Rs 12 Lakhs. The Finance minister stated they want to get fiscal deficit below 4.5 % in 2025-26. This is anti-inflationary budget in an election year as the fiscal deficit is reduced from 5.8 percent to 5.1 percent.. The finance ministry is clearly aiming for rating upgrade with aggressive fiscal deficit reduction target as we are at investment grade rating. The ten-year yield have come down to 7.05 to 7.08 levels from 7.15 levels. Further drop in yields is expected due to flows from foreign institutional investors and expectation of India’s rating upgrade, added Murthy Nagarajan.
Feb 01, 2024, 3:55 pm IST
Budget Reaction: Dhruv Agarwala, Group CEO, REA India
“We acknowledge the remarkable economic growth that India has experienced over the past decade driven by the 'Sabka Sath, Sabka Vikas' mantra. The government's ambitious vision of achieving a 'Viksit Bharat' by 2047 is truly commendable, emphasizing inclusivity and progress for all," said Dhruv Agarwala.
The soon-to-be-launched housing scheme, aimed at supporting the middle-class in owning their homes, is poised to be a significant boost to the housing sector in a country where an increasing number of people are entering this income category each day. Industry estimates suggest that India's middle-class is set to nearly double to 61% of the total population by 2047, up from 31% in 2020-21, added Dhruv Agarwala.
Feb 01, 2024, 3:54 pm IST
Budget Reaction: CA Aditya Sesh, Founder, Managing Director, Basiz Fund Service Private
“I think of this budget in two dimensions, one being political, which is most important given the election year, and much of the work done has been discussed. It focuses on performance rather than promises. One thing that struck me is that while free electricity has been discussed in some states, here it has been achieved with minimal impact on electricity-generating companies by utilizing solar rooftop resources, essentially providing up to 300 units of electricity to households," said CA Aditya Sesh
Feb 01, 2024, 3:51 pm IST
Imran Kagalwala, Co Founder at UNIX India Inputs on the Consumer Electronics From Union Budget 2024-'25
"As a manufacturing firm, we take note of the Budget's visionary strategy, aiming to drive India towards 'Viksit Bharat' by 2047. The emphasis on modern infrastructure development aligns with our growth objectives, and we appreciate the Budget's targeted support for MSMEs. The dedication to inclusive growth and upliftment of weaker sections is recognized as part of a comprehensive approach to national progress and development." While acknowledging these aspects, we also reflect on areas that could further contribute to the sustained growth of our industry. More pronounced incentives for innovation, R&D, and export-oriented measures would have added valuable dimensions to the Budget. As we move forward post-budget, we remain hopeful for future policy measures to address these aspects and strengthen the foundation for manufacturing excellence in India, added Imran Kagalwala.
Feb 01, 2024, 3:49 pm IST
Mahesh Krishnamoorthy, Managing Director, Core Integra
"The presented budget is indeed an interim one, prompting anticipation for the formal budget scheduled to be unveiled by the new Government in July 2024. It is heartening to observe the strides India has taken over the past decade. The Government's continued commitment, as outlined in the budget, towards fostering ease of doing business, skill development, employment generation, and strengthening the entrepreneurship and startup ecosystem is commendable." In a positive development, the budget overview remains rational and aligned with the ongoing initiatives, even in the backdrop of it being an election year. The forthcoming annual budget later this year will unveil whether the new Government opts to maintain the current interim budget structure or introduces new measures, particularly concerning the implementation of the New Wage Code, added Mahesh Krishnamoorthy.
Feb 01, 2024, 1:40 pm IST
Interim Budget 2024: No Big-bang Announcements for Real Estate Sector
As anticipated, the Interim Budget 2024 made no big-bang announcements, but it continued its focus on infrastructure upgrades and building connectivity across the country. This will benefit real estate growth in not just the top cities but in Tier 2 & 3 cities across the country, According to Anuj Puri, Chairman, of ANAROCK Group.
