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
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.
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.
Spotify, the Swedish music streaming giant, has declared its intention to increase subscription fees in France in response to a newly introduced tax. The streaming service contends that the tax, imposed by the government last year at 1.2 per cent on streaming companies' revenue, will not accomplish its intended objective of bolstering music creation, reported Reuters.
UK Secretary of State for Business and Trade Kemi Badenoch stated that while a trade deal with India could potentially be reached before the country's general election, the UK does not wish to impose a deadline. Badenoch, responsible for finalising the free trade agreement (FTA), currently in its 14th round of negotiations, cited India's protectionist economic policies in contrast to the UK's liberalised regime as one of the reasons for the prolonged discussions.
The Ayurveda Experience, a leading global D2C brand in Ayurveda, has announced securing $27 million (approximately Rs 224 crore) in funding from a group of investors led by Singapore-based Jungle Ventures, according to a statement released on Friday. The company intends to utilise the funds to enhance its brand visibility and recognition in current markets, enhance customer engagement on its platform, invest in product research and development, and expand distribution channels, the statement added.
Japan's household spending in January experienced a 6.3 per cent decline compared to the same period last year, marking the 11th consecutive month of decrease and widening from the 2.5 per cent drop recorded in December, according to government data released on Friday. The Ministry of Internal Affairs and Communications reported that households consisting of two or more individuals spent an average of 289,467 yen (approximately $1,957), representing the most significant decrease since February 2021, when a 6.5 per cent decline was recorded, reported the Xinhua news agency.
Background
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.
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