MUMBAI [Maha Media]: Equity benchmark indices Sensex and Nifty climbed nearly 1 per cent each on Monday amid a rally in Asian and European markets, decline in Brent crude oil prices and buying by foreign investors.

Extending its previous day's rebound, the 30-share BSE Sensex climbed 560.29 points or 0.77 per cent to settle at 73,648.62. During the day, it advanced 679.47 points or 0.92 per cent to 73,767.80.

The NSE Nifty went up by 189.40 points or 0.86 per cent to 22,336.40.
 

NEW DELHI [Maha Media]: India is expected to maintain growth momentum at 6.5 per cent in 2024, per report released by the United Nations Conference on Trade and Development (UNCTD). India's economic growth surged to 6.7 per cent in 2023, showcasing resilience amid global economic challenges.

The robust growth in 2023 was attributed to several key factors, including strong public investment outlays and the dynamic performance of the services sector. The services sector particularly thrived due to robust local demand for consumer services and robust external demand for the country's business services exports. These factors are anticipated to remain pillars of support for growth in the upcoming year.

An encouraging trend highlighted in the report is the increasing inclination of multinational corporations to extend their manufacturing processes into India. This move aims to diversify their supply chains and is expected to have a positive impact on Indian exports. Additionally, moderating commodity prices are forecasted to benefit the country's import bill, further contributing to economic stability.

The Reserve Bank of India's monetary policy stance is expected to remain unchanged in the near term, with interest rates likely to be held constant. Furthermore, restrained public consumption spending is anticipated to be offset by strong public investment expenditures, sustaining the growth trajectory.

Looking at the broader Asian region, economic growth is projected to reach 4.0 per cent in 2024, slightly lower than the 4.1 per cent recorded in 2023. Despite this slight moderation, Asia continues to be a significant driver of global economic activity, with India's growth story standing as a beacon of hope amid broader economic uncertainties.
 

MUMBAI [Maha Media]: Stock markets rebounded from early lows to close higher on Friday, snapping the four-day losing streak on heavy value buying in banking and auto shares.

The 30-share BSE Sensex climbed 599.34 points or 0.83 per cent to settle at 73,088.33. The index opened lower and tanked further 672.53 points or 0.92 per cent to hit a low of 71,816.46 in early trade. However, the index rebounded in the second half on value-buying in banking shares.

The NSE Nifty jumped 151.15 points or 0.69 per cent to close at 22,147. The broader index dropped to a low of 21,777.65 in early trade before paring its losses to end in the green.

MUMBAI [Maha Media]: The stock market kicked off the trading day on Thursday with a notable upward trajectory as both the Sensex and Nifty indices opened with gains after the Ram Navami holiday. The Sensex surged by 291.27 points, commencing at 73,234.95, while the Nifty climbed by 102.75 points, opening at 22,250.65.

Among the Nifty companies, 40 showcased advances while 10 witnessed declines. Noteworthy gainers included BPCL, Power Grid, HDFC Life, Hero MotoCorp, and Adani, while HCL Tech, NTPC, Nestle India, Apollo Hospital, and Axis Bank were among the top losers. Technical analysis indicates a weakened trend as the index breached the 21-day Exponential Moving Average (EMA). However, a rebound is anticipated from support levels near 22,000, supported by oversold conditions on hourly charts.

Option Interest (OI) data reveals significant OI concentrations at 22,400 and 22,500 strike prices on the call side, and at 22,000 on the put side. Across Asia, equities displayed mixed performance, with Japanese stocks declining, while Australian and South Korean equities surged. Futures trading indicated early losses in Hong Kong but gains in China.
 

NEW DELHI [Maha Media]: As the Reserve Bank of India (RBI) maintained the status quo in the repo rate for the seventh time this month, investment bank Morgan Stanley sees rate cuts off the table. It expects no easing in policy rates in 2024-2025. In a report titled 'India Economics: Rate Cuts Are Now Off the Table' authored by its economists Upasana Chachra and Bani Gambhir, it believes that improving productivity growth, rising investment rate, and inflation tracking above the target of 4 per cent, alongside a higher interest rate in the US, warrant higher real rates.

While inflation is likely to continue to moderate, it is likely to remain above the RBI's medium-term target of 4 per cent. In that case, it warrants the RBI to remain steadfast on its disinflationary path, without easing interest rates, the report said. "The confluence of both global and domestic factors mentioned above warrants the RBI staying put (so far)," Morgan Stanley said.

"As such, we now expect the policy rate to remain steady at 6.5 per cent, vs. our previous view of a shallow rate cut cycle from 3Q24, implying that real rates track at 200bps (similar to the average real rates of 190bps during 2003-2007)," it said. Real rates are typically the difference between the key interest rate and the headline inflation.

According to Morgan Stanley, a weaker-than-anticipated trend in domestic growth or faster-than-expected moderation in the inflation trajectory may prompt the RBI to embark on a rate-easing cycle. On the other hand, escalated geopolitical tensions leading to possible deterioration in macro stability indicators, would warrant a more hawkish monetary policy stance.

For the US, Morgan Stanley's Chief US Economist, Ellen Zentner, has updated her outlook for the Federal Reserve policy path. She expects a delayed start to the monetary policy easing cycle in the US, with the first rate cut in July 2024 (from June previously), three cuts in 2024 (from four previously), and a shallower easing cycle with a cumulative 175 basis points of easing (versus 300 basis points previously) through 2025. For India, a higher interest rate regime with strength in the US dollar would warrant a cautious stance from the RBI.

Along anticipated lines, RBI kept the policy repo rate unchanged at 6.50 per cent, the seventh time in a row. The repo rate is the rate of interest at which the RBI lends to other banks. Retail inflation in India is in RBI's two-six per cent comfort level but is above the ideal 4 per cent scenario. In March, it was 4.85 per cent. Inflation has been a concern for many countries, including advanced economies, but India has largely managed to steer its inflation trajectory quite well.

