While India won't be immune to global spillovers, we need to create the macro preconditions for sustained growth. Policy agility, prudence, and resilience will be key, suggests Sonal Varma.
Announcement of macroeconmic data such as industrial production and inflation, the US Federal Reserve's interest rate decision along with trends in global equities would dictate movement in the stock market this week, analysts said. Besides, foreign fund trading activity would also guide the trends in equities. "All eyes are now on the US Fed policy outcome for cues, which is scheduled on June 14. In the following sessions, the European Central Bank (ECB) and Bank of Japan (BoJ) will also announce their policy decisions.
Due to the huge pile-up of visa applications, the US consular officers in the neighbouring country are now adjudicating Indian visa applications where interview requirements have been waived.
'Clearly, there is a wide gap between the stated intentions of China's top leadership to improve relations with India and the PLA's aggressive border management,' says Brigadier Gurmeet Kanwal (retd).
The 'BluFin Business Cycle Indicator', which reflects various macroeconomic trends on a monthly basis, stood at 166.3 points in May, 5.8 per cent higher compared to the same month last year, suggesting that the Indian economy is growing at a faster rate than the previous year.
Funding challenges are not limited to just one think tank. Several scholars say that access for conducting research and getting foreign funds has become a major hurdle for think tanks, with the government raising many questions regarding such inflows. As a result, many think tanks are keeping a low profile and becoming less prolific.
Such campaigns would badly affect players in the traditional retail market.
'This is still a relatively immature defense and high-tech relationship.'
The inflow of cheap capital has also kept the rupee at a high level, making exports uncompetitive and broadening the current account deficit despite falling oil prices.
From March 3, investors in India will be able to trade in select US stocks through the NSE International Exchange (NSE IFSC), a wholly owned subsidiary of the National Stock Exchange (NSE). Investors can invest in NSE IFSC receipts on US stocks, which will be in the form of unsponsored depository receipts (DRs). For a start, this will include DRs of 50 US stocks such as Apple, Alphabet, Amazon, Tesla, Microsoft, Morgan Stanley, Nike, P&G, Coca-Cola, and Exxon Mobil. Indian retail investors will be able to transact on the NSE IFSC platform under the Liberalised Remittance Scheme (LRS) limits prescribed by the Reserve Bank of India (RBI), which currently stand at $250,000 per year.
In August, the top BRICS leaders at the grouping's summit in Johannesburg approved a proposal to admit six countries, including Argentina, into the bloc with effect from January 1.
RBI's interest rate decision, macroeconomic data and global trends would dictate terms in the equity market in a holiday-shortened week, analysts said. Besides, the focus will also be on foreign portfolio investors' trading activity, they added. Equity markets will remain closed on Tuesday for 'Mahavir Jayanti' and on Friday on account of 'Good Friday'.
Titan, IndusInd Bank, Axis Bank, State Bank of India, Power Grid, NTPC and Tata Motors were among the among the major gainers. Mahindra & Mahindra, Larsen & Toubro, Nestle, JSW Steel, Infosys and Tata Consultancy Services, Tech Mahindra and Maruti were the major laggards.
Congress spokesperson Supriya Shrinate also alleged that foreign policy has been reduced to photo-ops and a chest-thumping exercise and is being used to secure contracts for a businessman.
In the document, Russia underlined that it will build on a privileged strategic partnership with India with a view to enhance and expand cooperation in all areas on a mutually beneficial basis.
The US Federal Reserve's interest rate decision, global cues, macroeconomic data announcements and the ongoing quarterly earnings are the major triggers that will dictate trends in stock markets this week, analysts said. Besides, the trading activity of foreign investors and the movement of global oil benchmark Brent crude will also be tracked. "All eyes are on the outcome of the US Federal Reserve meeting scheduled for November 1, particularly due to the multi-year high levels of the US bond yields.
India must integrate more with East Asia by getting into regional trade arrangements, lower its tariff walls, and improve the quality of its workforce, suggests T N Ninan.
