Business News Highlights: Stock Market Closes, Sensex Up 89 Points, Nifty At 21,839 Amid Volatility
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The stock market on Wednesday attempted a recovery after the slump in the previous trading session. The key equity benchmarks, Sensex and Nifty, both climbed in the early trade. The BSE Sensex rebounded 237.36 points to hit 72,249.41 in the early session, while the NSE Nifty50 stood higher by 74.25 points and reached 21,891.70.
However, as the session progressed, the equity benchmarks nearly erased their gains and traded lower amidst volatility. As of 10:02 AM, the Sensex stood down by almost 50 points to reach 71,962.49, while the Nifty slipped 21 points and hit 21,797.55 in the morning session.
In the last trading session on Tuesday, both Sensex and Nifty, ended trading in red and plunged 1 per cent in light of the upcoming interest rate decision from the US Fed, scheduled to be released on Wednesday. The S&P BSE Sensex fell more than 700 points to close at 72,012. On the other hand, the NSE Nifty50 closed the session at 21,817, slipping 238 points.
The Reserve Bank of India’s March Bulletin, published on Tuesday, said that India can maintain an annual GDP growth rate of 8 per cent and the supportive macroeconomic factors can provide a boost to the economy’s growth. The article titled, ‘State of Economy’, in the bulletin, was authored by a team led by RBI Deputy Governor Michael Debabrata Patra and made the claims.
The article further said that the global economy is losing growth momentum, with the slowdown in most resilient economies and the signs indicating further levelling ahead. “The world is confronted with large shifts in structure and sentiments, which are either underway or impending,” it said.
The article stated that the growth outlook remained uncertain due to geopolitical factors and extreme weather conditions. However, it noted, that the Indian economy continued to experience a favourable macroeconomic environment and this could be the stepping stone in the country’s growth story.
India Needs To Grow At 8% To Generate Enough Employment: KV Subramanian
Krishnamurthy Venkata Subramanian, India's Executive Director at the International Monetary Fund (IMF), emphasised on Wednesday that growth in the country must remain at 8 per cent to generate enough employment to lower inequality and poverty. India's economy grew by an impressive 8.4 per cent in the final three months of 2023, marking its fastest growth in one-and-a-half years.
"We should be impatient even if we grow at 7 per cent. We should be looking to grow at 8 per cent and above, as the country needs to create a lot of infrastructure," Subramanian remarked during an event organised by the OMI Foundation.
Trust Fintech IPO To Open On March 26, Price Band Kept At Rs 95-101
Trust Fintech Ltd, a provider of fintech software solutions focused on SaaS products, has set the price band for its initial public offering (IPO) at Rs 95-101 per share. According to a statement by the company, the IPO is scheduled to open on March 26 and close on March 28, with the anchor portion opening on Friday. The IPO comprises a fresh issue of 62.82 lakh equity shares, each with a face value of Rs 10, offered through the book-building route.
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