Among the Sensex firms, Adani Enterprises and Adani Ports sustained their gaining momentum and traded higher by 4.40 per cent and 4.37 per cent, respectively. BPCL, Axis Bank, Mahindra & Mahindra and SBI were the other major gainers. On the other hand, HCL Tech, Infosys and Bajaj Auto traded in the negative zone with a loss of up to 1.54 per cent.
The finance ministry expects a broad-based moderation in inflationary pressures on the back of an anticipated reduction in food prices as a result of the uptick in summer sowing. The retail inflation rate remained stubbornly clung to the 5 per cent mark in seven of the past eight months. "Core inflation is trending downwards, indicating a broad-based moderation in price pressures... Driven by strong domestic growth and benign global commodity prices, core inflation is declining continuously.
Among the Sensex firms, IndusInd Bank, Maruti, Titan, Reliance Industries, NTPC, Mahindra & Mahindra, Larsen & Toubro, Kotak Mahindra Bank and HDFC Bank were the major laggards. UltraTech Cement, JSW Steel, Axis Bank, Tata Consultancy Services, Wipro and ITC were the major gainers.
Even as the bilateral relationship between the two neighbouring countries remains hostile, there is growing coordination between India and Pakistan on one multilateral forum - the World Trade Organization (WTO). Both countries have made two joint submissions at the WTO as co-sponsors in the past two months. In June, Pakistan joined India, Cuba, and 44 African countries, seeking sufficient flexibility in intellectual property rights for developing countries to fight the Covid-19 pandemic.
Modi campaigned on the issue of national security, which cannot be ensured without a strong economy.
Interim Budget, the US Federal policy decision and quarterly earnings will be the major drivers for stock markets which may also see some consolidation this week, say analysts. Besides, investors would also focus on the trading activity of foreign investors and global trends for further cues. From the macroeconomic front, the PMI (Purchasing Managers' Index) data for the manufacturing sector is scheduled to be announced on Thursday.
Benchmark stock indices Sensex and Nifty closed with losses in highly volatile trade on Thursday as banking and financial stocks retreated amid a weak trend in global equity markets. The 30-share BSE Sensex declined 89.14 points or 0.15 per cent to settle at 57,595.68. During the day, it touched a low of 57,138.51 and a high of 57,827.99. The broader NSE Nifty dipped 22.90 points or 0.13 per cent to settle at 17,222.75.
From the Sensex pack, JSW Steel, Tata Steel, NTPC and UltraTech Cement emerged as major winners, closing the day with a gain of up to 3.33 per cent. On the other hand, Asian Paints, ITC, L&T and SBI were the laggards, ending the session up to 3.95 per cent lower. Of the 30 Sensex stocks, 14 closed the day in green, while on the 50-stock index Nifty 25 scrips ended with gains.
India's current account deficit (CAD) may dip further in the March quarter of FY24 as pressure from the negative net exports during the January-March period eased to an 11-quarter high. A part of the gross domestic product (GDP) data, net export- which is usually negative for India - captures the difference between exports and imports of both goods and services, while the CAD data, released by the Reserve Bank of India (RBI), also factors in private transfer receipts.
India is a great power that determines its national interests and chooses its partners, Russian Foreign Minister Sergey Lavrov has said, describing as "completely unjustified" the "enormous pressure" on New Delhi due to its energy cooperation with Moscow.
India should become a middle-income country and then push to make INR (rupee) a hard currency, and till then, it must promote the settlement of global trade in the local currency, think tank GTRI said on Sunday. Global Trade Research Initiative (GTRI) said that transforming a currency into a hard currency is a complex process that hinges on several pivotal factors. Firstly, economic stability is paramount; a country must exhibit low and stable inflation, consistent growth, and a balanced trade environment.
Buoyed by the momentum created in the last fiscal, India's export target for 2005-06 has been revised upwards to $92 billion from $88 billion, Union Minister of State for Commerce E V K S Elangovan said on Monday.
A healthy growth in India's services segments has helped the country's total exports and imports of goods and services to cross the $800 billion mark during the first half of 2023, despite a slowdown in global demand, think tank GTRI said in a report on Monday. According to the analysis of the Global Trade Research Initiative (GTRI), exports of goods and services rose by 1.5 per cent to $385.4 billion during January-June this year, as against $379.5 billion in January-June 2022. Imports, however, dipped by 5.9 per cent to $415.5 billion during the six months of this year, as against $441.7 billion in January-June 2022.
Putin said the 'policy' pursued by Modi is the main 'guarantor' of relations between the two countries.
'What my Labour government will seek with India is a relationship based on our shared values of democracy and aspiration. That will seek a free trade agreement (FTA), we share that ambition, but also a new strategic partnership for global security, climate security, economic security'
Government unveiled the much-awaited FTP for 2015-20 on April 1, 2015.
