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Rupee drops to 86.34 amid global tensions and dollar strength. Rising crude prices and weak equity sentiment add pressure.

Rupee Falls to 86.34 Amid Global Market Pressure

Amid rising global tensions and crude prices, the rupee dropped to 86.34. The US dollar strengthened, and weak equity sentiment added pressure.

The rupee fell by 30 paise to 86.34, driven by global tensions and rising crude prices. The strengthening US dollar and weak equity sentiment contributed to this drop.

The rupee declined 30 paise to close at 86.34 against the greenback on Tuesday, weighed down by a rise in global crude oil prices amid the escalating Iran-Israel war and a strengthening dollar.
Weak sentiments in the domestic equity markets put further pressure on the rupee, according to forex traders.
At the interbank foreign exchange, the rupee opened at 85.96 against the US dollar and traded in the range of 85.89-86.34. It finally settled at 86.34, down 30 paise from its previous close.
The rupee had closed at 86.04 against the rupee on Monday.
"As the rupee closes below 86.20, we can expect it to fall to 86.70 levels before any recovery. Dollar selling has been restricted for now with the war and is taking a toll on risk, and the greenback is getting bought as the tariff issue becomes secondary. Trump also said pharma tariffs will be coming soon, spooking pharma stocks of India and FPIs selling continuously," Anil Kumar Bhansali, Head of Treasury and Executive Director, Finrex Treasury Advisors LLP, said.
"Conflicts in Europe and the Middle East have intensified. The US has an unsustainable debt while there is unrest due to the deportation of illegal immigrants in the US. All negative factors have been helpful in keeping risk assets away, taking the rupee lower as it closed at 86.24," he said, adding that the rupee could be in the range of 85.80-86.50 on Wednesday.
The prices of Brent crude -- the global oil benchmark -- rose 1.60 per cent to 74.40 per barrel in futures trade after rising sharply over the past few days, owing to the escalating Israel-Iran conflict.
In the domestic equity market, the 30-share BSE Sensex declined 212.85 points to settle at 81,583.30, while Nifty was down 93.10 points to 24,853.40.
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was up 0.20 per cent to 98.19.
According to the monthly data released by the Ministry of Statistics &amp; Programme Implementation on Monday, the rate of unemployment in the country rose to 5.6 per cent in May from 5.1 per cent in April this year, mainly due to seasonal variation.
Foreign institutional investors (FIIs) bought equities worth Rs 1,482.77 crore on a net basis on Tuesday, according to exchange data.

The Mahakumbh 2025, beginning in Prayagraj, is expected to generate around Rs 2 lakh crore in trade, with major contributions from tourism, accommodations, religious items, and transportation.

Mahakumbh 2025 in Prayagraj to drive Rs 2 Lakh Crore in trade, boosting local economy

The Mahakumbh 2025, beginning in Prayagraj, is expected to generate around Rs 2 lakh crore in trade, with major contributions from tourism, accommodations, religious items, and transportation.

The Mahakumbh 2025, which commenced today in Prayagraj, is set to generate an estimated trade worth Rs 2 lakh crore, according to the Confederation of All India Traders (CAIT). The month-long religious event, regarded as the world's largest human gathering, is expected to draw around 400 million visitors, providing a major boost to local businesses, tourism, and employment opportunities.
CAIT emphasized that the accommodation and tourism sectors will be the primary contributors to this economic surge, with local hotels, guesthouses, and temporary accommodation expected to generate approximately Rs 40,000 crore. Praveen Khandelwal, Secretary General of CAIT, shared, &ldquo;The Mahakumbh is poised to generate significant economic activity, with estimated total spending exceeding Rs 2 lakh crore. This includes spending on hotels, guesthouses, food, religious items, healthcare, and other services.&rdquo;
In addition to accommodation and tourism, the food and beverage sector, including packaged foods, drinks, meals, and snacks, is expected to contribute Rs 20,000 crore. Religious items like Ganga water, lamps, incense, and sacred books will also generate an estimated Rs 20,000 crore in trade. Transportation, including local and interstate services, taxis, and freight, will bring in around Rs 10,000 crore, while tourism-related services such as travel packages and guides are projected to generate another Rs 10,000 crore.
Other sectors contributing to the trade include temporary medical camps, Ayurvedic products, and medicines, which are expected to generate Rs 3,000 crore, while e-services such as e-ticketing, mobile charging stations, and Wi-Fi facilities will bring in Rs 1,000 crore. Additionally, the entertainment and media sector, including advertising and promotional activities, is projected to generate Rs 10,000 crore in trade.
The Uttar Pradesh government has recognized the immense potential of the Mahakumbh in boosting the regional economy and promoting tourism on an international scale. This large-scale event not only benefits local industries but also plays a crucial role in the overall economic growth of the state and the nation. Mahakumbh 2025 is expected to create lasting opportunities for trade, employment, and economic development in Prayagraj and its surrounding areas.

