(Source: ECI | ABP NEWS)
Business News Highlights: Indices Reverse Trend, Sensex Ends Under 76,500, Nifty Slips Marginally
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The GIFT Nifty traded in green above the 23,300 mark on Monday morning. The Reserve Bank of India concluded its latest monetary policy committee (MPC) meeting on Friday and opted to maintain the status quo on key interest rates. The central bank kept the repo rate unchanged at 6.5 per cent.
As such in the last trading session on Friday, both key equity benchmark indices ended trading in green. The S&P BSE Sensex settled for the day at 76,693, climbing more than 1,600 points or over 2 per cent, while the NSE Nifty50 rallied ahead by 469 points or 2 per cent to close trading at 23,290.
In the week, macroeconomic announcements such as domestic inflation data and the interest rate decision from the US Fed are expected to influence investors. Elaborating on the outlook, Pravesh Gour, Senior Technical Analyst, Swastika Investmart Ltd, stated, “Now the Lok Sabha elections and the RBI policy decision are settled, attention now turns to global factors. Key areas to watch include the US Fed interest rate decision, the rupee's movement against the dollar, crude oil prices and commodity prices. Additionally, investments by foreign portfolio investors (FPIs) and domestic institutional investors (DIIs) will remain under close observation.”
Foreign portfolio investors (FPIs) remained bearish on Indian equities in June so far, official data from the depositories revealed. As of June 7, the investors withdrew Rs 14,794 crore from Indian equities, while during the same period, the Indian debt market saw an infusion of over Rs 4,000 crore. This bearish outlook was driven by the recent Lok Sabha election results and the attractive valuations of the Chinese stocks. Overall, in 2024, the investors dumped equities worth Rs 38,158 crore, and infused Rs 57,677 crore in the debt market.
Arthan Finance Raises Rs 50 Crore In Fresh Funding
Arthan Finance on Monday announced that it received fresh funding of Rs 50 crore from Incofin India Progress Fund and The Michael and Susan Dell Foundation. The firm issued a statement and said, "The funding will help Arthan Finance grow its assets under management (AUM), expand geographic footprint, and invest in advanced AI and ML-based underwriting systems."
Stock Market Closing Bell: Sensex Over 200 Points Down, Nifty Ends At 23,259
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