Business News Highlights: Stock Market Ends Higher Amid Volatility: Sensex Rises 228 Points; Nifty Above 21,900
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At 10 am on Thursday, the Sensex experienced a decline of 150.94 points or 0.21 per cent, closing at 71,671.89, while the Nifty fell by 30.10 points or 0.14 per cent, settling at 21,809.90. Among the shares traded, 2,131 advanced, 881 declined, and 79 remained unchanged.
In early trade on Thursday, the rupee strengthened by 3 paise to 82.99 against the US dollar, supported by a positive trend in domestic equities. Forex traders noted that the rupee is trading within a narrow range due to the influence of a strong American currency and high crude oil prices, which have limited the upward movement of the domestic unit.
On Wednesday, the stock markets showed volatility, initially trading in the negative before ending in the green. The BSE Sensex concluded over 250 points higher at 71,822.83, while the NSE Nifty50 settled nearly 100 points higher at 21,840.05.
"The domestic market staged a recovery from day’s low, buoyed by renewed buying interest in banking stocks. Improving asset quality and the government's continued focus on fiscal prudence attracted PSU banks, yet concerns lingered regarding their elevated valuations," Vinod Nair, Head of Research, Geojit Financial Services, said.
Furthermost, according to the statement released by the Ministry of Commerce and Industry on Wednesday, in January 2024, Wholesale Price Index (WPI)-based inflation witnessed a significant decline, reaching 0.27 per cent. This decrease is mainly attributed to the moderation in prices of food items. It marks a notable drop from the 0.73 per cent recorded in December 2023. WPI inflation had been in negative territory from April to October but turned positive in November, registering at 0.39 per cent. Wholesale food inflation eased to 3.79 per cent in January from 5.39 per cent in December last year.
In addition, the annual inflation rate based on the All India Wholesale Price Index for January 2024 is 0.27 per cent compared to the corresponding period in January 2023.
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