Barring the latest pauses, the RBI raised the repo rate by 250 basis points cumulatively to 6.5 per cent since May 2022 in the fight against inflation. Raising interest rates is a monetary policy instrument that typically helps suppress demand in the economy, thereby helping the inflation rate decline. 
 

MUMBAI [Maha Media]: The rupee depreciated 9 paise to 83.53 against the US dollar in early trade on Tuesday, weighed down by a strong American currency and elevated crude oil prices.

Forex traders said a negative trend in domestic equities and sustained foreign fund outflows also dented investor sentiments.

According to interbank foreign exchange, the rupee opened at 83.51 against the dollar and touched a low of 83.53 in the initial trade, registering a fall of 9 paise over its previous close.
 

NEW DELHI [Maha Media]: Investors in the Sovereign Gold Bond (SGB) Scheme of 2017-18, series III have been allowed early redemption by the Reserve Bank of India. The next redemption date is set for April 16, 2024, for the SGB 2017-18 Series III by RBI. The press statement of the RBI says early redemption price has been fixed at Rs 7260/- per unit of SGB, based on the average closing gold price over the previous three business days.

The Government of India, in line with the Sovereign Gold Bond Scheme regulations permits premature redemption of Gold Bonds after the fifth year from the date of issue. This redemption option aligns with the date on which interest is payable on the bond.

The redemption price calculation is based on the simple average of the closing gold price for the three business days preceding April 16, 2024, as published by the India Bullion and Jewellers Association Ltd (IBJA). The Sovereign Gold Bond Scheme, was launched under the Government Securities Act, 2006, to give investors a choice of structured avenue to invest in gold.

Various entities, including individuals, trusts, charitable institutions, and universities, were allowed to invest in the scheme. The denomination of the bonds was in units of one gram of gold or multiples thereof, with a minimum subscription limit of one gram. Individuals were allowed to opt for up to 4 kg per fiscal year, while trusts and similar entities were given a higher ceiling of 20 kg.

The premature redemption option offers investors flexibility, to liquidate their investments ahead of the maturity date if needed. Pre mature encashment option, along with other benefits like interest payments and tax advantages, had made the Sovereign Gold Bond Scheme an attractive investment avenue for individuals and entities looking to diversify their portfolios with gold-backed securities.
 

MUMBAI [Maha Media]: The stock market opened on a flat note in negative territory on Monday, with both the Sensex and Nifty witnessing substantial declines for the second consecutive session. The Sensex opened 521.65 points down, starting at 72878.13, while the Nifty opened 134.15 points down at 22138.35. Among the Nifty companies, 13 recorded advances while 37 faced declines in early trading.

Leading the gainers in the Nifty were Nestle India, Bharti Airtel, Titan, Eicher Motors, and SBI Life, while LTI Mindtree, TCS, Infosys, NTPC, and Bajaj Finance were among the top losers. The negative sentiment prevailing in global markets due to escalating tensions in the Middle East weighed heavily on Indian benchmark indices.
 

MUMBAI [Maha Media]: Stock markets took a beating on Monday with benchmark Sensex and Nifty tumbling over 1 per cent as escalating conflict in the Middle East and weak trends from global markets unnerved investors.

Extending losses to the second session, the 30-share BSE Sensex tanked 845.12 points or 1.14 per cent to settle at a more than two-week low of 73,399.78. During the day, it plunged 929.74 points or 1.25 per cent to 73,315.16.

The NSE Nifty declined 246.90 points or 1.10 per cent to finish at 22,272.50.

Key indices had plunged by over 1 per cent in the previous session on Friday due to profit taking by investors at record high levels. Sensex lost 1,638 points or 2.19 per cent while Nifty plunged 481 points or 2.13 per cent to slip below the 22,300 level in two straight sessions.

Foreign fund outflows and hotter-than-expected US inflation data also played spoilsport for the markets.

Analysts said the renewed conflict in the Middle East, proposed changes in the India-Mauritius tax treaty and the hotter-than-expected US inflation proved to be major drags.

From the Sensex basket, Wipro, ICICI Bank, Bajaj Finserv, Bajaj Finance, Tata Motors, Larsen & Toubro, Tech Mahindra and HDFC Bank were the major laggards.

Nestle, Maruti and Bharti Airtel were the gainers.

In Asian markets, Seoul, Tokyo and Hong Kong settled lower while Shanghai ended in the positive territory. European markets were trading on a mixed note. Wall Street ended significantly lower on Friday.

"Geopolitical tensions and higher-than-expected US inflation impacted investor sentiment and dragged the indices to a lower note. The major casualties were the mid- and small-cap indices due to their rich valuation and expectation of moderation in earnings growth in Q4FY24.

"On the other hand, the European market opened on a positive note while oil prices inched lower as market participants expected that the diplomatic efforts were likely to de-escalate tensions in the Middle East," said Vinod Nair, Head of Research, Geojit Financial Services.

Global oil benchmark Brent crude dipped 1.04 per cent to $89.51 a barrel.

Foreign institutional investors (FIIs) offloaded equities worth Rs 8,027 crore on Friday, according to exchange data.
 

MUMBAI [Maha Media]: The rupee declined 6 paise to 83.44 against the US dollar in early trade on Monday, tracking negative equity markets and withdrawal of foreign funds amid renewed concerns over geopolitical tensions in the Middle East.

Forex traders said a strong American currency in the overseas market and curde oil prices hovering above USD 90 per barrel also dented investor sentiments.

At the interbank foreign exchange, the rupee opened at 83.46 against the dollar and gained slightly to 83.44 in the initial trade, registering a fall of 6 paise over its previous close.
 

NEW DELHI [Maha Media]: Wholesale inflation in the country rose marginally to 0.53 per cent in March compared to 0.20 per cent in the preceding month due to increase in prices of vegetables, potato, onion and crude oil.

