Breaking Business News, Financial Updates, and Stock Market Reports as of 5:30 pm on April 11, 2024

The Dalal Street witnessed a week of milestones as the Sensex closed above the 75,000 level for the first time ever. The journey from 74,000 to 75,000 points was completed in just 24 sessions, showcasing the market’s robust performance and resilience. This surge comes after the Sensex breached the 74,000-mark on March 6, indicating a rapid upward trajectory.

In the international market, French advertising group Publicis reported better-than-expected organic revenue growth in the first quarter, attributing it to acquisitions and a rebound in the tech sector. The company’s net revenue stood at 3.23 billion euros, with a 5.3% organic growth, surpassing the guidance range announced earlier. Publicis maintained its 2024 guidance, expecting organic net revenue to grow by 4% to 5%.

On the economic front, the Asian Development Bank revised India’s GDP growth forecast for the current fiscal to 7%, citing robust private and public sector investment as driving factors. This aligns with RBI’s projection of 7% GDP growth for FY25. Additionally, Apple issued a warning to users in India and 91 other countries about potential exposure to spyware similar to Pegasus, advising caution and enabling security features on their devices.

In corporate news, Larsen & Toubro completed the divestment of L&T Infrastructure Development Projects Limited, in line with its strategy to exit non-core businesses. Meanwhile, Malabar Gold & Diamonds achieved an annual global turnover of Rs 1,218 crore and announced plans for retail expansion and workforce expansion.

In the US market, stocks fell after March CPI data exceeded expectations, dampening hopes for a rate cut by the Fed. The Dow Jones Industrial Average, S&P 500, and Nasdaq Composite all closed lower, with core inflation rising for the second consecutive month. The inflation rate in the US climbed to 3.5% in March, raising concerns among investors.