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Market Declines as Consumer Stocks Suffer from Disappointing Earnings

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The stock market experienced a downturn on Wednesday, primarily due to declines in consumer stocks amid disappointing earnings reports. At the end of the trading day, the Sensex fell by 0.4%, losing 312 points to finish at 78,271, while the Nifty closed down 0.18%, a drop of 43 points, ending at 23,696.30.

The market’s decline was primarily attributed to poor performance in the consumer sector.

Despite this, broader market indices showed resilience, with the BSE MidCap and SmallCap indices rising by 0.7% and 1.4%, respectively. Throughout the trading session, the Nifty reached a high of 23,807.3 and a low of 23,680.45, while the Sensex fluctuated between 78,735.41 and 78,216.25.

Notable gainers on the Nifty included Oil & Natural Gas Corporation (up 2.97%), Hindalco Industries (up 2.85%), Apollo Hospitals Enterprise (up 2.44%), Bharat Petroleum Corporation (up 2.07%), and Adani Ports & Special Economic Zone (up 1.71%).

Conversely, the biggest losers were Asian Paints (down 3.36%), Titan Company (down 2.97%), Nestle India (down 2.20%), Hindustan Unilever (down 1.93%), and Britannia Industries (down 1.90%).

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The Bank Nifty closed at 50,157.95, having peaked at 50,522.15 during the day and sinking to a low of 50,215.45.

In sector performance, all sectors finished in positive territory except for Nifty FMCG, Realty, Auto, and Consumer Durable indices, which dropped as much as 1.85%. Notably, indices for Nifty PSU Bank, Metal, OMCs, and Media each rose by over 1%.

The Indian rupee weakened against the U.S. dollar, trading at 87.4875 before closing at 87.4650, a decrease of 0.4% for the day.

Among individual stocks, Asian Paints saw its shares fall over 3% following the release of disappointing Q3FY25 results. In contrast, Force Motors shares surged by 6% after revealing robust January sales data for its commercial and utility vehicle segments.

MTNL’s shares jumped nearly 18%, driven by optimistic expectations surrounding its asset monetization plans for FY26. On the other hand, shares of food delivery service Swiggy declined by 4% as it approached the announcement of its quarterly results.

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Angel One’s shares soared more than 6% after the company published a strong January business update, reporting a 48% year-on-year increase in its client base to 3.01 crore. Meanwhile, Titan saw its shares decrease by 3% following its Q3 results, which reflected an impact on net profit and margins due to a reduction in customs duty on gold.

Investor sentiment remained cautious as attention turns to the Reserve Bank of India’s upcoming bi-monthly policy announcement scheduled for February 7.

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Fuel Prices Hiked by Rs.3 per Litre across India

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New Delhi: Petrol and diesel prices have been increased by Rs.3 per litre across the country from today. Oil marketing companies revised the rates due to the rise in global crude oil prices.

After the hike, petrol price in Bengaluru has reached Rs.106.17 per litre, while diesel now costs   Rs.94.10 per litre.

The increase comes amid fluctuations in international crude oil prices and tensions in West Asia, including the Iran conflict. The fall in the value of the Indian rupee against the US dollar has also increased import costs.

The fuel price hike is expected to affect transportation and daily essentials. Transport charges for goods may rise, leading to higher prices of vegetables, fruits, milk, and other items. Bus, auto, and taxi fares may also increase.

READ MORE :Two Final-Year Engineering Students Drown in Bhadra Canal

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Earlier, fuel prices were reduced before the 2024 Lok Sabha elections. In 2022, the Centre had also cut excise duty to control inflation after the Covid pandemic.

 

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Gold Prices Rise in Mangaluru; Demand for Ornaments Remains Strong

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Mangaluru: Gold prices in the coastal city of Mangaluru have been reported at high levels today. The rate for 24 karat gold (99.9% purity) stands at Rs.14,962 per gram. The price for 22 karat gold (91.6% purity) is Rs.13,715 per gram. Meanwhile, 18 karat gold (75% purity) is being sold at Rs.11,222 per gram.

Mangaluru is well known for its deep cultural connection with gold. The city has a long tradition of buying and wearing gold ornaments. This tradition continues strongly even today.

Local jewellers say that demand for gold remains steady despite high prices. Many people still prefer to invest in gold for safety and long-term value. Gold is also an important part of weddings and festivals in the region.

Apart from its love for seafood, Mangaluru is also famous for its gold market. The gold trade in the city has a long history and continues to grow.

READ MORE :Mango Sheera Emerges as a Popular Summer Dessert

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Buyers are advised to check the latest rates before making a purchase. They can also use a gold rate calculator to get exact pricing based on weight and purity.

Experts say that gold prices may change depending on global market trends. Customers should stay updated and make careful decisions while buying gold.

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Pune FDA Seizes 3,800 Kg of Adulterated Mango Pulp in Major Crackdown

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In a major action against food adulteration, the Food and Drug Administration (FDA) in Pune has seized over 3,800 kilograms of mango pulp mixed with unsafe food colours.

The raid was carried out after officials received confidential information about illegal production activities in the district. Acting quickly, an FDA team traced the source to a manufacturing unit in Urse village in Maval taluka.

During the inspection, officers found that the mango pulp was being prepared using unauthorised food colours and other banned substances. These materials are not allowed under food safety rules and can be harmful to consumers.

The unit was reportedly operated by Mohammad Ekramul, also known as Akram Gulam. Authorities said the facility was violating multiple food safety regulations.

Officials immediately seized the adulterated stock and stopped further production at the site. The FDA has also begun investigating the supply chain to identify where the products were being distributed.

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READ MORE:98-Year-Old Nani Turns Entrepreneur, Inspires Millions With Gujarati Snacks

Authorities warned that strict action will be taken against those involved in food adulteration. They also urged the public to stay cautious while buying food products, especially during the mango season.

Further investigation into the case is currently underway.

 

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