Nifty50, Sensex hit another lifetime highs; FMCG, Pharma, auto remain top performers among others

Representational Image. File Pic

The Indian benchmark indices touched a fresh all-time high during during the day's trade on Tuesday, reported PTI.

The Nifty50 closed at 24,417.55, up by 97.00 points or 0.40 per cent. It had earlier reached a new high of 24,443.60 during the day. Meanwhile, the Sensex ended at 80,270.21, marking an increase of 309.83 points or 0.39 per cent after hitting a high of 80,397.17, reported ANI.

Among the sectoral indices at the National Stock Exchange (NSE), the stocks of the banking sector, auto, financial services, FMCG, media, pharma, PSU banks, private banks, realty, healthcare, consumer durables, and mid-small healthcare traded in the green territory during the day's trade. IT stocks and that of oil and gas firms remained in the red.

As per the ANI report, the top gainers during the day's trade at NSE were Maruti, Mahindra and Mahindra, Divis Laboratories, Titan and Hindalco. Meanwhile, Reliance, Tata Communications, Bajaj Finance, ONGC, and Shriram Finance remained the top losers during the trade.

In broader indices, the BSE MidCap and SmallCap indices were up by 0.3 per cent and 0.2 per cent, respectively. Most sectors showed positive movement, with Nifty PSU bank leading with a substantial gain of nearly 2 per cent, followed by auto which rose by 1.15 per cent. However, oil & gas was a notable underperformer, declining by 0.29 per cent.

The Sensex has risen 11.18 per cent since the last year, while the Nifty has climbed 12.38 per cent.

Koo announces to shut down after partnership talks fell through

Homegrown micro-blogging platform Koo on Wednesday announced to discontinue its services to the public after partnership talks fell through.

"We explored partnerships with multiple larger internet companies, conglomerates and media houses but these talks didn't yield the outcome we wanted," Koo founders Aprameya Radhakrishna and Mayank Bidawatka wrote in a LinkedIn post.

"Most of them didn't want to deal with user-generated content and the wild nature of a social media company. A couple of them changed priority almost close to signing," they added.

Koo, which secured more than 60 million dollars in funding from prominent investors like Tiger Global and Accel, faced significant challenges in expanding its user base and generating revenue over the past year.

In February, media firm Dailyhunt was in the advanced stages of talks to acquire Koo, TechCrunch reported.

Further in the post, the founders mentioned that "at our peak, we were about 2.1 million daily active users and around 10 million monthly active users, over 9000 VIPs, that included some of the most eminent personalities from various fields".

"We were just months away from beating Twitter (now X) in India in 2022 and could have doubled down on that short-term goal with capital behind us," they added.

The founders also mentioned that the mood of the market and the funding winter "got the better of us."