The Wholesale Price Index (WPI)-based inflation was in the negative zone from April to October and had turned positive in November at 0.26 per cent. The inflation in March 2023 was 1.41 per cent.

''The annual rate of inflation based on all-India Wholesale Price Index (WPI) number is 0.53 per cent (provisional) for the month of March, 2024 (over March, 2023),'' the commerce and industry ministry said in a statement on Monday.

Food inflation moved up marginally to 6.88 per cent in March from 5.42 per cent in the same month a year ago, data showed. Inflation in vegetables was 19.52 per cent, up from (- 2.39) per cent in the same month a year ago.

WPI for potato witnessed a jump of 52.96 per cent against a deflation of 25.59 per cent, while for onion 56.99 per cent as compared to (-) 36.83 per cent in March 2023.

The data showed that inflation in the crude petroleum segment rose by 10.26 per cent in March this year against a deflation of 23.53 per cent in March 2023 due to hardening of crude prices globally.

However, retail inflation declined to a five-month low of 4.85 per cent in March mainly due to cooling food prices.

The Consumer Price Index (CPI) based retail inflation was 5.09 per cent in February and 5.66 per cent in March 2023. Previously, CPI-based inflation was the lowest at 4.87 per cent in October 2023.

The inflation in the food basket was at 8.52 per cent in March, down from 8.66 per cent in February, according to the data released by the National Statistical Office (NSO) last week.
 

MUMBAI [Maha Media]: India's retail inflation measured by consumer price index (CPI) eased to 4.85% in March 2024 from 5.09% in the previous month, according to official data released on Friday. 

The retail inflation print has remained within the Reserve Bank of India (RBI)'s tolerance band of 2-6% for seven months now. As per data released by Ministry of Statistics & Programme Implementation (MoSPI), food inflation fell marginally to 8.52% in March this year from 8.66% in the previous month. 

With inflation staying within the upper limit and also showing a declining trend, the RBI this month kept policy repo rate unchanged at 6.50% for the seventh consecutive time while reviewing the monetary policy.
 

MUMBAI [Maha Media]:  The rupee depreciated 13 paise to close at 83.44 against the US dollar on Friday, weighed down by a massive sell-off in domestic equities and a strong greenback against major crosses overseas.

Forex traders said elevated crude oil prices also dented investor sentiments.

At the interbank foreign exchange market, the local unit opened at 83.36 and touched an intraday low of 83.44 against the greenback. The local unit finally settled at 83.44, registering a loss of 13 paise from its previous close.
 

MUMBAI [Maha Media]: Benchmark equity indices Sensex and Nifty plunged by 1 per cent on Friday as investors booked profits after a recent record-breaking rally amid weak trends from Asian markets.

The 30-share BSE Sensex tanked 793.25 points or 1.06 per cent to settle at 74,244.90 with 27 of its components in the red. During the day, it dropped 848.84 points or 1.13 per cent to 74,189.31.

The NSE Nifty declined 234.40 points or 1.03 per cent to close at 22,519.40 with 45 of its constituents ending lower.
 

MUMBAI [Maha Media]: Telecom operator Vodafone Idea on Friday said its board has approved a Follow-on Public Offering (FPO) of equity shares of up to Rs 18,000 crore.

The follow-on offer will open on April 18 and close on April 22.

The floor price for the mega offer has been set at Rs 10 and the cap at Rs 11 per equity share.
 

MUMBAI [Maha Media]: After facing significant flight disruptions recently, Vistara CEO Vinod Kannan today told the airline staff that the "worst is behind us" and operations have already stabilised.

Pilot woes have forced the Tata Group airline to temporarily cut down capacity by 10 per cent or 25-30 flights daily.

While acknowledging that things should have been planned better, Kannan said it has been a "learning experience".

He also said it has been a challenging start to the new financial year and the airline faced significant operational disruption from March 31 to April 2.

"The anxiety and frustration felt by our customers was matched in even measure to the pain that all of us felt in seeing our much-loved brand drawing negative commentary from various quarters... I assure you that the worst is behind us, and we have already stabilised our operations, with our on-time performance (OTP) increasing to 89 per cent on 9 April 2024 (second highest among all Indian airlines)," he said in a message to the staff.

The full-service carrier has around 6,500 people, including about 1,000 pilots.
 

NEW DELHI [Maha Media]: Anil Ambani's Reliance Infrastructure Ltd on Wednesday said no liability has been imposed on it by the Supreme Court order that set aside a Rs 8,000-crore arbitral award that was granted in favour of Delhi Airport Metro Express Pvt Ltd (DAMEPL).

Setting aside the award, the top court ordered DAMEPL to refund all sums previously paid by the Delhi Metro Rail in accordance with the arbitral award. DMRC had paid Rs 3,300 crore to DAMEPL.

''Reliance Infrastructure wishes to clarify that the Order dated April 10, 2024, passed by the Supreme Court does not impose any liability on the company and the company has not received any money from DMRC / DAMEPL under the arbitral award,'' the firm said in a stock exchange filing.

While DAMEPL is a subsidiary of Reliance Infrastructure, it is a separate entity and the liability falls on it.
 

NEW DELHI [Maha Media]: The dark clouds of uncertainty don't seem to move past the Tata owned aviation paradigm. This, as according to reports, aircraft technicians of the former flag carrier are said to be mulling over a strike.

According to a statement from the All India Aircraft Maintenance Engineering Union, the union will strike on 23 April. The issues in focus include, well being of the employees and professional growth. The union, reportedly even wrote a letter to the CEO of the airline as well.

This comes, just at back of similar protests by its pilots over remuneration issues. In addition the airline and its scheduled merger with Vistara has also been in the limelight for all the wrong reasons. Vistara has been on flight cancellation streak, thanks to the airline's disagreement with its crew regarding concerns emerging from the merger.
 

