The Indian stock market saw a huge surge as the BSE Sensex jumped 1,436.30 points to settle at 79,943.71, its biggest single-day gain in over a month. The NSE Nifty also surged by 445.75 points to close at 24,188.65, with financial, auto, and IT shares leading the buying spree. However, Sun Pharma was the only laggard in the Sensex. Meanwhile, India's manufacturing sector witnessed slower growth in December, with the HSBC Purchasing Managers' Index falling to 56.4 from 56.5 in November. Despite this, the country's gross GST collection rose 7.3% from the previous year to Rs 1.77 lakh crore in December, indicating a steady recovery in economic activity.
Surge in Indian Stock Market and Slower Manufacturing Sector Growth
The Indian stock market experienced a significant upswing on January 18, 2023, with the BSE Sensex recording its biggest single-day gain in over a month. The Sensex jumped 1,436.30 points to settle at 79,943.71, while the NSE Nifty surged by 445.75 points to close at 24,188.65. Financial, auto, and IT shares were the key drivers of this rally.
The surge in the stock market has been attributed to several factors, including:
Despite the strong performance of the stock market, there were some concerns emerging from the manufacturing sector. The HSBC Purchasing Managers' Index (PMI) for India fell to 56.4 in December from 56.5 in November, indicating a slowdown in manufacturing growth. However, the PMI remained above the 50 level, which separates expansion from contraction.
FAQs:
1. What was the reason for the surge in the Indian stock market on January 18, 2023?
2. Which sectors led the rally in the stock market?
3. What is the HSBC Purchasing Managers' Index (PMI) for India?
4. Why did the HSBC PMI for India fall in December 2023?
5. What is the impact of the slower manufacturing growth on the Indian economy?
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The National Medical Commission (NMC) has granted permission to ESIC Medical College, Indore to start the MBBS course with 50 seats from the academic session 2025-26. This significant achievement is the result of relentless hard work, excellent coordination, and dedication of the college's institutional team. The college administration is confident that the commencement of the MBBS course will enhance access to high-quality medical education and healthcare in Indore, benefiting students, insured persons, and the general public. The college has already completed extensive preparations to meet world-class standards, including establishing new hostels, recruiting faculty, and setting up modern facilities like smart classrooms, digital libraries, and fully equipped laboratories. With this approval, the college is set to contribute to the improvement of India's unique cardiovascular risk profile.
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In a historic meeting, India's External Affairs Minister S Jaishankar welcomes Afghanistan's Foreign Minister Amir Khan Muttaqi to discuss bilateral relations. As a first step in repairing ties with the Taliban, India announces the upgrade of its "technical mission" in Kabul to a full-fledged embassy. Both countries acknowledge the common threat of terrorism and commit to enhancing cooperation to combat it. The visit also marks India's support for the sovereignty and independence of Afghanistan and the Taliban's assurance to not use its territory against India.
Yes Bank's stock experiences a significant surge of 8.3%, reaching its 52-week high of 24.30 with a trading volume increase of 3.17 times. This positive momentum follows the allotment of 12,45,046 equity shares under the Employee Stock Ownership Plan (ESOP). Over the last 10 years, the stock has corrected 83% but has shown a positive return of 82% in the last five years. Currently, Yes Bank is trading above its 5-day, 20-day, 50-day, 100-day, and 200-day moving averages.