Sensex surged by 1,436 points to hit a two-week high, with significant gains in financial, auto, and IT sectors. Bajaj Finserv, Maruti, and Infosys were major drivers of the rally. 

Sensex Soars 1,436 Points; Bajaj Finserv, GST Growth Drive Market Rally

From 30 Sensex shares, Bajaj Finserv jumped nearly 8 per cent while Bajaj Finance soared over 6 per cent.

Benchmark Sensex rallied 1,436 points to close at a two-week high on Thursday on buying in financial, auto and IT shares, extending gains to the second day of the New Year.
The 30-share BSE benchmark Sensex jumped 1,436.30 points or 1.83 per cent -- its best single-day gain in more than a month -- to settle at 79,943.71. During the day, it soared 1,525.46 points or 1.94 per cent to 80,032.87.
The NSE Nifty surged 445.75 points or 1.88 per cent to 24,188.65 as 48 of its constituents closed in green.
From 30 Sensex shares, Bajaj Finserv jumped nearly 8 per cent while Bajaj Finance soared over 6 per cent. Maruti, Titan, Mahindra, Mahindra &amp; Mahindra, Infosys, HCL Tech, Zomato, UltraTech Cement and Kotak Mahindra Bank were the other major gainers.
Sun Pharma emerged as the only laggard.
"Increased momentum was observed in the domestic market, driven by optimism about the upcoming earnings season starting next week. The rally was broad-based, with most sectoral indices posting gains. The auto sector led the way, showing the strongest momentum due to robust December sales that defied the usual subdued demand. Banking and IT stocks also performed well, as the economy bottomed in Q2," Vinod Nair, Head of Research, Geojit Financial Services, said.
The BSE midcap gauge jumped 0.89 per cent and smallcap index climbed 0.68 per cent.
All sectoral indices ended in positive territory. Auto surged the most by 3.66 per cent, followed by BSE Focused IT (2.34 per cent), IT (2.31 per cent), consumer discretionary (2.24 per cent), teck (2.19 per cent), consumer durables (2.02 per cent) and commodities (1.41 per cent).
As many as 2,395 stocks advanced while 1,574 declined and 117 remained unchanged on the BSE.
The gross GST collection rose 7.3 per cent year-on-year to Rs 1.77 lakh crore in December despite a significant increase in both domestic and export refunds.
India's manufacturing sector growth fell to a 12-month low in December, as new business orders and production expanded at softer rates, a monthly survey said on Thursday. The seasonally adjusted HSBC India Manufacturing Purchasing Managers' Index was at 56.4 in December, down from 56.5 in November, indicating a weaker improvement in operating conditions.
Despite the decline, the headline figure remained above its long-run average of 54.1 thereby signalling a robust rate of growth. In PMI parlance, a print above 50 means expansion, while a score below 50 denotes contraction.
In Asian markets, Seoul, Shanghai and Hong Kong settled lower. European markets were trading mostly lower. US markets were closed on Wednesday for New Year holiday.
Foreign Institutional Investors (FIIs) offloaded equities worth Rs 1,782.71 crore on Wednesday, according to exchange data.
Global oil benchmark Brent crude climbed 1.09 per cent to USD 75.47 a barrel.
The BSE benchmark climbed 368.40 points or 0.47 per cent to settle at 78,507.41 on the first trading session of 2025 on Wednesday. The Nifty went up by 98.10 points or 0.41 per cent to 23,742.90.

In 2024, Indian stock market investors saw a massive wealth increase of Rs 77.66 lakh crore, driven by strong performance of the BSE Sensex and Nifty, despite challenges like foreign fund outflows and global market volatility.

Stock Market Shines in 2024: Investors Gain Rs 77.66 Lakh Crore

The 30-share BSE Sensex jumped 5,898.75 points or 8.16 per cent this year. The BSE benchmark index hit its all-time high of 85,978.25 on September 27.

