Unlike the Advance Estimates which missed the impact of demonetisation, CEA's survey is likely to have a better take on Indian economy.
The breadth, indicating the overall health of the market, was slightly positive
Production grew by a mere 0.5 per cent year-on-year, a significant comedown from the 3.5 per cent clocked in June.
Top losers include Hero MotoCorp, HDFC, SBI, Infosys, HCL Tech, ICICI Bank, Bajaj Finance, ONGC, Bajaj Auto and IndusInd Bank, falling up to 2.63 per cent.
The progress on US debt ceiling talks, domestic inflation numbers and second quarter earnings of companies are expected to keep investors busy in the truncated trading week ahead.
The market players are expected to react to the better than expected factory output data for the month of August, which revealed that the industrial production grew by 6.4%.
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The marginal improvement in the index of industrial production was mainly on account of higher power generation and mining sector output, while manufacturing declined.
Among other things, the agenda is likely to focus on increasing private investment, employment generation and giving relief to the farm sector
In February last year, it was (-)2.17 per cent.
Onion prices, however, continued to rule high with 79.78 per cent increase in September.
Relax fiscal consolidation, boost public capex and reduce cost of finance, industry tells Centre
Input shortages and low inventories, according to Nomura, will likely lead to production cuts and delayed shipments in the September 2021 quarter.
Chief Economic Advisor Krishnamurthy Subramanian said China imports a lot of components, parts, assembles and integrates and then exports them.
Hiring activity witnessed a 6 per cent year-on-year growth in March this year, supported by a rebound in economic activities and led by sectors such as banking and telecom, according to a report. However, there was a marginal dip of 2.4 per cent in hiring activity as compared to February, owing to the appraisal season, according to the Monster Employment Index (MEI). "Two years into the pandemic, it is heartening to see that the Indian economy has overcome setbacks and challenges with hiring momentum exceeding pre-COVID levels by 6 per cent this year compared to 2020," Monster.com, a Quess company, CEO Sekhar Garisa noted.
Investors will keenly watch US Fed meet starting Tuesday
India Inc has an impressive report card to show for the first quarter of this financial year.
Policymakers have been grappling with high prices for food staples such as onions and potatoes even after the central bank raised interest rates by a quarter percentage point in each of its previous two reviews.
The wholesale price-based inflation shot up to an all-time high of 10.49 per cent in April, on rising prices of crude oil and manufactured items. Also, a low base of April last year contributed to the spike in inflation in April 2021. The WPI inflation was 7.39 per cent in March 2021, and (-) 1.57 per cent in April 2020. This is the fourth straight month of uptick seen in the wholesale price index (WPI)-based inflation.
The headline seasonally adjusted IHS Markit India Manufacturing Purchasing Managers' Index (PMI) fell to a two-year low of 50.6 in October from 51.4 in September.
Softening inflation, Das said would make available more policy space to the central bank to address risks to the growth going forward.
The wholesale price-based inflation accelerated to a record high of 12.94 per cent in May, on rising prices of crude oil and manufactured goods. Low base effect also contributed to the spike in WPI inflation in May 2021. In May 2020, WPI inflation was at (-) 3.37 per cent. This is the fifth straight month of uptick seen in the wholesale price index (WPI)-based inflation. In April, 2021, WPI inflation hit double digit at 10.49 per cent. "The annual rate of inflation, based on monthly WPI, was 12.94 per cent for the month of May, 2021 (over May, 2020) as compared to (-) 3.37 per cent in May 2020.
Market ended lower for the third straight session led by IT stocks amid downgrade by Citigroup.
'If because of El Nino, the monsoon is affected adversely in the current year, naturally it will affect income projections and consequently Budget numbers.'
The broader NSE Nifty gained 22 points to 10,480.60
'Everyone confuses GDP to be a measure of output, when it is actually a measure of income.'
The 30-share Sensex is down 359 points at 26,378 and the Nifty has dropped 78 points to trade at 7,883
As India looks to mend its Covid-battered economy, one thing that will grab the attention of all concerned is the path that both wholesale and retail inflation will follow. Even the Reserve Bank of India in its latest policy statement said, "Going forward, the inflation trajectory is likely to be shaped by uncertainties impinging on the upside and the downside.
Tech Mahindra was the top laggard in the Sensex pack, cracking over 5 per cent, followed by Infosys, HDFC, IndusInd Bank, Reliance Industries and NTPC. On the other hand, Hero MotoCorp, L&T, Maruti, UltraTech Cement and Sun Pharma led the gainers' chart.
The rupee rallied for the second straight session by gaining 21 paise to end at 66.10 against US dollar.
The panel finds 'discrepancy' in the Annual Survey of Industries data.
The economy, though projected to grow 9.6 per cent in the next financial year in year-on-year growth term, may grow just 1 per cent in real terms to Rs 147.17 lakh crore as against Rs 145.66 lakh crore in 2019-20, at the 2011-12 prices, according to a report by India Ratings. The size of the economy, as per the National Statistical Office's data, had stood at Rs 145.66 lakh crore in 2019-20, at the 2011-12 prices. According to the rating agency, the country's gross domestic product (GDP) is expected to contract 7.8 per cent to Rs 134.33 lakh crore in 2020-21, but may grow 9.6 per cent to Rs 147.17 lakh crore in 2021-22.
The Sensex ended down 251 points at 27,351 and the Nifty shed 65 points to close at 8,228.
Sensex, Nifty end the day in red on unfavourable cues from global markets.
Backed by the China-plus-one policy, India's textile and apparel exports have seen a 53 per cent growth during the April-November period of the current fiscal year at around $26 billion. This compares to the figure of $17 billion during the same period in FY21. According to Wazir Textile Index, all major companies including Welspun, Vardhman, Trident, KPR Mills, Indo Count, RSWM, Filatex, Nahar Spg and Indorama have posted higher sales during the first half of the current fiscal year compared to the pre-pandemic year.
On Monday, the rupee gained 16 paise.
The rupee ended higher for the second consecutive week.
The retail inflation rate breached the 6 per cent upper tolerance limit of the RBI for the first time in seven months in January, while the wholesale price index stayed in double-digits for the 10th month in a row, showed two sets of data released by the government on Monday. Retail inflation, the key input for the RBI while reviewing the repo rate every two months, soared during the month mainly because of a spike in certain food items. The previous high for retail inflation was 6.26 per cent in June 2021.
Raghuram Rajan, who was Chief Economic Advisor in the Finance Ministry before taking over as RBI Governor on September 4, is scheduled to announce the next mid-quarter policy review on December 18.
Changes the base year and included more sectors.
According to a commerce and industry ministry statement, the growth rate for these eight key sectors for April 2019 has been revised upward to 6.3 per cent from 2.6 per cent reported earlier mainly due to upward revisions in production of coal, crude oil, steel, cement and electricity.
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