MUMBAI [Maha Media]: The rupee advanced 13 paise to 83.19 in the opening session on the selling of the US dollar by bankers and exporters, dealers at the Foreign Exchange said on Wednesday. The domestic unit rose due to the weak dollar against other world currencies.

The rupee recorded intraday highs and lows at 83.17 and 83.25, respectively, the dealer added.
 

MUMBAI [Maha Media]: The benchmark BSE Sensex and NSE Nifty 50 hit fresh life highs in intra-day trading on Tuesday as investors continued to lap up shares amid expectations of political stability and policy continuity after the Lok Sabha elections. Companies reporting strong sales numbers in sectors like automobiles and real estate have also been in demand over the last few sessions, driving the wider markets.

The BSE Sensex touched a new high of 75,124.28 during market hours on Tuesday and the Nifty50 scaled 22,768 levels. However, some profit booking was seen post the rally and both the indices eventually settled slightly lower. The BSE Sensex closed around 59 points or 0.08 per cent lower at 74,683.70 level. The Nifty 50 ended down 23.55 points or 0.10 per cent at 22,642.75 level.

ICICI Bank, Infosys, Tata Steel, Maruti Suzuki, Bharti Airtel and Mahindra and Mahindra were among the gainers on the Sensex on Tuesday.

Elsewhere, select realty stocks saw big gains; Sobha was up 5 per cent, Godrej Properties jumped more than 4 per cent and Puravankara surged more than 16 per cent. Recent quarterly updates by real estate companies, shows strong sales momentum continues, and this has lifted investor sentiments.

Infosys gained after Bank of America upgraded its rating on the company. Several other software services companies also rose on Tuesday.

The BSE Sensex and Nifty 50 gained more than 25 per cent in 2023-24 financial year and are further up around 1 per cent so far in April. Shares of public sector companies have been in strong demand over the past year, with the BSE PSU Index accelerating over 90 per cent in the financial year ended March 31, 2024.The mid and smallcap indexes also surged over 60 per cent and 70 per cent last year. The broader markets are expected to rally further.
 

MUMBAI [Maha Media]: The benchmark BSE Sensex and NSE Nifty 50 hit fresh life highs in intra-day trading on Tuesday as investors continued to lap up shares amid expectations of political stability and policy continuity after the Lok Sabha elections. Companies reporting strong sales numbers in sectors like automobiles and real estate have also been in demand over the last few sessions, driving the wider markets.

The BSE Sensex touched a new high of 75,124.28 during market hours on Tuesday and the Nifty50 scaled 22,768 levels. However, some profit booking was seen post the rally and both the indices eventually settled slightly lower. The BSE Sensex closed around 59 points or 0.08 per cent lower at 74,683.70 level. The Nifty 50 ended down 23.55 points or 0.10 per cent at 22,642.75 level.

ICICI Bank, Infosys, Tata Steel, Maruti Suzuki, Bharti Airtel and Mahindra and Mahindra were among the gainers on the Sensex on Tuesday.

Elsewhere, select realty stocks saw big gains; Sobha was up 5 per cent, Godrej Properties jumped more than 4 per cent and Puravankara surged more than 16 per cent. Recent quarterly updates by real estate companies, shows strong sales momentum continues, and this has lifted investor sentiments.

Infosys gained after Bank of America upgraded its rating on the company. Several other software services companies also rose on Tuesday.

The BSE Sensex and Nifty 50 gained more than 25 per cent in 2023-24 financial year and are further up around 1 per cent so far in April. Shares of public sector companies have been in strong demand over the past year, with the BSE PSU Index accelerating over 90 per cent in the financial year ended March 31, 2024.The mid and smallcap indexes also surged over 60 per cent and 70 per cent last year. The broader markets are expected to rally further.
 

NEW DELHI [Maha Media]: The Reserve Bank on Friday retained inflation projection at 4.5 per cent for the current financial year, lower than 5.4 per cent in the last fiscal.

Assuming a normal monsoon this year, CPI (consumer price index-based) inflation for the current year is projected at 4.5 per cent, with Q1 at 4.9 per cent, Q2 at 3.8 per cent, Q3 at 4.6 per cent, and Q4 at 4.5 per cent.

Reserve Bank Governor Shaktikanta Das also stressed on the need to remain vigilant on food prices, given the forecast of higher temperatures between April-June.

He also said that the impact of reduction in fuel prices on inflation will deepen in the coming months.

Das, however, said the elephant (inflation) seems to have gone for a walk and RBI wants it to remain in the forest.

The central government has tasked the Reserve Bank of India (RBI) to ensure that the Consumer Price Index (CPI) based inflation remains at 4 per cent, with a margin of 2 per cent on either side. The retail inflation was 5.1 per cent in February. March inflation print is scheduled to be released next week.

The Monetary Policy Committee (MPC) on Friday kept benchmark policy interest rates unchanged for the seventh time in a row.
 

MUMBAI [Maha Media]: The rupee depreciated 6 paise to 83.45 against the US dollar in early trade on Friday, as market participants remained cautious ahead of the announcement of the Reserve Bank of India's rate-setting panel's decision.

Forex traders said the local unit was also weighed down by a strong American currency and elevated crude oil prices. Moreover, a negative trend in domestic equities and sustained foreign fund outflows also dented investor sentiments.

According to interbank foreign exchange, the rupee opened at 83.44 against the dollar and touched a low of 83.45 in the initial trade, registering a fall of 6 paise over its previous close.
 

MUMBAI [Maha Media]: Benchmark equity indices Sensex and Nifty retreated from their record peaks and traded lower in early trade on Friday as investors turned cautious ahead of RBI's interest rate decision, amid muted global trends and higher crude oil prices.

The six-member rate-setting panel, which began its deliberation on Wednesday, will announce the decision on Friday.

