Business News Live: Stock Market Pares Losses; Sensex Up 100 Points, Nifty Above 22,050

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 primary equity indicators, Sensex and Nifty, began trading with losses on Friday, tracking subdued Asian cues. By 9:55 am, the BSE Sensex fell by 193 points to 72,448, while the NSE Nifty50 traded at 21,961, marking a decrease of 51 points.

In the previous trading session on Thursday, the two primary equity indices, Sensex and Nifty, concluded the session in positive territory, spurred by a surge on D-Street subsequent to the US Federal Reserve’s decision to retain interest rates unchanged. The S&P BSE Sensex surged by 540 points, closing at 72,641, while the NSE Nifty50 surpassed the 22,000 mark, finishing at 22,012, up by 173 points.

Furthermost, India’s business activity ended the fiscal year 2023-24 on an upbeat note, recording its most rapid expansion in eight months in March, as per a recent business survey. This growth indicates the country’s potential to sustain its position as the fastest-growing major economy. The latest HSBC flash India Composite Purchasing Managers’ Index (PMI), compiled by S&P Global, rose to 61.3 this month, up from February’s final reading of 60.6. This extends the streak of expanding activity to 32 consecutive months, according to a report by Reuters.

“Led by the strongest manufacturing output in nearly three-and-a-half years, the composite output index rose quickly. New orders rose at a faster pace than in the previous month, and within that, both domestic and export orders showed improved vigour,” said Pranjul Bhandari, chief India economist at HSBC.

In addition, India withdraws its recently implemented laptop licensing policy, citing the necessity for additional scrutiny. This reversal comes after apparent behind-the-scenes lobbying by US officials, as disclosed by US trade officials and government emails obtained by the news agency Reuters. While this decision brings relief to prominent tech companies such as Apple, Dell, and HP, apprehensions persist regarding India’s adherence to WTO commitments and potential forthcoming regulations.