Business News Highlights: Stock Market Settles In Green; Sensex Surges 692 Points, Nifty Over 22,820
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In the last trading session on Wednesday, the key equity benchmarks, Sensex and Nifty, executed a remarkable recovery, each surging over 3 per cent, following substantial losses in the preceding trading session, attributed to poll outcomes falling short of expectations.
The BSE Sensex recorded a surge of 2,303 points, concluding at 74,382, while the NSE Nifty50 ended at 22,620, marking a gain of 736 points. Both indices reached intraday highs of 74,535 and 22,670, respectively.
Furthermore, in May, India saw a decline in services activity growth to a five-month low, driven by waning domestic demand, as revealed by a survey. However, the survey also highlighted record-breaking export growth and a surge in job creation, reaching a 21-month high. Contrary to initial expectations of a rise to 61.4, the final HSBC India Services Purchasing Managers' Index, compiled by S&P Global, decreased to 60.2 last month from 60.8 in April.
However, it maintained its position above the crucial threshold of 50, indicating expansion rather than decline. This streak has now persisted for 34 consecutive months, affirming the continuity of this trend.
Maitreyi Das, global economist at HSBC, said, "India's service activity rose at a slightly softer pace in May, with domestic new orders easing slightly, but remaining robust, implying strong demand conditions and successful advertising.”
In addition, on Wednesday, the National Stock Exchange of India (NSE) achieved an exceptional milestone, setting a new global record for the highest volume of transactions processed within a single trading day. Ashish Chauhan, NSE's CEO, announced this achievement on the microblogging platform X (previously known as Twitter). He revealed that the exchange managed an unprecedented 19.71 billion orders and executed 280.55 million trades between 9:15 am and 3:30 pm trading hours.
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Stock Market Close: Sensex Settles 692 Points Up, Nifty Above 22,850
Indian benchmark indices closed higher for the second consecutive session on Thursday amidst periods of volatility. The Nifty 50 concluded at 22,821.40, marking an increase of 201 points or 0.89 per cent, whereas the Sensex finished 692 points higher, registering a growth of 0.93 per cent, closing at 75,074.51.
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Funding In Proptech Sector Fell 4% In FY24: Housing.com
Investment in proptech companies saw a 4 per cent decrease last fiscal year, of $657 million, as per a report by Housing.com. Despite global economic uncertainties, this decline showcases resilience within the sector. The report further states that the proptech firms accumulated $4.6 billion from the financial years 2010-11 to 2023-24, exhibiting a Compound Annual Growth Rate (CAGR) of 40 per cent.
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