Share Market Highlights: Sensex ends flat with negative bias at 58817, Nifty edges 10 pts higher to settle at 17534

Share Market News Today | Sensex, Nifty, Share Prices Highlights: Sensex and Nifty closed in opposite direction with marginal gains and losses Wednesday.

Share Market Highlights: Sensex ends flat with negative bias at 58817, Nifty edges 10 pts higher to settle at 17534
India VIX inched higher. (Image: PTI)

Share Market News Today | Sensex, Nifty, Share Prices Highlights: Indian benchmark indices closed flat but in opposite directions on Wednesday. S&P BSE Sensex ended the day 35.78 points or 0.06% lower at 58,817 points while the NSE Nifty 50 index closed 9.65 points or 0.06% in the green to settle at 17,534. Bank Nifty ended 0.14% higher while the Index VIX edged up 1.5% to close at 19.59. Tata Steel was the top gaining stock, up 1.82%, followed by ICICI Bank, and Bharti Airtel. In the red was Bajaj Finance, down 2.66%, accompanied by NTPC, and HCL Technologies.

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Share Market Today | Sensex, Nifty, BSE, NSE, Share Prices, Stock Market News Live Updates 10 August Wednesday

15:58 (IST) 10 Aug 2022
HDFC – HDFC Bank merger may result in Rs 48000 crore fund flows, see 14% of index weight re-adjusted

Merger of HDFC Bank with Housing Development Finance Corporation (HDFC) could turn out to be a major event for the benchmark NSE Nifty 50 index, which currently consists of both the stocks. According to analysts at ICICI Securities, the proposed merger, once in place, will likely result in an unprecedented ~14% of the Nifty 50 weight getting readjusted. This would likely result in close to Rs 48,000 crore worth of buying and selling based on July 2022 prices, analysts said. HDFC and HDFC Bank have secured a few approvals for their merger, which was announced in April this year, including that of the Reserve Bank of India (RBI) and the stock exchanges.

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15:35 (IST) 10 Aug 2022
US CPI inflation during July likely to remain high

Investors were in a cautious mode in anticipation of the release of US inflation statistics, which will set the tone for the next FED policy meeting. The US CPI inflation during July is projected to remain high, in line with June inflation levels. This, along with strong job data, will compel the FED to keep taking a tough approach to rein in high inflation levels. Vinod Nair, Head of Research at Geojit Financial Services

15:34 (IST) 10 Aug 2022
Avalon Tech files IPO papers with SEBI, plans to raise Rs 1,025 crore through public issue

Avalon Technologies has filed a draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) to raise around Rs 1,025 crore through an initial public offering. The IPO will consist of a fresh issue of Rs 400 crore and an offer-for-sale (OFS) of up to Rs 625 crore by its existing shareholders and promoters. The OFS will comprise up to Rs 130 crore by Kunhamed Bicha, Rs 210 crore by Bhaskar Srinivasan, Rs 34 crore by TP Imbichammad, Rs 12 crore by Mariyam Bicha, and up to Rs 79.51 crore each by Anand Kumar, Sareday Seshu Kumar and Luquman Veedu Ediyanam, according to the DRHP. Read full story

15:33 (IST) 10 Aug 2022

Sensex ended the day 35.78 points or 0.06% lower at 58,817 points while the NSE Nifty 50 index closed 9.65 points or 0.06% in the green to settle at 17,534.

15:33 (IST) 10 Aug 2022
NPAs in MSME sector increased by 12.5% in Q4 FY22 from year-ago period: Report

The non-performing assets (NPAs) in the micro, small and medium enterprise (MSME) sector have jumped 12.59 per cent in the fourth quarter of the financial year 2021-22 to Rs 2.95 lakh crore from Rs 2.62 lakh crore during Q4 FY21, a report by SIDBI and credit bureau TransUnion CIBIL showed, indicating the Covid impact. The overall MSME NPA rate as on March’22 stood at 12.8 per cent in comparison to 12.5 per cent for March’21 and 12.6 per cent for March’20. Read full story

14:18 (IST) 10 Aug 2022
Angel One client base expands to 10.75 million

Angel One (formerly known as Angel Broking) saw its client base grow to 10.75 million, an 88.3% YoY growth, with the gross client acquisition of 0.34 million during July 2022. Continuing its robust growth, Angel One recorded processing 66.60 million orders, a 39.3% YoY growth. The company also recorded growth in its Average Daily Turnover, as it surged by 93.2% YoY to Rs 10.31 trillion.