Stock market investors became richer by a whopping Rs 77.66 lakh crore in 2024, helped by an overall optimistic trend in equities, where the BSE Sensex surged over 8 per cent.
Analysts said the year witnessed a tug of war between the bulls and bears marked by volatility but, despite the uncertainties around the world, the Indian markets sustained the pressure and delivered impressive returns.
"The year 2024 has been a challenging yet rewarding one for the markets. The Nifty steadily climbed from January to September, reaching a historic high of 26,277.35, before giving up some gains to still close the year with an impressive rise. This marked Nifty's ninth consecutive year of positive returns, despite FIIs selling shares," Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd, said.
The 30-share BSE Sensex jumped 5,898.75 points or 8.16 per cent this year. The BSE benchmark index hit its all-time high of 85,978.25 on September 27.
Thanks to the overall optimistic trend in equities, the market capitalisation (mcap) of BSE-listed firms surged Rs 77,66,260.19 crore to Rs 4,41,95,106.44 crore (USD 5.16 trillion) in 2024.
The market capitalisation of BSE-listed companies hit the coveted Rs 400-lakh crore mark for the first time on April 8 this year. The market cap of these firms had hit the Rs 300-lakh crore mark in July last year.
"Early in the year, a combination of anticipated inflation moderation, expected interest rate cuts, and optimism surrounding the BJP's re-election fuelled a strong rally, pushing indices to record highs. However, the election results, while favouring the BJP, fell short of a complete landslide, leading to a brief market correction.
"Subsequently, the unwinding of the Yen carry trade in August, a global phenomenon where investors borrowed in low-yielding currencies like Yen to invest in higher-yielding assets, triggered another round of volatility. Despite these setbacks, the market staged a recovery, reaching new peaks in September," Amnish Aggarwal, Director - Research, Institutional Equities, PL Capital - Prabhudas Lilladher, said.
The euphoria was short-lived, Aggarwal said, adding that a confluence of factors, including significant FII outflows in October, heightened global uncertainties following the US presidential election, and rising inflationary pressures, led to a sharp correction in the Nifty.
"While the Federal Reserve has begun cutting interest rates, recent commentary on slower and lesser cuts in 2025 has led to some disappointment," he said.
Markets came under bear attack from October onwards amid worries over foreign investors fleeing the domestic market and stretched valuations of the equities.
In October alone, the BSE benchmark slumped 4,910.72 points or 5.82 per cent.
October saw an unprecedented foreign fund outflow of Rs 94,017 crore -- the largest monthly withdrawal on record -- amid increased allocations to China, muted corporate earnings, and high valuation of Indian stocks.
"While Foreign Institutional Investors (FIIs) engaged in profit-booking due to high valuations, Domestic Institutional Investors (DIIs) consistently supported the market," Palka Arora Chopra, Director, Master Capital Services Ltd, said.
The Sensex made monthly gains in eight months this year. On a monthly basis, the Sensex gave negative returns in January, May, October and December.
Heavy retail investors' participation played a significant role in the market's positive trend this year.
Also, a number of mainboard Initial Public Offerings (IPOs) and listing of shares imparted optimism in the equity markets.
Reliance Industries is the country's most valued firm with a market valuation of Rs 16,44,792.26 crore, followed by Tata Consultancy Services (Rs 14,82,402.82 crore), HDFC Bank (Rs 13,55,520.10 crore), ICICI Bank (Rs 9,04,975.61 crore) and Bharti Airtel (Rs 9,04,583.72 crore) in the top-five order.
In 2023, the market capitalisation of BSE-listed companies climbed sharply by Rs 81.90 lakh crore. Investors became richer by more than Rs 16.38 lakh crore in 2022.

The rupee fell to a record low of 85.80 before recovering slightly due to central bank intervention. Increased month-end demand, foreign fund outflows, and rising crude oil prices pressured the currency.

Rupee falls 23 paise to hit fresh record low of 85.50 against US dollar

The unit finally ended the session at 85.50 (provisional) against the greenback, losing 23 paise from its previous closing level of 85.27.

