Even though the ‘hawkish pause’ from the Fed was on expected lines, the US markets reacted negatively since the indication from the Fed is that rates will remain ‘higher for longer’, says V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
The US GDP growth projection now stands at 2.1 per cent for 2023 and 1.5 per cent for 2024 recovering to 1.8 per cent in 2025. As the Fed chief said, “soft landing is a plausible scenario.”
For Nifty down 141 points, the biggest drag will be more FII selling in response to the rising dollar and US bond yields. The dollar index above 105 and the US 10-year bond yield at 4.39 per cent suggest continued FII selling which has touched Rs 13925 crores so far in September. But DII plus retail buying is likely to support the market on declines, he said.
Domestic consumption stories like automobiles, hotels and real estate are on strong wicket and the capital goods segment has been witnessing buying in recent weeks even when FIIs were sellers in the market. PSU banks are likely to witness renewed buying on declines since their valuations are attractive and prospects look good, he added.
BSE Sensex is down 428 points at 66372 points on Thursday. ICICI Bank, TCS, M&M are down more than 1 per cent.
Adani Portfolio's tax contributions reach Rs 58,104 crore for FY 2023-24
The Adani Group's total global tax and other contributions to the exchequer amounted to Rs 58,104.4 crore for the financial year 2023-24, showcasing a significant increase from the previous year's Rs 46,610.2 crore through its portfolio of listed entities, the company said on Sunday.
Reliance Consumer Products partners with Assam’s established business house, Jericho, to set up a cutting-edge bottling facility
Reliance Consumer Products Ltd (RCPL), a leading FMCG and beverage company, has strengthened the presence of Campa’s portfolio in Northeast India with the inauguration of a new bottling plant in Guwahati, Assam. Developed in collaboration with local partner Jericho,
India poised to stay world’s fastest growing economy in 2025-26: RBI bulletin
High frequency indicators point towards a sequential pick-up in momentum of India's economic activity during the second half of 2024-25, which is likely to sustain moving forward, according to the latest RBI monthly bulletin.
Adani Portfolio clocks highest ever TTM EBITDA of Rs 86,789 crore, core infra biz surges
Led by its core infrastructure business, the Adani Portfolio has delivered the highest-ever trailing-twelve-month (TTM) EBITDA of Rs 86,789 crore, the Adani Group said on Thursday.
India doing well on protecting small investors, corporate governance improved significantly: NSE CEO
India is doing well in protecting small investors while corporate governance has improved significantly amid rapid technological changes, National Stock Exchange (NSE) MD and CEO, Ashishkumar Chauhan, said on Tuesday.
Tesla ramps up hiring in India after Elon Musk-PM Modi meet in US
After the successful visit of Prime Minister Narendra Modi to the US, Elon Musk-run Tesla has ramped up hiring in India, a market where it is slated to enter anytime soon.
Indian stock market opens lower, Nifty below 22,850
The Indian benchmark indices opened lower on Monday amid mixed global cues as selling was seen in auto, IT and PSU bank sectors in the early trade, as the upcoming reciprocal trade tariffs announced by the US government stayed on top of the investors’ mind.
Overall industry sentiment after PM Modi's US visit is of confidence and enthusiasm: CII
The overall sentiment following Prime Minister Narendra Modi's US visit is of confidence and enthusiasm – a belief that a new era of India - US collaboration is underway, which will drive growth, innovation, and prosperity in the years ahead, the Confederation of Indian Industry (CII) said on Saturday.