Though the index of industrial production expanded 11.7 per cent in November, the Reserve Bank of India sees the recovery still skewed and says the uneven recovery would dominate the central bank's thinking.
TCS was the top gainer in the Sensex pack, rising over 3 per cent, followed by L&T, Bharti AIrtel, HCL Tech, Tata Steel, Bajaj Auto and Reliance Industries. NSE Nifty rallied 164.70 points to its fresh closing peak of 16,529.10.
Invest only if you wish to go overweight on the sector.
Enthused by higher than expected GDP numbers in the fourth quarter of 2022-23, Chief Economic Adviser (CEA) V Anantha Nageswaran on Wednesday said India's economic growth may exceed the initial estimate of 6.5 per cent in the current fiscal and the country can look for another year of solid economic performance.
The overall market breadth was positive as 1,599 stocks advanced against 1,246 declining ones, on the BSE.
With a narrow industrial base and dysfunctional politics, and a counter-productive national security agenda, Pakistan could well remain an 'international migraine', observes T N Ninan.
The wholesale price-based inflation spiked to 12.54 per cent in October, mainly due to rise in prices of manufactured products and crude petroleum. WPI inflation has remained in double digit for the seventh consecutive month beginning April. Inflation in September this year was at 10.66 per cent, while in October 2020 it was at 1.31 per cent.
Finance Minister Pranab Mukherjee today said that the economy was expected to revive in the second half of the year on the back of the latest Index of Industrial Production numbers, return of foreign institutional investors to the markets over the last two months and the normal functioning of the credit markets
It would not be surprising if India, the world's largest producer of milk, has to resort to imports to meet the elevated summer demand, states Surinder Sud.
Keeping pace with the rapidly changing income and consumption pattern, the government will soon come out with a new Index of Industrial Production (IIP) and develop indices for measuring growth of SSI sector and calculating consumer prices in urban areas.
Manufacturing activities in India remained robust and price pressures were contained in October as new orders and production rose at a slower but stronger pace, according to a monthly survey released on Tuesday. The seasonally-adjusted S&P Global India Manufacturing Purchasing Managers' Index (PMI) was up from 55.1 in September to 55.3 in October. The October PMI data pointed to an improvement in overall operating conditions for the 16th straight month.
The growth in six core infrastructure industries slowed down to 3.4 per cent in June, against 5.2 per cent in the year-ago period owing to dismal performance of all but one sector - coal.
Apple Inc's iPod upended the music industry, and its iPhone knocked Nokia off its smartphone perch, but Swiss watch makers breezily dismissed warnings that the technology giant's new wristwatch gadget could do something similar to them.
New projects fell 6.3 per cent in the December quarter compared with the September quarter. The value of new projects in the just-concluded quarter was Rs 2.1 trillion, according to the data from Centre for Monitoring Indian Economy (CMIE), which was lower than the Rs 2.2 trillion seen in the September quarter. It is, however, higher than Rs 1.5 trillion recorded for the quarter ended December 2020, the first year of the Covid-19 pandemic. This data ties in with the November data for core sector growth, an index of eight core industries, which grew at its slowest pace since early 2021.
Most of the economic activity in the country had come to a standstill after the government imposed a 21-day nationwide lockdown beginning March 25 to check the spread of coronavirus.
'It could tempt investors to pick stocks that are not fundamentally sound.'
Since January 1, the rupee value has fallen by 5.5 per cent against the US dollar and touched life-time low of 58.98 on Tuesday.
Short-circuited by the lacklusture performance of electricity sector, the industry recorded a marginal slowdown in growth at 6.2 per cent in May this year compared to 6.4 per cent recorded in the comparable month of 2003.
She also took a swipe at the Bharatiya Janata Party over its defeat in the just-concluded Himachal Pradesh assembly elections, saying the ruling party's president could not hold on to his home state. "Who is the Pappu now?" she asked.
This growth seen by the consumer goods was led mainly by the durables market, which rose 17.6%, the highest in 11 months
Exports rise for 8th month, albeit at lower pace
Services sector slowed down in May on weak economic factors.
Sentiment in the market will also be guided by other major market movers like trend in the rupee, Brent crude and foreign capital flows.
A majority of the respondents said that demonetisation is a positive step towards curbing black money and corruption from the economy, the move did have an impact on their sales.
An impressive performance by the manufacturing sector catapulted industrial growth to 7.8 per cent during the first four months of the current financial year.
The poor performance of capital goods - a bellwether for future growth - has alarmed most analysts
On a day like this, the market breadth was predictably strong. Out of 2,827 stocks traded on the BSE, there were 1,629 advancing stocks as against 1,105 declines.
'It is far too early to celebrate the numbers.' 'They are still fairly weak compared to the pre-pandemic level.'
Though there may still be some headroom for growth, IEG's econometric model suggests there could be turning point downwards in the IIP growth cycle in the near future.
Categories such as washing machines, refrigerators and television sets have seen sales growth of around 8-10 per cent in August compared to last year, industry sources said, with September also reporting a similar growth trajectory.
A sample of 1,248 companies saw net sales rise a whopping 39 per cent in the quarter ended June 2008 over that a year ago, as compared to 28 per cent in the quarter ending March 2008 and 16 per cent for the quarter ending December 2007.
The high growth rate over the last few years has been more cyclical, than structural, in nature. And continued supply side bottlenecks will necessarily mean that periods of high growth will trigger inflationary pressures.
India's manufacturing sector activities moderated in March with companies reporting softer expansions in new orders and production as inflation concerns dampened business confidence, a monthly survey said on Monday. The seasonally-adjusted S&P Global India Manufacturing Purchasing Managers' Index (PMI) was at 54.0 in March, down from 54.9 in February, highlighting weakest rate of growth in terms of production and sales since September 2021. The March PMI data pointed to an improvement in overall operating conditions for the ninth straight month.
Little indication of growth surge in either industry or services till well into FY14.
Participants are keenly waiting for the January IIP.
If there is indeed a slowdown, it is unlikely to be confined to the export sectors.
The 50-share NSE Nifty, which reclaimed the 10,800-mark intra-day, settled at 10,786.95, showing a gain of 19.30 points, or 0.18 per cent.
Indian economy, which is 75 per cent dependent on agricultural output is seen to grow at the rate of 6.5 per cent in 2003-04 on the back of normal monsoon rains.
The government will unveil the Consumer Price Index data and the Wholesale Price Index data for August on Monday.
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