The rupee fell steepest in almost two years to hit its lifetime intraday low of 85.80 before a suspected central bank intervention helped recover some of its losses and settled 23 paise lower at a record low of 85.50 (provisional) against the US dollar on Friday due to a strong greenback amid increased month-end demand from banks and importers.
According to analysts, the Reserve Bank's stance to hold on to its dollar payments in short-term forward contracts added to the shortage of greenback, with importers rushing to meet their month-end payment obligations.
Despite robust sentiment in domestic equity markets, the rupee was weighed down by sustained outflow of foreign funds and rising crude oil prices, they added.
At the interbank foreign exchange, the rupee opened weak at 85.31 and plunged 53 paise to the lowest-ever intraday level of 85.80.
The unit finally ended the session at 85.50 (provisional) against the greenback, losing 23 paise from its previous closing level of 85.27.
The rupee's earlier sharpest one-day fall of 68 paise was recorded on February 2, 2023.
The domestic unit has been hitting new lows almost every day in the past couple of weeks. It had plunged 12 paise to 85.27 against the dollar on Thursday after declining 13 paise in the previous two sessions.
"The central bank holds USD 21 billion in short-side forward contracts set to mature in December and January. Market speculation suggests that the RBI has refrained from rolling over these maturing forwards, leading to a scarcity of dollars and an oversupply of rupees.
"Moreover, dollar liquidity in the market remains very low, amplifying the upward momentum in the pair. This imbalance has propelled the USD-INR pair towards 85.8075 levels," said Amit Pabari, MD of CR Forex Advisors.
According to Anuj Choudhary &ndash; Research Analyst at Mirae Asset Sharekhan, the rupee hit a record low on dollar demand from importers towards the end of the month and outflows from foreign investors (FIIs).
"Rising US treasury yields and crude oil prices also weighed on the rupee," he said and projected the USD-INR spot price in a range of Rs 85.30 to Rs 85.85, saying traders may take cues from goods trade balance data from the US.
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading higher by 0.04 per cent at 107.94, while the 10-year benchmark US Treasury yield rose 0.76 per cent, hitting its seven-month high level of 4.61 per cent.
Brent crude, the global oil benchmark, rose 0.15 per cent to USD 73.37 per barrel in futures trade.
In the domestic equity market, the 30-share BSE Sensex settled 226.59 points or 0.29 per cent higher at 78,699.07 points, while Nifty went up 63.20 points, or 0.27 per cent to close at 23,813.40 points.
Foreign Institutional Investors (FIIs) were net sellers in the capital markets on Thursday, as they offloaded shares worth Rs 2,376.67 crore, according to exchange data.

The Indian rupee falls to a fresh all-time low of 85.27 against the US dollar, driven by a strong greenback, rising crude oil prices, and increased dollar demand.

Rupee Hits New Low Amid Dollar Strength and Rising Crude Prices

The rupee fell 4 paise to settle at 85.15 against the US dollar on Tuesday, a day after losing 9 paise on Monday.

The rupee stayed weak for the third straight session and fell 12 paise to settle at a fresh all-time low of 85.27 (provisional) against the US dollar on Thursday, amid a strong greenback and rising crude oil prices.
Forex traders said, increased month-end as well as year-end dollar demand from importers and fear of an aggressive import tariff by the Donald Trump administration lifted the American currency.
At the interbank foreign exchange, the rupee opened weak at 85.23 and touched the lowest-ever level of 85.28 against the greenback during intraday trade.
The unit finally ended the session at its lifetime low closing level of 85.27 (provisional) against the dollar, registering a loss of 12 paise from its previous close.
The rupee fell 4 paise to settle at 85.15 against the US dollar on Tuesday, a day after losing 9 paise on Monday.
The forex market was closed on Wednesday for Christmas.
According to Anuj Choudhary, Research Analyst at Mirae Asset Sharekhan, the rupee fell to a fresh all-time low on strong dollar and rising US treasury yields that are at the highest levels in seven months.
Also, he said the surge in crude oil prices, month-end/year-end dollar demand and FII outflows may also weigh on the rupee.
"However, any intervention by the RBI may support the rupee at lower levels. Traders may take cues from weekly unemployment claims data from the US. USD-INR spot price is expected to trade in a range of 85.10 to 85.45," Choudhary added.
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading marginally lower by 0.09 per cent but remained elevated at 107.93, amid soaring US Treasury yields (4.61 per cent) and the fear of delayed interest rate cuts by the US Federal Reserve.
Brent crude, the global oil benchmark, rose 0.56 per cent to USD 73.99 per barrel in futures trade.
In the domestic equity market, the 30-share BSE Sensex closed almost flat at 78,472.48 points, while Nifty inched up 22.55 points, or 0.10 per cent to close at 23,750.20 points.
Foreign Institutional Investors (FIIs) were net sellers in the capital markets on Tuesday, as they offloaded shares worth Rs 2,454.21 crore, according to exchange data.