The 30-share BSE Sensex tanked 196.49 points or 0.25 per cent to 74,031.14. The broader NSE Nifty also declined 72.85 points or 0.32 per cent to 22,441.80.
 

MUMBAI [Maha Media]: The Indian stock market closed in green on Thursday after the Nifty surged 80 points to close at 22514 and Sensex also gained 350 points to close at 74227. During Thursday's trading session, benchmark equity indices experienced volatility following a surge to new all-time highs, as profit-taking activities emerged. In the Nifty 50 list 31 shares closed in green while 19 closed in red. 

Notable gainers included HDFC Bank, which surged by 3% to Rs 1,526, reporting an impressive YoY growth of over 100% in retail loans for Q4. Meanwhile, NTPC, Axis Bank, Power Grid Corporation, and Tata Steel also witnessed substantial gains. Conversely, notable losers among Sensex constituents were IndusInd Bank, Sun Pharma, ITC, Reliance, ICICI Bank, and HCL Technologies. In the broader market, the BSE MidCap index remained flat, while the SmallCap index saw a marginal increase of 0.1%.

On the global front, Asian shares rallied as investors awaited clarity on potential rate cuts by the US Federal Reserve. Amidst geopolitical tensions and supply disruptions, commodities saw significant movements, with gold reaching a fresh record of $2,304 per ounce. Oil prices surged to a five-month peak, driven by supply concerns stemming from geopolitical conflicts in Ukraine and the Middle East.

With the Monetary Policy result due tomorrow, the market can react after the announcement of results.

NEW DELHI [Maha Media]: India's services sector witnessed one of the strongest growth rates in over 13-and-a-half years in March on the back of strong demand that spurred sales and business activity, a monthly survey said on Thursday.

The seasonally adjusted HSBC India Services Business Activity Index rose from 60.6 in February to 61.2 in March, one of the strongest expansions in total sales and business activity in close to 14 years.

In the Purchasing Managers' Index (PMI) parlance, a print above 50 means expansion, while a score below 50 denotes contraction.

The HSBC India Services PMI is compiled by S&P Global from responses to questionnaires sent to a panel of around 400 service sector companies.

"India's services PMI rose in March, following a small dip in February, on the back of strong demand that spurred sales and business activity. Service providers increased hiring at the fastest pace since August 2023 in order to expand production capacity," said Ines Lam, Economist at HSBC.

The upturn was largely attributed to healthy demand conditions, efficiency gains, and positive sales developments, the survey said.

Companies signalled a substantial improvement in new order intakes during March. The rate of growth was one of the best seen since June 2010.

New export business rose at the fastest rate since the series started in September 2014. Survey participants reported gains from Africa, Asia, Australia, Europe, the Americas, and the Middle East.

Services companies indicated that the substantial upturn in new business volumes added pressure on their capacities. Accordingly, service providers recruited additional staff in March.

"The latest increase in employment was the 22nd in as many months, and the joint-strongest since November 2022," the survey said.

The survey further noted that there has been an intensification of price pressures, with both input costs and output charges increasing at faster rates.

"Input costs rose at a faster rate, yet service providers were able to broadly maintain margins by charging higher output prices," the survey said.

Going ahead, services companies expect demand trends to remain favourable, with marketing efforts also seen as a growth opportunity. There were, however, some concerns surrounding competitive pressures, the survey said.

Meanwhile, the HSBC India Composite PMI Output Index rose from 60.6 in February to 61.8 in March, highlighting the second-strongest upturn in over 13-and-a-half years.

Composite PMI indices are weighted averages of comparable manufacturing and services PMI indices. Weights reflect the relative size of the manufacturing and service sectors, according to official GDP data.

March data pointed to a sharp increase in aggregate output across India, as both goods producers and service providers noted a pick-up in growth.
 

MUMBAI [Maha Media]: The rupee witnessed range-bound trading in initial deals against the US dollar on Wednesday, as the support from positive macroeconomic data was negated by elevated crude oil prices.

Forex traders said a negative trend in domestic equities and the overall strength of the American currency in the overseas market weighed on investor sentiments.

In initial deals, the rupee also saw a low of 83.40 against the greenback.

The rupee on Tuesday consolidated in a narrow range and settled 3 paise lower at 83.42 against the American currency.

Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.09% lower at 104.71.
 

MUMBAI [Maha Media]: Indian benchmark indices opened lower, in line with global market trends on Wednesday. At the opening, Sensex dropped by 296.27 points, or 0.39 per cent, to 73,608.94, while Nifty declined by 77.10 points, or 0.35 per cent, to 22,373.95.

Among the Nifty companies, 17 witnessed advances while 33 experienced declines. Notable movements were observed in Shriram Finance, Hindalco, ONGC, Tech Mahindra, and Ultra Cement, emerging as the top gainers. Conversely, Nestle India, HDFC Life, Britannia, Sun Pharma, and Bajaj Auto were among the top losers.

This downward trajectory follows Tuesday's market performance, where domestic equity indices concluded a three-day rally, closing lower amidst subdued global cues. The Sensex fell by 110.64 points to 73,903.91, and the Nifty 50 settled lower by 8.70 points or 0.04 per cent at 22,453.30.
 

NEW DELHI [Maha Media]: The World Bank has said that growth in South Asia is expected to be strong at 6.0 percent in 2024, driven mainly by robust growth in India. According to Jobs for Resilience, the latest South Asia Development Update released on Tuesday, in India, which accounts for the bulk of the region's economy, output growth is expected to reach 7.5 percent in FY23-24 before returning to 6.6 percent over the medium term, with activity in services and industry expected to remain robust.

The World Bank report says persistent structural challenges threaten to undermine sustained growth, hindering the region's ability to create jobs and respond to climate shocks. "South Asia's growth prospects remain bright in the short run, but fragile fiscal positions and increasing climate shocks are dark clouds on the horizon," said Martin Raiser, World Bank Vice President for South Asia.

