Business News Highlights: Stock Market Closes Flat, Sensex Settles 20 Points Up, Nifty Above 22,500 As RBI Kept Repo Rate Unchanged
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The Reserve Bank of India (RBI) is preparing for its Monetary Policy Committee (MPC) meeting announcements on Friday, marking the inaugural session of the RBI MPC for the new financial year 2024-25. The meeting was scheduled from April 3rd to 5th. RBI is expected to uphold interest rates at their current level. All 38 economists surveyed by Bloomberg foresee the central bank maintaining its benchmark repurchase rate at 6.5 per cent, indicating the seventh consecutive meeting without alteration.
Despite the government's caution regarding an imminent heatwave and the economy's better-than-expected growth, the majority of economists surveyed in the report anticipate the central bank adopting a cautious stance. However, some economists speculate that it may hint at potential rate cuts in the future.
Stock market investors will also watch the RBI announcements on Friday. The GIFT Nifty trends suggest a subdued beginning for the broader index in India, with a decline of 90 points or 0.40 per cent.
In the previous trading session on Thursday, the Indian benchmark indices surged to reach record highs, then experienced some pullback before ultimately closing positively in a volatile trading session. The Sensex concluded 350.81 points, or 0.47 per cent, higher at 74,227.63, while the Nifty rose by 80 points, or 0.36 per cent, closing at 22,514.70, marking their highest closing levels to date. The market commenced the session with a gap-up at record highs, as the Sensex peaked at 74,501.73 and the Nifty at 22,619. However, these gains were retraced in the initial hours, leading to fluctuations between gains and losses throughout the session.
Furthermost, on Wednesday, the government issued a notification revealing its plan to raise the windfall tax on petroleum crude, marking the fifth increase since February. The new rate is set at Rs 6,800 ($81.43) per metric tonne, up from Rs 4,900. As reported by Reuters, this adjustment, effective from April 4, highlights the government's endeavours to regulate the profits earned by oil production companies amid the volatility of global oil prices.
Blue Dart Introduces 20-Hour Delivery Service To GIFT City From Major Metros
Blue Dart said on Friday that it is starting a new facility in GIFT City, Ahmedabad. Under this facility, the firm will provide a 20-hour delivery service to the prominent financial hub in Gujarat from major metropolitan cities across India. The facility will boast modern infrastructure and benefit from express connectivity via Blue Dart's fleet of eight Boeing freighters serving all major metropolitan regions, as per the company's statement.
Angel One Raises Rs 1,500 Crore Via QIP To Fuel Expansion Strategy
The fintech firm Angel One announced on Friday that it has successfully raised Rs 1,500 crore through the Qualified Institutional Placement (QIP) route to fulfil the company's working capital needs. The issue, which was open from March 26 to April 2, garnered significant interest from both domestic and foreign institutional investors, as per Angel One's statement.
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