Stock Market Today: GIFT Nifty on the NSE IX rose 14 points, to 19,838.5, indicating that Dalal Street was off to a solid start on Thursday. Nifty developed a bullish reversal pattern near the 50-day SMA (simple moving average) on Wednesday, closing 52 points higher, indicating a good potential of a new uptrend surge from current levels. The S&P 500 eked out a small gain on Wednesday after a volatile session, as investors debated whether to start looking for bargains after a sell-off fuelled by rising Treasury yields and uncertainty over the course of interest rates.
Rupee falls; Oil rises
The rupee recovered after two days of severe losses on Wednesday, ending 6 paise higher at 83.22 vs the US dollar on encouraging signs from domestic equity markets. Oil prices increased in early Asian trade on Thursday after jumping to the highest settlement in 2023 the previous session, as a sharp decline in US crude stocks contributed to concerns about global supply constraints.
Stock Market Today: India ranks fourth globally
According to the current edition of the Startup Genome’s Scaleup Report, India ranks fourth globally among businesses with more than $50 million in disclosed venture capital (VC) funding. The US had 7,184 scaleups out of the 12,400 startups evaluated across 80 locations in 40 nations, China had 1,491, the UK had 623, and India had 429. According to the Scaleup report, India has the highest scaleup rate, with more than half of its outreach occurring outside of Asia. The research explained the significant worldwide reach by pointing out that, with the exception of the United States, start-ups in large countries tend to scale more effectively if they focus on home markets.
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