Friday, February 23, 2024

Business News Live: Stock Market Attempts Recovery Rally, Sensex Nears 71,500, Nifty Over 21,700

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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.

The stock markets opened in green on Tuesday, attempting to recover the losses from the last trading session. The BSE Sensex climbed more than 100 points to touch 71,188.91 in early trade, while the NSE Nifty50 inched up marginally and stood at 21,630.85.

As of 10:06 AM, the markets continued on their recovery rally. The Sensex stood higher by almost 350 points and inched closer to the 71,500 mark to trade at 71,413.64, while the Nifty gained almost 100 points to touch 21,690.55.

Official data from the National Statistical Office (NSO) revealed that India’s retail inflation relaxed to 5.10 per cent in January, representing the lowest in three months, against 5.69 per cent in December. The food and beverage inflation hit 8.3 per cent in January, easing from 8.70 per cent in the preceding month. According to the RBI’s latest projections, the retail inflation rate for the current fiscal year is expected to touch 5.4 per cent. The estimate for the 2024-25 fiscal year stands at 4.5 per cent, the regulator informed in the MPC meet last week. 

In the last trading session on Monday, the two key equity benchmarks, Sensex and Nifty, closed lower amid volatility. The S&P BSE Sensex slipped over 500 points to close at 71,072, while, the NSE Nifty50 settled in red and declined over 150 points to settle at 21,616.

Latest data from the Ministry of Statistics and Programme Implementation (MoSPI) revealed on Monday that the unemployment rate in urban areas for individuals aged 15 years and above eased to 6.5 per cent in the October-December quarter in the current fiscal year, from 7.2 per cent logged in the corresponding quarter in the 2022-23 fiscal year. The unemployment rate among females also improved to 8.6 per cent in Q3FY24, from 9.6 per cent in the same quarter a year earlier.

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