13:50 (IST) 10 Aug 2022
IPCA Laboratories Q1 net profit rises

IPCA Laboratories has posted consolidated net profit at Rs 143 crore versus Rs 306 crore and revenue was up 1.3% at Rs 1,585.7 crore versus Rs 1,565.8 crore, YoY

13:49 (IST) 10 Aug 2022
Zomato’s weightage in FTSE indices to rise to 24.9%

The global index provider FTSE has announced that the investability weight for Zomato will be increased from 17.12 per cent to 24.9 per cent in the FTSE All-World Index with effect from August 11. The move will result in the buying of around 20 million Zomato shares by funds tracking FTSE indices.

13:46 (IST) 10 Aug 2022
Syrma SGS Tech Rs 840 crore IPO opens 12 August: Grey market premium up; should you subscribe?

Syrma SGS Technology’s Rs 840-crore IPO will open for subscription on 12 August, Friday. This electronic manufacturing services firm’s IPO ends two-and-a-half months of the gap in the initial public offering (IPO) market. The company has fixed a price band at Rs 209-220 per share. The public issue will close for subscription on 18 August. Investors who wish to subscribe can bid for a lot size of 68 shares or in multiples thereafter. In the grey market, Syrma SGS Technology shares were seen trading at 7 per cent or Rs 15 premium at Rs 235, against the IPO price at upper band. Read full story

13:33 (IST) 10 Aug 2022
Buy Tech Mahindra, HDFC Life, Sun Pharma stocks, charts show near-term gains; Nifty support at 17350

The stock market benchmarks BSE Sensex and NSE Nifty 50 successfully surpassed the short-term resistance at 17500/58700, which is largely positive. Bullish candle and intraday breakout formation on the daily charts indicate a further trend from the current levels. Now 17350/58250 would be the key support level for the following traders. Above 17550, breakout formation is likely to continue up to 17650-17700-17800/59000-59300-59600. On the other hand, indices may slip below 17350/58250 to 17300-17200/58100-57800. For the Nifty Bank and Nifty IT index, the crucial hurdles will be 38370 and 38100 respectively. Above these levels, the market would turn healthy.

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13:19 (IST) 10 Aug 2022
Benchmark indices trading flat in red

Benchmark indices were trading lower with Nifty around 17500. The Sensex was down 92.59 points or 0.16% at 58760.48, and the Nifty was down 20.60 points or 0.12% at 17504.50.

13:01 (IST) 10 Aug 2022
Cathie Wood says US economy in recession but don’t worry, good times are coming

Cathie Wood has weighed in on the debate on whether the United States economy is in a recession or not and her verdict backs the recession claim. In an interview with Bloomberg TV, the fund manager said that she and her team at ARK Invest believe that the US has entered a recession. “We believe we are in a recession. Two consecutive quarters of real GDP decline is the beginning of that definition,” Cathie Wood said. Although Wood has painted a grim picture, she added that the US economy could also be turning the page and heading out of a recession as soon as next year. 

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12:54 (IST) 10 Aug 2022
Whirlpool of India Q1 profit up 232%

Whirlpool of India registered a 232% on-year increase in consolidated profit at Rs 84.6 crore for the June FY23 quarter partly supported by low base. The Q1FY22 profit was affected by second Covid wave.  Revenue grew by 55% to Rs 2,081 crore compared to same period last year. Whirlpool of India was quoting at Rs 1,815.60, up Rs 14.60, or 0.81 percent on the BSE.

12:53 (IST) 10 Aug 2022
Delhivery share price tanks 9% after losses widen sharply in Q1; should you buy, hold or sell?

Delhivery share price tanked over 9 per cent on Wednesday after the company reported a net loss of Rs 399 crore for the quarter ended June 2022 as against a net loss of Rs 129.6 crore a year back. At the same time, the company’s revenues grew 32.5 per cent on-year to Rs 1,745.7 crore. Delhivery shares debuted on stock exchanges earlier this year on May 24 at Rs 493 apiece. The stock fell 9 per cent to hit an intraday low of Rs 583 on NSE today. The logistics company stock is currency trading 11 per cent up from its listing price. 

