Business News Highlights: Stock Market Closed Today, US Inflation Jumps 0.4% In March
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The stock market will remain closed on Thursday on account of Gudi Padwa, which means trading activities will remain suspended.
In the previous trading session on Wednesday, both the primary equity indices, Sensex and Nifty, ended the day in positive territory, with the stock market mainly trading within a narrow range. The S&P BSE Sensex surged by 345 points to reach 75,038. Similarly, the NSE Nifty50 concluded the session at 22,754, marking a gain of 111 points.
The unexpected increase in US retail inflation for March has pushed back predictions for Federal Reserve interest rate cuts until after June, causing turmoil in equity markets and leading to a surge in bond yields. Experts suggest that a rate cut in June now looks difficult.
In March, the US consumer price index (CPI) saw a 0.4 per cent month-on-month increase, mirroring February's growth rate. Year-on-year, CPI inflation for March stood at 3.5 per cent, up from February's 3.2 per cent. These figures exceeded expectations from the news agency Reuters polls, both in the monthly and yearly comparisons.
Furthermost, equity mutual funds concluded the 2023-24 financial year positively, experiencing a net inflow of Rs 22,633 crore in March. This was driven by significant interest in thematic funds and the introduction of new fund offerings (NFOs). However, this latest inflow was 16 per cent lower than the infusion of Rs 26,866 crore observed in the previous month, as per data from the Association of Mutual Funds in India (AMFI) released on Wednesday.
In March, the monthly inflow from Systematic Investment Plans (SIP) reached a new peak of Rs 19,270 crore, up from Rs 19,187 crore in February. The total SIP contribution amounted to Rs 2 lakh crore, reflecting a 28 per cent increase from the previous year.
Beverage and Ice Cream Makers Anticipate Sales Surge Amid Rising Temperatures
FMCG and dairy firms selling cola-based fizz drinks, juices, mineral water, ice creams, and milk-based beverages expect a spike in sales and have ramped up their production and stocks to meet the anticipated consumer demand with a gradual rise in temperature and the start of heatwave. The makers are launching new products while keeping in mind the evolving consumer preferences and investing substantially in promotions and expansion of the channels this season, company executives of beverage and ice cream makers said.
Digi Yatra Set To Launch In 14 Additional Airports This April
Digi Yatra is expected to be implemented in an additional 14 airports by the end of this month, with efforts underway to enhance user-friendliness through architectural adjustments, as per a senior executive, reported PTI. Utilising Facial Recognition Technology (FRT), Digi Yatra enables contactless passenger movement at airport checkpoints. It boasts nearly 5 million users and is operational at 14 airports for domestic travellers.
Global Goods Trade Volume Likely To Fall By 1.2% In 2024: GTRI
Damson Tech Set To Shift Smart Gadgets Production To India
Damson Technologies, a lifestyle and mobile accessories manufacturer intends to relocate 50 per cent of its manufacturing operations from China to India. Ritesh Goenka, the Managing Director of Damson Technologies, told the news agency PTI that the company plans to initiate this transition with an initial investment of Rs 150 crore in the ongoing fiscal year. Previously centred in Beijing, the company's electronics manufacturing services will now be divided between China and India.
SBI Denies Request To Release Electoral Bonds Information Under RTI Act
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