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The stock markets exhibited volatility throughout the week. After starting the week with losses, the markets rallied through and ended the last trading session on Friday in green. Both the key equity benchmarks settled higher, with the BSE Sensex closing at 72,427, a gain of 376 points, and the NSE Nifty50 finishing higher by 130 points to 22,041.
In the last trading session on Friday, the Indian currency appreciated 4 paise to close at 83.01 against the US dollar, supported by the positive movement in the domestic equity markets and moderating crude oil prices.
Paytm received a fresh lifeline on Friday after the Reserve Bank of India (RBI) extended the deadline for its banking business, Paytm Payments Bank Ltd (PPBL) to put a stop to deposits, cash top-ups, and other transactions in customer accounts, FASTags, wallets, and other instruments linked with the bank.
The regulator allowed the fintech major more time by increasing the deadline from February 29, 2024 to March 15, 2024, for stopping the services. The central bank said that these relaxations were given keeping in mind customer interests, specially merchants. In addition to the extension, the RBI also issued a list of Frequently Asked Questions (FAQs) targeted at helping the customers linked with the bank and the overall public.
However, the central bank has noted that further supervisory measures are required to handle the non-compliance issues and transparency concerns related to PPBL.
Further in the week, macroeconomic data on the global front is expected to be released. The US is scheduled to release jobless claims, S&P PMI data for manufacturing and service sector, existing home sales, etc. On the domestic front, HSBC Services PMI and Composite PMI numbers will be announced for the country in the week.
