The central government is on track to meet its fiscal deficit target of 6.4 per cent of the GDP for 2022-23 on the back of strong growth in revenue collections, the World Bank said in its India Development Update on Tuesday. High nominal GDP growth in the first quarter supported strong growth in revenue collection, especially Goods and Services Tax (GST), despite tax cuts on fuel. Notwithstanding an increase in spending due to expanded fertilizer subsidies and food subsidies for vulnerable households in response to the commodity price shock, the government is on track to meet its FY22/23 fiscal deficit target of 6.4 per cent of GDP and the general government deficit is projected to decline to 9.6 per cent from 10.3 per cent in FY21/22 and 13.3 per cent in FY20/21.
'Gold prices thrive on volatility and more so when the stock markets trend downward.'
Boom, bust or a bit of both: as the jury bides time before ruling on the US 'recession', the economy's vital signs at a perplexing time of high-interest rates, still-punishing inflation, and surprisingly strong economic gains are a study of a growing debate over whether the world's largest economy is barrelling into a new downturn. With the US Federal Reserve's (Fed's) inflation fighters attempting the risky pursuit of 'pillow-soft landings' and its economy sending out mixed signals, if there is indeed a recession, it could spell trouble for domestic equities and corporate earnings growth.
Having dug in early on to stay with Federer, Nishikori ended up running away with the match to inflict a first straight sets defeat in the ATP Finals round-robin stages on the 20-time Grand Slam champion.
Unseeded Novak Djokovic was given some trouble by Jeremy Chardy in the opening set but prevailed 7-6(5), 6-4 to take his record over the Frenchman to 11-0 and 26-0 in sets.
Roger Federer clinched his first title of the season before the start of his Wimbledon defence when he battled back from a set down to beat Russia's Mikhail Youzhny 6-7(5),6-3, 6-4 and win the Halle Open on Sunday.
NSE recorded almost 145 crore (1.45 billion) equity trades on its platform last year, a gain of 3 per cent from 2012, making it the biggest among 51 global peers, according to data with the World Federation of Exchanges.
Images from Tuesday, Day 8 of the 2021 Wimbledon Championships, in London.
The former head of world athletics' governing body, Lamine Diack, was convicted in France on Wednesday of corruption in a Russian doping scandal and sentenced to spend at least two years in jail.
As per the latest data compiled by the World Federation of Exchanges, a total of 11.64 crore trades took place in the equity segment of NSE in September this year, making it the world's largest exchange on this category.
Wall Street-correlated stock markets are facing the risk of correction, as Christopher Wood, the global head of equity strategy at Jefferies, conveys to investors in his latest edition of GREED & fear. Rising crude oil prices, which are nearing $100 a barrel (Brent), pose a threat to the global central bank's battle against inflation and have led to a re-evaluation of its exposure to Indian stocks. "The potential for more US Federal Reserve (Fed) rate hikes, combined with the risk that monetary tightening finally bites as regards the economy, remains a risk for Wall Street-correlated world stock markets. "There is also the oil factor. This is why GREED & fear continues to believe the pain trade is down. "Areas in Asia, such as Indian midcaps, which have already done very well, are at obvious risk of some profit-taking," writes Wood.
The Enforcement Directorate on Saturday said it has searched the Bengaluru-located office and residential premises of Edtech major BYJU's and its CEO and co-founder Raveendran Byju and seized 'incriminating' documents and digital data as part of a foreign exchange violation probe.
Reserve Bank governor Shaktikanta Das on Friday cautioned banks against any build-up of asset-liability mismatches, saying both are detrimental to financial stability and hinted that the ongoing crisis in the US banking system seems to have emanated from such mismatches. Delivering the annual KP Hormis (Federal Bank founder) commemorative lecture in Kochi this evening, the governor was quick to acknowledge and assure that the domestic financial sector is stable and the worst of inflation is behind us. Amid the continuing volatility in exchange rates, especially due to the excessive appreciation of the US dollar, and its impact on the external debt servicing ability of nations, Das said, "We have nothing to fear as our external debt is manageable and thus appreciation of the greenback does not pose any problem to us."
Twice Shanghai Masters champion Roger Federer was far from his best against Spain's Roberto Bautista Agut but did enough to reach the quarter-finals with a 6-3, 2-6, 6-4 win on Thursday.
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.
Krrish, Ravi enter semis of Asian Youth & Junior Boxing Championships
The Indian rupee, which has depreciated 1.1 per cent so far in August, is expected to decline further on the back of a strengthening US dollar and a weakening Chinese yuan, according to a Business Standard poll of analysts. The Indian rupee hit an all-time low recently, closing at 83.15 per dollar. Five of the 10 respondents said the Indian currency might touch 83.5 per dollar in August itself, while others said the worst could be over.
