Asian market registered high weekly falls as they waited for the US job data which is scheduled to be announced later today. This will give traders some idea of how aggressive the Fed will be in its future rate hike.
Indices end flat as Sensex gained 36 points and Nifty slipped 3 points
Indian benchmark indices ended a very volatile day on a flat note. The indices started with a gain of almost 0.5% but kept seesawing throughout the day.
Sensex, in the end, made a marginal gain of 36 points to close the week at 58,803, whereas Nifty slipped by 3 points to end at 17,539.
ITC, HDFC, Adani Ports and L&T stocks rallied more than a per cent, whereas BPCL and Shree Cements shed 2% each in today’s session.
Among indices, the Media index made decent gains, thanks to NDTV hitting the upper circuit for the seventh day in a row. FMCG and Financial Services also ended with gains. PSU Bank and Oil & Gas index dragged throughout the day.
In Asia, Japan’s Nikkei marked a flat day while registering the worst week in nearly three months on Friday with a weaker yen providing a minor comfort. The Nikkei ended the session 0.04% lower.
China stocks posted a high weekly drop on Friday as some big cities tightened Covid-19 restrictions to contain fresh outbreaks.
The CSI 300 Index lost 0.5% on Friday, while the Shanghai Composite Index edged up 0.1%. The Hang Seng Index declined 0.7%.
European stocks reclaimed some lost ground in the morning following a tough week due to a mounting energy crisis, inflation data, and an expectation of an aggressive rate hike by the ECB next week.
Russia says it will stop selling oil to countries that impose price capsT
he Kremlin said on Friday that Russia would stop selling oil to countries that impose price caps on Russia’s energy resources – caps that Moscow said would lead to significant destabilisation of the global oil market.
“Companies that impose a price cap will not be among the recipients of Russian oil,” Kremlin spokesman Dmitry Peskov told reporters in a conference call, endorsing comments made on Thursday by Deputy Prime Minister Alexander Novak. (Reuters)
SAT dismisses minority investors plea against TamilNad Mercantile Bank IPO
The Securities Appellate Tribunal (SAT) on Friday dismissed appeals filed by minority shareholders of the Tamilnad Mercantile Bank against the lender’s upcoming initial public offering (IPO). As a result, the offer will now go live, as scheduled, on 5 September.
The bank had originally planned an OFS and fresh issue of shares when it had filed the DRHP in September 2021. However, subsequently, the bank scrapped its decision on the OFS. Investors had argued that the bank needs to file a fresh DRHP with Sebi. (Read More)
TCS defers salary hikes for employees completing one year
Tata Consultancy Services (TCS) won’t be rolling out hikes to employees who have completed one year with the tech firm. The company in an email to its employees said the hikes for those who have completed their first year, will be rolled out in 2023.
The changes in policy come at a time when the tech sector is gearing up for budget constraints against a recession in the US.
While some firms like Infosys are rolling out 70% of variable pay, reports state that Wipro had delayed payouts for certain employee categories. Margin pressure crunch is one of the main reasons for tech firms where manpower costs are high. (Full Story)
Goyal’s US visit next week: To meet US Trade Representative, secretary of commerce
Commerce and Industry Minister Piyush Goyal will hold bilateral meetings with his American counterparts next week in the US to discuss ways to boost trade and investments ties, an official said.
The minister will be on a six-day visit to San Francisco and Los Angeles from September 5.
During the visit, Goyal will participate in the two-day ministerial meeting of Indo-Pacific Economic Framework for Prosperity (IPEF) on September 8 and 9 in Los Angeles, the official said.
He will meet US Trade Representative Katherine Tai and US Secretary of Commerce Gina M Raimondo on the sidelines of the IPEF ministerial meeting. (PTI)
Metal Index bounces back, now is up almost 1%
Lufthansa’s 2 flight cancellations affect 450 passengers; early morning chaos at Delhi airport
Delhi airport witnessed early morning chaos on Friday as nearly 450 passengers were affected after Lufthansa cancelled flights to Munich and Frankfurt due to pilots’ strike.
Lufthansa group, on Thursday, said it has to cancel 800 flights at its hubs in Frankfurt and Munich for Friday due to the strike by pilots.
Sources at the Delhi airport on Friday said, one flight each to Munich and Frankfurt were cancelled by Lufthansa, which impacted nearly 450 passengers.
