May 14th 2024.
The stock market in Mumbai saw a positive trend on Tuesday, with the equity benchmark indices rising. This was partly due to the retail inflation rate dropping to an 11-month low of 4.83% in April. Additionally, the country's most valuable company, Reliance Industries, also contributed to the optimistic atmosphere with its increased market valuation.
The 30-share BSE Sensex went up by 0.45%, or 328.48 points, to close at 73,104.61. Throughout the day, it surged by 0.70%, or 510.13 points, reaching a high of 73,286.26. The NSE Nifty also showed an upward trend, rising by 0.51% or 113.80 points to reach 22,217.85.
Among the major gainers in the Sensex basket were Mahindra & Mahindra, Larsen & Toubro, JSW Steel, NTPC, IndusInd Bank, Sun Pharma, UltraTech Cement, State Bank of India, Reliance Industries, and Maruti. However, Nestle, Tata Consultancy Services, Axis Bank, ICICI Bank, Bajaj Finance, ITC, and Asian Paints were among the laggards.
According to data released by the government on Monday, the retail inflation rate in April dropped to 4.83% - the lowest in 11 months. This was due to a decrease in prices of certain kitchen items, although the overall food basket showed a slight increase. In Asian markets, Seoul and Tokyo closed higher, while Shanghai and Hong Kong saw a decline. European markets were trading mixed, while Wall Street had a mixed ending on Monday.
The global benchmark for oil, Brent crude, saw a decrease of 0.17% to $83.22 a barrel. Meanwhile, Foreign Institutional Investors offloaded equities worth Rs 4,498.92 crore on Monday, according to exchange data.
After starting off on a low note, the BSE benchmark managed to end on a positive note on Monday, with an increase of 0.15% or 111.66 points at 72,776.13. The NSE Nifty also saw an increase of 0.22% or 48.85 points, reaching 22,104.05.
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