India's economic growth stood at 7.8 per cent in the first quarter (April-June) of the current fiscal, a steep fall from 13.1 per cent GDP growth recorded in the corresponding period of last year, according to data released by the ministry of statistics and programme implementation on Thursday.
The production of coal, steel, natural gas, cement, electricity, refinery products, fertilisers and crude oil increased in July 2023 over the corresponding month of last year.
Heavyweight stocks were muted compared to the sector-wise and mid and smallcap upsides on Tuesday, said Vinod Nair, Head of Research at Geojit Financial Services.
As of now, the price of domestic LPG, which is used in the kitchen for cooking purposes, is Rs 1,103 per 14.2-kg cylinder in New Delhi. This will now come down by Rs 200 per cylinder.
Ending the unicorn drought in India amid the ongoing funding winter, online grocery company Zepto on Friday announced it has raised $200 million in its Series E round, valuing the company at $1.4 billion.
"Banks remain well-positioned to capitalize on opportunities in the Indian economy and banking industry," said Tusharika Aggarwal, a dividend forecasting research analyst at S&P Global Market Intelligence.
Nifty overcame early volatility to end higher for the third session on Wednesday. At close, Nifty was up 0.25 per cent or 47.6 points at 19,444, while the Sensex rose 213 points to settle at 65,433.30.
However, the trajectory could swiftly change. The moment the US Federal Reserve hints at a potential pause in its rate hikes or even the possibility of an interest rate cut, gold prices are likely to surge, the analyst said.
A sharp spike in US bond yields is impacting capital flows to emerging markets like India, says V. K. Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
Investor sentiment remains subdued due to the high volatility of the global currency market, leading to a high depreciation of EM currencies, which affects the performance of equities, says Vinod Nair, Head of Research at Geojit Financial services.
The announcement was made through a notification on Saturday. This notification shall come into force with immediate effect, and will remain in force up to and inclusive of the December 31, 2023.
Further weakness in the market will make valuations reasonable. Long-term investors can utilise market corrections to buy high quality stocks in growth sectors like capital goods, banking, automobiles and construction, he said.
The government on Monday raised the windfall tax on domestically-produced crude, diesel and aviation turbine fuel (ATF) or jet fuel. The windfall tax on crude oil will increase from Rs 4,250 to Rs 7,100 per tonne, according to a gazette notification issued on Monday.
India's retail inflation measured by consumer price index (CPI), saw a huge rise to 7.44 per cent in July owing to hike in food prices, as food inflation witnessed a massive jump of 11.51 per cent.
The market would trade cautiously ahead of India’s inflation data to be released on Monday, which is expected to rise in July on account of high vegetable prices. On account of the Independence Day holiday on Tuesday, the market might remain lackluster, he added.
ZEEL’s 1Q results exceeded expectations with Revenue/EBITDA coming 6 per cent/29 per cent above abobe estimate, JM Financial Institutional Securities said in a report.
The Reserve Bank of India's (RBI) Monetary Policy Committee (MPC) decision suck out over Rs one trillion from the system which will result in loss of income for the banks and hardening of the money market, said experts.
The MPC also decided to make the scheduled banks maintain an incremental cash reserve ratio (I-CRR) of 10 per cent on the increase in their net demand and time liabilities (NDTL) between May 19 and July 28.
Rice prices soared to the highest levels in almost 15 years in Asia on mounting concerns over global supplies as dry weather threatens production in Thailand and after top shipper India banned some exports, media reports said.
Tata Group-owned BigBasket’s B2B arm Supermarket Grocery Supplies Pvt Ltd’s losses widened 21 per cent to Rs 215.2 crore in FY23, the media reported on Wednesday.
The cost of preparing a vegetarian thali at home has gone up by 34 per cent while that of a non-vegetarian thali went up by 13 per cent in July as compared to the input prices that prevailed in June 2023, CRISIL said in a report.
According to Pranav Haldea, Managing Director, Prime Database Group, this was on account of profit booking by LIC, mutual funds as also retail and HNI investors with markets reaching all-time highs. Net inflows from DIIs stood at just Rs 3,368 crore during the quarter.
India's economic growth efforts could get the tailwinds from its geopolitical position, said S&P Global Ratings in a report on the country's quest for stable and high economic growth.
The macro challenge in the decade ahead will be to achieve sustained high, stable and inclusive growth, which has thus far been elusive, S&P Global said in a report titled India's Moment.
There seems to be no respite for the people from the rising prices of tomatoes in Tamil Nadu as the wholesale price of the vegetable touched Rs 200 per kilogram in the state capital and many towns on Sunday.
