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Business News Live: Sensex Drops Almost 60 Points, Nifty In Red. Rupee Hits New Low Of 83.15 Against US Dollar

Business News Live: Sensex Drops Almost 60 Points, Nifty In Red. Rupee Hits New Low Of 83.15 Against US Dollar

Business News Live: Please follow this space for all the breaking news and latest updates from the Stock Market, economy and corporate world.

Government Calls For Public Suggestions on Regulation Guidelines For Dark Patterns On Online Platforms
The government is asking for public comments on draft guidelines made to prevent and regulate dark patterns on online platforms. The guidelines, issued by the Consumer Affairs Ministry, is looking for public suggestions within a timeline of 30 days till October 5, the ministry noted in a statement.

The guidelines define dark patterns as ‘any practices or deceptive design patterns using UI/UX (user interface/user experience) interactions on any platform’ adopted to fool the users or manipulate them in their choices. The government intends to keep a tab on such practices that are harmful or contradictory to consumer interests and has framed these guidelines after discussions with all stakeholders, including law firms, e-commerce firms, and others, reported PTI.

Coal India Registers Major Gains
Coal India is trading with maximum gains, among the Nifty 50 companies, registering an increase over 6 per cent. The stock is trading at Rs 271.9 as of 12:39 PM on Thursday afternoon.

Rupee Dips 2 Paise To Touch Fresh All-Time Low Of 83.15 Against US Dollar
The rupee depreciated 2 paise to reach a new low of 83.15 against the US dollar in early trade on Thursday due to a robust American currency and increased crude oil prices. Forex traders stated that the selling of equities by foreign investors in huge quantities over the last few sessions and subdued market sentiment added to the pressure on the domestic currency. Further, crude oil extended beyond the $90 per barrel limit as oil producing countries decided to take ahead the supply cut till December this year. The US dollar gained strength on safe-haven demand. At the interbank foreign exchange, the domestic unit opened at 83.15 against the dollar, 2 paise lower from its previous close. The unit traded in a narrow range of 83.14 to 83.16 against the greenback.

Sensex And Nifty Trading In Red
The two key equity benchmarks, Sensex and Nifty, on Thursday were trading in red as market opened for the day. At 9.56 am, the BSE Sensex was down almost 60 points to 65,821.06. On the other hand, the NSE Nifty50 was slipped below the 19,600 mark and was trading at 19,592.10. On the 30-share Sensex platform, State Bank of India, Maruti, Larsen & Toubro Ltd., and Axis Bank were among those trading in the green. Tata Consumer Products registered the largest drop in the Nifty 50 index, with the stock losing more than 2 per cent.

Tata Consumer Products, Haldiram’s Refute Stake Purchase Reports
Tata Consumer Products and Haldiram’s stated on Wednesday that that no negotiations surrounding the acquisition of 51 per cent stake in the latter were going on. Tata clarified in a regulatory filing that the company was not in any negotiations to acquire Haldiram’s, as suggested by the reports. This clarification was issued as a response to the NSE and the BSE regarding the claims that Tata is looking to buy 51 per cent share in Haldiram’s.

Haldiram’s also issued a clarification stating, “We categorically deny recent reports of a 51 per cent stake sale and wish to clarify that we are not engaged in any discussions with Tata Consumer Products,” reported PTI.

Business News Live: Hello and welcome to ABP Live’s Business LIVE blog. Please follow this space for all the breaking news and latest updates from the Stock Market, economy, and the corporate world.

Sensex and Nifty, on Wednesday, continued their winning run into the fourth straight session because of late buying in index heavyweights, HDFC Bank, Bharti Airtel, and ITC. The S&P BSE Sensex, which had declined to a low of 65,488, made a sharp recovery in the last 35 minutes of trades. The BSE Sensex finally closed with a gain of 100 points at 65,880. On the other hand, the NSE Nifty50, which swung in a range of 142 points settled at 19,611, up 36 points. The NSE benchmark closed above the 19,600 level after nearly a month. Whether the indices can continue their winning streak for the week remains to be seen.

Global oil benchmark Brent crude declined 0.70 per cent to $89.41 a barrel. Meanwhile, the rupee depreciated by 10 paise and closed for the day at an all-time low of 83.14 (provisional) against the US dollar on Wednesday, weighed down by a surge in crude oil prices and strong American currency. Forex traders said the Indian rupee depreciated on Wednesday as the US dollar rose to the highest levels in six months. Moreover, elevated crude oil prices also weighed on rupee.

Here are some important factors that can impact the market on September 7.

Market Movements
The US markets saw a decline in indices on Wednesday related to concerns about inflation, while investors keenly waited for the Fed’s report on the US economy to understand the path ahead regarding interest rates. Apple saw a major decline across indexes, dipping 2.6 per cent after news came through of China banning central government agencies’ officials from using iPhones and other foreign-branded devices.

Looking ahead, several key macroeconomic indicators will be closely monitored by investors, including Eurozone Q2 GDP growth and the region’s employment data are expected to be released on Thursday. Additionally, China is expected to come out with it’s balance of trade data for August on Thursday. As per analysts, these factors are expected to have a significant impact on the market.

S&P Global released data over the week stating that India’s services sector’s purchasing managers’ index (PMI) fell to 60.1 in August, down from 62.3 in July, while the S&P Global India manufacturing PMI continued to expand in August, reaching a three-month high of 58.6, up from 57.7 in July.

IPOs and Debuts
Jupiter Life Line Hospitals IPO, a mainboard IPO, is scheduled for subscription from Wednesday, September 6, until Friday, September 8. The SME IPO for Kahan Packaging also will receive biddings on it’s second day on September 7. Further, EMS Limited will open it’s public issue for subscription on Friday.



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