NSE Nifty, after shuttling between 10,809.60 and 10,725.90, finished 30.95 points, or 0.29 per cent lower at 10,741.10.
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.
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 Russia-Ukraine war is likely to improve the export profile of landlocked Chhattisgarh, which has already nearly tripled during the past three years. Chhattisgarh's exports reached Rs 25,241.13 crore in the financial year 2021-22 against Rs 9,067.92 crore worth of products shipped in 2019-20, according to the state government's data. While exports of iron and steel surged seven and a half times, rice shipping increased 4.68 times.
Benchmark indices rallied on Friday with the BSE Sensex climbing over 390 points to settle above the 56,000-mark amid fresh buying by foreign funds and largely positive global market trends. Intense buying in banking and finance counters also drove the indices higher. Rising for the sixth straight session, the 30-share BSE benchmark jumped 390.28 points or 0.70 per cent to settle at 56,072.23.
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.
Vijay Keshav Gokhale's tenure as foreign secretary promises to guide India's external affairs along paths never taken before, says K P Nayar.
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.
India on Friday said the onus is on China to address the remaining unresolved issues relating to the eastern Ladakh row and that peace and tranquillity along the frontier were key for the restoration of normal relations between the two sides.
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.
'The deal pipeline across products is robust for 2024.'
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).
India has banned wheat exports with immediate effect as part of measures to control rising domestic prices, according to official notification. However, the export shipments for which irrevocable letters of credit (LoC) have been issued on or before the date of this notification will be allowed, the Directorate General of Foreign Trade (DGFT) said in a notification dated May 13. "The export policy of wheat ... is prohibited with immediate effect...," the DGFT said. It also clarified that wheat exports will be allowed on the basis of permission granted by the Government of India to other countries to meet their food security needs and based on the request of their governments.
Markets continued to fall on Monday, with the Sensex declining 94 points as investors remained cautious amid unabated selling by foreign funds and elevated crude oil prices ahead of the RBI's policy decision later this week. The 30-share BSE Sensex declined 93.91 points or 0.17 per cent to end at 55,675.32. During the day, it tanked 473.49 points or 0.84 per cent to 55,295.74.
Indian policymakers must realise that in buying small quantities of equipment, it becomes hard to start manufacturing them in India, explains Ajai Shukla.
The US Federal Reserve's interest rate decision, quarterly earnings of corporates and domestic macroeconomic data will influence trading in the equity market in a holiday-shortened week ahead, analysts said. Foreign funds' trading activity, monthly automobile sales data and global trends would also guide market movement this week, they added. Markets would remain closed on Monday on account of 'Maharashtra Day'.
Investors were focussed on the RBI's monetary policy review on Tuesday which will give an insight into its inflation and rates outlook.
Australia has described Canada's allegations about India's involvement in the killing of a Sikh separatist leader as 'concerning' and said Canberra is 'monitoring these developments closely' and has raised the issues with its Indian counterparts.
At the World Bank Banga will be replacing David Malpass, a former Trump treasury official, reports axios.com. Malpass had already announced that he will resign by July, months ahead of his term expired. "Ajay is uniquely equipped to lead the World Bank at this critical moment in history," President Biden said in a statement. Banga, 63, currently serves as vice chairman at General Atlantic.
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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