BUSINESS
Selling Pressure Hits Small and Mid-Cap Stocks
The BSE small-cap Index dipped by 2.6 percent during the trading session. Notable decliners included MSTC, down by 15 percent, AstraZeneca Pharma by 14 percent, Surya Roshni by 10 percent, RVNL by 9 percent, Bector Foods by 9 percent, BEML by 8 percent, and Onmobile Global by 10 percent.
Markets Show Firm Trend with Buying Interest in Reliance and TCS
After initially trading flat, the 30-share BSE Sensex rose by 122.61 points to reach 71,551.04 in early trade, while the Nifty increased by 45.45 points to 21,763.40.
Rupee Slips 5 Paise to 83.01 Against US Dollar in Early Trade
At the interbank foreign exchange, the rupee opened at 82.96 against the dollar, reaching an early low of 83.01 and a high of 82.95 in initial trade. The previous day, the rupee had settled at 82.96 against the US dollar after the Reserve Bank of India (RBI) opted to maintain the key policy rate unchanged for the sixth consecutive time, aiming to keep a tight vigil on inflation.
White Paper Reveals Doubling of Airports from FY15 to FY23, Reaching 149
Furthermore, the length of national highways experienced a significant increase from 0.98 lakh km in FY15 to 1.45 lakh km in FY23, while cargo traffic at major ports saw a notable rise from 581 million tonnes to 784 million tonnes during the same period.
Market Decline Follows RBI Monetary Policy Decision; Bank Stocks Lead the Drag
The decision by the Reserve Bank of India to maintain the key policy rate unchanged at 6.5 per cent for the sixth consecutive time underscored its cautious approach toward inflation. RBI Governor Shaktikanta Das announced the decision following the bi-monthly monetary policy review.
RBI to Roll Out Offline e-Rupee Transactions Soon, Announces Das
The retail CBDC pilot was initiated in December 2022, with the target of achieving 10 lakh transactions per day by December 2023. The introduction of offline functionality aims to cater to regions with poor or limited internet connectivity, such as hilly areas, rural, and urban locations.
RBI Forecasts FY'25 Inflation at 4.5%, Lower Than Current Fiscal's 5.4%
Governor Shaktikanta Das, announcing the decision of the Monetary Policy Committee (MPC), highlighted that domestic economic activity is holding up well, supported by momentum in investment demand, optimistic business sentiments, and rising consumer confidence.
RBI Maintains Interest Rate at 6.5% for Sixth Consecutive Time
The last time RBI raised the repo rate was in February 2023 to 6.5 per cent, after six consecutive rate hikes totaling 250 basis points since May 2022.
Financial Services Secretary Joshi: RBI Responsible for Addressing Paytm Issue
Joshi clarified that the recent actions taken by the RBI against PPBL, including restrictions on offering certain services and onboarding new customers, are regulatory measures aimed at safeguarding consumer interests and the overall economy. He emphasized that the government trusts the RBI's judgment in this regard.
Mutual Funds' Holdings in NSE Companies Reach Record High
Conversely, Life Insurance Corporation (LIC) of India, the country's largest institutional investor, witnessed a decline in its share across 277 companies where its holding exceeds 1 percent, dropping to an all-time low of 3.64 percent as of December 31, 2023, from 3.73 percent as of September 30, 2023.
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