Business News Highlights: Markets Gear Up For More Earnings Next Week, Elections To Impact Sentiments

Business News Live: 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 Live: 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.

The stock market ended trading this week in red amidst geopolitical turmoil and the uncertainty surrounding the rate cut by the US Fed. The key equity benchmarks started the week with a strong rally, however reversed mid-week and ended on Friday in red. The S&P BSE Sensex settled the trading session at 74,245, plunging almost 800 points, while the NSE Nifty50 closed at 22,519, dropping more than 200 points. The Sensex hit a fresh low of 74,189 during the day, while Nifty reached a record low of 22,504. 

Official data released by the Ministry of Statistics and Programme Implementation on Friday revealed that the retail inflation in India relaxed to a nine-month low in March 2024. The country logged an inflation rate of 4.85 per cent in March, down from 5.09 per cent in February. The National Statistical Office (NSO) informed that the inflation in the food basket touched 8.52 per cent in March, relaxing from 8.66 per cent in the preceding month.

Notably, the Reserve Bank of India lately projected an inflation rate of 4.5 per cent of the 2024-25 fiscal year (FY25). Governor Shaktikanta Das revealed the estimates during the announcements made after the last Monetary Policy Committee (MPC) meeting that took place in April. 

The data further revealed that the industrial production figures for February clocked a growth of 5.7 per cent, helped by the robust performance of the mining sector. The production growth remained tepid relative to the 6 per cent growth logged in February 2023. The manufacturing sector’s output grew by 5 per cent in February 2024, against 5.9 per cent growth seen in the same month a year earlier. 

IT giant Tata Consultancy Services (TCS) also announced its financial results for the fourth quarter of the 2023-24 financial year. The firm clocked a net profit of Rs 12,434 crore in the January-March quarter in FY24, marking a jump of 9.15 per cent against Rs 11,392 crore logged in the same quarter a year earlier.

19:45 PM (IST)  •  13 Apr 2024

Over 2 Lakh Accounts Banned By X In March Over Policy Breaches

X, led by Elon Musk, implemented a ban on 212,627 accounts in India from February 26 to March 25, predominantly for the dissemination of child sexual exploitation and non-consensual nudity. Additionally, 1,235 accounts were removed for promoting terrorism within the country. In adherence to the new IT Rules 2021, X reported 213,862 account bans in India. Furthermore, the company disclosed receiving 5,158 user complaints from India during the same reporting period through grievance redressal mechanisms.

19:14 PM (IST)  •  13 Apr 2024

Elon Musk's xAI Venture Seeks Young Visionaries To Drive AI's Evolution

Elon Musk has invited aspiring individuals to join his AI enterprise, xAI. Seeking to strengthen his AI initiative, Musk issued the call on Saturday, welcoming engineers, designers, and personnel across multiple domains, such as product development, data analytics, and infrastructure management, to join the venture's expansion.