Indian Share Market News: April 10, 2024

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Introduction

The Indian share market has been a hive of activity today, reflecting the dynamism of the global economic landscape. Investors have navigated through a series of updates, from corporate announcements to economic indicators, which have influenced the market’s direction. Let’s delve into some of the top stories that have shaped the market today.

  • The Sensex and Nifty have shown marginal movements, with the Sensex at 74,248.22, slightly up by 20.59 points, and the Nifty at 22,513.70, nearly unchanged. The Nifty Bank index, however, has gained 0.90%, indicating a bullish sentiment in the banking sector yesterday.

  • The Reserve Bank of India (RBI) has been actively increasing its gold reserves, leading the surge amid a global slowdown in central bank gold accumulation. The RBI's gold holdings rose by 6 tonnes in February, bringing the total to 817 tonnes.

  • India is aiming to attract $100 billion annually in foreign direct investment (FDI), positioning itself as an attractive destination for investors diversifying away from China.

  • With food inflation in consideration, the RBI has decided to maintain steady interest rates. Despite the foreign exchange reserves hitting an all-time high of $645.6 billion, the RBI plans to continue bolstering its reserves.

  • Transaction volumes for the Central Bank Digital Currency (CBDC) have decreased, but person-to-merchant (P2M) transactions are on the rise. The RBI is also proposing to distribute CBDC through non-bank entities to expand retail access to digital currency.

  • The growth of the Indian securitisation market is expected to slow down as co-lending becomes more popular, according to ICRA.

  • Power Finance Corporation (PFC) has paid an interim dividend of Rs 2,033 crore to the government for the fiscal year 2024, marking the highest-ever interim dividend paid by the company.

  • The indirect tax collection for fiscal year 2024 has exceeded the revised estimates by a significant margin, as reported by the chief of the Central Board of Indirect Taxes and Customs (CBIC).

  • RBI Deputy Governor Rao emphasised the need for constant vigilance to mitigate risks in the financial sector.

  • The Indian government has met its revised tax collection targets for fiscal 2024.

  • The Ministry of Road Transport and Highways (MoRTH) has raised Rs 40,314 crore through asset monetisation in FY24.

  • Some Foreign Portfolio Investor (FPI) assessments have been put on hold pending further information.

  • Non-financial Central Public Sector Enterprises (CPSEs) have contributed a dividend of ₹63,749 crore.

  • There's a push for the government to allow local transactions involving foreign currencies through the RBI, which would require policy adjustments.

Conclusion

Today's latest market news paints a picture of cautious optimism, with investors weighing various factors before making their moves. The market’s resilience amidst global uncertainties continues to attract a diverse set of investors, looking for opportunities in the dynamic Indian economy.

This blog post provides a snapshot of the current market scenario, highlighting the key stories that have dominated the headlines. For a more detailed analysis, investors are encouraged to delve deeper into each topic and keep an eye on the unfolding market trends. Remember, the share market is subject to fluctuations, and it’s crucial to stay informed and make decisions based on thorough research. Stay updated with Bajaj Broking for everyday Indian share market news. 

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. Securities quoted are exemplary and not recommendatory.

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