Business News Highlights: Market Settles Lower, Sensex Closes Over 100 Points Down, Nifty At 22,210
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The GIFT Nifty indications point towards a favourable start for the broader index in India, anticipating a 0.25 per cent increase or 56 points. Nifty futures are hovering around the 22,370 mark.
In the previous trading session on Tuesday, the Sensex and Nifty extended gains for the third consecutive session. The Sensex surged by over 300 points, while the Nifty sustained its position above the 22,200 level. Additionally, the broader markets, BSE MidCap and SmallCap displayed resilience by gaining over 1 per cent following a recent correction. By the session's close, the Sensex surpassed the 73,000 milestone, climbing by 0.45 per cent or 330 points, while the Nifty concluded at 22,218, marking a 0.51 per cent increase or 113.8 points.
In addition, ICRA Chief Economist Aditi Nayar stated on Tuesday that the ongoing uptick in wholesale food inflation, hitting its peak in four months, will remain a significant concern throughout May and June. Nayar emphasised in a recent statement the potential worsening of prices for perishable goods due to heatwaves during these months.
Nayar pointed out that while the impact of the high base from the previous year will be felt in July and August, the trajectory of food prices in the following months will depend largely on the monsoon's influence. Data released on Tuesday indicated that Wholesale Price Index (WPI)- based food inflation surged to 7.74 per cent in April, marking a four-month high.
"As summer sets in, prices of perishable items are on the rise. Over the next two months, we anticipate a further climb in food inflation. Subsequently, with the base effect turning highly supportive, we anticipate a temporary decline in readings during July-August this year," Nayar said.
Furthermore, on Tuesday, Union Finance Minister Nirmala Sitharaman expressed concerns about the growing popularity of speculative futures and options trading among retail investors. She emphasised the potential risks it poses to household finances, cautioning that an unchecked increase in retail trading in F&O markets could lead to future challenges not only in market dynamics but also in investor sentiment and, importantly, household financial stability.
Highlighting a significant finding from a SEBI investigation revealing that 9 out of 10 retail investors suffer losses in futures and options trading, Sitharaman emphasised the necessity of safeguarding household finances, recognising a shift in financial practices across generations.
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