June 24th 2024.
The stock market in Mumbai saw a slight increase on Monday, thanks to a rise in bank stocks and a strong start in European markets. The 30-share BSE Sensex ended the day 131.18 points higher at 77,341.08, after initially dropping by 463.96 points in early trading. However, it quickly bounced back, reaching a high of 77,423.02 during the day.
The Nifty also saw a modest increase of 36.75 points, settling at 23,537.85. Out of the 30 companies that make up the Sensex, several big names such as Mahindra & Mahindra, Power Grid, Sun Pharma, and Nestle saw significant gains. On the other hand, companies like IndusInd Bank, Adani Ports, and Tata Steel lagged behind.
In its economic outlook for the Asia Pacific region, S&P Global Ratings maintained its forecast for India's GDP growth at 6.8% for the current financial year. However, they noted that high interest rates and lower fiscal stimulus could potentially dampen demand. Despite this, India's economy has been surpassing expectations, with a growth rate of 8.2% projected for the 2023-24 fiscal year.
While markets in Seoul, Shanghai, and Hong Kong closed lower, Tokyo ended the day with gains. Similarly, European markets were also trading in positive territory, while US markets closed mostly lower on Friday.
According to exchange data, Foreign Institutional Investors sold equities worth Rs 1,790.19 crore on Friday. The global oil benchmark, Brent crude, also saw a modest increase of 0.41% to reach USD 85.59 a barrel.
The previous trading day had seen a decline in the BSE Sensex by 269.03 points, or 0.35%, to settle at 77,209.90. The NSE Nifty also slipped by 65.90 points, or 0.28%, to end at 23,501.10. Despite this, the stock market has been performing well overall, with a consistent upward trend in recent days.
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