There was chaos at the airport early in the morning and the affected passengers were later provided refreshments and accomodation, they added. (PTI)
U GRO Capital’s NCD issue offers effective yield of up to 11.01%
Non-banking financial company (NBFC), U GRO Capital Ltd, which focuses on the MSME sector in India, has announced the launch of secured issue of non-convertible debentures (NCDs). The issue is scheduled to open on 5 September, and will remain open for subscription till 22 September. The issue has a base size of ₹50 crore with an option to retain oversubscription up to ₹50 crores, aggregating up to ₹100 crore. (Full Story)
SpiceJet to receive around ₹225 cr next week under credit guarantee scheme
Budget carrier SpiceJet will receive around ₹225 crore next week as part of the Emergency Credit Line Guarantee Scheme (ECLGS) scheme, sources in the airline told ANI.
Launched by the central government as a special scheme in wake of Covid-19 in 2020, the programme intended to provide guarantee coverage to banks and NBFCs to enable them to extend emergency credit to various industries to meet their working capital requirements.
Spicejet will use this money to clear statutory dues and other payments to lessors.
Besides, the sources said the airline’s new Chief Financial Officer will join next week. (ANI)
NDTV shares hit upper circuit for 7th straight day; price almost double in a month
Share price of New Delhi Television Limited (NDTV) hit the upper circuit limit on Friday surging to the highest level since 2008 on Adani Group’s offer to acquire the majority stake in the news channel company.
On the BSE, the share price of NDTV started trading at ₹515.10. This is the upper price band of the scrip on the BSE. NDTV’s previous day’s close was ₹490.60. The company’s share price has 5% cap upper and lower band.
On the National Stock Exchange, NDTV shares were trading at ₹519.80, which is 5 per cent higher than the previous day’s close at ₹495.05. (ANI)
India unveils first homemade aircraft carrier, with eye on China
India debuted its first locally made aircraft carrier on Friday, a milestone in government efforts to reduce its dependence on foreign arms and counter China’s growing military assertiveness in the region.
The INS Vikrant, one of the world’s biggest naval vessels at a length of 262 metres (860 feet), will formally enter service after 17 years of construction and tests.
It inherits the name of a retired carrier famed for enforcing a blockade against Pakistan’s naval forces during the 1971 Bangladeshi independence war.
“Today, INS Vikrant has filled the country with a new confidence, and has created a new confidence in the country,” Prime Minister Narendra Modi said at the ship’s commissioning ceremony in southern Kerala state. (AFP)
Ashish Kacholia portfolio: Multibagger specialty chemical stock hits record high, rallies 22% in 5 days
Shares of Fineotex Chemical rallied more than 4% on the BSE to hit record high of ₹331 apiece on the BSE in Friday’s trading session. The specialty chemical stock has been in an upward moment this entire week as it has surged nearly 22% in the past five straight trading sessions. The multibagger specialty chemical stock has rallied over 200% in a year’s period. (Full Report)
Adani Ports is among the highest gainers today, adds almost 2%
Oil gains ahead of OPEC+ meeting; Russian oil price cap looms
Oil prices climbed on Friday on bets that OPEC+ will discuss output cuts at a meeting on Sept. 5, though fears of China’s COVID-19 curbs and weak global growth continued to limit gains and a potential cap on the price of Russian exports loomed.
Brent crude futures rose $1.23, or 1.3%, to $93.59 a barrel at 0630 GMT, while U.S. West Texas Intermediate (WTI) crude futures advanced $1.25, or 1.4%, to $87.86 a barrel.
Both benchmark contracts slid 3% in the previous session to two-week lows. Brent was headed for a weekly drop of nearly 7%, and WTI was on track to fall about 5% for the week. (Reuters)
Tanla Platforms to consider share buyback next week; stock jumps
Tanla Platforms on Friday informed that its board will meet next week on Thursday, September 8, 2022 to consider the proposal of share buyback of the company. Shares of Tanla Platforms jumped more than 4% to ₹752 apiece on the BSE in afternoon deals after the buyback proposal announcement. (Full Report)
Are Maruti Suzuki’s shares factoring in a rosy scenario on volumes?
Shares of Maruti Suzuki India Ltd., the country’s largest carmaker, were on Friday flirting with the 52-week high of ₹9,233.65 apiece seen on the National Stock Exchange in the previous session. The passenger vehicle (PV) maker benefits from strong demand environment and improving chip supply situation. However, volumes in August declined 6% sequentially to 165,173 units, which significantly lags analysts’ estimates.
