Business News Highlights: Sensex Settles 130 Points Up, Nifty At 22,550 Amid Volatility
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GIFT Nifty trends suggest a steady to slightly bullish opening for India's broader index, with a modest increase of 18.5 points or 0.08 per cent. Nifty futures were hovering around the 22,681.50 mark.
In the previous trading session on Thursday, at the end of the trading day, the Nifty 50 dropped by almost 1 per cent, shedding 216 points to reach 22,488, while the Sensex dipped by 0.8 per cent, losing 617 points to stand at 73,885. This marked the fifth consecutive day of decline for both key indices.
In its annual report released on Thursday, the Reserve Bank of India (RBI) forecasted a 7 per cent growth rate for the Indian economy in the ongoing fiscal year starting from April. The report underscored the robust growth momentum of the Indian economy in the financial year 2023-24 (April 2023 to March 2024), with real GDP expanding by 7.6 per cent, an increase from 7.0 per cent in the previous year, marking the third consecutive year of growth at 7 per cent or above.
"The real GDP growth for 2024-25 is projected at 7.0 per cent with risks evenly balanced," stated the report. Despite enduring challenges, the economy demonstrated resilience throughout the fiscal year 2023-24.
In addition, the report said that the unclaimed deposits held by banks saw a year-on-year surge of 26 per cent, reaching Rs 78,213 crore by the end of March 2024. In contrast, the Depositor Education and Awareness Fund contained Rs 62,225 crore as of March 2023. Banks, including cooperative banks, transfer unclaimed deposits from accounts inactive for 10 years or longer to the RBI's Depositor Education and Awareness (DEA) Fund.
The Reserve Bank issued comprehensive guidelines earlier this year to assist account holders and streamline existing instructions regarding inactive accounts. These guidelines delineate measures for banks to implement, covering the classification of accounts and deposits as either inactive or unclaimed, as appropriate.
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Stock Market Close: Sensex Up 130 Points, Nifty At 22,550
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