On one hand, South Indian states have been complaining about denial of a proportionate portion of the sharable funds from the Centre, based on population. On the other hand, they stand to lose Lok Sabha and Rajya Sabha seats that again are based on population, points out N Sathiya Moorthy.
Foreign fund inflows and a higher opening in the domestic equity market supported the domestic unit
Indian rupee, which earlier this week touched an all-time low, is likely to remain under pressure and may test new levels as a fallout of the US Federal Reserve indicating more interest rate hikes, experts said. The aggressive rate hikes will dampen demand and increase the possibility of a recession in the US. This could accelerate the pace of capital outflows, weaken the rupee and raise the threat of imported inflation.
The Fed made clear that the rate hike was a tentative beginning to a "gradual" tightening cycle
Gold prices staged a smart rebound to surpass the psychologically important Rs 28,000 milestone.
The currency market won't care for our moans, groans, cries and sighs. The rupee will find its own level, explains Tamal Bandyopadhyay.
Weakness in dollar in the overseas market also boosted the rupee value
This was the biggest single-day fall for the benchmark index since August 10 when it had fallen by 310 points.
The rupee had slumped to its all-time closing low of 68.80 a dollar on August 28, 2013.
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.
Janet Yellen is guiding the Federal Reserve towards its first rate rise in a decade armed with traditional economic models that some economists worry could fail her in a world of massive money printing and near zero rates.
'Three external members of the first MPC are respected researchers with excellent academic background, but there is no harm in considering academicians with diverse backgrounds such as finance and labour along with economists for this body,' recommends Tamal Bandyopadhyay.
In the Sensex pack, Vedanta took the biggest hit (5.55 per cent), followed by Tata Motors, SBI, Yes Bank, Bharti Airtel and Infosys, which lost up to 4.50 per cent.
State Bank of India chief Arundhati Bhattacharya, ICICI bank head Chanda Kochhar, Biocon founder Kiran Mazumdar-Shaw and HT Media chair Shobhana Bhartia are among the world's 100 most powerful women.
Biden, 'plotting an ambitious presidency that would begin amid twin health and economic crises, is leaning on veteran advisers with high-level governmental experience rather than outsiders and ideological rivals to help guide him on subjects including the coronavirus pandemic and the country's diminished standing in the world', a report in The New York Times said.
The 30-share Sensex closed down 114 points at 28,622 and the 50-share Nifty ended down 37 points at 8,686.
Chanda Kochhar is among the three Indians in Time's Most Influential list.
Leaders of various opposition parties on Sunday demanded that issues of price rise, 'Agnipath' scheme as well as the alleged misuse of investigative agencies be taken up in Parliament and also raised objections to the list of 'unparliamentary words' at an all-party meeting convened by the government ahead of the Monsoon Session.
Weaker-than-expected growth in US jobs in recent months had already forced US central bankers to put off a rate hike at their meeting last week
Federal Reserve Chair Janet Yellen on Wednesday pointed to a possible December interest rate "liftoff" but said rates would rise only slowly from then on to nurture the U.S. economic recovery.
The speed at which he led the central bank in different areas -- ranging from internal reorganisation to inflation fighting, stabilising the currency, taking on rogue corporations, cleaning up bank balance sheets, and opening the sector -- makes one believe that Rajan knew he had only three years to do his job. A fascinating excerpt from Tamal Bandyopadhyay's MUST-READ Roller Coaster: An Affair with Banking.
Getting out of the zero-rate armchair was overdue, and many in the market will be glad it has finally happened
Demand bounces back but uncertainty over GST rate for jewellery casts a shadow over future.
A widening probe by US authorities involving top drug companies following complaints of price fixing of generics was a point of worry for the participants, said analysts.
The judgment came on a batch of pleas challenging the Bombay high court verdict which had upheld the grant of reservation to Marathas in admissions and government jobs in the state.
'For our traditional membership base, it would be an access to disruptive ideas,' FICCI President Subhrakant Panda tells Asit Mishra/Business Standard.
Nifty is likely to remain under selling pressure unless and until it breach the 7,700-7,720 levels on closing basis.
Decline in the rupee coupled with a slide in the crude oil prices have dented the sentiments.
By changing the nation's name from India to Bharat, would this landmass overnight lose the emotional and cultural linkage that had been built over generations, centuries and millennia, asks N Sathiya Moorthy.
Strong currency and sagging oil prices are spooking policymakers.
Reserve Bank Governor Shaktikanta Das on Monday said despite the latest headwinds arising from the Jackson Hole summit leading to extreme volatility, our banking system and financial markets are strong enough to withstand such pressures. Taking the markets by surprise, US Fed chair Jerome Powell had told the annual Jackson Hole summit of central bankers and economists last week that he would have to keep raising federal fund rates to tame inflation, which remains the biggest challenge to the world's largest economy. He also warned of the pains that such monetary policy actions would create on growth and jobs.
The nomination would put Yellen on course to be the first woman to lead the institution.
The Nifty closed at 10,335.30, down 28.35 points, or 0.27 per cent.
S&P BSE Midcap shed 0.8% while S&P BSE Smallcap tumbled 0.6%
The rupee had gained 24 paise to close at nearly one-week high of 60.95 against the dollar yesterday following selling of the US currency by exporters and some banks, amid sustained heavy capital inflows.
Markets ended higher, amid firm global cues, and are on track for third straight day of gains.
The broader markets outperformed the benchmark indices- BSE Midcap and Smallcap indices gained 0.4% each
Though the markets have lost ground since the past few sessions, analysts do not seem worried.
The Sensex ended in red on domestic concerns.
Summers dogged by controversies over past views
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