The Nifty and Sensex are down, while Jio Financial Services is up 2% following the BlackRock JV.

Photo-PTI

In line with global market trends, Indian equity markets witnessed a downward trend on Tuesday, April 16. The BSE Sensex opened with a decline of 507.64 points or 0.69 percent at 72,892.10, while the Nifty started 147.27 points or 0.66 percent lower at 22,125.30. By the end of the trading day, both benchmarks closed in the red territory. The Sensex concluded the session 456.10 points lower, down by 0.62 percent, at 72,943.68, while the Nifty 50 ended 124.60 points down, a decrease of 0.56 percent, at 22,147.90.

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Meanwhile, throughout the day, various developments unfolded in the stock market. Zomato, a prominent player in the food delivery industry, announced the introduction of India's first large order fleet to cater to gatherings of up to 50 people for events like parties. The company's CEO, Deepinder Goyal, shared the news on X, formerly Twitter, emphasizing the use of an all-electric fleet for delivering large orders. Additionally, gold futures rose to Rs 72,418 per 10 grams in futures trade, supported by fresh positions created by speculators due to firm spot demand. Moreover, the Reserve Bank of India (RBI) was reported to be selling dollars via state-run banks to curb the rupee's losses caused by a selloff in Asian equities and currencies.

Furthermore, e-commerce platform Flipkart announced its annual summer sale, scheduled from April 17 to April 23, offering deals on cooling home appliances such as air conditioners, refrigerators, air coolers, and fans. In another significant development, Jio Financial Services witnessed a rise in its shares after entering into a joint venture with BlackRock to establish a wealth management and broking business in India. The venture aims to transform India's asset management industry through a digital-first offering. Additionally, the Indian Rupee opened at a record low of 83.51 against the US dollar, indicating market sentiments influenced by global cues. Overall, the day witnessed a mix of market movements, announcements, and economic indicators shaping investor sentiment and market dynamics.

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