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Gold prices gained on Friday as fears of escalating conflict in the Middle East lifted the appeal of the safe-haven metal, despite stronger than expected US inflation data boosting the dollar and Treasury yields. Spot gold was up 0.5% at $2,038.19 per ounce at 0951 GMT, extending its run above the $2,000 level to nearly a month. US gold futures were up 1.2% to $2,042.90. A sudden widening of the war in Gaza is raising questions about how long stock markets can rally, and when central banks will cut rates.from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/32Pq7L8
In January 2024, Indian banks will observe a total of 16 bank holidays, including the second and fourth Saturdays, Sundays, and regional holidays.
The first US exchange-traded funds investing in Bitcoin went live after approval from the SEC. The debut included offerings from BlackRock and Fidelity. Vanguard and Bank of America will not offer trading, while Robinhood and Charles Schwab are on board. Coinbase views this as a significant step for Bitcoin adoption. Fee wars preceded the launch, with several issuers lowering costs. These ETFs won’t be successful in the long term unless investors are able to easily access them, and that remains an issue.
According to ET, the SCSS interest rate remains unchanged at 8.2% for January-March 2024. The scheme has a 5-year tenure (extendable by 3 years), with quarterly fully taxable interest payments.
The stock market kicked off the trading session on a positive note, with the Sensex gaining 32.36 points, opening at 71,404.59. Simultaneously, the Nifty showed a significant rise of 110.65 points, commencing at 21,556.50. Nifty companies witnessed 32 advances and 17 declines, showcasing a diverse market sentiment. Leading the gainers among Nifty firms were Cipla, HCL Technologies, Adani Ports, SBI Life, and HDFC Life, while BPCL, ONGC, NTPC, Coal India, and Axis Bank faced losses, marking them as the top losers.
Global financial powerhouse Goldman Sachs has raised the target level for NSE's Nifty index for 2024 to 23,500 points - a 9% rise from current levels. For the sensex, this translates to a target of 80,000 points by this year-end. Its analysts are overweight on banks, autos and industrial stocks. The upward revision in Nifty's year-end target by Goldman Sachs - its second upgrade since mid-November - was backed by improving external macro fundamentals and a resilient domestic economy.
World Bank on Tuesday said growth in Indian economy is expected to remain strong during next financial year, driven by robust investment and services activity. Against its projection of 6.3% expansion in 2023, the latest Global Economic Prospects has now pegged GDP growth at 6.4% in 2024 and 6.5% in 2025 (In India's case, World Bank follows financial year). Government's advance estimates, released on Friday, estimated that Indian economy will grow 7.3% during the current financial year. At the projected growth rate, India will retain its crown as the world's fastest growing major economy.
The World Bank expects the Indian economy to maintain strong growth in the next fiscal year, with GDP projected to grow at 6.5% in 2025 and will retain its crown as the world’s fastest-growing major economy. The govt's advance estimates also predict a growth rate of 7.3% for the current financial year. Despite a slight deceleration in investment and tapering of consumption demand, and bank balance sheets, and public investment will continue to drive growth.
Check bank holidays scheduled for January 2024, highlighting the variations across states. In January 2024, banks will be closed for a total of 16 days, encompassing the second and fourth Saturdays, Sundays, and additional regional holidays. The extended weekend closure for banks, including Republic Day on a Friday, followed by the fourth Saturday and Sunday, represents the only national holiday in January. It is crucial for individuals and businesses to be informed about these bank holidays to facilitate effective planning for financial activities and transactions.
SBI increased FD interest rates on specific tenures, effective from December 27, 2023. Notable changes include a 50 basis points hike for deposits maturing between 7 days to 45 days, bringing the rate to 3.50%.
