The Indian stock market continued its impressive run on July 4th, with the Sensex and Nifty 50 reaching new all-time highs. However, investor profit booking at higher levels led to a slight pullback in the afternoon, resulting in modest gains for both benchmarks. Despite the late-session correction, the market opened strong and traded positively throughout the day, fueled by positive global cues. The BSE PSU index, tracking 55 companies, demonstrated a remarkable recovery from its June 4th slump, surging to its current level of 21,643 points, marking a gain of 20.16%. This surge was attributed to the formation of a BJP-led NDA government, which reassured investors about policy continuity and political stability. Meanwhile, Bitcoin experienced a downturn, falling to a two-month low of $57,711, driven by uncertainty surrounding the US presidential elections and reports of bitcoin supply from a defunct Tokyo-based crypto exchange. The decline marked a more than 4% drop and a significant loss of 6% for the week. Bitcoin has faced pressure in recent months due to concerns regarding the upcoming US presidential election. The T20 World Cup-winning Indian team received a hero’s welcome in Mumbai on July 4th, as they landed at the airport and embarked on a victory parade along Marine Drive to the Wankhede Stadium. Thousands of enthusiastic fans lined the streets, creating a sea of celebratory energy. In the corporate world, Emcure Pharmaceuticals’ initial public offering (IPO) proved to be a hit with investors on its second bidding day. Strong interest from non-institutional investors, individual investors, and qualified institutional buyers resulted in a 4.98 times subscription for the IPO, according to BSE data. Hemant Soren was sworn in as the 13th Chief Minister of Jharkhand on July 4th, succeeding his father, Champai Soren. The Jharkhand Governor, CP Radhakrishnan, invited Hemant Soren to form the government after Champai Soren’s resignation. Tragically, the flood situation in Assam and Manipur continued to worsen due to heavy rainfall in the northeastern states. The death toll reached 48, with thousands forced to seek refuge in relief camps as flooding caused widespread damage to homes and infrastructure.