China is also ready to promote high-quality Belt and Road Initiative cooperation, and push for new progress in the future-oriented, all-round friendly and cooperative partnership between the two countries, she added.
The export growth target had been pegged at 16 per cent for 2004-05, the Lok Sabha was informed on Friday.
Benchmark indices--Sensex and Nifty--were 0.7-0.8 per cent higher from the Saturday closing. Among the widely-tracked Nifty 50 stocks, 39 advanced and the rest 11 declined at the opening bell. Among the individual stocks, Cipla, ICICI Bank, Sun Pharma, Power Grid Corp, and Bharti Airtel were the top five gainers, while Asian Paints, Hindustan Unilever, Britania, HDFC Bank, and BPCL the losers, NSE data showed. On Monday, Indian stock exchanges were closed for trading on the occasion of Pran Pratistha of Ram Temple in Ayodhya.
India will not tailor its policies to suit US EV maker Tesla, and its laws and tariff rules will be formulated to attract all-electric vehicle manufacturers from across the world to set up a base in the world's fastest-growing economy, Commerce and Industry Minister Piyush Goyal said. Tesla has been seeking an initial tariff concession that would allow it to offset 70 per cent customs duty for cars priced less than $40,000, and 100 per cent for cars of higher value.
Bangladesh is in turmoil, which is not good news for India, which shares a porous 4000 km border with it. There is a danger of fundamentalism growing there, and India has to move in to reset its ties with the new dispensation before China and Pakistan make capital out of it, alerts Ramesh Menon.
Prices may go up because of higher energy costs, caused by the rise in shipping charges, with commercial vessels taking a longer route to avoid the troubled Red Sea region, the finance ministry said on Monday. Iran-backed Houthi rebels of Yemen are repeatedly attacking ships in the Red Sea. While the global economy is grappling with challenges such as sticky inflation, sluggish growth, and mounting fiscal pressure, India's external sector could face "potential risks" due to the ongoing geopolitical tensions, according to the finance ministry's report on the review of the Indian economy.
Among major Sensex movers, ITC rose the most by 1.70 per cent, Wipro by 1.43 per cent, Tech Mahindra by 1.36 per cent and Nestle India by 1.27 per cent. Other gainers included HCL Tech, Asian Paints and Reliance. On the other hand, ICICI Bank, NTPC, UltraTech Cement and Tata Steel traded with a loss of up to 0.82 per cent.
Global trends, macroeconomic data, and the outcome of the US Fed policy meeting are the major factors that will drive the movement in the domestic equity markets this week, analysts said. "In the upcoming data-centric week, the focus will be on crucial releases, including inflation data from India and the US. "Indian inflation is expected to rise, while US inflation will remain steady.
The trigger that led Japan and the Philippines to ink the deal was because of the deteriorating security situation in the South China Sea. China's coast guard increased the frequency and intensity of incursions into Philippine waters, provoking the Philippines to take countermeasures to deter China, explains Dr Rajaram Panda.
Addressing party MPs at the general body meeting of the Congress Parliamentary Party in the central hall of Parliament, she said when facing a significant national challenge, it has been the tradition in our country to bring Parliament into confidence.
RBI's interest rate decision, macroeconomic data, global trends and trading activity of foreign investors are the crucial factors to drive equity markets in a holiday-shortened week ahead, analysts said. Markets would remain closed on Monday for Gandhi Jayanti. "While global cues will continue to dictate trends in local markets, focus will shift to RBI's monetary policy announcement on Friday. "Although the market is expecting a status quo on interest rates, global concerns like rising US dollar index and bond yields coupled with surging crude oil prices continue to weigh on investors' minds.
India and US keen to strengthen trade ties, hold talks after 4 years.
India's exports may have touched an all-time high of $422 billion in 2021-22 but recession in key western markets and geo-political crisis due to the Russia-Ukraine war are expected to impact the growth of the country's outbound shipments in 2023. All the global trade promoting factors like political stability, movement of goods, adequate availability of containers and shipping lines, demand, stable currency and smooth banking systems are in disarray. Adding to the woes, COVID cases have again started rising in countries like China, Japan, South Korea and the US.
Speaking at a programme in Kolkata on Tuesday night, he said that in the past, even the US has been appreciative of the fact that the Chabahar port has a larger relevance.
With the reality of coalition politics staring the BJP in its face, this was inevitable, points out Ramesh Menon.
Next week, US Secretary of State John Kerry travels to India for the fourth annual US-India Strategic Dialogue
Infosys was the top gainer in the Sensex pack, rising over 2 per cent, followed by Bajaj Finance, HCL Tech, Tata Steel, Tech Mahindra and NTPC. On the other hand, Maruti, Sun Pharma, HUL and ITC were among the laggards. Nifty rose 122.15 points to 17,343.55.
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