Markets Will Be Closed on Monday Due to General Elections

Proptech Start-Up Reloy Clocks 65 Per Cent Growth In Revenue In FY24

Proptech start-up, Reloy, has reported a significant 65 per cent increase in revenue in the fiscal year 2023-24, reaching Rs 21 crore compared to Rs 12.7 crore in the previous fiscal year. The company, which is backed by HDFC Capital, attributes this growth to a strong demand in the housing sector. Reloy specializes in helping builders generate referral sales.

Akhil Saraf, the founder and CEO of Reloy, shared with PTI, “We helped builders in generating Rs 1,450 crore worth of referral sales in the last fiscal year.”

The stock market will remain closed on Monday due to the fifth phase of the Lok Sabha elections in Mumbai, resulting in a shortened trading week. In the previous trading session on Friday, the key equity benchmark indices closed higher for the second consecutive session. The S&P BSE Sensex closed over 250 points higher at 73,917, while the NSE Nifty50 index ended the day at 22,466, climbing more than 50 points.

Looking ahead to the week, Arvinder Singh Nanda, Senior VP at Master Capital Services Ltd, provided an outlook stating, “ONGC, SAIL, BHEL, JK Tyre, One97 Communications, Power Grid, InterGlobe Aviation, ITC, and NTPC will announce their quarterly earnings this week. The market’s direction will be influenced by major domestic and global economic data, including India’s PMI manufacturing and service data, UK inflation data, US initial jobless claims, S&P global services data, and S&P global manufacturing PMI and Q4 corporate results.”

Foreign portfolio investors have shown bearish sentiment towards Indian equities in May, selling off equities worth Rs 28,242 crore due to uncertainties surrounding the general elections. However, they have infused Rs 178 crore into the Indian debt market during the same period. Sunil Damania, Chief Investment Officer at MojoPMS, explained that investors are selling off due to election uncertainty and high market valuations.