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Business News Live: Stock Market Opens Strong; Sensex Up 350 Points, Nifty Above 22,700

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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.

In the last trading session on Wednesday, the key equity benchmarks, Sensex and Nifty, executed a remarkable recovery, each surging over 3 per cent, following substantial losses in the preceding trading session, attributed to poll outcomes falling short of expectations. 

The BSE Sensex recorded a surge of 2,303 points, concluding at 74,382, while the NSE Nifty50 ended at 22,620, marking a gain of 736 points. Both indices reached intraday highs of 74,535 and 22,670, respectively.

Furthermore, in May, India saw a decline in services activity growth to a five-month low, driven by waning domestic demand, as revealed by a survey. However, the survey also highlighted record-breaking export growth and a surge in job creation, reaching a 21-month high. Contrary to initial expectations of a rise to 61.4, the final HSBC India Services Purchasing Managers’ Index, compiled by S&P Global, decreased to 60.2 last month from 60.8 in April.

However, it maintained its position above the crucial threshold of 50, indicating expansion rather than decline. This streak has now persisted for 34 consecutive months, affirming the continuity of this trend.

Maitreyi Das, global economist at HSBC, said, “India’s service activity rose at a slightly softer pace in May, with domestic new orders easing slightly, but remaining robust, implying strong demand conditions and successful advertising.”

In addition, on Wednesday, the National Stock Exchange of India (NSE) achieved an exceptional milestone, setting a new global record for the highest volume of transactions processed within a single trading day. Ashish Chauhan, NSE’s CEO, announced this achievement on the microblogging platform X (previously known as Twitter). He revealed that the exchange managed an unprecedented 19.71 billion orders and executed 280.55 million trades between 9:15 am and 3:30 pm trading hours.



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