Business News Highlights: Stock Market Closes Flat Amid Volatility
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Business News Highlights: 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.
The stock markets entered the trading week on a bullish note on Monday. The key equity benchmarks soared in a major bull run and hit fresh highs during the last trading day. The market valuation on all the firms listed on the BSE climbed to touch the record milestone of Rs 401-lakh crore during the session.
The S&P BSE Sensex closed trading at 74,743, climbing about 500 points, while the NSE Nifty50 gained more than 150 points and ended the session at 22,666. Both Sensex and Nifty hit fresh peaks of 74,869 and 22,697 during the day respectively.
Further, it was revealed on Monday by the Federation of Automobile Dealers Association (FADA) that the retail sales in the Indian auto sector increased majorly by double digits during the 2023-24 fiscal year. Retail sales across segments gained 10 per cent to touch 2,45,30,334 units in FY24, against 2,22,41,361 units sold in the preceding fiscal year. This growth was attributed to an unprecedented robust demand for passenger vehicles, three-wheelers, and tractors, the association said.
Backed by Blackstone, Aadhar Housing Finance Ltd, announced that it has received approval from SEBI to raise Rs 5,000 crore via an initial public offering (IPO). The company’s IPO will comprise a fresh issue of equity shares worth Rs 1,000 crore along with an offer-for-sale (OFS) worth Rs 4,000 crore by promoter BCP Topco VII Pte Ltd. The promoter is an affiliate of the Blackstone Group and controls a share of 98.72 per cent in the finance firm.
The stock markets this week will observe a holiday on Thursday to celebrate the festival of Eid-Ul-Fitr. The United States will also reveal its inflation rate in the week and several officials from the Fed will deliver their addresses, providing an insight into the country’s economic policy ahead.
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