Business News Highlights: Stock Market Settles In Green; Sensex Surges 692 Points, Nifty Over 22,820
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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.
Fibe, a fintech company, secured $90 million in a Series E funding round spearheaded by TR Capital, Trifecta Capital, and Amara Partners. Existing investors such as TPG Rise Fund, Norwest Venture Partners, Eight Roads Ventures, and Chiratae Ventures also contributed to the round, which encompassed both primary and secondary transactions.
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.
BHEL shares surged over 14.50 per cent on Thursday following the announcement of securing an order worth over Rs 3,500 crore from Adani Power Limited for a thermal power project in Raipur, Chhattisgarh. The stock rose 14.57 per cent to Rs 292.45 on the BSE and 14.48 per cent to Rs 292.35 on the NSE. Additionally, shares of Adani Power experienced a rally of nearly 8 per cent, reaching Rs 782.30 on the BSE.
SUN Mobility, a frontrunner in energy infrastructure and services for electric vehicles (EVs), has revealed a significant partnership and joint venture with IndianOil, a versatile, integrated energy leader. They aim to construct and implement one of the most extensive battery swapping infrastructure networks by 2030. This joint venture anticipates expanding to over 10,000 battery swapping stations spanning 40+ cities within the next three years.
Google has recently acquired Cameyo, a company specialising in virtualisation tools for running Windows applications on ChromeOS devices. The acquisition amount remains undisclosed. This move underscores Google's acknowledgement of the potential of virtual desktop infrastructure (VDI). Last year, Google and Cameyo collaborated to introduce a seamless virtual application delivery experience that is tightly integrated with ChromeOS. These enhancements guarantee users smooth and secure access to data and files through virtual applications, offering an intuitive and familiar environment.
In early Thursday trading, the rupee saw a marginal gain of 1 paisa, reaching 83.43 against the US dollar, supported by a weakened American currency and favourable domestic equity markets. Forex traders noted that despite a surge in crude oil prices, which typically restrains the Indian currency, cautious investor sentiment prevailed ahead of the Reserve Bank of India's upcoming monetary policy decision, which will be announced on Friday.
Indian indices began trading positively on Thursday, benefiting from encouraging global indicators. The Sensex surged by 404.92 points, or 0.54 per cent, reaching 74,787.16, while the Nifty witnessed an uptick of 113.90 points, or 0.50 per cent, at 22,734.20. During this period, approximately 2046 shares advanced, 349 shares experienced a decline, and 97 shares remained unchanged.
In the pre-opening session, benchmark indices held steady on Thursday. The Sensex increased by 894.68 points, or 1.20 per cent, to 75,276.92, while the Nifty gained 258 points, or 1.14 per cent, to 22,878.30.
The Securities and Exchange Board of India (SEBI) on Wednesday released a framework aimed at Foreign Portfolio Investors (FPIs), streamlining the process for handling securities in their demat accounts post-registration expiration. Presently, FPIs are obligated to maintain a valid registration for the duration of their securities holdings in India.
Background
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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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