Business News Highlights: Stock Market Settles Higher, Sensex Closes Near 74,750, Nifty At 22,660.95
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The markets will enter the holiday-shortened trading week on the lookout for cues from global trends, domestic macroeconomic announcements, currency fluctuations, and investors’ activities. The stock market in the week will remain closed on Thursday to mark the festival of Eid-Ul-Fitr.
The indices closed last trading week on a slightly higher note, amidst major volatility seen throughout the week. In the last trading session on Friday, the S&P BSE Sensex ended the session at 74,248, registering a gain of about 21 points, while the NSE Nifty50 closed trading at 22,514, inching ahead by 1 per cent.
This week will mark the beginning of the earnings season for Indian companies for the January to March quarter of the 2023-24 fiscal year. TCS will kick off the season and is scheduled to reveal its Q4 earnings on Friday. Further, India is also set to release its inflation data in the latter half of the week.
Sharing an outlook on the week ahead, Santosh Meena, Head of Research, Swastika Investmart Ltd, noted, “Indian companies are set to enter a new corporate earnings Q4 season this week. Leading the pack is IT services giant TCS, set to kick off the earnings season for the quarter ending March 2024. Its results for the fourth quarter of FY24 will be announced on April 12, 2024, after market trading hours. Apart from that India's industrial production data will also be announced on 12th April 2024. On the same day, inflation for March will be declared.”
Notably, the foreign portfolio investors (FPIs) reversed the trend in Indian equities and withdrew Rs 325 crore from the segment in April so far. The investors turned cautious amidst the relatively surging valuations and the upcoming general elections in the country. The official data with the depositories revealed that investors remained bullish on the Indian debt market and pumped Rs 1,215 crore in the segment as of April 5, 2024.
The overall inflow from FPIs in the Indian equities stood at well over Rs 10,500 crore, while the Indian debt market saw an infusion of more than Rs 57,000 crore in the year so far.
Jana Small Finance Bank Partners Up With Kotak Life To Disburse Insurance Products
Jana Small Finance Bank announced on Monday that it will offer life insurance products to the bank customers in partnership with Kotak Mahindra Life Insurance Company. The lender issued an official filing and said, "The partnership will help 52 lakh customers of the bank with a wide range of life insurance products offered by Kotak Life, including long-term savings and retirement solutions."
Rupee Settles Flat At 83.31 (Provisional) Against US Dollar
The rupee closed on Monday on a flat note at 83.31 (provisional) against the US dollar, after the support from domestic equities was negated by a strong American dollar in the overseas market. In the last trading session on Friday, the domestic unit closed at 83.31 against the greenback.
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