"To make growth more resilient, countries need to adopt policies to boost private investment and strengthen employment growth," he added. The report also projects a mild recovery in the Pakistan economy with growth projected at 2.3 percent in FY24-25, while in Sri Lanka output growth is expected to increase to 2.5 percent in 2025, with recoveries in reserves, remittances, and tourism.

In Bangladesh, output is expected to rise by 5.7 percent in FY24/25, with high inflation and restrictions on trade and foreign exchange constraining economic activity. The report recommends a range of policies to spur firm growth and boost employment including increasing trade openness and access to finance, improving business climates and institutions, removing financial sector restrictions, improving education, and removing restrictions on women's economic activity.

These measures would also help lift growth and productivity and free up space for public investments in climate adaptation, the World Bank says. Earlier on March 27, Morgan Stanley revised its India GDP growth forecast upwards for the financial year 2024-25 (FY25) to 6.8 per cent, up from its previous estimate of 6.5 per cent.

The firm also revised its growth forecast for the ongoing financial year, FY24, to 7.9 per cent. The revised projections come in the wake of an optimistic outlook on India's economic trajectory, with Morgan Stanley highlighting the country's strength and stability as hallmarks of the current cycle.
 

MUMBAI [Maha Media]: Stock markets snapped the three-day gaining run on Tuesday with benchmark Sensex dropping by 110 points due to profit-taking in select private bank and auto shares amid weak trends from the US markets and foreign fund outflows.

The 30-share BSE Sensex declined by 110.64 points or 0.15 percent to settle at 73,903.91. During the day, the index dropped by 270.78 points or 0.36 percent to a low of 73,743.77.

The broader NSE Nifty dipped 8.70 points or 0.04 percent to 22,453.30.

Both Sensex and Nifty scaled lifetime high levels in intra-day trade on Monday before settling around 0.5% higher. ''The domestic market took a breather today after achieving a fresh record high yesterday. Factors such as a rising dollar, increasing US bond yields, and a notable uptick in crude oil prices collectively dampened investor sentiment,'' Vinod Nair, Head of Research, Geojit Financial Services said.

From the Sensex basket, Kotak Mahindra Bank, HCL Technologies, ICICI Bank, Infosys, Tata Consultancy Services, Wipro, Tech Mahindra and Larsen & Toubro were the major laggards.

Mahindra & Mahindra, Nestle, Tata Motors and IndusInd Bank were among the gainers.

In Asian markets, Shanghai settled lower while Tokyo, Seoul and Hong Kong ended in the positive territory. European markets were trading mostly in the green. Wall Street ended mostly lower on Monday.

Foreign Institutional Investors (FIIs) offloaded equities worth Rs 522.30 crore on Monday, according to exchange data.

Global oil benchmark Brent crude climbed 1.61 percent to USD 88.83 a barrel.
 

NEW DELHI [Maha Media]: GST collections in March grew 11.5 per cent to Rs 1.78 lakh crore on higher domestic sales, the finance ministry said on Monday. The gross GST collection for the last fiscal (April 2023-March 2024) stood at Rs 20.18 lakh crore, 11.7 per cent higher than the mop-up in the preceding fiscal. The average monthly gross collection for FY24 stood at Rs 1.68 lakh crore, exceeding Rs 1.5 lakh crore in the preceding fiscal.

"Gross Good and Services Tax (GST) revenue for March 2024 witnessed the second highest collection ever at Rs 1.78 lakh crore, with a 11.5 per cent year-on-year growth. This surge was driven by a significant rise in GST collection from domestic transactions at 17.6 per cent," the ministry said in a statement. The highest-ever GST collection was recorded at Rs 1.87 lakh crore in April 2023
 

MUMBAI [Maha Media]: The BSE Sensex remained firm for the third straight session on Monday as it zoomed 526 points to 74177.87 in the opening session on strong global cues.

The Nifty of the National Stock Exchange (NSE) gained 178.95 points to 22,505.85. All the sectoral indices opened in green. The Sensex registered intraday highs and lows at 74,254.52 and 73,943 points respectively. The Nifty registered intra days high and low at 22,529.95 and 22,443.35 points respectively. The Mid Cap rose 1.33 pc and Small Cap by 2.10 pc. In 30 scrips, 25 advanced while 5 declined. The gainers were JSW Steel by 4.37 pc to Rs 867.70, Tata Steel by 2.89 pc to Rs 160.40, M& M by 1.96 pc to Rs 1959.10 and L& T by 1.69 pc to Rs 3836.70.

The losers were Titan by 0.96 pc to Rs 3768.35, Nestle India Ltd by 0.20 pc to 2618 and Bharti Airtel by 0.15 pc to 1227.15.
 

MUMBAI [Maha Media]: The finance ministry on Monday said there is no change in the new income tax regime for individuals for the current fiscal year and individual taxpayers can opt out of the regime at the time of filing their ITR.

Clarifying on social media posts claiming certain changes in the new tax regime effective April 1, the ministry said, ''There is no new change which is coming in from 01.04.2024.'' A modified new income tax regime was rolled out from the financial year beginning April 1, 2023, for individuals under which the tax rates are ''significantly lower''. However, the benefit of various exemptions and deductions (other than standard deduction of Rs 50,000 from salary and Rs 15,000 from family pension) is not available, as in the old regime.

''New tax regime is the default tax regime. However, tax payers can choose the tax regime (old or new) that they think is beneficial to them... Option for opting out from the new tax regime is available till filing of return for the AY 2024-25,'' the ministry said. Under the new I-T regime, income of up to Rs 3 lakh is exempt from tax. A 5 per cent tax is levied on income between Rs 3-6 lakh, 10 per cent for income between Rs 6-9 lakh. Income between Rs 9-12 lakh and Rs 12-15 lakh is subject to 15 per cent and 20 per cent tax, respectively. A 30 per cent I-T would be applicable on income above Rs 15 lakh. The new tax regime was set as ''a default regime'' from 2023-24 and the Assessment Year corresponding to this is AY 2024-25. This can be changed by the taxpayer at the time of filing Income Tax Returns (ITR) by an individual.

