Gold prices hit an all-time high of Rs 89,450 per 10 grams in the national capital, driven by strong global trends and safe-haven demand due to cooler-than-expected US inflation data. Gold and silver also saw gains in the futures market. Traders are now focused on upcoming US economic data, which could influence further market trends.
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Sensex closed 1,235 points lower at 75,838 due to market volatility. Investors were concerned about US President Trump's trade policies and a potential Bank of Japan rate hike. Foreign funds sold stocks worth Rs 5,920 crore, and BSE's market capitalization fell by Rs 7.3 lakh crore. Markets are expected to remain under pressure.
Whirlpool India's shares plummeted 20% as Whirlpool Corporation plans to cut its stake to about 20% this year, generating $550-600 million. The reduced stake aims to provide autonomy for growth and support $700 million debt reduction. Last year, Whirlpool had already reduced its stake from 75% to 51%.
India will not immediately restrict laptop imports, expecting local production to grow through initiatives like the Rs 17,000 crore PLI scheme by companies such as HP and Dell. Additionally, the government is finalizing an enhanced financial incentive plan to attract new semiconductor investments.
Traders anticipate a positive start to the first full week of the New Year, with Nifty futures indicating growth. Consumer stocks like Jubilant Foodworks and DMart show signs of revival, and auto stocks are gaining momentum. Indraprastha Gas and Mahanagar Gas rallied on hopes of increased natural gas supply. Fund managers are reconsidering their India bets amid China's economic uncertainty.
Air India's profitability is under pressure due to the falling rupee, which increases operational expenses. The airline mitigates some of this impact by pricing international flights in foreign currencies. However, rising costs and a competitive market make it challenging to increase fares, affecting profitability. Air India is adapting to this situation amidst an ambitious transformation and expansion plan.
Cryptocurrency prices fell as President Trump announced new tariffs, but Bitcoin showed some recovery. Other digital assets like Ethereum and dogecoin saw larger declines. Trump's meme coin also plummeted significantly. Despite his earlier skepticism, Trump now supports crypto, aiming to make the U.S. a leader in the industry. Bitcoin remains close to its record high despite fluctuations.
With egg prices soaring due to avian flu, Jet-Puffed has introduced a budget-friendly alternative for Easter: marshmallow decorating kits. These kits, priced at $1.99, include marshmallows, dyes, and decorating tools, offering a festive and affordable way to celebrate the holiday. While egg prices remain high, this innovative solution caters to families seeking to maintain traditions without overspending.
The Indian rupee fell to an all-time low of 85.24 against the US dollar due to rising US Treasury yields and a decrease in Asian currencies. Despite potential support from India's strong economic growth, the rupee is projected to continue a modest decline.
The US trade deficit narrowed by 6.1% to $122.7 billion in February before President Trump launched new tariffs. US exports rose while imports remained nearly unchanged. Analysts expect these tariffs to impact businesses' supply chains and costs, potentially affecting imports and exports in the coming months as new tariffs take effect.
Elon Musk faced significant setbacks on March 10, with Tesla's stock plummeting by over 15% and his social media platform X experiencing major outages. The twin crises coincided with market panic and increasing criticism of Musk's political ties to Trump's administration. Additionally, Tesla's declining sales and growing competition, particularly from China's BYD, compound the challenges.