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12:52 (IST) 10 Aug 2022
India VIX rises

India VIX climbs over 2%

12:33 (IST) 10 Aug 2022
Mahindra, Adani Enterprises among 103 BSE stocks to hit 52-week high; Birla Tyres, Future group stocks at lows

BSE Sensex and NSE Nifty 50 were trading volatile in a choppy trade on Wednesday, a day before weekly F&O expiry day. The 30-share index was ruling 70 points down at 58,783, while NSE Nifty 50 was down 8 points at 17,516. So far in the day, Sensex rose to a day’s high of 58,984.32, and low of 58,583.36. Nifty hit a day’s high of 17,566.10, and a low of 17,442.80. On S&P BSE Sensex, Mahindra & Mahindra (M&M) touched a new high of Rs 1,280 apiece, crossing the previous high of Rs 1,279.85 apiece hit earlier this week. While no stock touched a fresh 52-week low on S&P BSE Sensex. Read full story

12:25 (IST) 10 Aug 2022
Coal India at 52-week high

Coal India hits 52-week high ahead of Q1 results

12:24 (IST) 10 Aug 2022
Coal India at 52-week high

Coal India hits 52-week high ahead of Q1 results

12:23 (IST) 10 Aug 2022
Coal India at 52-week high

Coal India hits 52-week high ahead of Q1 results

12:22 (IST) 10 Aug 2022
Coal India at 52-week high

Coal India hits 52-week high ahead of Q1 results

12:16 (IST) 10 Aug 2022
On the upside Nifty may head towards 17900

On the technical front, Nifty formed a long bull candle on the daily chart breaching past the crucial resistance zone of 17500 indicating that positive biasness to continue and more upside is awaited. However, momentum oscillators are witnessing overbought levels, but no signs of exhaustion can be seen yet, the indicator though has flattened during the period. On the downside the psychological level of 17000 which further coincides with the 200dma would be the immediate short term trend deciding level for the market. On the upside one can eventually expect Nifty to head towards 17900 levels as it is 80% retracement of entire decline off October 2021 to June low (18600-15200). Thus, any temporary breather should not be construed as negative instead buy on dips strategy should remain in focus. Tirthankar Das, Technical & Derivative Analyst, Retail, Ashika Stock Broking

12:13 (IST) 10 Aug 2022
Nifty, Sensex in red amid high volatility

Benchmark indices were trading marginally lower amid volatility. The Sensex was down 109.86 points or 0.19% at 58743.21, and the Nifty was down 28.30 points or 0.16% at 17496.80.

11:55 (IST) 10 Aug 2022
JSW Energy unit to buy $1.3 billion renewable assets from Mytrah Energy

India's JSW Energy said on Wednesday that its unit JSW Neo Energy has agreed to buy some renewable energy capacity from Mytrah Energy (India) for about 105.30 billion rupees ($1.32 billion).

11:55 (IST) 10 Aug 2022
Siemens hits new high on record order book, market-cap crosses Rs 1 lakh crore

The company is not experiencing a slowing down in public and private capex spending; however, concerned about global headwinds impacting demand which could result in a slowdown in Capex spending.

11:32 (IST) 10 Aug 2022
AIA Engineering hits new 52-week high, soars over 10%

The company reported 28.4 per cent growth in Q1FY23 consolidated net at Rs 191.47 crore, and total income rose by 41.2 per cent YoY to Rs 1,100.33 crore on a YoY basis.

11:13 (IST) 10 Aug 2022
India to be the fastest-growing Asian economy in FY23: Morgan Stanley

Analysts at Morgan Stanley expect India's gross domestic product (GDP) growth to average 7 per cent in 2022-23. The Indian economy, they said, is set for its best run in over a decade

11:10 (IST) 10 Aug 2022
Nifty, Sensex in red

Sensex is down 50.57 points or 0.09% at 58802.50, and the Nifty shed 10.80 points or 0.06% at 17514.30.

