Indian Stock Market News Today - 01 April 2024

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Today's Market Highlights

  • Market Today: The stock market showcased resilience with core sector growth and forex reserves reaching new highs.
  • Stock Market News Today: Canara Bank's move to initiate an IPO for Canara Robeco and Infosys' impending tax refund have stirred the market.
  • Indian Stock Market News Today: Enhanced GDP growth projections for the Jan-March quarter signal robust economic health.
  • Indian Share Market News: FII and DII investments underscore growing investor confidence in the Indian market.
  • Stock Market Update: Government's stake sales slightly miss the target, yet indicate a strategic approach amidst the electoral season.
  • Latest Market News: The surge in core sector growth in February points to sustained economic recovery.
  • Indian Share Market Latest News: The record-setting forex reserves highlight India's strong financial position on the global stage.
  • Current Share Market News: With the financial year beginning, the market eyes the government's next moves in privatisation and economic reforms.

Core Sector Growth Accelerates

India's core sector witnessed a significant uptick, with growth rates climbing to 6.7% in February from a revised figure of 4.1% in January, as reported by the Ministry of Commerce and Industry. This growth is attributed to robust consumer spending and investments in infrastructure sectors including coal, crude oil, steel, cement, electricity, fertilisers, refinery products, and natural gas. Despite this surge, the cumulative growth for April-January in the current fiscal year moderated to 7.7%, compared to 8.2% in the same period of the previous fiscal year.

Forex Reserves Reach New Heights

India's foreign exchange reserves soared to a record $642.63 billion, marking a continuous rise for the fifth consecutive week. This milestone underscores the country's strengthening economic foundations.

Canara Bank Eyes IPO for Canara Robeco Asset Management

In a strategic move, Canara Bank has announced plans to dilute a 13% stake in Canara Robeco Asset Management Company through an Initial Public Offering (IPO). This decision is pending approval from the Reserve Bank of India and the Department of Financial Services, highlighting the bank's ambition to capitalise on its asset management wing.

India's GDP Prospects Brighten

Finance Minister Nirmala Sitharaman projects an 8% GDP growth for the quarter ending March 31, with expectations of similar growth rates for the fiscal year 2023/24. These projections come amid enhanced inflation management and overall macroeconomic stability.

Infosys Set for Major Tax Refund

Infosys is poised to receive a substantial tax refund of Rs 6,329 crore for assessment years ranging from 2007-08 to 2018-19, notwithstanding a significant tax liability of Rs 2,763 crore for the assessment year 2022-23. The company is evaluating the impact of these developments on its financials.

FII and DII Investments

Market activity saw Foreign Institutional Investors (FIIs) purchasing shares worth Rs 188.31 crore, while Domestic Institutional Investors (DIIs) bought shares valued at Rs 2,691.52 crore, indicating robust confidence in the Indian stock market.

Market Momentum and GIFT Nifty Trends

The GIFT Nifty signals a promising start with a 0.28 percent increase, hinting at positive momentum in the broader Indian stock market.

Government Stake Sales in 2023/24

The Indian government raised Rs 165 billion ($1.98 billion) from the sale of stakes in about ten state-run companies in the fiscal year 2023/24, slightly below the targeted Rs 180 billion. This comes as the government shifts focus due to the upcoming general elections and refrains from setting a privatisation target for the new financial year, marking a departure from tradition

Disclaimer : Investments in the securities market are subject to market risk, read all related documents carefully before investing.

This content is for educational purposes only, it should not be construed as investment advice. Securities quoted are exemplary and not recommendatory.

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