India's foreign direct investment inflows surged by 42% in 2024, driven by investor-friendly policies, skilled labor, and enhanced infrastructure. With sustained government measures, India is expected to remain a top investment destination in 2025.

Healthy FDI inflows into India to continue in 2025

FDI equity inflow in the manufacturing sector increased by 69 per cent, rising from USD 98 billion in 2004-2014 to USD 165 billion in 2014-2024.

India, averaging over USD 4.5 billion in monthly foreign direct investment (FDI) inflows since January this year despite global uncertainties and challenges, is tipped to sustain the trend in 2025 on the back of measures by the Prime Minister Narendra Modi-government to enhance the country's investor-friendly appeal.
Investor-friendly policies, strong return on investments, skilled manpower, reduced compliance burdens, decriminalising minor industry-related offences, national single window system for streamlined approvals and clearances, and production linked incentive (PLI) schemes are key measures for keeping foreign investors focused on India.
Further to ensure that India remains an attractive and investor-friendly destination, the government reviews FDI policy on an ongoing basis and makes changes from time to time after having intensive consultations with stakeholders including apex industry chambers, associations, and representatives of industries.
In the January-September period this year, FDI into the country rose by about 42 per cent to USD 42.13 billion. The inflow was at USD 29.73 billion in the year-ago period.
The inflows during April-Sept 2024-25 grew by 45 per cent to USD 29.79 billion against USD 20.48 billion in the same period previous fiscal. Total FDI in 2023-24 was a healthy USD 71.28 billion.
"Going by the trend, the country will continue to attract healthy FDI in 2025 as well," DPIIT (Department for Promotion of Industry and Internal Trade) Secretary Amardeep Singh Bhatia told PTI.
He said that India continues to open up its economy to global investors by raising foreign investment limits, removing regulatory barriers, developing infrastructure and improving the business environment.
A total FDI inflow of USD 991 billion was recorded, with 67 per cent (USD 667 billion) received during the last ten financial years (2014-2024).
FDI equity inflow in the manufacturing sector increased by 69 per cent, rising from USD 98 billion in 2004-2014 to USD 165 billion in 2014-2024.
Sharing similar views, experts opined that despite the global challenges, India is still the preferred investment destination for global firms.
However, they suggested the government take more steps such as further improving ease of doing business, liberalising sectoral caps like in pharmaceuticals, private security agencies, broadcasting and plantations, and easing the norms under the press note 3 (2020).
Under this press note, FDI applications from countries sharing land border with India like China have to mandatorily seek government approval for all sectors.
"Government should bring in a transparent system to process Press Note 3 applications. There should be a time-bound process with deeming provision as it would increase the FDI by boosting confidence of foreign investors. An exception should also be carved for private equity investment funds having partners from land bordering countries where the private equity fund is not controlling the Indian company and acting as a mere financial investor," Rudra Kumar Pandey, Partner, Shardul Amarchand Mangaldas &amp;Co, said.
Pandey also asked for establishing fast-track courts, arbitration centres to facilitate dispute resolution between corporates, training the judicial ecosystem to help corporates resolve their disputes.
These suggestions assume significance as India has seen limited success so far in capturing the 'China Plus One strategy', while Vietnam, Thailand, Cambodia, and Malaysia have become bigger beneficiaries.
According to a report of government think tank Niti Aayog, India is seen as an attractive destination for companies looking to shift their manufacturing bases out of China and this shift offers the country a chance to enhance its domestic manufacturing capabilities, particularly in high-tech industries.
Rumki Majumdar, Economist, Deloitte India, added that streamlining regulatory processes and minimizing bureaucratic hurdles will further boost investor confidence and simplify the investment landscape.
"A continued emphasis on infrastructure development, particularly in logistics and digital connectivity, is also crucial for supporting FDI growth," Majumdar said.
Foreign direct investment inflows into India have crossed the USD one trillion milestone in the April 2000-September 2024 period, firmly establishing the country's reputation as a safe and key investment destination globally.
According to the DPIIT data, the cumulative amount of FDI, including equity, reinvested earnings and other capital, stood at USD 1,033.40 billion during the said period.
About 25 per cent of the FDI came through the Mauritius route. It was followed by Singapore (24 per cent), the US (10 per cent), the Netherlands (7 per cent), Japan (6 per cent), the UK (5 per cent), UAE (3 per cent) and Cayman Islands. Germany and Cyprus accounted for 2 per cent of FDI each.
India received USD 177.18 billion from Mauritius, USD 167.47 billion from Singapore and USD 67.8 billion from the US during the period under review, as per the data.
The key sectors attracting the maximum of these inflows include the services segment, computer software and hardware, telecommunications, trading, construction development, automobile, chemicals, and pharmaceuticals.
FDI is allowed through the automatic route in most of the sectors while in areas such as telecom, media, pharmaceuticals and insurance, government approval is required for foreign investors.
FDI is important as India would require huge investments in the coming years for its infrastructure sector to boost growth. Healthy foreign inflows also help in maintaining the balance of payments and the value of the rupee.
DPIIT is responsible for the formulation of FDI Policy, enforced through rules notified under the Foreign Exchange Management Act, 1999 (FEMA), which is administered by the Department of Economic Affairs and regulated by the RBI.
The Foreign Investment Facilitation Portal (FIFP) manages proposals received under the government route and forwards them to concerned ministries.