11:00 (IST) 10 Aug 2022
Gold Price Today, 10 Aug 2022: Gold falls ahead of US inflation data, support on MCX at Rs 52100; buy on dips

Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold prices in India were trading lower in India on Wednesday on the back of weak global cues as investors await U.S. inflation data. On Multi Commodity Exchange, gold October futures were ruling Rs 162 or 0.3 per cent down at Rs 52,327 per 10 gram, as against the previous close of Rs 52,489. Silver September futures were trading at Rs 58,641 per kg, down Rs 150 or 0.3 per cent. Globally, yellow metal prices struggled for momentum as investors refrained from making big bets ahead of U.S. inflation data that is expected to influence the pace of Federal Reserve rate hikes. Read full story

10:56 (IST) 10 Aug 2022
Rakesh Jhunjhunwala stock Indian Hotels rises after Q1 profit jumps to Rs 170 crore; should you buy, hold or sell?

Rakesh Jhunjhunwala portfolio stock India Hotels Company (IHCL) jumped 1 per cent on Wednesday, after the the company reported a consolidated net profit of Rs 170 crore for the quarter ended June 2022, mainly due to surge in demand as the occupancy and rates exceeded pre-COVID levels. IHCL’s revenue surged by 249.45 per cent to Rs 1,293 crore during the quarter under review, compared to Rs 370 crore in the year-ago period. The hospitality major reported its best first quarter in the company’s history. The company is expecting a double-digit revenue growth in the second quarter as well, said MD and CEO Puneet Chhatwal. So far this year, IHCL share price has rallied 47%, outrunning benchmark Nifty 50, and analysts see up to 18% more upside going forward. Indian Hotels Co shares were trading at Rs 274, up 1.62% on NSE intraday.

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10:40 (IST) 10 Aug 2022
India VIX nears 20 levels

India VIX was up 3% on Wednesday, inching closer to 20 levels.

10:22 (IST) 10 Aug 2022
Rakesh Jhunjhunwala stock: Fortis Healthcare share price up 8% in one month, analysts see more upside

Rakesh Jhunjhunwala portfolio stock Forts Healthcare has risen more than 8% in the last one month and is extending its gains on Wednesday morning. The stock was trading at Rs 270 per share and analysts believe there is more upside potential in the healthcare stock. Analysts remain bullish despite the fact that Fortis Healthcare reported a 69% decline in net profit in the April-June quarter. Big bull Rakesh Jhunjhunwala owns a stake in Fortis Healthcare and has recently talked about how he is bullish on hospital stocks.

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10:01 (IST) 10 Aug 2022
Crude oil prices to remain volatile in today’s session ahead of US inflation report

Crude oil settled lower on Tuesday even as Russia suspended oil exports through the Druzhba pipeline via Ukraine. Oil was also down as the American Petroleum Institute (API) reported a surprise build this week for the crude oil of 2.156 million barrels, while analysts predicted a draw of 400,000 barrels. On the other hand, surging covid-19 cases in China once again raised concerns of lower oil demand in the coming days. OPEC+ nations are also gradually increasing their oil outputs even as global industrial activities have been slowing down due to covid-19 and geo-political tensions thus impacting global oil demand. The U.S. inflation report will also be in focus today, which also gives directions to the global commodity prices. We expect crude oil prices to remain volatile in today’s session ahead of the U.S. inflation data and oil inventory. Crude oil has support at $88.40–86.50 and resistance at $91.80–93.20. In INR terms crude oil has support at Rs7,080-6,940 while resistance is at Rs7,360–7,480.

~Rahul Kalantri, VP Commodities, Mehta Equities

09:59 (IST) 10 Aug 2022
Precious metals to remain volatile to negative

“The $1,800 psychological level for gold remains elusive ahead of a critical inflation report due on Wednesday from the US calendar which could be crucial for the yellow metal, US dollar and US bond yields. On the other hand, a stronger-than-expected reading could underpin U.S. Treasury yields, driving more traders towards the dollar and denting most metal markets. We expect precious metals to remain volatile to negative in today’s session and if it continues to sustain below $1800 per troy ounce it could show further weakness towards $1772-7155 per troy ounce; $1810 acts as major resistance for Gold. Gold has support at $1772-1760, while resistance at $1805-1816 per troy ounce. In INR terms gold has support at Rs 52040-51,810, while resistance is at Rs52,420–52,540.”

