India’s Financial Landscape Sees Historic Highs and Significant Decisions

India's Financial Landscape Sees Historic Highs and Significant Decisions

VoM News Desk | December 27, 2023 | 11:57 PM IST | Breaking News | Follow on Google News

India’s Financial Landscape Sees Historic Highs and Significant Decisions/Mint

India’s Financial Landscape Sees Historic Highs and Significant Decisions

On December 27, 2023, India’s financial scenario witnessed remarkable milestones as both the NSE Nifty 50 and the BSE Sensex soared to their all-time highs.

Riding on positive global cues and robust performance in Asian and US stock markets, the NSE Nifty 50 surged to a historic level, breaching the 21,650 mark for the first time, marking an impressive leap of 234.4 points to reach 21,675.75.

Concurrently, the BSE Sensex hit an unparalleled peak of 72,119.85, reflecting a remarkable ascent of 783.05 points.

State-owned lenders, metals, and automobile stocks fueled this surge, with a significant majority of sector gauges displaying positive movements. Notably, UltraTech Cement emerged as the frontrunner among Nifty stocks, surging by 4.10 per cent.

Government Policy and RBI Actions

Alongside the stock market records, the government announced an upsurge in the minimum support price (MSP) for milling copra and ball copra for the forthcoming 2024 season, signifying a supportive measure for agricultural sectors.

Additionally, Kotak Mahindra Bank disclosed that the Reserve Bank of India (RBI) greenlit the appointment of C S Rajan as the Part-time Chairman for a two-year term, commencing on January 1, 2024.

Furthermore, IDFC Ltd revealed the RBI’s issuance of a no objection certificate for the integration of IDFC Limited, IDFC FHCL, and IDFC First Bank, marking a significant move in the banking and financial sector.

VoM News Desk

VoM News is an online web portal in jammu Kashmir offers regional, National & global news.