Reliance Industries among biggest laggards as it sheds more than half a per cent.
Metal index is one of the biggest gainers in today’s trading as most stocks are trading in the green.
Gold prices slip as fading banking jitters dampen demand.
Focus shift to RBI policy meeting.
Share Market LIVE Updates: Indian stock market started in the green as Sensex goes above 57,700 and Nifty adds 50 pts. Most sectors are in green with Auto, Metal and PSU Bank leading the rally. Adani stocks gain, while UPL and Reliance shed. Asian markets are also mostly trading higher.
Indian stock market will be firmly under the grips of bears as global banking stocks continue to remain volatile. Domestically, RBI policy decisions will drive the market in the coming weeks. RBI will begin its 3-day monetary policy meeting on April 3rd and the outcome in key rates and economic outlook will be announced on April 6th.
Gold prices slip as fading banking jitters dampen demand
Gold prices dropped on Wednesday as easing worries over a potential bigger fallout from the global banking crisis increased appetite for riskier assets and dampened demand for the safe-haven metal.
Spot gold was trading 0.4% lower at $1,966.48 per ounce, as of 0356 GMT, after rising 1% on Tuesday. U.S. gold futures slipped 0.3% to $1,967.50.
“We’ve seen a natural retracement … gold is pulling back after a failed ‘bid’ to break above $1,975,” said Matt Simpson, a senior market analyst at City Index.
But some investors “still seem to be holding onto gold ‘just in case’ there’s another skeleton or two lurking in the closet,” he said and that gold might catch another bid heading into the European session.
Alibaba’s $32 billion day signals breakups for China tech
Alibaba Group Holding Ltd.’s overhaul could serve as a template for a restructuring of China Tech itself: a shake-up that achieves Beijing’s aim of carving up the country’s tech titans while unlocking potentially billions of dollars in pent-up shareholder value.
China’s online commerce leader surprised markets by announcing Tuesday plans to split its $220 billion empire into six units that will individually raise funds and explore initial public offerings. In executing the biggest overhaul in its history, Alibaba manages to address two objectives that have eluded many of its rivals — appeasing both a government distrustful of Big Tech and investors traumatized by a years-long regulatory crackdown.
FCI procures season’s first wheat in Madhya Pradesh, buys 10,727 tonne
The Food Corp. of India (FCI) procured 10,727 tonne of wheat on Monday, the first day of 2023-24 rabi marketing year. The quantity was purchased at the minimum support price of ₹2,125 per quintal in Madhya Pradesh, said Ashok Meena, chairman and managing director of the government agency.
“Though procurement in Madhya Pradesh was kicked off on March 20, we have purchased the season’s first wheat on Monday amid huge supply from farmers,” Meena told reporters on Tuesday.
Last year on the same day, zero quantity of wheat was procured, and the total quantity in March last year was 10,000 tonne, FCI head informed.
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