~Rahul Kalantri, VP Commodities, Mehta Equities

09:55 (IST) 10 Aug 2022
IT stocks lag

BSE Information Technology index shed 1 per cent dragged by the Eclerx Services, Subex, Zensar Technologies

09:36 (IST) 10 Aug 2022
JSW Energy shares jump 3%; company to acquire 1,753 MW renewable energy capacity from MEIPL

JSW Neo Energy Limited (JSWNEL), a wholly-owned subsidiary of JSW Energy, has agreed to acquire a portfolio of 1,753 MW of Renewable Energy generation capacity from Mytrah Energy (India) Private Limited (MEIPL) comprising of 17 SPVs and 1 Ancillary SPV.  Necessary definitive agreements have been signed between the parties.  The transaction is subject to receipt of the necessary regulatory and other customary approvals.  Upon consummation of the transaction, the said 18 subsidiaries of MEIPL would become subsidiaries of JSWNEL and step-down subsidiaries of the Company.

09:32 (IST) 10 Aug 2022
Bharti Airtel share price soars 2% on sixfold jump in Q1FY23 net profit; should you buy, sell or hold?

Bharti Airtel share price jumped 2% to Rs 719 apiece on BSE on Wednesday, a day after the telecom major’s on-year consolidated net profit soared sixfold in the first quarter of FY23, led by strong revenue growth and 4G customer addition. Bharti Airtel reported a on-year jump of 5.6 times in net profit to Rs 1,607 crore in Q1FY23, as compared to a profit of Rs 284 crore in the same quarter last year. The stock had hit a 52-week high of Rs 781.90 apiece last year in November. Read full story

09:26 (IST) 10 Aug 2022
Top index contributors

Nestle India, Sun Pharma, ICICI Bank, Power Grid, Bharti Airtel were the top contributors to benchmark indices.

09:20 (IST) 10 Aug 2022
Nifty gainers, losers

Nestle, SBI Life Insurance, Cipla, ICICI Bank and Sun Pharma were among major gainers on the Nifty, while losers were NTPC, Asian Paints, Adani Ports, HCL Technologies and Infosys.

09:19 (IST) 10 Aug 2022
Nifty, Sensex trade flat on open

Benchmark indices opened flat with positive bias on August 10 amid weak global cues. The Sensex was up 10.92 points or 0.02% at 58863.99, and the Nifty was up 7.90 points or 0.05% at 17533.

09:18 (IST) 10 Aug 2022
Investors eyeing US monthly inflation data

Domestic stocks are likely to drift lower in early trades Wednesday, in sync with the overnight fall in the US markets and subsequent fall in other Asian indices. Investors will be eyeing the US monthly inflation data to be announced overnight, with the street suspecting the CPI report could move back below 9%. Hotter CPI figures will reinforce the need for a super-sized rate hike by the Fed at its next meeting, which could simply lift the dollar and bring back bears in the equity markets across the global stock markets. Another biggest negative catalyst at the moment is that the US yield curve has steepened. The gap between the 2-year and 10-year note yields is the widest in over two decades, reflecting the market’s lingering concerns.

~Prashanth Tapse – Research Analyst, Senior VP (Research), Mehta Equities

09:15 (IST) 10 Aug 2022
Rupee open higher

Indian rupee opened 10 paise higher at 79.55 per dollar against Monday's close of 79.65. The currency market was shut on Tuesday (August 9) on account of Muharram.

09:14 (IST) 10 Aug 2022
Indices flat in pre-open

Benchmark indices are trading flat in the pre-opening session. At 09:03 IST, the Sensex was up 30.78 points or 0.05% at 58883.85, and the Nifty was up 55.10 points or 0.31% at 17580.20.

09:13 (IST) 10 Aug 2022
Elon Musk sells Tesla shares worth $6.7 billion, months after saying he won’t sell more

Elon Musk has sold 7.92 million shares of Tesla, just months after declaring that he would not sell any more stock of the company. A series of regulatory filings by the electric car manufacturing giant showed that Elon Musk has sold a large number of shares that would be worth $6.73 billion at Tuesday’s closing price. Tesla’s share price has tanked close to 30% so far this year to now trade at $850 per share. Shares of the electric car maker have suffered this year, primarily after Elon Musk announced that he would buy Twitter for around $44 billion — a deal he has since walked away from. 

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09:00 (IST) 10 Aug 2022
Rupee may start slightly higher, USDINR pair could consolidate between 78.40 to 78.75

Indian rupee could start slightly higher after Monday’s fall of more than half a percentage point following higher crude oil prices and stronger dollar demands. On Tuesday, the Indian forex market remained closed on account of Muharram. The forward markets indicate USDINR could open with a loss of 5-7 paise but may consolidate in a narrow range ahead of US Inflation data. USDINR pair could consolidate between 78.40 to 78.75 in today’s session.

