Asian markets have worries of their won and US indices ended in the red. US stock indices tumbled on Thursday, with the technology shares particularly taking it on the chin, as investors turned to safe haven assets amid persistent worries over anemic global growth prospects.
As people celebrate Gudi Padwa in Maharashtra and Ugadi in Karnataka and Andhra Pradesh, they will consume a mixture of sweet and sour to symbolise good and bad. The market too is going through a choppy phase and is likely to see more sourness initially. Auto, IT and FMCG stocks led the decline on Thursday followed by realty, capital goods and banking stocks. Mid-cap and small-cap stocks are also mostly on the dumping list.
The Nifty has now declined by 2.5% post the Reserve Bank's interest rate reduction announcement on 5th April. While the Bank Nifty has fallen 4.3%, the Nifty PSU Bank index has plunged ~7% since then.
The outlook is a weak start. Asian markets have worries of their won and US indices ended in the red. The currency movement, developments on the oil front and FII flows will continue to be routinely checked ahead of the weekend.
US stock indices tumbled on Thursday, with the technology shares particularly taking it on the chin, as investors turned to safe haven assets amid persistent worries over anemic global growth prospects. The Dow sank 1%, S&P 500 index fell 1.2% and Nasdaq Composite declined 1.5%. The dollar fell to its lowest level against the yen in nearly 18 months. Since the beginning of the year, the dollar has shed more than 10% of its value against the Japanese currency. Expectations of a slowdown in US interest-rate hikes have sapped demand for the greenback. Gold prices rose 1.1% to settle at US$1,237.50 an ounce.
Finance Minister Arun Jaitley reportedly said that even if oil prices move a little higher, they will not be negative for India, but “exceedingly high” rates create problems for the country.
The Supreme Court on Thursday asked Vijay Mallya when he would return to India to negotiate on his offer to settle the INR 9,000 crore debt he and his companies owe 17 public sector banks (PSB).
The Reserve Bank of India in its State Finances Report notes that shareable taxes rose from 2.9% in FY15 to 3.4% of GDP in FY16. Also States Held Rs. 1.49 Lakh Crore 14-day T-bills As On March 31. Led by former CAG Vinod Rai four members Bank Board Bureau (BBB) will hold its first meeting in Reserve Bank of India headquarters in Mumbai on April 8 to discuss a range of issues including board level appointments in public sector banks and consolidation among themselves.'
The Nifty has now declined by 2.5% post the Reserve Bank's interest rate reduction announcement on 5th April. While the Bank Nifty has fallen 4.3%, the Nifty PSU Bank index has plunged ~7% since then.
The outlook is a weak start. Asian markets have worries of their won and US indices ended in the red. The currency movement, developments on the oil front and FII flows will continue to be routinely checked ahead of the weekend.
US stock indices tumbled on Thursday, with the technology shares particularly taking it on the chin, as investors turned to safe haven assets amid persistent worries over anemic global growth prospects. The Dow sank 1%, S&P 500 index fell 1.2% and Nasdaq Composite declined 1.5%. The dollar fell to its lowest level against the yen in nearly 18 months. Since the beginning of the year, the dollar has shed more than 10% of its value against the Japanese currency. Expectations of a slowdown in US interest-rate hikes have sapped demand for the greenback. Gold prices rose 1.1% to settle at US$1,237.50 an ounce.
Finance Minister Arun Jaitley reportedly said that even if oil prices move a little higher, they will not be negative for India, but “exceedingly high” rates create problems for the country.
The Supreme Court on Thursday asked Vijay Mallya when he would return to India to negotiate on his offer to settle the INR 9,000 crore debt he and his companies owe 17 public sector banks (PSB).
The Reserve Bank of India in its State Finances Report notes that shareable taxes rose from 2.9% in FY15 to 3.4% of GDP in FY16. Also States Held Rs. 1.49 Lakh Crore 14-day T-bills As On March 31. Led by former CAG Vinod Rai four members Bank Board Bureau (BBB) will hold its first meeting in Reserve Bank of India headquarters in Mumbai on April 8 to discuss a range of issues including board level appointments in public sector banks and consolidation among themselves.'
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