Maruti’s declining market share in the PV segment due to its weak presence in the sport utility vehicle (SUV) space has weighed on investor sentiment in the past. In FY22, Maruti’s market share stood at 43%, down from 48% in FY21. (Full Story)
Japan’s Nikkei posts worst weekly loss in 3 months on rate angst
Japan’s Nikkei share average marked its worst week in nearly three months on Friday, while the benchmark ended flat for the day, pulled down by concerns over aggressive interest rate hikes globally, with a weaker yen providing only a smidgen of comfort.
The Nikkei ended 0.04% lower at 27,650.84 and posted a 3.4% weekly decline, its worst loss since mid-June.
The broader Topix fell 0.27% to 1,930.17, after touching a six-week low of 1,926.05 earlier in the session. The index lost 2.5% for this week. (Reuters)
Axis Securities outlook on Auto Index: “Expect further demand recovery in the upcoming quarters”
Axis Securities has issued Auto Monthly Volume Update. It says “We maintain a positive outlook on the sector and expect further demand recovery in the upcoming quarters. For OEMs under our coverage, we expect the following stocks to perform well: Hero Motors in the 2W segment, Maruti Suzuki in the PV segment, and Ashok Leyland in the CV space.”
Noon Update: Indices are trading flat at noon on Friday. Metal index dragged and Auto index made marginal gains
German imports take unexpected dip in July
German exports fell less than expected in July, down 2.1% on the previous month, while imports saw an unexpected dip, falling 1.5%, according to Federal Statistical Office data on Friday.
A Reuters poll had predicted a month-on-month decrease in exports of 2.3% and a 0.8% rise in imports.
Exports from Germany to Russia were down 15.1% compared with the previous month, the office said, after plummeting by 60% in March amid severe Western sanctions on Moscow for its invasion of Ukraine.
In July, Germany had a seasonally adjusted trade surplus of 5.4 billion euros ($5.38 billion), the office reported, versus a forecast surplus of 4.8 billion euros. (Reuters)
Shree Cement stock sheds 2% after the news that the stock will be dropped from the benchmark Nifty 50 index from September 30
Auto index shines in today’s trading, most stocks in green
India, UAE assess progress in multiple domains of cooperation during joint commission meeting
India and the UAE have reiterated their commitment to achieving the ambitious goal of USD 100 billion of bilateral trade in the next five years, as External Affairs Minister S Jaishankar co-chaired a “very productive” meeting of the joint commission between the two nations and assessed the “significant progress” made in multiple domains of cooperation.
Jaishankar, who is here on a three-day visit, co-chaired the 14th India-UAE Joint Commission Meeting (JCM) along with his UAE counterpart Sheikh Abdulla bin Zayed Al Nahyan in Abu Dhabi on Thursday.
During the meeting, both ministers expressed their deep satisfaction at the continued high growth trajectory of bilateral relations between India and UAE, the Ministry of External Affairs said in a statement. (PTI)
Covid-19: India’s active cases drop below 60k, logs 6,168 infections today
India on Friday saw a marginal decline in daily Covid-19 cases with the country recording 6,168 fresh infections in the past 24 hours, according to the Union Health Ministry data. The country on September 1 logged 7,946 Covid-19 cases, while 7,231 on a day before.
In India, the active caseload is also witnessing a downward journey from the past few days. Currently, India has 59,210 active cases, while the country had more than 60,000 active infections yesterday. (Full Story)
India bond yields inch higher ahead of debt sale
Indian government bond yields were higher on Friday, tracking a surge in U.S. Treasury yields, as the local market awaited fresh debt supply through a weekly auction.
The benchmark 10-year Indian government bond yield was at 7.2426% as of 0505 GMT. The yield rose two basis points on Thursday to end at 7.2146%. The new 10-year 7.26% 2032 bond yield was at 7.2238% after ending at 7.1859% on Thursday.
India is scheduled to raise at least 330 billion rupees ($4.14 billion) through the sale of bonds including 130 billion rupees of the 7.26% 2032 note, which is expected to replace the existing benchmark paper soon. (Reuters)
Metal index on shaky grounds in today’s trading; most stocks in red.
