Business News Highlights: Sensex Settles 1618 Points Up, Nifty Over 23,290 Amid RBI Keeping Repo Rate Unchanged At 6.5%

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Business News Live: 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.

In the previous trading session on Thursday, the two primary equity gauges, Sensex and Nifty, concluded higher for the second consecutive day amidst fluctuations, coinciding with Prime Minister Narendra Modi's imminent government formation for a third consecutive term. The BSE Sensex surged by 692 points, ending the day at 75,075, while the NSE Nifty50 settled at 22,821, marking an increase of 201 points.

The Reserve Bank Of India (RBI) is all set to announce the outcome of the Monetary Policy Committee (MPC) meeting on Friday. According to a Bloomberg report, the RBI is anticipated to maintain its benchmark interest rate at 6.5 per cent for the eighth consecutive meeting. Concerns over potential fiscal populism arising from post-election political developments are cited as a key factor. All 34 economists surveyed by Bloomberg predict that the central bank will uphold its current stance.

In addition, the central bank is expected to maintain its projection of 7 per cent GDP growth and an average inflation rate of 4.5 per cent for the fiscal year ending March 2025. Governor Das has signalled that the RBI will adjust its rate policy once inflation consistently meets the 4 per cent target. In April, the inflation rate stood at 4.83 per cent. With last fiscal year's growth exceeding 8 per cent, the RBI has considerable grounds to uphold higher rates.

Furthermore, according to a report released by CRISIL MI&A Research on Thursday, the price of a standard homemade vegetarian thali in May surged by 9 per cent year-on-year (YoY), while the non-vegetarian thali witnessed a 7 per cent decline compared to the previous year. The report highlights that the increase in the cost of the vegetarian thali was mainly propelled by substantial rises in the prices of tomato, potato, and onion by 39 per cent, 41 per cent, and 43 per cent, respectively, compared to the previous year.

16:45 PM (IST)  •  07 Jun 2024

BSE Refutes Tech Glitch Allegations On June 4

The prominent stock exchange BSE attributed the delay in assigning NAV to investors who purchased mutual funds on June 4 to a lag in receiving bank payments. BSE clarified on Friday that there was no technical glitch on its end. Numerous investors took to social media to express grievances about their inability to square off their positions. Despite purchasing mutual funds before the cut-off time, many investors were assigned the Net Asset Value (NAV) for June 5 instead of June 4, determining the fund's value.

16:23 PM (IST)  •  07 Jun 2024

Icra Predicts Commercial Vehicle Volumes Set To Decline 4-7% In FY25

Affected by a solid comparison base from the previous year and subdued demand, the domestic commercial vehicle sector is poised to experience a decline of 4-7 per cent in wholesale volumes during the ongoing fiscal year compared to FY23, according to rating agency Icra's statement on Friday. Specifically, the volumes of medium and heavy commercial vehicles (trucks) are projected to shrink by 4-7 per cent year-on-year, influenced by the notable base effect and the repercussions of the Lok Sabha elections on infrastructure projects during the initial months.

15:47 PM (IST)  •  07 Jun 2024

Stock Market Close: Sensex Up 1618 Points, Nifty At 23,290

Indian benchmark indices extended their gains for the third consecutive session, with the Nifty hovering around the 23,300 mark on Friday. The Sensex surged by 1,618.85 points or 2.16 per cent, closing at 76,693.36, while the Nifty climbed by 468.80 points or 2.05 per cent to reach 23,290.20. The market witnessed 2,598 shares advancing, 801 shares declining, and 76 shares remaining unchanged.

15:16 PM (IST)  •  07 Jun 2024

Adani One Join Hands with Cleartrip To Offer Bus Travel Options

Adani One announced on Friday its collaboration with Cleartrip, an online travel aggregator owned by Flipkart, aimed at enriching the travel experience for its users. This partnership aims to offer users a broad spectrum of bus travel options at competitive prices. Cleartrip will grant Adani One user access to over three lakh routes and more than 10 lakh bus connections provided by private operators and state transport services, as stated by the company. 

14:34 PM (IST)  •  07 Jun 2024

RBI Transfers 100 Metric Tons Of Gold Reserves From UK To India; Das Stresses Nothing More Should Be Read Into It

Governor Shaktikanta Das stated on Friday that the Reserve Bank of India has brought 100 metric tonnes of the gold reserve from the United Kingdom to India because there is sufficient domestic storage capacity, and nothing more should be read into it. In FY24, the RBI transferred 100 metric tonnes of its gold that was kept in the UK to local vaults.