All eyes will be on the US CPI report, coming in the American session, as markets are palpably nervous that it will yet again surprise the upside even as most investors are positioned for July inflation to ease down noticeably from June’s 9.1% annual pace. US CPI data may show a slowdown in July to 8.7%, which is still too fast for the Fed. Month on month.

~Dilip Parmar, Research Analyst, HDFC Securities

08:59 (IST) 10 Aug 2022
Nifty may head towards 17,800

Nifty should aim for 17,800, while Bank Nifty seems positive for 38,800 and 39,400. Advise to maintain stop loss at 17,350 and 37,700 for long positions in Nifty and Bank Nifty respectively.

~Rahul Sharma, Head-Research, JM FInancial Services.

08:56 (IST) 10 Aug 2022
Sensex and Nifty unlikely to surpass previous highs as valuations have become expensive

“The rally in stock markets is not India-specific. Nasdaq has rebounded 19.4% from the June lows and S&P 500 has rebounded 13.3% from the June lows. So, Nifty's rebound of 15.4% from the June lows is in tune with the global trend. A major positive for India is that FIIs, who were relentless sellers from October 2021 to June 2022, have turned buyers in July and the buying momentum continues in August with net buying of Rs 13,801 crore till 8th August. FIIs have turned buyers mainly because the dollar has stopped appreciating and started depreciating. (Dollar index has declined from above 109 to 106). Sensex and Nifty are unlikely to surpass the previous highs because valuations have become expensive and,  therefore, there will be selling pressure at higher levels. Nifty is now trading at around 20 times FY 23 estimated earnings. High valuation will cap the rally.

~V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

08:53 (IST) 10 Aug 2022
Some action likely in stocks which posted earnings after market hours on Monday

“Benchmark Indices are expected to open on a slight negative note today as suggested by trends on SGX Nifty. We can see some action in the stocks which posted earnings after market hours such as Bharti Airtel, NALCO, Samvardhana Motherson International, Torrent Power, Indian Hotels etc.  Earning today include companies such as Coal India, Eicher Motors, Hindalco Industries, Tata Consumer, IRCTC, SAIL etc. On the technical front, Immediate support and resistance in Nifty 50 are 17200 and 17600 respectively. Bank Nifty immediate support and resistance are 37750 and 38200 respectively.

~Mohit Nigam, Head – PMS, Hem Securities

08:36 (IST) 10 Aug 2022
Asian Markets in red

Asian shares fell and the dollar steadied in early trade as investors waited for a key U.S. report on inflation to provide hints to the Federal Reserve's plans for future monetary tightening. The Consumer Price Index (CPI) report will be released later today, with markets watching for signs that inflation eased in July despite last week's unexpectedly strong U.S. jobs numbers. MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.51%, while Japan's Nikkei extended losses from the previous day and was down 0.65%. South Korea's KOSPI lost 0.64%, Australia's AXJO dropped 0.12%, and Taiwan's TAIEX fell 0.70%.

08:33 (IST) 10 Aug 2022
Nifty support at 17400; resistance at 17650-17700

“On Monday, despite a small blip in early trades, bulls quickly rejuvenated and maintained their stranglehold even as other Asian peers ended mixed. FIIs, which were missing from the action over the past few months, have once again started taking exposure to local equities, thus providing a major impetus to the markets. Technically, after a muted opening, the market successfully cleared the short term resistance of 17500 which is broadly positive. Bullish candle on daily charts and intraday breakout formation is indicating a further uptrend from the current levels. For benchmark Nifty, the key support level is 17400 and above which, the breakout formation is likely to continue till 17650-17700. On the other hand, below 17400, the index could slip till 17325-17300.”

~Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities

08:31 (IST) 10 Aug 2022
Microsoft joins Open Network for Digital Commerce in big tech push

Microsoft has become the first global technology company to join the Open Network for Digital Commerce, a government initiative. Microsoft intends to introduce social e-commerce through its app in the Indian market later this year. ONDC is expected to open to the public in Bengaluru over the next fortnight as it enters the next phase of the pilot for further fine-tuning before rollout in other cities.