DreamFolks Services shares GMP jumps after IPO share allotment
Share allotment of the public issue worth ₹562.10 crore has been finalised and all eyes are now focused on DreamFolks IPO listing date, which is most likely on 6th September 2022 i.e. on Tuesday next week. Meanwhile, despite sharp selling on Thursday and flat sentiments on Friday early morning deals on Dalal Street, DreamFolks share price has surged marginally in the grey market today. According to market observers, shares of DreamFolks Services Limited are available at a premium of ₹115 in grey market today. (Full Story)
GMR Airports signs deal with Aboitiz InfraCapital for divestment of its stake in Mactan Cebu International Airport
According to the official press release:
1. The agreement involves GMCAC’s issuance of primary shares and the transfer of secondary shares from Megawide and GAIBV to AIC amounting to PhP 9.5 bn, which will result in the latter owning 33 and 1/3% minus 1 share stake in GMCAC. Simultaneously with the above, the transaction likewise involves the issuance by Megawide and GAIBV of Exchangeable Notes for PhP 7.75 bn each aggregating to amount of PhP 15.5 bn (Notes). The Notes will mature on 30th October, 2024 and will be exchanged by AIC for the remaining 66 and 2/3% plus 1 share of GMCAC’s outstanding capital stock.
2. The transaction will be undertaken at an enterprise value of PhP 49.7 bn (INR 70.5 bn) and GAIBV will receive an upfront amount of PhP 9.4 bn (INR 13.3 bn) in lieu of the shares being transferred, and Notes being issued. We would continue to operate as the Technical Services Provider to GMCAC until December 2026, would also be entitled to additional deferred consideration based on the subsequent performance of GMCAC for the same period.
3. A portion of the primary investment into GMCAC shall be used for acquisition by it of identified entities providing services at Cebu Airport
Rupee falls 14 paise to 79.70 against US dollar in early trade
The rupee depreciated by 14 paise to 79.70 against the US dollar in opening trade on Friday, weighed down by the strength of the American currency in the overseas market.
At the interbank foreign exchange market, the rupee opened at 79.63 against the greenback, then fell further to 79.70, registering a decline of 14 paise over its last close.
On Thursday, the rupee declined by 4 paise to close at 79.56 against the dollar.
Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, fell 0.12% to 109.55. (PTI)
Angel One recommendation: Avoid aggressive overnight bets for the time being and keeping a close tab on global developments
Sameet Chavan, chief analyst-technical and derivatives, Angel One Ltd: From a technical perspective, the crucial support of the 17500 was firmly safeguarded, implying the resilience of the technical support. Though some tentativeness was seen in our domestic market during the weekly expiry session, but any sign of respite from the global bourses could trigger strong momentum from hereon. In terms of technical levels, any breach below the mentioned support could drag the market towards the 17350 zone, which is likely to be seen as the sheet anchor. At the same time, on the higher end, the 17700-17750 could be seen as immediate resistance, followed by the 17850-17900 zone.
We would advocate avoiding aggressive overnight bets for the time being and keeping a close tab on global developments. Meanwhile, identifying the thematic movers should be the key to better trading opportunities in the current market condition.
Jefferies maintains its buy rating on Zomato shares with a target price of ₹100.
Analysts at Jefferies recently visited a Blinkit dark store in NCR for a perspective on quick-commerce (Q/C) dynamics. In a note, they shared that they were surprised on aspects like portfolio spread, seasonality, micro focus, etc and continue to believe that Q/C is at an early stage, and there is considerable uncertainty on various aspects, including eventual profitability.
That said, we are convinced that it is not just a fad and 30-minute delivery is here to stay. “Prima facie, Blinkit’s portfolio spread seems wider than that of peers like Dunzo, Swiggy Instamart and Zepto,” Jefferies’ note stated, adding that “the early narrative on Q/C has been around small SKU sizes, as customers would rely on Q/C for ‘top-ups’. However, we were surprised to see large pack sizes in case of several products like wheat flour, rice, detergents, etc., suggesting that the use case is not restricted to small purchases.” (Full Story)
NTPC off to a good start, adds 2%
Global bond markets fall into their first bear market in a generation
Under pressure from central bankers determined to quash inflation even at the cost of a recession, global bonds slumped into their first bear market in a generation.
The Bloomberg Global Aggregate Total Return Index of government and investment-grade corporate bonds has fallen more than 20% below its 2021 peak, the biggest drawdown since its 1990 inception. Officials from the US to Europe have hammered home the importance of tighter monetary policy in recent days, building on the strong hawkish message from Federal Reserve Chair Jerome Powell at the recent Jackson Hole symposium. (Full Report)
Fed is hoping August hiring report will show slowdown
Raging inflation has so scrambled the economy that it’s come to this: If Friday’s jobs report for August were to show a significant hiring slowdown, the Federal Reserve — and even the White House — would likely welcome it.
