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?
In an effort to reduce reliance on China for key minerals used in advanced technologies, India is exploring partnership with a rebel group in Myanmar to secure rare earth samples. The Ministry of Mines has directed state-owned and private companies to collect samples from Kachin Independence Army-controlled mines and test them in domestic labs. This move comes in light of China's recent export restrictions on rare earth magnets, causing disruptions in global supply chains.
Oracle chairman Larry Ellison, who hails from the Bronx, has surpassed Tesla CEO Elon Musk as the richest person in the world with a net worth of $405 billion. This jump in wealth was reported by Barron's on Wednesday, putting Ellison ahead of Musk's net worth of $390 billion. This milestone marks a shift in the top spot amongst the world's wealthiest individuals.
The US Producer Price Index fell 0.1% in August, bucking expectations of a rise and indicating a potential slowdown in overall economic growth. The decline was driven by a slump in the cost of services, particularly within wholesalers and retailers. The news has led to a drop in Treasury yields and solidifies expectations of an interest rate cut by the Federal Reserve next week.
The Hilton Kathmandu, once a symbol of Nepal's ambition and modern design, recently fell victim to violent anti-government protests. The hotel, built by the Shanker Group with a significant investment and featuring luxurious amenities and seismic safeguards, opened in 2024 but tragically, went up in flames a year later. The Hilton was not just a hotel, but a cultural statement, embodying Nepalese heritage and offering breathtaking views of the Langtang range.
In a shocking incident, a brand-new Mahindra Thar crashed through a glass wall and landed on the road below in Delhi's Preet Vihar. The SUV had just been purchased by a couple who were inside the vehicle at the time with a showroom salesman. Fortunately, no one was seriously injured in the accident. The incident, captured on video, has gone viral on social media. Police are investigating the cause of the incident.
Delhi-based manufacturer Vikas Ecotech has acquired an existing Plasticizer Manufacturing Business, valued at Rs 270 million, in an all-cash deal. With this acquisition, the company aims to enhance its product offering and become debt-free by 2023-24. This move comes after the firm recently paid off Rs 101 crore of its debt to lenders.
The Indian Express has obtained information that the Registrar General of India has requested a budget of Rs 14,618.95 crore for the upcoming Census 2027. This will be the first "digital census" and will include the collection of caste data through dedicated mobile applications. The option for self-enumeration will also be provided to the public. Additionally, Indian refiners have saved approximately $12.6 billion in the past three years through their Russian oil imports, which has caused tensions with the Trump administration.
The Trump administration's latest move has caused major disruptions in the Indian export industry with the imposition of 50% tariffs on Indian goods. Sectors such as apparel, textiles, gems, and jewelry will bear the brunt of the higher tariffs, putting low-skilled jobs in India at risk. India's response has been to extend tariff exemptions on cotton imports, but many are criticizing the government for not taking strong action against the US. Political figures like Saurabh Bhardwaj and Akhilesh Yadav have slammed the BJP-led government for its failed foreign and economic policies which are negatively impacting traders, manufacturers, and workers.
The highly anticipated 2025 model of the popular Suzuki Access 125 has finally been unveiled at the Auto Expo. While it comes in three variants and boasts 5 different colour options, there are complaints about the fluctuating mileage and poor design choices such as fixed mirrors. With tough competition in the two-wheeler market, Suzuki may need to offer attractive deals to customers to stay ahead.
At the Plumbex India exhibition, Minister Hardeep S Puri launched the BHARAT TAP initiative, which aims to improve products and services related to plumbing, water, and sanitation. In his speech, Puri emphasized the importance of sanitation in India's development and praised the success of the Swachh Bharat Mission and AMRUT in achieving 100% toilet coverage in rural areas and significant progress in urban areas. He also announced the launch of AMRUT 2.0, with an outlay of Rs. 2,77,000 crores, to further strengthen water and sanitation services in cities.