Sectorally, bankex suffered the most by dropping 2.62 per cent, followed by finance 2.44 per cent and realty 1.63 per cent. On the other hand, telecom was among the top sectoral gainers, rising 4.60 per cent. IT index rose 2.62 per cent.
Modi campaigned on the issue of national security, which cannot be ensured without a strong economy.
IMF Chief Economist Gita Gopinath also said the pickup in global growth for 2020 remains highly uncertain as it relies on improved growth outcomes for stressed economies like Argentina, Iran, and Turkey and for under-performing emerging and developing economies such as Brazil, India, and Mexico.
The biggest gainers in the Sensex pack in Friday's session were Yes Bank, Bharti Airtel, Tata Motors, Vedanta, SBI and Axis Bank, spurting up to 3.05 per cent. The losers included HCL Tech, TCS, Infosys, Hero MotoCorp, IndusInd Bank and Sun Pharma, falling up to 1.55 per cent.
Two of Xi Jinping's chosen officials have disappeared from view, an indication of turmoil in Xi's government, months after he installed a collection of loyalist leaders in his cabinet, observes Dr Rajaram Panda.
A decline in demand from six of India's top 10 import partners -- China, Saudi Arabia, Iraq, South Korea, Australia, and Singapore -- resulted in India's imports hitting a 17-month low of $50.6 billion in January, showed the data compiled by the department of commerce. Shipments from South Korea, Australia, and Singapore declined by 14.1 per cent, 26.7 per cent, and 9.8 per cent, respectively. Among the 10, growth in inbound shipment was seen only in the case of the United Arab Emirates (12.1 per cent), the US (27.4 per cent), Russia (297.4 per cent), and Indonesia (22.9 per cent).
Underlining that years of economic stagnation have given way to a "roaring geyser of opportunity", Trump said, "I knew that if we unleashed the potential of our people, cut taxes, slashed regulation, fixed broken trade deals and fully tapped American energy that prosperity would come thundering back ... and that is exactly what happened."
Other losers included Vedanta, Tata Steel, NTPC, ONGC, L&T, M&M, Coal India, Maruti, PowerGrid, Axis Bank, ITC and HDFC, dropping up to 5.75 per cent. On the other hand, Kotak Bank, Bharti Airtel, HCL Tech, Bajaj Finance and Hero MotoCorp rose up to 0.95 per cent.
Among the Sensex pack, Yes Bank, L&T, HDFC, RIL, HDFC Bank, PowerGrid and Coal India were the biggest losers -- falling up to 2.43 per cent.
In an interview with Peerzada Abrar and Romita Majumdar, Cisco CEO Chuck Robbins said that his company would continue to bet heavily on India's engineering talent pool.
The first five months of 2023 have witnessed at least six major events/trends that augur badly for global economic and socio-political prospects, points out Shankar Acharya, former chief economic adviser to the Government of India.
Irrespective of the global movement, gold prices in India are nearing the level of Rs 34,000 per 10 grams in the physical markets.
Liquidity issues post the crisis at DHFL, progress of monsoon, rupee trajectory at the domestic level and oil prices are some factors that will keep markets choppy, analysts say.
Sectorally, metal and banking stocks rallied the most, while FMCG and realty stocks came under selling pressure.
Foreign brokerage Bank of America Merrill Lynch said they expect the headline inflation to rise to 3.3 per cent in May, but added that it is within the 2-6 per cent range which the government has set for the RBI.
Most Indian IT firms work as system integrators for Huawei and though the exposure is very less as of now, the potential is more due to 5G roll out. As pressure to keep the Chinese firm out of the 5G network grows, other global firms, including Japan's NEC, South Korea's Samsung, Finland's Nokia and Sweden's Ericssion are increasing their investments to grab more market share in the telecom sector.
Smuggled gold, which is selling sharply lower than the spot market price, is also responsible for discounts not ending. Some consumers are selling high amounts of gold.
Top gainers include Yes Bank, HUL, Vedanta, NTPC, Bharti Airtel, Adani Ports, PowerGrid and Tata Motors, rising up to 5 per cent.