Feb 01, 2024, 1:32 pm IST
Tube Investment Q3 Results: Net Profit Rises, Shares Fall
The company declared its net profit at Rs 531.1 crore as against Rs 235.3 crore and revenue surged 15.3% at Rs 4053.2 crore as against Rs 3,515.1 crore year-on-year. Meanwhile, shares of Tube Investment declined 0.41% intraday. Current market price of Tube Investment shares on BSE is Rs 3882.75 apiece.
Feb 01, 2024, 1:28 pm IST
Oil Prices Edge Up
Oil prices edged up on Thursday, supported by signals from the U.S. Federal Reserve on a possible start to rate cuts and as China unveiled new support measures for its embattled property market.
Brent crude futures inched up 5 cents to .60 a barrel and U.S. West Texas Intermediate crude futures gained 7 cents to .92 at 0651 GMT, after falling by more than a barrel in the previous session.
Feb 01, 2024, 1:28 pm IST
PM Modi Addresses The Nation Post-Interim Budget 2024
This Budget is for Young Aspirants with R&D for Rs 1 lakh crore schemes. He also points out the loans extended to startups with 21st-century modern infrastructure. Moreover, fiscal deficit to be in control, capital expenditure to Rs. 11,11,111/- crores. The PM notified that Vande Bharat trains are to be modified with new compartments for passengers' easy travel experience. Ayushman Bharat Scheme for poor India, Angan wadi, and Asha workers to benefit from Ayushman Scheme. He mentioned new employment opportunities generated for the young population. Also, solar rooftops for 1 crore houses with free electricity would help the middle-class population with savings of 15K -18K a year. Moreover, many big decisions for farmers, including PM Matsya Sampana Yojana, increased income for farmers.
Feb 01, 2024, 1:16 pm IST
Prithviraj Kothari, Managing Director at RiddiSiddhi Bullions Limited (RSBL)
This interim budget couldn’t gladden the bullion industry participants, as there were no major announcements related to this industry. The wishlist from the bullion industry was very long, like reducing 15% import duties on precious metals, reducing 3% GST, exempting Capital Gain Tax on gold jewelry sales, GST refunds to NRIs, simplifying TCS and TDS rates, etc. All taxes and duties remain in status quo until the next budget.
Feb 01, 2024, 1:15 pm IST
Sachin Kothari, Director at Augmont Gold For All
Bullion Industry stakeholders had a lot of expectations from the government to simplify and reduce the duties structure of the gold trade in this budget and solve the challenges they faced. However, none of these issues and challenges were addressed in this interim budget. Bullion Market participants have forwarded these hopes and expectations for the final budget, which will be announced after the elections this year.
Feb 01, 2024, 1:08 pm IST
Budget 2024: Capex Outlay Rises For 4th Consecutive Year By 11.1% To Rs 11.11 Trillion
During her budget statement today, Finance Minister Nirmala Sitharaman said that capital outlay has been increased to Rs 11.11 trillion. This represents an increase of 11.1% above the Rs 10 trillion that was set aside in the previous financial year to develop projects beginning on April 1. After growing at rates of 24% in FY23 and 40% in FY22, the capex went up by 37% in the current year. Finance Minister Nirmala Sitharaman announced the FY25 budget speech, stating that capital investment outlays are being raised sharply for the fifth consecutive year by 11.1% to Rs 11.11 trillion, or 3.4% of GDP.
Feb 01, 2024, 1:03 pm IST
India Gold Prices Hike Today Amidst Positive Sentiments With Budget Announcements
The yellow metal prices today have increased after stagnancy the previous day, rising by Rs. 170/- to reach Rs. 63,440/-, less than Rs. 1000/- away from crossing an all-time high range of Rs. 64,250/- 24-carat gold, while 22-carat is costing around Rs. 58,150/- per 10 grams respectively. The MCX Gold Futures maturing next Monday are currently trading at Rs. 62,924/-, which is 0.05% or Rs 34/- lower than the previous day. International Gold stays in green at $ 2,042.1/- per ounce, a hike of 0.16% with uncertain 10-year bond movements and plunging US dollar value today.