The government is expected to report that employers added 300,000 jobs last month, according to a survey of economists by the data provider FactSet. That would be down from a blockbuster gain of 528,000 in July and an average of about 440,000 over the past three months. The unemployment rate is expected to remain at 3.5%, FactSet says, matching a half-century low.
The August jobs report will be issued at 8:30 a.m. Eastern time. (AP)
Indices open in green with Sensex crossing the 59,000 mark at open and Nifty is above 17,600
HDFC to issue 10-year bonds, invites bids – traders
India’s Housing Development Finance Corp (HDFC) plans to raise at least 50 billion rupees ($627.26 million) through sale of bonds maturing in 10 years, three merchant bankers said on Friday.
The non-banking financial company will pay an annual coupon of 7.80% to the investors of this issue, and has invited commitment bids on Sept. 5, they said.
The notes are rated AAA by ICRA and CRISIL, and the issue will close for subscription next week.
The issue has a greenshoe option to retain an additional 50 billion rupees. (Reuters)
Sensex preopens on a flat note with a tilt towards green; Adani Enterprise, LIC, Maruti Suzuki in focus
Reliance Securities Stock in Focus: CEAT
STOCK IN FOCUS
CEAT (CMP Rs.1,412)
We have BUY rating on CEAT with a Target Price of Rs1,635, valuing the stock at a P/E multiple of 12.5x.
MOTHERSUMI (PREVIOUS CLOSE: 126) BUY
For today’s trade, long position can be initiated in the range of Rs126- 125 for the target of Rs130 with a strict stop loss of Rs123.
TITAN (PREVIOUS CLOSE: 2,622) BUY
For today’s trade, long position can be initiated in the range of Rs2,595- 2,580 for the target of Rs2,680-2,710 with a strict stop loss of Rs2,540.
CIPLA (PREVIOUS CLOSE: 1,023) SELL
For today’s trade, short position can be initiated in the range of Rs1,023- 1,029 for the target of Rs998 with a strict stop loss of Rs1,036.
Cryptocurrency prices today: Bitcoin falls while ether, dogecoin Shiba Inu gain
Bitcoin price continued to hover around $20,000 as the world’s largest and most popular cryptocurrency was trading about a per cent lower at $20,026. The global crypto market cap today was back above the $1 trillion mark, even as it was flat in the last 24 hours at $1.02 trillion, as per CoinGecko. (Full Report)
LIC intends to raise market share in non-participating biz, diversify channel mix: Chairman
Country’s largest insurer LIC intends to raise its market share in non-participating insurance products as well as diversify the channel mix, a top company official said.
Having a market share of 65 per cent, the state-owned life insurer offers 17 individual participating products, 17 individual non-participating products, 11 group products and 7 products with rider benefits.
Non-participating life insurance products do not offer any bonuses or add-ons such as dividends to the policyholders. A pure term life insurance policy is the non-participating product offering a fixed cover against payment of the policy premium. (PTI)
Stocks to Watch: Maruti Suzuki, LIC, Hero MotoCorp, Adani Enterprise, UPL, Aurobindo Pharma, KIML, SJVN, Eicher Motors
Celestial Biolabs stock will be in focus as they declare their June quarterly report today. (Full Story)
Airtel Africa aims to be continent’s biggest telco: CEO
Airtel Africa has set its sights on beating the continent’s No.1 telecom operator MTN to become its top telco, more than a decade after exploring—and abandoning—a merger plan with the company. In his first interaction with the Indian media, Airtel Africa managing director and chief executive Olusegun Ogunsanya said the telco, which operates in 14 countries, has captured the top spot in four and is No. 2 in nine others. Ogunsanya also spoke of the company’s drive for profitability and cost reduction. (Full Story)
Services exports rise 20.2% to USD 23.26 bn in July
India’s services exports increased by 20.2% year-on-year to USD 23.26 billion in July, according to Reserve Bank data released on Thursday.
The July exports were, however, lower than USD 25.29 billion in June this fiscal.
As per the monthly data on India’s international trade in services for July 2022, the imports rose 22.3% to USD 13.92 billion in July. In June, the imports stood at USD 15.76 billion.
The exports during April-July 2022-23 stood at 94.75 billion, and the imports totalled USD 58.94 billion during the period. (PTI)
Adani Enterprises to be part of Nifty from Sep-end
Adani Enterprises, flagship of the diversified Adani Group, will be included in the benchmark Nifty 50 index. Shree Cement will be dropped . The changes will be effective from September 30, 2022 . Shree Cement will be dropped . The changes will be effective from September 30, 2022. (Full Story)
India’s urban unemployment rate drops to lowest level in 4 years
India’s urban unemployment rate fell to 7.6 per cent in April-June 2022 quarter, the lowest in four years, as per the Periodic Labour Force Survey (PLFS) conducted by the National Statistical Office (NSO).
