Business News Highlights: Market Settles Lower, Sensex Closes Over 100 Points Down, Nifty At 22,210
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.
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.
PhonePe Facilitates UPI Payments For Indian Users In Sri Lanka
PhonePe announced on Wednesday that it is entering a partnership with LankaPay to help its users pay using UPI across Sri Lanka. The firm said that its app will allow users visiting Sri Lanka to complete payments using UPI across LankaPay QR merchants.
Unemployment Rate In Jan-March Slips To 6.7 Per Cent In Urban Areas: NSSO
The unemployment rate in India for individuals aged 15 years and above in the urban areas fell to 6.7 per cent in the January-March period in the year, against 6.8 per cent in the same quarter a year earlier, the 22nd Periodic Labour Force Survey (PLFS) by the National Sample Survey Office (NSSO) said. The unemployment rate stood at 6.6 per cent in April-June and July-September quarter in the 2023-24 fiscal year (FY24).
Keystone Realtors Q4: Net Profit Plunges 60 Per Cent
Keystone Realtors Ltd on Wednesday reported a 60 per cent slump in consolidated net profit at Rs 30.68 crore in the March quarter in the 2023-24 fiscal year (FY24), against a net profit of Rs 76.59 crore in the same period a year earlier. The overall income of the realty firm climbed to Rs 826.15 crore in Q4FY24, against Rs 357.63 crore in the corresponding quarter last year.
Eeki To Invest Rs 700 Crore For Expansion Purposes
Agritech startup Eeki announced on Wednesday that it plans to invest Rs 700 crore in the next two years to expand operations and increase its presence in the domestic and global markets. The firm said it plans to enhance its footprint from Rajasthan and Haryana to Madhya Pradesh, Maharashtra, Tamil Nadu, and Oman.
COGOS Names New Co-Founder, CTO
Start-up COGOS on Wednesday named Katta Prasad as the new Co-Founder and promoted Goutham BV as the CTO of the firm.
Trending News
Top Headlines
