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Bulls Trump Bears On D-St, At Least For Now, Even As Chaos Engulfs Wall St Amid Escalating Trade War, Fed’s Wait-&-Watch Talk
Hopes Of Further Rate Cuts, ‘Normal’ Monsoon Lift Street Spirits
MUMBAI: Strong buying in stocks of banking and financial services companies, along with Reliance Industries, led to a more than 1,900-point intraday reversal in the sensex on Thursday, while technology stocks were the laggards.In the process, Dalal Street investors ignored the overnight selloff on Wall Street as foreign fund managers continued to buy domestic stocks.
During the day, weighed down by a weak closing in the US market the previous night, the sensex opened in the red and was down more than 350 points early in the session. However, soon the trend reversed, and in late trades, the sensex was up nearly 1,600 points. At close, the index was up 1,509 points or 2% at 78,553 points. The index regained the 78,000 mark after more than three weeks. On the NSE, Nifty also follo wed a similar path and closed 414 points or 1.8% higher at 23,852 points.
According to a note by Bajaj Broking, banking stocks were the standout performers on Thursday, rallying on the back of easing retail inflation numbers for March and a normal monsoon forecast for the June-September period. These two factors bo osted hopes of a deeper rate cut cycle by the RBI.
The day’s rally was mainly aided by foreign funds that net bought stocks worth Rs 4,668 crore. In the truncated three-session trading week, foreign portfolio investors net bought stocks worth nearly Rs 15,600 crore (about $1.8 billion). On the other hand, domestic funds were net sel lers. On Thursday, their net selling was worth a little over Rs 2,000 crore.
The day’s rally also added about Rs 4.6 lakh crore to investors’ wealth, measured by BSE’s market capitalisation, which was at Rs 419.6 lakh crore. Stock markets will be closed on account of Good Friday on April 18, the exchanges said.
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Modi’s Asia Double Play: Japan Now, China Next — What India Wants (and Risks)
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Luxury skincare expansion: L’Oreal acquires majority stake in Medik8; announces 1 billion Euro deal
[ad_1] Cosmetics maker L’Oreal agreed to acquire a majority stake in British skincare brand Medik8, in a strategic move to strengthen its presence in the booming skincare market. The French beauty giant announced the deal on Monday, though financial terms were not disclosed.The transaction, which sees UK-based private equity firm Inflexion selling its majority holding, reportedly values Medik8 at around 1 billion Euro, according to a source familiar with the matter. Inflexion will retain a minority share, while L’Oreal has secured the option to eventually buy out all remaining shareholders, Reuters reported.“We are delighted to welcome Medik8 to the L’Oréal family. As a premium skincare range, with high levels of proven efficacy at an accessible price point, Medik8 perfectly complements our existing skincare portfolio,” Cyril Chaupuy, president of L’oreal Luxe said.“This acquisition further strengthens L’Oreal’s luxe portfolio, adding a premium […]
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[ad_1] India’s GDP has more than doubled in the last decade, and experts believe that this has trickled down to the poorest. (AI image) Marking a big achievement over the last decade, extreme poverty in India has dropped substantially from 27.1% in 2011-12 to 5.3% in 2022-23, according to the latest World Bank data. The remarkable progress under the Narendra Modi government has come despite the World Bank raising its poverty threshold to $3 per person per day from $2.15 per person per day earlier.Incidentally, India’s huge reduction in extreme poverty comes at a time when globally there has been an increase in the number of people below the poverty line. According to a government fact sheet, India has emerged a statistical outlier in the positive direction.The latest data is being seen as a boost in the government’s economic growth […]
Ayodhya land prices: Circle rates revised first time in 8 years; soar up to 200%
[ad_1] For the first time in eight years, Ayodhya has seen a sharp revision in its circle rates, with property prices rising between 30% and 200% across various parts of the district, officials told PTI.The prices are particularly steep within a 10-kilometre radius of the Ram Janmabhoomi Temple, an area witnessing a real estate boom fuelled by religious tourism and rapid infrastructure growth. Here, circle rates have jumped over 150%, pushing land values in the prime zone to Rs 26,600–27,900 per square metre, compared to Rs 6,650–6,975 earlier.Shanti Bhushan Chaubey, sub-registrar of Sadar (Faizabad) tehsil, said the hike followed a proposal submitted last September. “After addressing objections, the new circle rates were approved by District Magistrate Tikaram Funde and have now been enforced,” he said.According to Chaubey, the sharpest hikes were recorded in areas with the most land activity. “Localities […]
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