Business News Highlights: Stock Market Extends Gain. Sensex Rises 114 Points; Nifty Settles Over 22,400
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The GIFT Nifty suggests a promising opening for the broader index in India, showing an increase of 73 points or 0.33 per cent. Nifty futures were observed trading near the 22,449.50 level.
In the previous trading session on Tuesday, the stock market concluded trading with a modest uptick amid volatility. The BSE Sensex finished the session at 73,738.45, marking a gain of approximately 90 points, while the NSE Nifty50 closed above 22,350, settling at 22,361.65, with a slight increase of 25 points.
On Tuesday, the Reserve Bank of India's April Bulletin underscored the potential inflationary risks stemming from severe weather conditions and persistent geopolitical tensions, which might also contribute to fluctuations in crude oil prices. Retail inflation, measured by the Consumer Price Index (CPI), decreased to 4.9 per cent in March, following an average rate of 5.1 per cent over the preceding two months.
Furthermore, the pace of business activity in India and the overall economic expansion across the private sector continued to accelerate rapidly, with the HSBC Flash India Composite Purchasing Managers’ Index (PMI) rising to 62.2 in April, up from the 61.8 recorded in the previous month of March, according to a survey conducted by S&P Global.
It further revealed that business activity in the country surged at its fastest rate in nearly 14 years. Favourable demand patterns contributed to increased business intake and output. The Composite PMI index, which is seasonally adjusted, provides insight into the monthly changes in the overall production of both the manufacturing and service sectors in the nation.
“Private sector sales expanded for the thirty-third successive month in April and at the quickest pace in just under 14 years. As was the case for output, a faster increase in the services economy compared with softer growth at goods producers (but they nevertheless registered the sharper upturn),” states the survey.
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Stock Market: Sensex Settles 114 Points Up, Nifty Above 22,400
The Indian stock market extended gains for the fourth consecutive session. The Sensex gained 114.49 points or 0.16 per cent, reaching 73,852.94, while the Nifty climbed 34.40 points or 0.15 per cent to reach 22,402.40. Among the listed shares, 2,184 witnessed advances, 1,458 experienced declines, and 134 remained unchanged.
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Groww Mutual Fund announced on Wednesday that it has obtained approval from the market regulator, SEBI, to introduce the Nifty Non-Cyclical Consumer Index Fund via a New Fund Offering (NFO). This fund is expected to be the first of its kind in India, focusing on non-cyclical sectors. According to a statement from the company, the NFO is scheduled to be launched in the first week of May.
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