BUSINESS
Sensex Surges as FMCG and IT Stocks Take the Lead in Market Growth
After initially being in the red during morning trade, the Sensex rebounded, gaining 173 points and reaching 72,410 points. Nestle emerged as the top gainer, experiencing an increase of more than 2% in trade. ITC also contributed to the positive trend with a gain of more than 1%.
PSU Stocks Lead as Top Gainers in a Steady Market Environment
Among the notable performers, KIOCL saw an 8% increase, Railtel gained 7%, NFL (National Fertilizers Limited) and HOCL (Hindustan Organic Chemicals Limited) each witnessed a 7% rise. Other notable gainers included Engineers India (up 6%), RCF (Rashtriya Chemicals and Fertilizers) up by 4%, BHEL (Bharat Heavy Electricals Limited) up 4%, NALCL (NALCO) up 4%, and NHPC (National Hydroelectric Power Corporation) up 4%.
Record-Breaking Foreign Net Purchases Reported for Samsung Electronics
The data revealed an exceptional net acquisition of Samsung Electronics stocks, amounting to 16.7 trillion won ($12.9 billion) by offshore investors.
Zomato's 'War Room' Manages Order Surge with a Massive Fleet of Over 3.2 Lakh Delivery Personnel
With a note of appreciation, Goyal highlighted the significant role of the 3.2 lakh+ delivery partners from Zomato and Blinkit, mentioning, "Thank you for helping the nation celebrate."
Arvind Panagariya Named Chairman of 16th Finance Commission by Centre
This commission has a pivotal role in proposing the distribution of net tax proceeds between the Union and the states, as well as allocating shares of these proceeds among the states.
Boeing 737 Max Fleet Under Safety Scrutiny as International Alert Spurs Indian Airline Checks
The advisory was prompted by an inspection during routine maintenance by an undisclosed international airline, revealing a missing nut on a bolt.
Shift in Global Dynamics: US Dollar Witnesses Decline in Dominance
While the US dollar remains the dominant reserve currency globally, the euro comes second, with its share sliding to 19.6%. The Japanese yen's proportion of world reserves grew slightly to 5.5%, while the Chinese yuan, British pound, Canadian dollar, and Swiss franc saw minimal changes in their shares.
Indian Economy Poised to Remain a 'Star Performer,' Key Indicators Favor Growth
Over the last month, the macroeconomic scenario has shifted in favor of the equity market, with positive indicators suggesting a promising start for 2024. A correction of 110 basis points in US bond yields is also contributing to the positive market sentiment.
Drop in global prices a relief for oil import-dependent Indian economy
Volatile oil prices pose a downside risk to the economy as costlier imports trigger an increase in domestic inflation and weaken the rupee as more US dollars are required to make import payments.
India's external position resilient despite pessimistic global trade outlook
The outlook for 2024 remains "highly uncertain and generally pessimistic", UNCTAD says in the Global Trade Update released on December 11, citing factors like ongoing geopolitical tensions, escalating debt, and widespread economic fragility.
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