Eligible persons without any business income will have the option to choose the regime for each financial year. So, they can choose new tax regime in one financial year and old tax regime in another year and vice-versa, the ministry said in a statement.

The old tax regime which is still in force and offers a host of deductions and exemptions, exempts income up to Rs 2.5 lakh from taxes.

Income from Rs 2.5-5 lakh attracts 5 per cent tax, and 20 per cent for income between Rs 5 lakh and Rs 10 lakh. A 30 per cent tax is levied on income above Rs 10 lakh.
 

MUMBAI [Maha Media]: The approval of 'Bima Sugam' by the Insurance Regulatory and Development Authority of India (IRDAI) has ignited a wave of optimism within the insurance industry. This decision represents a leap towards realizing the vision of 'Insurance for All by 2047.' With support from industry leaders like Prashant Tripathy, Co-Chair of the FICCI Insurance Committee and MD & CEO of Max Life Insurance Company Limited and Ritesh Kumar, Co-Chair, FICCI Insurance Committee and MD & CEO, HDFC ERGO General Insurance, 'Bima Sugam' promises to revolutionize the accessibility and transparency of insurance solutions across India.

Prashant Tripathy emphasized the platform's potential to transcend barriers and empower every Indian citizen to safeguard their future aspirations seamlessly. In a post of FICCI on X, Tripathy said "We wholeheartedly applaud the approval of Bima Sugam by the IRDAI, a monumental step towards realizing the vision of 'Insurance for All by 2047'. This transformative platform heralds a new era in the democratization of insurance solutions across India, streamlining access, enhancing transparency, and unlocking affordability for masses."

He added, "Together with the IRDAI's foresight, we embrace this digital revolution, confident that it will pave the way for a future where insurance transcends barriers, safeguarding the future and enabling aspirations of every Indian citizen." Echoing this sentiment, Ritesh Kumar underscored the significance of IRDAI's Bima Sugam guidelines in paving the way for an end-to-end digital marketplace for insurance.

This platform promises greater convenience for customers and intermediaries alike, ensuring transparency at every stage of the insurance process. In another FICCI post on X Kumar said, "IRDAI's Bima Sugam Guidelines pave the way for the launch of the electronic marketplace. Bima Sugam would be an end-to-end digital platform for buying and servicing insurance, offering greater convenience at no extra cost to customers & intermediaries and providing transparency at every stage."

While Bima Sugam is yet to be officially launched, IRDAI approved its online platform on March 27. 'Bima Sugam' forms part of IRDAI's broader initiative, known as the 'Bima Trinity,' which includes 'Bima Vistaar,' 'Bima Vahak,' and now 'Bima Sugam.'

Positioned as an online marketplace for insurance, Bima Sugam will offer customers a diverse range of schemes from various insurance providers, covering life, health, and general insurance needs such as motor and travel insurance. The hallmark feature of Bima Sugam lies in its streamlined, paperless claim settlement process, which aims to simplify and expedite insurance procedures.

Leveraging policy numbers for both health coverage and death claims, the platform promises a seamless experience for policyholders. This one-stop solution is envisioned to benefit all stakeholders, including customers, insurers, intermediaries, and agents, by promoting transparency, efficiency, and digital adoption.
 

NEW DELHI [Maha Media]: Adani group on Thursday announced start of its maiden copper plant at Mundra in Gujarat.

Adani Enterprises is setting up plant with 1 million tonnes capacity in two phases.

''Close to $1.2 billion will be invested in the first phase,'' the firm said in a statement.

This marks the Adani portfolio's debut in the metal industry. ''The successful progress of the greenfield unit showcases the Adani Group's ability to plan and execute largescale projects,'' it said.

Adani Enterprises is investing nearly USD 1.2 billion to set up a copper smelter with 0.5 million tonnes capacity in the first phase. On completion of the second phase that will add similar capacity, Kutch Copper, with 1 million tonnes annual capacity, will be the world's largest single-location custom smelter, benchmarking ESG performance standards while leveraging state-of-the-art technology and digitalisation. It will create 2,000 direct and 5,000 indirect employment opportunities.

''With Kutch Copper commencing operations, the Adani portfolio of companies is not only entering the metals sector but also driving India's leap towards a sustainable and aatmanirbhar (self-reliant) future,'' said Gautam Adani, Chairman of the Adani Group. ''Our speed of execution in this ambitious, super-sized project underscores our commitment to take India to the forefront of the global copper sector. We believe the domestic copper industry will play a crucial role in achieving our nation's goal of carbon neutrality by 2070 by strengthening our green infrastructure hand in hand with mature environmental stewardship. When commissioned, our modern smelter will set new benchmarks in copper production, with an enhanced thrust on innovative green technology,'' he said.

The demand for copper will be driven by renewable energy, electric vehicles, charging infrastructure, and the development of power transmission and distribution networks.

Kutch Copper is working towards establishing Kutch Copper Tubes Limited as part of its forward integration strategy to add copper tubes to its portfolio. The tubes will cater to applications in air-conditioning and refrigeration.
 

MUMBAI [Maha Media]: Benchmark equity indices climbed in early trade on Thursday, extending their previous day's rally, on foreign fund inflows and positive trend in the US markets.

The 30-share BSE Sensex climbed 342.48 points to 73,338.79 in early trade. The NSE Nifty went up by 96.25 points to 22,219.90.

From the Sensex basket, Bajaj Finserv, Bajaj Finance, ICICI Bank, State Bank of India, Power Grid and Infosys were the major gainers.
 

