Business News Highlights: Stock Market Closes In Green, Sensex Settles 191 Points Up, Nifty Above 22,000
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The primary equity indicators, Sensex and Nifty, began trading with losses on Friday, tracking subdued Asian cues. By 9:55 am, the BSE Sensex fell by 193 points to 72,448, while the NSE Nifty50 traded at 21,961, marking a decrease of 51 points.
In the previous trading session on Thursday, the two primary equity indices, Sensex and Nifty, concluded the session in positive territory, spurred by a surge on D-Street subsequent to the US Federal Reserve's decision to retain interest rates unchanged. The S&P BSE Sensex surged by 540 points, closing at 72,641, while the NSE Nifty50 surpassed the 22,000 mark, finishing at 22,012, up by 173 points.
Furthermost, India's business activity ended the fiscal year 2023-24 on an upbeat note, recording its most rapid expansion in eight months in March, as per a recent business survey. This growth indicates the country's potential to sustain its position as the fastest-growing major economy. The latest HSBC flash India Composite Purchasing Managers' Index (PMI), compiled by S&P Global, rose to 61.3 this month, up from February's final reading of 60.6. This extends the streak of expanding activity to 32 consecutive months, according to a report by Reuters.
"Led by the strongest manufacturing output in nearly three-and-a-half years, the composite output index rose quickly. New orders rose at a faster pace than in the previous month, and within that, both domestic and export orders showed improved vigour,” said Pranjul Bhandari, chief India economist at HSBC.
In addition, India withdraws its recently implemented laptop licensing policy, citing the necessity for additional scrutiny. This reversal comes after apparent behind-the-scenes lobbying by US officials, as disclosed by US trade officials and government emails obtained by the news agency Reuters. While this decision brings relief to prominent tech companies such as Apple, Dell, and HP, apprehensions persist regarding India's adherence to WTO commitments and potential forthcoming regulations.
Uno Minda Partners With Starcharge Energy To Expand EV Charging Infra
Uno Minda, an auto components manufacturer, announced its partnership with Starcharge Energy on Friday to produce and distribute electric vehicle supply equipment within the country. Under the agreement, the company has engaged in a technical license agreement with Starcharge Energy Pte to manufacture wall-mounted AC chargers tailored for home charging purposes.
Nirmal K Minda, CMD of Uno Minda Group, said in a statement that this collaboration further underscores their commitment to 'Make in India' and expedites the nation's transition towards a sustainable and electrified future.
India's Forex Reserves Reach $642.5 Bn, Marking 3rd Consecutive Week Of Surge
India's foreign exchange reserves experienced a notable surge, increasing by $6.4 billion to reach a substantial $642.5 billion for the week ended March 15, according to the latest data released by the RBI on Friday. This marks the third consecutive week of significant growth in the country’s forex reserves. In the preceding week, ending on March 8, foreign exchange reserves had surged by an impressive $10.47 billion, reaching a two-year high of $636.1 billion.
Foreign Investors Pull Back from Small And Mid Cap Stocks
Elara Securities, a brokerage firm, has noted a reduction in foreign liquidity within the small and mid-cap sector, which could potentially decelerate price momentum. The brokerage firm emphasised the importance of monitoring the evolution of domestic liquidity moving forward. In 2023, India experienced robust liquidity from foreign and domestic investors, fueling excitement within the small and mid-cap segment. However, there are now indications of an initial slowdown in domestic flows.
Bajaj Auto Set To Roll Out CNG Bike By June, Confirms MD
Bajaj Auto is in the process of creating a range of environmentally friendly CNG motorcycles, with the inaugural model set to debut in June, said Bajaj Auto's Managing Director, Rajiv Bajaj, during a statement made on Friday. Emphasising the company's dedication to Corporate Social Responsibility (CSR), he also announced Bajaj Group's pledge of Rs 5,000 crore towards CSR initiatives over the forthcoming five years. Additionally, he mentioned that the bike will be fueled by CNG and is scheduled to be released onto the streets in June.
Stock Market: Sensex Settles 191 Points Higher, Nifty Above 22,00
Indian benchmark indices concluded on a positive trajectory for the third consecutive session on Friday. By the close of trading, the Sensex had risen by 190.75 points or 0.26 per cent to reach 72,831.94, while the Nifty had surged by 84.80 points or 0.39 per cent, closing at 22,096.80. Among the listed shares, 2,434 saw gains, 1,209 experienced losses, and 119 remained unchanged.
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