Business News Highlights: Stock Markets Mark Holi Leave, Investors To Clock Macro Data Ahead
Business News Highlights: Please follow this space for all the breaking news and latest updates from the Stock Market, economy, and corporate world
Oil prices surged on Monday due to rising concerns about a tight global supply as conflicts escalate in the Middle East region and between Russia and Ukraine. Brent crude futures climbed 0.3 per cent to hit $85.67 per barrel, while US crude futures also jumped 0.3 per cent to reach $80.88 per barrel.
Read More | Oil Prices Surge Amid Escalating Global Tensions
EU Antitrust regulators announced on Monday that they will begin investigation in Apple, Google, and Meta platforms for possible violations of the Digital Markets Act. The probe could lead to major fines for the tech giants.
Read More | Apple, Google, Meta On EU Antitrust Crosshair Over DMA Breaches. Here's How Much Fine They Could Be Facing
WhatsApp rolled out a new feature that allows users to pin several messages in both individual and group chats. While the earlier update allowed users to pin a single message in every chat, the latest provides them with the option to pin up to three messages per chat.
Read More | WhatsApp Users Can Now Pin 3 Messages At Once: Here's How
Amul will launch its fresh milk products for the first time outside India, the firm announced. The Gujarat Cooperative Milk Marketing Federation (GCMMF) said that it will make four variants of milk, Amul Taaza, Amul Gold, Amul Shakti, and Amul Slim n Trim available in the US markets within a week. MD Jayen Mehta stated, "The GCMMF has tied up with 108-year old cooperative organisation Michigan Milk Producers Association (MMPA) to launch fresh milk in the US market. The milk collection and processing will be done by MMPA, while GCMMF will do marketing and branding of Amul fresh milk. Recipe will be ours."
External Affairs Minister S Jaishankar met Singapore FM Vivian Balakrishnan on Monday to hold discussions about trade relations and bilateral ties between the two countries. The minister also met two other senior officials and held discussions about situations in the Indo-Pacific and West Asia regions.
The Employees' Provident Fund Organisation (EPFO) added 16.02 lakh net subscribers in January 2024, official payroll data revealed on Sunday. The body enrolled 8.08 lakh members for the first time in January 2024.
Digital World Acquisition Corp (DWAC) and Trump Media & Technology Group (TMTG) received shareholder approval for their merger this Friday. Former US President Donald Trump's Truth Social, social media platform, is behind the TMTG. The merger is valued at nearly $5.7 billion.
Read More | Donald Trump's $5.7-Billion Truth Social Merger Approved by Shareholders. All You Need To Know
Background
Business News Highlights: Hello and welcome to ABP Live's Business LIVE blog. Please follow this space for all the breaking news and latest updates from the Stock Market, economy, and the corporate world.
The stock markets exhibited volatility last week before closing the trading in green. In the last trading session on Friday, the key equity benchmarks, Sensex and Nifty ended in gains after recovering the losses made in the early trading hours. The BSE Sensex climbed nearly 200 points and touched 72,832, while the NSE Nifty50 settled higher by 85 points and hit 22,097.
The markets are observing a holiday on Monday to mark the festival of Holi. In the remaining week, investors will await the announcement of macroeconomic data at the global and domestic level. At the global level, the United States is set to release its quarterly GDP figures, along with the home sales, durable goods orders, personal income, and spending numbers in the week.
US Federal Reserve Chair Jerome Powell will also deliver his speech towards the end of the week and share an insight on the outlook for inflation and interest rate cuts ahead. Domestically, India will reveal its current account and external debt figures in the latter half of the week.
The foreign portfolio investors (FPIs) injected more than Rs 38,000 crore in Indian equities in March so far. The investors remained bullish over the debt market and poured in Rs 13,223 crore in the segment as of March 22, official data from the depository revealed.
V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services, elaborated on the debt market sentiment and said, “The fundamental reason for this sustained FPI flows into debt is the inclusion of Indian bonds in the JP Morgan EM Bond Fund and Bloomberg Bond Index, which is expected to bring investment of around $25 billion. This investment will begin only by June 2024, and therefore, FPIs are doing some front running in view of this potential investment.”
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