Business News Highlights: Stock Market Closes, Sensex Settles 350 Points Higher, Nifty At 22,515
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The benchmark Sensex and Nifty indices are anticipated to commence trading on a positive trajectory on Thursday, according to experts, as indications from the GIFT Nifty suggest a higher opening for the broader index.
In the previous trading session on Wednesday, the Indian market experienced a flat closure amidst heightened volatility and profit booking in some auto and banking stocks. The Sensex concluded with a marginal decline of 27.09 points, equivalent to 0.04 per cent, settling at 73,876.82. Similarly, the Nifty registered a slight downturn of 18.6 points, or 0.08 per cent, ending at 22,434.70.
Furthermost, on Wednesday, Forbes released its highly awaited annual compilation of the world's billionaires, revealing a remarkable surge with the addition of 141 new billionaires compared to the previous year. The global tally now boasts an astonishing 2,781 individuals who hold billionaire status.
The collective wealth of these affluent individuals has skyrocketed to unprecedented levels, reaching $14.2 trillion. This represents a substantial increase of $2 trillion from the figures reported in 2023. Additionally, the induction of 26 new members into the billionaire cohort has contributed to a noteworthy surge in the combined net worth, which now stands at $1.1 trillion.
India intends to establish its inaugural commercial crude oil strategic storage to bolster reserves as a safeguard against potential supply disruptions. The Indian Strategic Petroleum Reserves Ltd (ISPRL), a dedicated entity established by the government to construct and manage strategic petroleum reserves nationwide, has issued a call for bids for the development of a 2.5 million tonne underground storage facility in Padur, Karnataka, as outlined in the tender document.
In the initial stage, ISPRL constructed underground storage spaces in rocky caverns to store crude oil. These storage areas, totalling 5.33 million tonnes, are located at three sites: Visakhapatnam in Andhra Pradesh (1.33 million tonnes), Mangalore in Karnataka (1.5 million tonnes), and Padur in Karnataka (2.5 million tonnes).
Spotify Set To Hike Prices For Several Markets By Month End
Having maintained its monthly subscription rate at $9.99 for an extended duration, the music streaming firm Spotify initiated a transition last July, augmenting its Spotify Premium service to $10.99. Presently, indications suggest that the music platform is poised for another pricing adjustment, albeit within a notably condensed timeframe. As per reports from news agency Bloomberg, Spotify intends to raise its subscription fee by $1 to $2 in the UK, Australia, Pakistan, and two other markets by the conclusion of April, with intentions to implement a subsequent increase for US customers "later this year."
Read Here: Spotify Is Increasing Prices In These Regions By The End Of This Month
Rupee Strengthens by 9 Paise, Ends at 83.44 Against US Dollar
The rupee showed improvement on Thursday, gaining 9 paise to close at 83.44 (provisional) against the US dollar. This was influenced by positive movements in domestic markets and encouraging macroeconomic data. Additionally, the weak US dollar against other major currencies internationally provided further support to the domestic unit. However, the surge in crude oil prices and continuous outflows of foreign funds limited the extent of the rupee's gains, according to forex traders.
March Witnesses 7% Price Hike In Veg Thali Due To Onion, Tomato Price Jump: Report
In March, the price of a vegetarian thali surged by 7 per cent, mainly due to increased onion, tomato, and potato prices, according to Crisil Market Intelligence and Analysis, an arm of the domestic rating agency. Conversely, a 7 per cent drop in poultry prices resulted in a decrease in the cost of non-vegetarian thali, as stated in Crisil's monthly Roti Rice Rate report.
Stock Market Close: Sensex Up 350 Points, Nifty At 22,515
In a volatile trading session on Thursday, Indian benchmark indices concluded the day with a high. The Sensex ended the day with a gain of 350.81 points or 0.47 per cent, closing at 74,227.63, while the Nifty rose by 80.00 points or 0.36 per cent to settle at 22,514.70. Among the traded stocks, 2342 registered gains, 1361 recorded losses, and 101 remained unchanged.
X Names Kylie McRoberts Head Of Safety: Report
X, previously known as Twitter, has reportedly made a significant decision by appointing a new head of safety. This appointment arrives during a pivotal moment as the platform experiences significant transformations under the leadership of tech mogul Elon Musk, raising apprehensions among advertisers.
The newly appointed head of safety will supervise content policies and regulations to address these concerns and foster a secure and favourable environment for users and advertisers, as per a Bloomberg report.
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