Feb 01, 2024, 12:41 pm IST
Aditya Birla Capital To Grant Employee Stock Options, The India Cements Limited Appoints New Cost Accountant
Grant of Employee Stock Options (“Options”)/ Performance Stock Units (“PSUs”) under Aditya Birla Capital Limited Employee Stock Option and Performance Stock Unit Scheme 2022 (“ABCL Scheme 2022”). Remuneration and Compensation Committee of the Company at its Meeting held today, i.e., 1 February 2024 has approved the following Grant of Options and PSUs to the eligible employees under ABCL Scheme 2022. Quantum of grant 10,68,855 for Options and 10,35,219 for PSU. The Vesting period of 5 years from the date of vesting with 50% vesting in second year
and 50% vesting in third year for Options, while 100% vesting in third year from the date of grant for PSU. The India Cements Limited Appoints New Cost Auditor Mr. K.Suryanarayanan, Cost Accountant for the financial year 2023-24 in the casual vacancy caused by the death of Mr. S.A.Murali Prasad. Sri.K.Suryanarayanan is a Fellow member of ICMAI with 28 years of experience in Finance, Accounts, Costing, Budgeting, MIS and Taxation.
Feb 01, 2024, 12:32 pm IST
Tax Updates In Interim Budget 2024-2025
FM Nirmala Sitharam Announced No Tax liability up to Rs. 7 lakhs, Professional Eligibility for presumptive tax increased from Rs. 50 lakh to Rs. 75 lakhs. The corporate tax rate decreased from 30% to 22% for existing companies and the Government's complete focus on improving tax-payer services in the country. ITRs are simpler and easier, with average processing times from 93 days to a mere 10 days, refunding faster. The indirect tax regime, GST has reduced the compliance burden on trade and industry-academia as the industry has acknowledged the importance of GST. The Average Monthly Gross GST collection has almost doubled to 1.66 lakh cores this year. States SGST revenue, including compensation in the GST period, has achieved a buoyancy of 1.22 as taxes have brought down prices of most goods and services.
Feb 01, 2024, 10:50 am IST
NTPC Appoints New Operations Director, IOL Undergoes Management Change
Shri Ramesh Babu V. has ceased to be Director (Operations) of NTPC Limited on 31.1.2024 and Shri K. Shanmugha Sundaram, Project Director would hold the additional charge to the post of Director (Operations), NTPC Ltd. for three months. Six Executive Directors, including finance from OIL, have superannuated from the services of the Company on 31st January 2024.
Feb 01, 2024, 10:33 am IST
USD, GBP and Euro Losses Against INR Amidst Optimistic Budget Expectations
Today the US dollar stays below Rs. 83/- levels as investors stay positive about the Indian market performance today amidst the Interim Budget scheduled at 11:00 am IST. Rupee value has gained by 0.1% against USD since USD Futures maturing tomorrow are trading at Rs. 82.98/-. The Pound has lost value against the Rupee and dropped to 105.27/- or 0.08% lower currently, while the Euro stays in red at Rs. 89.74/- or 0.33% lower than the previous session.
Feb 01, 2024, 10:15 am IST
Delhi To Mumbai: LPG Cylinder Prices Hiked By Rs 12-18 In 19 Kg Before Budget; ATF Prices Revised
Shocking news knocked the houses of Indian residents faster than the Interim Budget announcement on February 1. On the very first day of February, when many are awaiting Finance Minister Nirmala Sitharaman to present an interim Budget for FY25 ahead of elections, oil marketing companies have revised their LPG cylinder prices and jet fuel prices.
Feb 01, 2024, 9:54 am IST
Paytm Plunge Wipes Out Rs 585 Crore From MFs And Insurance Companies, Stock Falls 20%
Mutual funds, insurance, and provident funds collectively incurred a loss of approximately Rs 585 crore as shares of One97 Communications Ltd, the entity behind Paytm, witnessed a sharp decline of over 20% in the opening session on February 1. The significant drop followed a regulatory crackdown by the RBI on Paytm's lending business. The stock, listed on the BSE, was trading at Rs 608.80, a considerable drop from its previous closing price of Rs 761. Year-to-date, the stock has seen a decline of around 1%, while it suffered a 27.45% loss in the year 2023.
