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.
Pocket FM Secures $103 Million In Funding Led By Lightspeed
Pocket FM, an audio streaming platform, announced on Wednesday the successful completion of its Series D funding round, securing $103 million. This financing round was spearheaded by Lightspeed, with StepStone Group also participating. According to a statement released by the company, the fresh infusion of capital will be instrumental in bolstering Pocket FM's endeavours to penetrate the US market further. Additionally, it will facilitate the platform's expansion initiatives into European and LATAM markets slated for 2024.
Assam CM Expresses Gratitude To Ratan Tata For Semiconductor Facility
Assam's Chief Minister, Himanta Biswa Sarma on Wednesday expressed his anticipation that the forthcoming Tata semiconductor facility, valued at Rs 27,000 crore, would position the state on the global semiconductor landscape and significantly alter the economic terrain of eastern India. During a visit to Mumbai, Sarma conveyed his gratitude to Ratan Tata, Emeritus Chairman of Tata Sons, and Chairman N. Chandrasekaran. He thanked them for establishing the semiconductor facility, whose foundation stone was recently laid by Prime Minister Narendra Modi.
79% Indians believe AI Enhance Finance Professionals Work: Report
Approximately 79 per cent of individuals in India perceive Artificial Intelligence (AI) as a tool that will empower finance professionals to enhance their contributions, according to a recent report released on Wednesday. However, a concerning 61 per cent acknowledge that they are not actively acquiring the requisite skills for the evolving workplace landscape. Moreover, findings from the Association of Chartered Certified Accountants (ACCA) suggest that a significant 82 per cent of respondents consider an organization's commitment to fostering diversity and inclusivity as a pivotal factor influencing their decision to pursue employment therein.
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