Business News Highlights: Stock Market, MCX Closed For Trading Today On Account Of Good Friday
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The BSE and NSE remained closed for trading on Good Friday. Along with, trading in derivatives, equities, SLBs, and currency derivatives, as well as the interest rate derivatives segment and the Multi-Commodity Exchange of India (MCX), the nation's largest commodity market, will also remain shut on Friday. This marks the end of a holiday-shortened week, with only three days of trading due to the closure of equity markets on Monday (March 25) for Holi festivities.
In the previous trading session on Thursday, the stock market concluded the final day of trading for the 2023-24 fiscal year on a positive note. Favorable global cues led to significant buying activity in power, auto, and banking stocks, propelling domestic indices upward. The S&P BSE Sensex surged to a peak of 74,190 points, eventually closing at 73,651, marking a gain of 655 points. Similarly, the NSE Nifty50 reached a high of 22,516 points before settling at 22,327, reflecting an increase of 203 points.
On the other hand, Union Finance Minister Nirmala Sitharaman said the nation's strong economic performance, pointing out three consecutive quarters with growth rates surpassing 8 per cent. She particularly highlighted the remarkable growth rate of 8.3 per cent in the third quarter. "Three continuous quarters, we have had more than 8 per cent growth. 8.3 was quarter three," said Nirmala Sitharaman.
The growth of eight crucial infrastructure sectors saw a slump, reaching 6.7 per cent in February, as reported by official data released on Thursday. This deceleration was primarily attributed to the underperformance of sectors such as fertiliser. In January, the growth rate of these eight core sectors stood at 4.1 per cent, contrasting with a robust 7.4 per cent recorded in February 2023.
India's foreign exchange reserves Hit Record High
India's foreign exchange reserves surged for the fifth consecutive week, reaching a new record high of $642.631 billion in the week ending March 22, as per the most recent data from the Reserve Bank of India (RBI). This marks an increase of $139 million during the reporting week. Gold reserves also saw an uptick from $347 million to $51.487 billion. According to the central bank's weekly statistical data, India's foreign currency assets (FCA), which constitute the largest portion of the forex reserves, experienced a slight decline of $123 million, reaching $568.264 billion.
Force Motors To Exit Tractors Business
Force Motors Ltd announced on Friday its intention to discontinue its involvement in the tractor and connected activity sector by the end of the current fiscal year. In a regulatory filing, the company revealed that its board of directors, during a meeting held on Friday, has opted to terminate the business line encompassing the production and distribution of agricultural tractors and related operations, effective after the fiscal year 2023-2024.
The decision forms part of the company's strategic initiative to streamline its product portfolio. Force Motors articulated its commitment to prioritize its core segments, including shared mobility transportation, last-mile mobility solutions, goods transportation, as well as the manufacturing of advanced technology critical components for premium luxury original equipment manufacturers (OEMs). Additionally, the company will focus on the development of specialized vehicles for both civil and defense applications.
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