Business News Highlights: Stock Market Ends Higher Amid Volatility: Sensex Rises 228 Points; Nifty Above 21,900
Business News Highlights: Please follow this space for all the breaking news and latest updates from the Stock Market, economy and corporate world
LIVE
Background
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.
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.
Credit Growth In India Likely To Ease To 14% In FY25: Report
The credit growth in India will likely ease to 14 per cent in FY25 from the current 16 per cent due to deposit growth lagging behind loans, according to an S&P Global Ratings report. The tightness in deposits is expected to persist as a systemic challenge.
Elon Musk Makes Over $ 400K An Hour: Report
CEO of Tesla, Elon Musk, earns approximately $ 6,887 per minute, $ 413,220 per hour, $ 9,917,280 per day, and $ 69,420,960 per week, according to the data gathered by Finbold. It further indicates that as of mid-February 2024, Musk's net worth was estimated at $198.9 billion.
RBI Signs Pact With Nepal Rastra Bank For UPI
The Reserve Bank of India (RBI) and Nepal Rastra Bank (NRB) signed and exchanged terms of reference for integrating India's Unified Payments Interface (UPI) and Nepal's National Payments Interface (NPI) on Thursday. This integration of fast payment systems aims to streamline cross-border remittances between India and Nepal, allowing users of both systems to conduct instant and cost-effective fund transfers, as per an RBI statement.
Gold Slips Rs 80; Silver Up Rs 600
Gold prices in the national capital dipped by Rs 80 to reach Rs 62,270 per 10 grams on Thursday, influenced by a decline in global market rates for the precious metal, as reported by HDFC Securities. In the earlier session, the yellow metal had concluded at Rs 62,350 per 10 grams. On the other hand, silver surged by Rs 600 to touch Rs 74,600 per kilogram, compared to its previous closing at Rs 74,000 per kg.
NMDC Iron Ore Output Jumps 15% In Q3
State-owned NMDC reported a 15 per cent increase in iron ore production to 12.22 million tonnes (MT) in October-December 2023. This marks a significant rise from the 10.66 MT of iron ore produced in the third quarter of the previous financial year, according to a company’s statement on Wednesday.
Trending News
Top Headlines
