On Wall Street, Indian ADRs HDFC Bank and ICICI Bank slipped by 4-5%. Asian markets are mostly lower. US stock indices tumbled on Wednesday after a crack in oil prices sent energy and bank shares sharply lower
The Budget session in Parliament has begun with President Pranab Mukherjee asking politicians to debate and discuss and not disrupt or obstruct Parliament. Ahead of the railway budget on Thursday, stocks linked to the sector which usually have a run-up have lost track with some like Kalindee Wagon and Titagarh Wagon losing over 8% intra-day on Tuesday. The Railway minister is expected to depend more on External Budgetary Resources (EBR) to keep the engine chugging.
The results of latest round of FICCI’s Economic Outlook Survey put across a median GDP growth forecast of 7.4% for the current fiscal year. This marks no change from the estimated growth in the previous survey round, but is lower than the advance estimate of 7.6% put forth by the Central Statistical Organization recently.
The outlook is a flat to negative start. On Wall Street, Indian ADRs HDFC Bank and ICICI Bank slipped by 4-5%. Asian markets are mostly lower. US stock indices tumbled on Wednesday after a crack in oil prices sent energy and bank shares sharply lower. Dow declined 1.1%. S&P 500 lost 1.3% while Nasdaq slumped by 1.5%.Crude oil prices sank after Saudi oil minister's comments dented optimism built by a proposal between Russia and Saudi Arabia to freeze production. Separately, a popular gauge of US consumer confidence fell to a seven-month low in February. Investors will now look forward to important readings on inflation, durable-goods orders and a second estimate of 4Q GDP, due later this week.
Moody's Investors Service says that the Government of India's (Baa3 positive) sale of its 5% stake in NTPC Limited (Baa3 positive) has no impact on the company's ratings.
India Ratings and Research (Ind-Ra) has maintained a stable outlook on the IT services sector as well as service providers for FY17, driven by their steady credit profiles and strong liquidity positions, with negligible debts.
The Commerce and Industry Ministry will approach the Union Cabinet to seek its nod for the national Intellectual Property Right (IPR) policy, according to reports.
The results of latest round of FICCI’s Economic Outlook Survey put across a median GDP growth forecast of 7.4% for the current fiscal year. This marks no change from the estimated growth in the previous survey round, but is lower than the advance estimate of 7.6% put forth by the Central Statistical Organization recently.
The outlook is a flat to negative start. On Wall Street, Indian ADRs HDFC Bank and ICICI Bank slipped by 4-5%. Asian markets are mostly lower. US stock indices tumbled on Wednesday after a crack in oil prices sent energy and bank shares sharply lower. Dow declined 1.1%. S&P 500 lost 1.3% while Nasdaq slumped by 1.5%.Crude oil prices sank after Saudi oil minister's comments dented optimism built by a proposal between Russia and Saudi Arabia to freeze production. Separately, a popular gauge of US consumer confidence fell to a seven-month low in February. Investors will now look forward to important readings on inflation, durable-goods orders and a second estimate of 4Q GDP, due later this week.
Moody's Investors Service says that the Government of India's (Baa3 positive) sale of its 5% stake in NTPC Limited (Baa3 positive) has no impact on the company's ratings.
India Ratings and Research (Ind-Ra) has maintained a stable outlook on the IT services sector as well as service providers for FY17, driven by their steady credit profiles and strong liquidity positions, with negligible debts.
The Commerce and Industry Ministry will approach the Union Cabinet to seek its nod for the national Intellectual Property Right (IPR) policy, according to reports.
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