Business News Highlights: Stock Market Closes In Green, Sensex Settles Above 74K, Nifty Up Almost 150 Points
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The stock market entered the new fiscal year on a bullish note and carried forward the sentiment from the last trading week of the 2023-24 fiscal year. In early trade, the BSE Sensex climbed more than 550 points and hit 74,208.33, while the NSE Nifty50 traded at 22,519, at a gain of almost 200 points.
As the session progressed, the key equity benchmark indices continued to trade positively, but inched lower slightly. As of 10:25 AM, the Sensex stood at 74,159.02, at a gain of over 500 points, while the Nifty traded at 22,511.45, jumping 184.55 points.
The markets this week will monitor the upcoming meeting of the Monetary Policy Committee (MPC) of the RBI scheduled from April 3-5, 2024. The Reserve Bank of India’s committee, chaired by Governor Shaktikanta Das, will deliberate on the interest rate policy ahead.
This will mark the first bi-monthly fiscal policy meeting of the 2024-25 financial year. About 6 meetings are scheduled for the current fiscal, starting April 1, 2024. The last time the regulator increased the repo rate was in February 2023 when it was hiked to 6.5 per cent. Since then, the central bank has maintained the status quo on the repo rates.
Notably, Switzerland recently became the first major economy to slash interest rates, while Japan increased its rates, marking an end to the eight-year-long period of negative interest rates for the economy.
Further, the United States will also release its PMI numbers for March in the week, along with unemployment rates, and total vehicle sales for the month. US Fed Chair Jerome Powell is also scheduled to deliver his speech on Wednesday, which should help provide an insight into the fiscal policy and a guideline for the RBI to follow in its MPC meeting.
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