Business News Highlights: Indices Reverse Trend, Sensex Ends Under 76,500, Nifty Slips Marginally
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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 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
Domestic PV Retail Sales Slip 1 Per Cent In May: FADA
Domestic passenger vehicle retail sales declined by 1 per cent on a year-on-year (YoY) basis in May, due to the extremely high summer temperatures and election season, the Federation of Automobile Dealers Association (FADA) revealed on Monday. The association said that passenger vehicle registrations decreased to 303,358 units in May 2024, against 335,123 units registered in the same month a year earlier.
Read More : Passenger Vehicle Sales Drop 1% In May Amid Heatwave, Two-Wheeler Sales Rise
Olive Clocks 76 Per Cent Surge In Revenue In FY24
Hospitality management start-up, Olive, logged a 76 per cent jump in its revenue to Rs 51 crore in the 2023-24 fiscal year (FY24), against the revenue of Rs 29 crore in the 2022-23 fiscal year (FY23). The company, promoted by Embassy Group, attributed the growth to increasing demand for short and long term accomodation facilities.
Gensol Engineering Names New Independent Director
Gensol Engineering on Monday announced that it has received board approval to appoint Kuljit Singh Popli as an Independent Director for the firm for a period of five years. The appointment remains subject to shareholders' approval.
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