Business News Live: Stock Market Opens At Record High, Sensex Up Over 500 Pts, Nifty Above 22,550


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The benchmark Sensex and Nifty indices are anticipated to commence trading on a positive trajectory on Thursday, according to experts, as indications from the GIFT Nifty suggest a higher opening for the broader index.

In the previous trading session on Wednesday, the Indian market experienced a flat closure amidst heightened volatility and profit booking in some auto and banking stocks. The Sensex concluded with a marginal decline of 27.09 points, equivalent to 0.04 per cent, settling at 73,876.82. Similarly, the Nifty registered a slight downturn of 18.6 points, or 0.08 per cent, ending at 22,434.70.

Furthermost, on Wednesday, Forbes released its highly awaited annual compilation of the world’s billionaires, revealing a remarkable surge with the addition of 141 new billionaires compared to the previous year. The global tally now boasts an astonishing 2,781 individuals who hold billionaire status.

The collective wealth of these affluent individuals has skyrocketed to unprecedented levels, reaching $14.2 trillion. This represents a substantial increase of $2 trillion from the figures reported in 2023. Additionally, the induction of 26 new members into the billionaire cohort has contributed to a noteworthy surge in the combined net worth, which now stands at $1.1 trillion.

India intends to establish its inaugural commercial crude oil strategic storage to bolster reserves as a safeguard against potential supply disruptions. The Indian Strategic Petroleum Reserves Ltd (ISPRL), a dedicated entity established by the government to construct and manage strategic petroleum reserves nationwide, has issued a call for bids for the development of a 2.5 million tonne underground storage facility in Padur, Karnataka, as outlined in the tender document.

In the initial stage, ISPRL constructed underground storage spaces in rocky caverns to store crude oil. These storage areas, totalling 5.33 million tonnes, are located at three sites: Visakhapatnam in Andhra Pradesh (1.33 million tonnes), Mangalore in Karnataka (1.5 million tonnes), and Padur in Karnataka (2.5 million tonnes).


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