The uncertainty over the gravity of the pandemic's impact on the global economy and financial markets worldwide triggered a flight to safety among foreign investors as they rushed to exit from relatively riskier investment destinations, such as emerging markets like India, a report said.
Out of the 30-share Sensex pack, 21 ended lower and one remained unchanged
The broader NSE Nifty rose nearly 124 points to settle just below the psychological 11,000 level.
Some international markets offer interest rates as low as one per cent, which could reduce the government's interest cost significantly.
The Indian rupee is down nearly 2 per cent against the US dollar since the beginning of January 2019. Experts attribute the Indian rupee's relatively poor performance to a sharper-than-expected fall in economic growth in India.
The upward revision in growth forecast for current fiscal comes in the backdrop of GDP expanding 8.2 per cent in April-June quarter, higher than Fitch's expectation of 7.7 per cent.
Gold, which was hovering around $1,321 an ounce in January 2019, has already breached $1,600 per ounce in the past few sessions to a seven-year high.
In a major relief to Indian information technology (IT) companies operating in Australia, Canberra has agreed to amend its domestic laws to stop taxing offshore income of such Indian companies, as part of the free trade deal inked. This may lead to savings up to $200 million each year for over 100 Indian IT companies operating in Australia. "The Government of Australia has agreed to amend the domestic taxation law to stop the taxation of offshore income of Indian firms providing technical services to Australia. "This will resolve the issue that the Indian government has raised about the double taxation avoidance agreement (DTAA) between the two governments for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income," said a commerce ministry official.
Ajay Banga was on Wednesday appointed the next president of the World Bank, becoming the first-ever Indian-American to head the global financial institution which said it looks forward to working with him at a time when it's tackling the toughest development challenges facing developing countries. "The executive directors of the World Bank today selected Ajay Banga as president of the World Bank for a five-year term beginning June 2, 2023," the bank said in a press statement. In February, President Joe Biden announced that the US would be nominating Banga, 63, to lead the World Bank because he is "well equipped" to lead the global institution at "this critical moment in history."
On an overall basis, Nomura believes the economic conditions are suited for equity markets. The brokerage is predicting the market performance will be better in the first half of 2020 and "somewhat weaker" in the second half.
On the volume side, the number of M&A and PE deals was 110 in July, 15 per cent lower from 130 in July 2018.
Qin, who is visiting New Delhi to attend the G20 Foreign Ministers meeting on Thursday, is expected to meet Jaishankar on its sidelines though the foreign ministry here is tight-lipped about it.
The Sensex is on course to ending calendar year (CY) 2019 at a price-earnings (P/E) multiple of 29x, the highest in 25 years. Current valuations are, however, lower than those seen in the early 1990s. The Sensex has risen close to 14 per cent in the last 12 months, while the index underlying EPS dropped 6.7 per cent during the period.
India and the United States settled a dispute on Thursday that had paralysed the World Trade Organization and risked derailing a $1 trillion package of reforms.
The South Asian nations could script a new history of cooperation and prosperity that could serve as an example for other nations, notes Dr Rahul Mishra.
'Equities are likely to be range-bound with a downward bias for the remaining part of the year.'
Market players say following the tax cuts, the market mood had changed from bearish to positive, which should help sustain the rally.
Despite being election year, Indian ultra HNIs are more optimistic of the country's growth journey and expect wealth to increase in the year 2019.
The Sensex posted its biggest single-day jump in over a decade at 1,921 points and investors' wealth soared by a staggering Rs 6.8 lakh crore after Finance Minister Nirmala Sitharaman delivered a surprise cut in corporate tax rates on Friday.
In the year 2020 to date, these funds deployed capital worth a record $14.8 billion in India, which is nearly three times more than what they have put in China - $4.5 billion.
India on Tuesday distanced from the ongoing Sino-US row over revaluation of Chinese currency yuan saying it is their bilateral issue.
Assume that the rupee will trend lower over the next 10 years as India increases overseas sovereign exposures, and your long-term asset allocation should be geared to deal with this trend, suggests Devangshu Datta