The unemployment rate in urban areas for persons of age 15 years and above stood at 12.6 per cent in April-June 2021 quarter. It has declined consistently in the past four quarters.
The urban unemployment rate fell to 9.8 per cent in July-September 2021 quarter. It fell to 8.7 per cent in October-December 2021 period and fell further to 8.2 per cent in January-March 2022 quarter.
In the first quarter of the current financial year, the urban unemployment rate fell to 7.6 per cent, registering a decline for the fourth straight quarter. This is the lowest unemployment rate in India since the launch of the Periodic Labour Force Survey. (ANI)
Restaurants go easy on cloud kitchens as dine-in bounces back
Large restaurant chains that rushed to open cloud kitchens and double down on virtual first brands in the pandemic said they are focusing more on their dine-in business and prioritizing deliveries via existing stores.
There has been a slump in delivery demand, with dining-out opening up, said some restaurant chain executives. (Full Story)
Asian shares struggle ahead of U.S. payrolls report
Asian shares were mixed and the dollar stood tall on Friday ahead of a key U.S. jobs report as investors braced for more aggressive rate hikes from the Federal Reserve, while commodities took an overnight dive amid new China lockdowns.
MSCI’s broadest index of Asia-Pacific shares outside Japan remained largely unchanged in early Asia trade, but was headed for its worst weekly performance in seven with a drop of 3%, as rising expectations of hawkish global rate hikes hit risky assets.
Japan’s Nikkei and Chinese bluechips were mostly unchanged, Hong Kong’s Hang Seng index eased 0.2% and South Korea gained 0.5%.
All eyes are now on U.S. August nonfarm payroll data due on Friday. (Reuters)
Nippon Steel plans to almost double Indian unit’s output capacity
Japan’s biggest steelmaker Nippon Steel Corp plans to almost double crude steel output capacity at its India’s Hazira plant to secure more of the growing market, an executive said.
Nippon Steel and ArcelorMittal jointly bought India’s bankrupt Essar Steel in 2019, now called AM/NS India, and have been considering expanding the venture. (Full Story)
Fate of Tamilnad Mercantile Bank IPO to be decided by SAT
The fate of Tuticorin-headquartered Tamilnad Mercantile Bank Ltd’s (TMB’s) upcoming initial public offering (IPO) is in the hands of Securities Appellate Tribunal (SAT) as minority shareholders of the bank have approached the tribunal against the public offer.
The fate of Tuticorin-headquartered Tamilnad Mercantile Bank Ltd’s (TMB’s) upcoming initial public offering (IPO) is in the hands of Securities Appellate Tribunal (SAT) as minority shareholders of the bank have approached the tribunal against the public offer. (Full Report)
SBI slashes FY23 growth forecast to 6.8% on way-below Q1 numbers
Chief economist at State Bank of India has revised downward the full-year growth forecast to a low 6.8 per cent from 7.5% earlier for FY2023, citing “the way below GDP numbers for the first quarter”.
The National Statistical Office on Wednesday released the Q1 growth numbers which showed a consensus growth of 13.5%, pulled down by the poor show of the manufacturing sector, which reported a paltry 4.8% expansion in the first three months of FY23, negating the robust show by the services sector.
Consensus forecast was 15-16.7% of which the RBI made the highest forecast of 16.7%.
SBI group chief economic adviser Soumya Kanti Ghosh had also forecast a 15.7% growth for the first quarter. (PTI)
Stocks end mixed on Wall Street, S&P 500 ekes out a gain
A late burst of buying erased some of the stock market’s losses Thursday, leaving indexes mixed on Wall Street though still on pace to end lower for the week.
The S&P 500 rose 0.3% after having been down 1.3% earlier in the day. The benchmark index’s positive turn in the last 10 minutes of trading ended a four-day losing streak.
The Dow Jones Industrial Average also bounced back from an early slide to finish with a 0.5% gain, while the tech-heavy Nasdaq composite fell 0.3%. Several measures of small and mid-size companies also lost ground, including the Russell 2000, which closed 1.2% lower.
The mixed finish for stocks comes as traders look ahead to the Labor Department’s latest monthly job market snapshot Friday. The Federal Reserve will consider the August update on job and wage growth as it determines further interest rate hikes in its bid to slow the economy enough to bring down inflation. (AP)
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