Business News Highlights: Stock Market To Remain Closed For Mahashivratri, Investors Lookout For Global Market Movements

Business News Highlights: Please follow this space for all the breaking news and latest updates from the Stock Market, economy and corporate world

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Business News Highlights: Hello and welcome to ABP Live's Business LIVE blog. Please follow this space for all the breaking news and latest updates from the Stock Market, economy, and the corporate world.

Indian benchmark indices ended the day on a subdued note after a tumultuous session on Thursday, following record highs at the opening trade. The Sensex increased by 33.40 points or 0.05 per cent, closing at 74,119.39, while the Nifty rose by 19.50 points or 0.09 per cent to settle at 22,493.50. Among the stocks, 2071 advanced, 1588 declined, and 111 remained unchanged.

In the last session, the banking, oil and gas, auto, and realty sectors closed in negative territory, whereas the metal, capital goods, media, and FMCG sectors recorded gains ranging from 1 to 2.5 per cent.

The stock market will remain closed on Friday due to Mahashivratri. The next trading session will start on Monday, March 11.

Further, on Thursday, Union Minister Piyush Goyal declared a four-percent hike in the Dearness Allowance (DA) for Central government employees, bringing it to 50 per cent. The revised allowance will be applicable from January 1, 2024. This announcement, preceding the forthcoming Lok Sabha elections in 2024, is expected to benefit over 48 lakh central government employees and approximately 70 lakh pensioners.

In addition, in the preceding session, global stock indexes surged to unprecedented levels following indications from the European Central Bank (ECB) suggesting a potential rate cut in June, mirrored by similar sentiments from Federal Reserve Chair Jerome Powell regarding the trajectory of US rates.

In terms of the global market, today's attention shifts to the eagerly anticipated nonfarm payrolls report, which is scheduled for release later on Friday and will provide additional insights into the US rate outlook. This anticipation is heightened following January's remarkable jobs report, which surprised markets.

"If we do get that hot nonfarm payrolls data tonight, followed by a hotter-than-expected CPI, it could unravel very, very quickly across equity markets, across assets including gold, bitcoin and then to currency markets," said Tony Sycamore, a market analyst at IG, reported Reuters.

18:17 PM (IST)  •  08 Mar 2024

Sun Pharma Initiates Recall of 55k Bottles Of Generic Medicine In US

Sun Pharma is initiating a recall of approximately 55,000 bottles of a generic medication used to treat bowel disease in the American market, according to the US Food & Drug Administration (USFDA). The latest Enforcement Report by the US health regulator states that Sun Pharmaceutical, based in New Jersey and a subsidiary of the Mumbai-headquartered drug major, is recalling 54,960 bottles of Mesalamine extended-release capsules in the American market.

17:18 PM (IST)  •  08 Mar 2024

Annual Spectrum Auction Calendar Is A Major Reform: Ashwini Vaishnaw

Union Minister of Railways of India Ashwini Vaishnaw said on Friday that the "Annual spectrum auction calendar is a major reform. Now telecom service providers will get opportunity to buy spectrum regularly in a transparent way."

Annual spectrum auction calendar is a major reform. Now telecom service providers will get opportunity to buy spectrum regularly in a transparent way.

NIA published: https://t.co/b5sWh1weqG@DoT_India

— Ashwini Vaishnaw (मोदी का परिवार) (@AshwiniVaishnaw) March 8, 2024

17:02 PM (IST)  •  08 Mar 2024

Equity MFs Witness Near 2 Year High Inflow At Rs 26,866 Crore

Equity mutual funds sustained their upward trend with an inflow of Rs 26,866 crore in February, marking the highest monthly influx in 23 months. This surge was fueled by significant interest in thematic funds and the introduction of new fund offerings (NFOs). Additionally, the latest inflow represented a 23 per cent increase from the Rs 21,780 crore recorded in January.

16:25 PM (IST)  •  08 Mar 2024

61% Indian Women Prefer Housing As Investment: Survey

Approximately 61 per cent of Indian women consider housing as their preferred investment asset class. Nearly 16 per cent opt for the stock market, while 14 per cent choose gold, according to real estate services company ANAROCK's latest report released on Friday. Additionally, the report highlights that about 78 per cent of women homebuyers prefer purchasing homes for end-use, while 22 per cent do so for investment purposes. 

15:36 PM (IST)  •  08 Mar 2024

inDrive Launches 'DrivingNaari' For Women

The global ride-hailing app inDrive introduced the DrivingNaari program on Friday, offering equal opportunities to women pursuing driving as a career. The initiative seeks to empower underprivileged women by enabling them to become professional drivers, thereby granting them access to rewarding "livelihoods with dignity," as stated by inDrive in a press release.