All policy planners want low interest rate, says Jaitley
'When I came here in 2002, I said you can grow at 8%.' 'And I was told that was crazy, and (now) here we are.'
'India seems to be on a relatively better wicket compared to other emerging markets.'
Reserve Bank of India Governor Raghuram Rajan took charge of India's central bank when the rupee seemed to be in a tailspin while the country was facing runaway inflation.
In August, domestic equity markets garnered one of the highest foreign portfolio investor (FPI) flows since the outbreak of the pandemic in 2020, despite the US Federal Reserve standing firm on unwinding its stimulus measures to control inflation. FPIs pumped in over Rs 51,000 crore ($6.4 billion) in August, the most since December 2020 and the third-highest tally since March 2020-the month the Covid-19 pandemic roiled global markets. This was the second consecutive month of positive foreign flows. In the preceding nine months, FPIs had yanked out over $32 billion or Rs 2.2 trillion.
A day after BRICS (Brazil, Russia, India, China and South Africa) nations agreed on a $100-billion foreign currency reserve pool to tackle the volatile foreign exchange markets, India on Friday said the pool would act as a buffer arrangement, adding it might not withdraw anything from this reserve.
Market benchmark Sensex tumbled over 323 points after an intense last-hour sell-off on Wednesday, triggered by losses mainly in index heavyweights Infosys, Reliance and HDFC.
Sliding for the fourth straight day, the BSE Sensex shed 152 points in choppy trade on Wednesday amid mixed global cues ahead of the US Federal Reserve's policy decision.
IndusInd Bank was the top gainer in the Sensex pack, spurting over 8 per cent, followed by Axis Bank, ICIC Bank, Sun Pharma, SBI and Kotak Bank.
Inflation is expected to remain low in the near term, in part because of the further declines in energy prices.
The local currency had gained 7 paise to close at 66.57 in Monday's trade.
Foreign institutional investors added $20.10 billion in equities while they pulled out $7.97 billion from the debt market, resulting in total net flows of $12.13 billion.
The BSE mid-cap and small-cap indices ended flat against Sensex's 0.4% up-move.
The bench posed questions to senior advocate Gopal Sankaranarayanan, appearing for one of the petitioners Soayib Qureshi, who has challenged the Centre's August 5, 2019 decision to abrogate the provision.
Improvements in the labour market has triggered this sentiment.
Improved credit profile may make you eligible to transfer your existing home loan to another lender at a much lower rate.
Hafiz Saeed's counsel said the "controversial" movie contains "malicious and filthy" propaganda against the Jamaat-ud-Dawa in general and Hafiz Saeed in particular.
The Bombay Stock Exchange benchmark Sensex has lost 478.60 points, or -2.80 per cent, to slip to 16,586.55 in afternoon trade on Thursday amid panic selling in markets worldwide following the US Federal Reserve's warning that the outlook for the world's largest economy is grim.
The RBI is expected to build reserves so the source of primary liquidity creation is backed by forex reserves.
M&M led the gainers' pack, spurting 2.76 per cent, followed by ITC, Kotak Bank, L&T, SBI, Bajaj Auto and Nestle India.
The rupee had ended lower by 19 paise at 56.15 against the dollar on wednesday as importers bought dollars in late trade.
Crucially, the US central bank softened the blow by making its forward guidance even more dovish.
The apex bank's observation on Tuesday comes at a time when global markets remain uncertain about the overall impact of the tsunami and the subsequently unravelling nuclear crisis in Japan.
On speculative front as well, non-commercials have decreased bullish bets on COMEX silver futures and options to a three-month low.
Brazil and other developing nations are growing anxious about the expected withdrawal of stimulus in the United States
The challenge for the RBI in 2024 is likely to be less about containing elevated inflation and more about curbing excessive financial market exuberance and a 'problem of plenty', notes Sajjid Chinoy, Chief India Economist JP Morgan.
Barack Obama is likely to pick a candidate to succeed Ben Bernanke sometime during the summer.
Battling a sharp surge in inflation, the Reserve Bank is all for a smooth monetary policy response and the desire to have smaller hikes led it to tighten the policy in an off-schedule meet, a source said on Thursday. Inflation has been massively impacted by Russia's invasion of Ukraine and will in due course also reflect the dent caused by Indonesia banning palm oil exports, the source aware of central bank thinking said, indicating that there was no other option but to respond. "The idea is to have a smooth policy response, not to put in large cold turkey responses," the source said, making it clear that the preference is for smaller magnitude responses and not larger ones.
Equity benchmarks mustered gains for the first time this week on Thursday as investors piled into the recently-battered metal, bank and IT stocks amid expiry of monthly derivative contracts. Snapping its three-session losing streak, the 30-share BSE Sensex rallied 503.27 points or 0.94 per cent to settle at 54,252.53. On similar lines, the broader NSE Nifty gained 144.35 points or 0.90 per cent to end at 16,170.15.
Moody's has a 'Baa3' rating for India, with a positive outlook.
Second quarter earnings of companies, starting with the Infosys results, export-import numbers and industrial production data, could keep markets volatile in the week ahead.
Buffett said the economy is benefiting from improvement in areas that had not previously performed well, particularly homebuilding.
The 30-share BSE Sensex shed 0.9% or 186 points at 20,536 while the 50-unit NSE Nifty was off 1% or 61 points at 6,091.
Macro-economic data from China and minutes of the US Federal Reserve's last meeting caused the turmoil as stocks tumbled around the globe.
He said the people are looking for an alternative and the Congress' victories in Himachal Pradesh and Karnataka elections are clear proof of this.
Mark Mobius, executive chairman of Templeton Emerging Markets Group still believes in the emerging markets growth story.
The Indian financial system is driven more by the domestic factors and "Fed rate cut is one of the triggers to review rates ", said Union Bank Bank of India chairman M V Nair.
The home currency failed to keep momentum going and largely traded in a narrow range with positive bias in the absence of any market moving factors
The markets will also keenly eye the HSBC manufacturing and services data.
Indian start-ups breathed a sigh of relief after the UK government facilitated the acquisition of the now-defunct Silicon Valley Bank's (SVB's) British arm by HSBC. In a bid to allay fears, the US Federal Deposit Insurance Corporation (FIDC) announced recently that it had transferred all deposits of start-up-focused SVB to a newly created bridge bank and all depositors would have access to their money. President Joe Biden also sought to reassure jittery depositors that they can have confidence that the US banking system is "safe".
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