MUMBAI [Maha Media]: The rupee declined by 7 paise to close at 83.36 (provisional) against the US dollar on Wednesday, tracking a strong American currency against major rivals overseas and weak Asian peers.

However, a surge in domestic markets and a decline in crude oil prices cushioned the downside, forex traders said.

At the interbank foreign exchange market, the local unit opened at 83.33 and touched an intraday low of 83.45 against the greenback. The local unit finally settled at 83.36 (provisional) against the dollar, registering a loss of 7 paise from its previous close.
 

MUMBAI [Maha Media]: Benchmark equity indices Sensex and Nifty rebounded sharply on Wednesday following heavy buying in index majors Reliance Industries and HDFC Bank.

The 30-share BSE Sensex climbed 526.01 points or 0.73 per cent to settle at 72,996.31. During the day, it jumped 668.43 points or 0.92 per cent to 73,138.73.

The NSE Nifty went up by 118.95 points or 0.54 per cent to 22,123.65.
 

NEW DELHI [Maha Mediaaaaa]: India has extended its ban on onion exports indefinitely - a surprise move that comes ahead of a general election and is set to exacerbate high prices in some overseas markets.

Imposed by India - the world's biggest exporter of the vegetable - in December, the ban was due to expire on March 31. Traders had anticipated it would be lifted as local prices have more than halved since the export restrictions were implemented and this season's crop is yielding fresh supplies. However, the government issued an order late on Friday that the ban will remain in place until further notice.

"The extension is surprising and completely unnecessary, considering the falling prices with rising supplies from the new season crop," said an executive at a Mumbai-based export firm, who declined to be identified. Onion prices in some wholesale markets in Maharashtra, the biggest onion-producing state, have fallen to 1,200 rupees ($14) per 100 kg from 4,500 rupees in December, the executive said.

Prime Minister Narendra Modi is seeking a record-equalling third straight term in upcoming elections that will be held over almost seven weeks from April 19. Countries such as Bangladesh, Malaysia, Nepal and the United Arab Emirates rely on imports from India to fill domestic gaps in onion supply and many of those nations have struggled with high prices since the ban.

"India's move is allowing rival exporters to quote much higher prices since buyers have no choice," said another executive at an export company based in Mumbai. Traders estimate that India, which has shorter shipment times than rivals such as China or Egypt for many markets, accounts for more than half of all onion imports by Asian countries.

India exported a record 2.5 million metric tons of onions in the financial year that ended on March 31, 2023.
 

MUMBAI [Maha Media]: The rupee declined 20 paise to 83.33 against the US dollar on Friday due to a stronger greenback in the global markets and dollar buying by importers.

At the interbank foreign exchange market, the local unit opened lower at 83.28 against the previous close of 83.13 to a dollar. The unit moved in a range of 83.23 to 83.33 in morning deals.

The local unit was trading at 83.33 against the dollar at 9.30 am, down by 20 paise from its previous close of 83.13.
 

MUMBAI [Maha Media]: Benchmark equity indices tanked in early trade on Friday, surrendering their two days of rally, dragged down by IT stocks, weak trends from Asian markets and continuous foreign fund outflows.

The 30-share BSE Sensex tanked 413.36 points to 72,227.83. The NSE Nifty skidded 86.8 points to 21,925.15.

From the Sensex basket, HCL Technologies, Wipro, Infosys, Tech Mahindra, Tata Consultancy Services and Tata Motors were the major laggards.
 

MUMBAI [Maha Media]: The rupee rebounded 14 paise to 83.05 against the US currency in early trade on Thursday as the dollar retreated from high levels in global markets after the US Federal Reserve indicated three rate cuts this year.

At the interbank foreign exchange market, the rupee opened strong at 83.07 against the US dollar compared to the previous close of 83.19. The local unit moved in a range of 83.08 to 83.04 in early deals.

The rupee traded at 83.05 to a dollar at 9.25 AM, showing gains of 14 paise over the last close. It settled at a two-month low of 83.19 on Wednesday ahead of the announcement of US Fed policy amid a strong American currency and elevated crude oil prices.
 

MUMBAI [Maha Media]: Benchmark equity indices Sensex and Nifty jumped in early trade on Thursday in-tandem with a rally in global markets after the US Fed projected three rate cuts this year.

The 30-share BSE Sensex jumped 595.02 points to 72,696.71 in early trade. The NSE Nifty climbed 181.85 points to 22,020.95.

From the Sensex basket, Tata Steel, JSW Steel, IndusInd Bank, Power Grid, Wipro, and NTPC were the biggest gainers.
 

NEW DELHI [Maha Media]: Gross Direct Tax collection has registered a growth of 18.74 percent during the current Financial Year. According to the Finance Ministry, gross direct tax collection stands at over 22 lakh 27 thousand crore rupees which is more than 18 lakh 75 thousand crore rupees reported in the corresponding period of financial year 2022-23.

The Gross collection includes Corporation Tax, Personal Income Tax, and Securities Transaction Tax among others. Over 10 lakh 98 thousand crore rupees were collected as Corporation Tax while the Personal Income Tax including Securities Transaction Tax was reported over 11 lakh 25 thousand crore rupees. Advance Tax collection stands at over nine lakh 11 thousand crore rupees.

The Finance Ministry said, refunds amounting to three lakh 36 thousand 808 crore rupees have also been issued in the Financial Year 2023-24 which is 12.74 percent higher in comparison to the refunds issued during the same period in the preceding year.
 

MUMBAI [Maha Media]:The rupee edged up 1 paisa to 83.02 against the US dollar on Wednesday ahead of the announcement of the key US Fed policy decision later in the day.

At the interbank foreign exchange market, the rupee opened higher at 83.00 against the previous close of 83.03 in line with firm domestic stock markets.

The rupee traded at 83.02, up 1 paisa, in early morning deals.