Business News Highlights: Stock Market Closes Higher, Sensex Up 253 Points, Nifty Above 22,460
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In the previous trading session on Thursday, the market was highly volatile, influenced by global cues. The two primary equity indices, Sensex and Nifty, concluded trading nearly 1 per cent higher. The S&P BSE Sensex, experiencing fluctuations of 1,220 points throughout the day, ended at 73,6634, marking a gain of 677 points. Similarly, the NSE Nifty50 closed at 22,404, up by 203 points. Intra-day trading saw the benchmark index fluctuate within a range of 22,055 to 22,432.
Furthermore, according to a report released on Thursday, average housing prices recorded a remarkable 10 per cent annual surge during Q1 2024, led by continued optimism in the residential real estate sector. Across the top eight cities, each witnessed a yearly appreciation of prices, with Bengaluru, Delhi NCR, Ahmedabad, and Pune experiencing double-digit growth in average housing prices. Furthermore, on a quarterly basis, the majority of cities observed a significant 2-7 per cent increase in housing prices.
While the market remained largely favourable for both homebuyers and developers, unsold inventory at the national level experienced a slight 3 per cent year-on-year increase. Pune notably led with a substantial 10 per cent year-on-year decrease in unsold inventory, closely trailed by Delhi NCR and Ahmedabad, each marking an 8 per cent annual reduction.
In addition, on Thursday, reports suggested that India had urged an international committee dedicated to spices to set regulations on the permissible limit of ethylene oxide utilised in spice processing. This move coincides with a sales ban imposed on two prominent Indian brands, MDH and Everest. The Codex Committee on Spices and Culinary Herbs (CCSCH), based in Kerala, functions under the Codex Alimentarius Committee in Rome. This global organisation is responsible for developing international standards, guidelines, and protocols for food to ensure consumer well-being and foster fair trade practices.
RBI Greenlights Pradeep Natarajan As Whole Time Director For IDFC FIRST Bank
The private sector lender IDFC FIRST Bank announced that the Reserve Bank of India (RBI) has approved the appointment of Pradeep Natarajan as a Full-Time Director on its Board. According to a regulatory filing by IDFC FIRST Bank on Thursday, Pradeep Natarajan has been designated as the bank's Executive Director for a three-year tenure.
Indian Rupee Closes At 83.33 Against US Dollar, Gains 17 Paise
The rupee strengthened by 17 paise to close at 83.33 (provisional) against the US dollar on Friday, buoyed by positive domestic market sentiments and anticipated foreign inflows. Forex traders noted that reports of the Reserve Bank of India (RBI) selling US dollars further bolstered the rupee.
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