The rupee depreciated by 9 paise and settled at its all-time low level of 83.13 against the US dollar on Wednesday, weighed down by a surge in crude oil prices and strong American currency. Forex traders said the Indian rupee depreciated as the US dollar rose to the highest levels in six months. Moreover, elevated crude oil prices also weighed on rupee.
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.
Fund managers may end up losing out on crucial information during market hours, leading to information asymmetry vis-a-vis other institutional investors such as alternative investment funds, insurance players, or foreign portfolio investors.
The deficit was $17.6 billion in April 2013.
The two-day nationwide strike called by central trade unions to protest the Centre's alleged anti-worker policies evoked mixed response all over country on Tuesday.
From the Sensex pack, IndusInd Bank, NTPC, Asian Paints, Hindustan Unilever, JSW Steel, Tech Mahindra, Bajaj Finance, Infosys, Wipro, ICICI Bank, Bajaj Finserv, HDFC Bank and Tata Motors were among the major laggards. HCL Technologies, Power Grid, Titan, Reliance Industries, UltraTech Cement, Tata Steel, State Bank of India and Mahindra & Mahindra were the gainers.
According to CAIT, e-commerce policy should take within its ambit not only foreign players but also domestic ones.
Indian Council of Medical Research had also recommended the use of hydroxychloroquine for treating healthcare workers handling suspected or confirmed coronavirus cases and also the asymptomatic household contacts of the lab-confirmed cases.
Events to keep an eye out for...
'The deal pipeline across products is robust for 2024.'
This is a high-stakes strategic conflict between a power which wants to preserve the status quo in its favour and one which wants to usurp that throne. The rest is all theatre, says Harsh V Pant.
Indian policymakers must realise that in buying small quantities of equipment, it becomes hard to start manufacturing them in India, explains Ajai Shukla.
According to Nasscom, India must make its R&D significantly more robust to realise the 'Make in India' dream
Plugging policy loopholes, the Indian government has spelt out the rules for FDI-funded wholesale or cash-and-carry trading ventures, restricting their merchandise sale to registered retailers and not directly to consumers.
The local currency had gained 7 paise to close at 66.57 in Monday's trade.
India on Thursday said it promotes engagement with Taiwan in several areas including trade and investment and Taipei's decision to open an economic and cultural centre in Mumbai should be seen in that context.
The first summit in South Asia, it will host the largest delegation of 43 heads of State and government as well as the heads of international organisations.
A Priority Foreign Country is a status reserved for those nations that are the most egregious violators of intellectual property rights and have the most negative impact on US competitiveness abroad.
Barely days after imposing a 40 per cent export tax on onions to cool down soaring prices, which, in turn, triggered widespread protests across the main growing belts, the Centre on Tuesday sought to mitigate both political and economic tensions gripping parts of Maharashtra. It decided to procure an additional 200,000 tonnes of onions at Rs 2,410 per quintal for its buffer stock from farmers, a rate that is strikingly close to the price at which they were being exported before the 40 per cent duty was levied on August 19. The export price before the imposition of the duty stood at around $320 per tonne free on board (approximately Rs 2,650 per quintal).
The Reserve Bank of India's interest rate decision, domestic macroeconomic data and global trends will dictate terms in the equity markets this week, analysts said. Trading activity of Foreign Portfolio Investors (FPIs) will also influence markets, they added. "The Indian market will be closely monitoring the Reserve Bank of India's Monetary Policy Committee (MPC) meeting scheduled for June 6-8, 2023. Aside from that, market participants will be keeping an eye on the progress of monsoon," said Pravesh Gour, Senior Technical Analyst, Swastika Investmart Ltd.
Among the Sensex stocks, Larsen & Toubro rose the most by 3.96 per cent after the company announced a major project win in the Middle East. HDFC, HDFC Bank, Sun Pharma, ITC, HUL, Titan, TCS, HCL Tech, Asian Paints, Bajaj Finance, Infosys and Tata Steel were among the major gainers.
EAM Jaishankar's mission is aimed at strengthening India's strategic autonomy in a complex international environment, observes Ambassador M K Bhadrakumar.
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