A yellow glow is likely to stand out amid grey geopolitical clouds in 2023, with gold price projected to touch Rs 60,000 per 10 grams in the Indian market as more investors veer towards safe-haven assets. In a year where volatility was more a norm than an exception, gold prices in the international market oscillated from a peak of $2,070 per ounce in March to a low of $1,616 per ounce in November and is steadily recovering since then, according to market experts. At the beginning of 2022, gold prices were around $1,800 an ounce.
They are followed by Shenzhen SE, NYSE and Shanghai SE, as per an analysis of data compiled by the World Federation of Exchanges
The Sensex finished above the psychologically key 60,000-mark while the Nifty surged past the 18,000-level on Monday on across-the-board buying amid a mixed trend overseas. A depreciating rupee and concerns over the US Federal Reserve hiking rates later this week failed to quell investors' appetite for stocks, traders said. The 30-share BSE Sensex rallied 786.74 points or 1.31 per cent to settle at 60,746.59.
From the Sensex pack, Mahindra & Mahindra, UltraTech Cement, Power Grid, State Bank of India, ITC, Titan, Tata Motors and ICICI Bank were among the major winners. Tata Consultancy Services, Bajaj Finance, Tech Mahindra, Asian Paints and HDFC were among the major laggards.
Ramaswamy's stance on H-1B visas is reminiscent of the 2016 Trump campaign, when then-candidate Donald Trump, who has also hired a number of foreign workers under H-1B visas for his businesses, took a hardline stance on these foreign workers before later softening his rhetoric.
Borna Coric ended Roger Federer's 20-match winning streak on grass, beating him 7-6(6), 3-6, 6-2 in the Halle Open final on Sunday while also bringing to a halt the Swiss maestro's reign as World No 1.
'When the gold price rises rapidly, India's physical gold market remains on standby.'
World number five Roger Federer delivered a tennis masterclass to beat rising star Alexander Zverev 6-1, 6-3 and clinch a record ninth Halle Open title on Sunday as he lay down a marker in the lead-up to Wimbledon.
Images from Day 1 of the Australian Open in Melbourne on Monday.
Defending champion Andy Murray eased into the Wimbledon quarter-finals for the 10th successive year with a 7-6(1), 6-4, 6-4 victory over Benoit Paire on Monday.
A summary of Day 2 at Wimbledon on Tuesday.
The Swiss great is looking to win a 102nd tour-level trophy and move closer to Jimmy Connors' record of 109.
As per the Israeli Air Force, the fighter jets attacked a number of terrorist targets of the terrorist organization Hamas throughout the Gaza Strip. Among other things, the planes attacked a military compound and a weapons warehouse.
Football legend Pele described the FIFA corruption scandal as a "shame", but made it clear that the reputation of the game was not tarnished.
Images from Day 5 of the Australian Open in Melbourne on Friday.
Roger Federer launched his bid for an 18th grand slam title with a workmanlike 6-3, 6-4, 7-6 (4) win over Marinko Matosevic to ease into the second round of the US Open on Tuesday, with NBA great Michael Jordan leading the cheering.
Images from Day 4 of the US Open in New York on Thursday.
Equity benchmarks Sensex and Nifty halted their five-day rally on Tuesday and settled deep in the red, mirroring weak global markets, with decline in index heavyweights Reliance Industries, Infosys and HDFC Bank. Despite opening with gains of over 200 points, the 30-share Sensex turned highly volatile and tumbled 709.17 points or 1.26 per cent to close at 55,776.85. During the day, the benchmark index plunged 1,067.07 points or 1.88 per cent to 55,418.95. The broader NSE Nifty also declined 208.30 points or 1.23 per cent to close at 16,663.
With both Serbia and Cameroon desperate for points after their opening defeats, they played out one of the most entertaining games of the tournament
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.
'Our competitiveness with China is very important.' 'If the exchange rate depreciates, it is good for us because it helps in our competitiveness.'
The re-opening of the Chinese economy, as it moves away from its zero-Covid policy, could help stabilise commodity prices, according to some of the country's top metal companies. They view this as a positive for demand, at a time when markets such as the US and Europe have been largely weighed down by slowdown concern now. "Most of us in the metals business are hoping the Chinese economy picks up because half of any metal demand, including demand for aluminium, comes from China.
For the banking system a new cycle starts in FY2024. It's fraught with fresh challenges on asset quality and profitability, warns Tamal Bandyopadhyay.
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