Feb 01, 2024, 9:23 am IST
Market Opens Flat Ahead Of Budget, Nifty Above 21,750; Sensex At 72,000
Indian stock indices kicked off on a positive note on February 1, with Nifty crossing the 21,750 mark ahead of the Interim Budget. The Sensex witnessed a gain of 63.63 points or 0.09%, reaching 71,815.74, while the Nifty experienced a rise of 24.20 points or 0.11%, reaching 21,749.90. Among the stocks in play, 1763 showed advancement, 664 witnessed a decline, and 89 remained unchanged.
Feb 01, 2024, 9:14 am IST
GST Collections Hit Rs 1.72 Lakh Crore In January, Second-Highest On Record
The Ministry of Finance, in its provisional data released on January 31, revealed that the government's Goods and Services Tax (GST) collections surged to Rs 1.72 lakh crore in January. This figure marks the second-highest monthly collection to date and represents a 4.4% increase from the Rs 1.65 lakh crore recorded in December 2023. The average monthly collection for the fiscal year 2023-24 now stands at Rs 1.67 lakh crore.
Comparing the provisional January 2024 GST collection of Rs 1.72 lakh crore with the collection till 5 pm on January 31, 2023, which was Rs 1.56 lakh crore, there is a notable 10.4% increase. However, when contrasted with the final figure of Rs 1.58 lakh crore for January 2023, the GST collected by 5 pm on the same day in 2024 reflects a 9.3% uptick.
Feb 01, 2024, 9:10 am IST
Rupee Opens Mildly Higher Compared To Previous Close
On Thursday, the Indian rupee commenced trading at 83.01 per dollar, maintaining parity with Wednesday's closing rate of 83.04.
Feb 01, 2024, 9:02 am IST
Dollar Recovers Some Losses Following Federal Reserve Meeting Statement
On Wednesday, the Dollar Index rebounded after the Federal Reserve opted to keep interest rates steady and eliminated a long-standing reference to potential further increases in borrowing costs.
While the latest policy statement from the US central bank did not suggest an imminent rate cut, it clarified that the Federal Open Market Committee "does not expect it will be appropriate to reduce the target range until it has gained greater confidence that inflation is moving sustainably toward 2%," which is the Fed's inflation target.
As a result, the Dollar Index leveled off for the day at 103.39. The Euro experienced a 0.16% decline, settling at .08275. The greenback also recovered some losses against the Yen, closing the day down 0.66% at 146.72 Yen.
Feb 01, 2024, 8:59 am IST
Oil Prices Decline Amidst Economic Concerns In China And Unexpected US Crude Stock Build
On Wednesday, oil prices experienced a downturn influenced by sluggish economic activity in China, a key importer of crude, and an unforeseen increase in U.S. crude inventories. Producers had boosted output following the extreme weather conditions earlier this month.
The Brent crude futures for March, set to expire on Wednesday, concluded with a .16 or approximately 1.4% decrease, settling at .71 per barrel. Meanwhile, the more actively traded April contract settled down .89, or roughly 2.3%, at .55.
U.S. West Texas Intermediate crude futures also saw a decline, settling down .97 or about 2.5%, closing at .85 per barrel. Both benchmarks had experienced a drop of over per barrel earlier in the session.
Feb 01, 2024, 8:52 am IST
Official Statement From Paytm Following RBI's Business Restrictions On Paytm Payments Bank
In response to the RBI's imposition of significant business restrictions on Paytm Payments Bank Limited (PPBL), One 97 Communications (OCL) is swiftly undertaking measures to ensure compliance with the regulatory directives. The company is actively collaborating with the regulator to promptly address their concerns.
Regarding the directive to terminate the nodal account of OCL and Paytm Payments Services Limited (PPSL) by February 29, 2024, both OCL and PPSL are in the process of transferring the nodal account to alternative banks within this timeframe.
OCL is actively seeking partnerships with various other banks to provide a diverse range of payment products to its customers. It is important to note that OCL's other financial services, such as loan distribution, insurance distribution, and equity broking, are distinct from Paytm Payments Bank Limited and are expected to remain unaffected by this directive.
While the company anticipates a potential worst-case impact of Rs 300 to 500 crores on its annual EBITDA going forward, it remains committed to enhancing profitability and continuing on its trajectory of improvement.
To provide further insights and address queries related to these developments, the company has scheduled a conference call on Thursday, February 1, 2024, from 3:30 pm (IST) to 4:15 pm (IST).
Feb 01, 2024, 8:48 am IST
RBI Enforces Significant Business Restrictions On Paytm Payments Bank
As of January 31, the Reserve Bank of India (RBI) has implemented substantial business restrictions on Paytm Payments Bank. These restrictions encompass the cessation of accepting new deposits and conducting credit transactions effective from February 29.
Earlier, on March 11, the RBI had already prohibited Paytm Payments Bank from onboarding new customers. The central bank's decision was influenced by a Comprehensive System Audit report and subsequent compliance validation report from external auditors, uncovering persistent non-compliances and ongoing material supervisory concerns within the bank, necessitating additional supervisory measures.
According to the RBI, after February 29, 2024, no further deposits, credit transactions, or top-ups will be permitted in customer accounts, prepaid instruments, wallets, FASTags, NCMC cards, etc. Exceptions to this rule include interest, cashbacks, or refunds that may be credited at any time.
Feb 01, 2024, 8:45 am IST
India's Core Sector Expansion Hits a 14-Month Low at 3.8% in December
As of January 31, data released by the Ministry of Commerce and Industry indicates that India's eight core sectors recorded a growth of 3.8% in December. This growth rate, observed in key infrastructure industries such as coal, crude oil, steel, cement, electricity, fertilisers, refinery products, and natural gas, marks the lowest in 14 months.
Comparatively, the core sector growth for November 2023 had previously been reported at 7.8%, but the commerce ministry revised this figure slightly upward to 7.9%. In December 2022, the output of the eight core sectors had experienced a more robust growth of 8.3%.
Examining the cumulative performance from April to December, the output of India's eight core industries registered an 8.1% year-on-year increase, mirroring the growth in the first nine months of 2022-23.
Feb 01, 2024, 8:37 am IST
US Federal Reserve Holds Rates Steady In Line With Expectations
Following the anticipated trajectory, the Federal Open Market Committee (FOMC) of the US Federal Reserve opted to keep the target range for the federal funds rate unchanged at 5.25 to 5.5%. This marks the fourth consecutive meeting in which the Fed has maintained stability in interest rates.
"The Committee aims to achieve maximum employment and sustain inflation at a rate of 2% over the longer term. Assessing the risks to its employment and inflation objectives, the Committee observes an improving balance. Despite economic uncertainties, the Committee remains vigilant regarding inflation risks," stated the Fed in its announcement.
Acknowledging a decrease in inflation from previous highs, the Fed noted that inflation still remains elevated. The central bank emphasized that it would refrain from adjusting the target range unless there are clear indications of sustained movement towards the 2%inflation target.
Feb 01, 2024, 8:19 am IST
US Market Ended With Deep Cuts After Fed Held Rates Unchanged, Ruled Out March Rate Cut
Wall Street concluded the final trading day of January on a downward trajectory as U.S. stocks took a hit following the Federal Reserve's decision to maintain steady interest rates and dismiss expectations for an imminent rate cut in March. The three major U.S. stock indexes, already grappling with weakness in the tech sector and tech-related megacap stocks due to disappointing Alphabet results, extended their losses after the Fed's announcement and Chair Jerome Powell's subsequent press conference. Notably, the S&P 500 experienced its most significant daily decline since September 21.
Despite these losses, all three indexes still managed to secure gains for the month. As anticipated, the Federal Open Markets Committee (FOMC) opted to keep its key policy rate unaltered at 5.25%-5.50%, citing a backdrop of gradually cooling inflation and a resilient economy.
In terms of specific numbers, the Dow Jones Industrial Average saw a decline of 317.01 points, or 0.82%, settling at 38,150.30. The S&P 500 experienced a loss of 79.32 points, or 1.61%, closing at 4,845.65, while the Nasdaq Composite recorded a drop of 345.88 points, or 2.23%, concluding at 15,164.01.
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Story first published: Thursday, February 1, 2024, 7:57 [IST]
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