The Indian rupee recovered 10 paise to close at 85.03 against the US dollar, supported by potential RBI intervention and easing crude oil prices. 

Rupee Recovers 10 Paise, RBI Intervention and Dollar Index Aid

The Indian rupee recovered 10 paise to close at 85.03 against the US dollar, supported by potential RBI intervention and easing crude oil prices. Traders anticipate continued volatility as the dollar index remains elevated and foreign institutional outflows persist.

On Thursday, the rupee depreciated 19 paise and breached the crucial 85 level to close at a fresh all-time low of 85.13 against the US dollar.

The rupee saw some recovery from its all-time low level and appreciated 10 paise to close at 85.03 (provisional) against the US dollar on Friday, on softening of the US dollar index and a potential intervention by the Reserve Bank of India (RBI).
Forex traders said the rupee is likely to remain in a weakening mode due to significant dollar demand. The Dollar Index (DXY) is expected to remain elevated, with resistance near the 110 level in the near-term amid a reduced likelihood of significant Fed rate cuts in 2025.
The Federal Reserve cut rates by 25 basis points on Wednesday, but its forward guidance for 2025 has softened, with expectations reduced from four rate cuts to just two.
At the interbank foreign exchange, the rupee opened at 85.07 against the greenback. During the day it witnessed an intraday high of 84.95 and a low of 85.12 before ending the session at 85.03 (provisional) against dollar, higher by 10 paise over its previous close.
On Thursday, the rupee depreciated 19 paise and breached the crucial 85 level to close at a fresh all-time low of 85.13 against the US dollar.
Traders said the rupee recovered from lower levels in the latter half of the day on softening of the US dollar index and a potential intervention by the Reserve Bank of India (RBI). A decline in crude oil prices also supported the rupee at lower levels.
"We expect the rupee to trade with a negative bias on weak domestic markets and overall strength in the US dollar amid a hawkish Fed and improved US economy," Anuj Choudhary &ndash; Research Analyst at Mirae Asset Sharekhan, said.
Choudhary further added that FII outflows may also weigh on the rupee. However, any intervention by the RBI or any further correction in crude oil prices may support the rupee at lower levels.
"Traders may take cues from core PCE price index, personal spending and revised consumer sentiment data from the US. USD-INR spot price is expected to trade in a range of 84.80 to 85.15," he said.
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading lower by 0.14 per cent at 108.26.
Brent crude, the global oil benchmark, fell 0.99 per cent to USD 72.16 per barrel in futures trade.
In the domestic equity market, the 30-share BSE Sensex closed 1,176.46 points, or 1.49 per cent, down at 78,041.59 points, while Nifty settled down 340.10 points, or 1.42 per cent to 23,611.60 points.
Foreign Institutional Investors (FIIs) were net sellers in the capital markets on Thursday, as they offloaded shares worth Rs 4,224.92 crore, according to exchange data.

Global stock markets faced declines on December 19, 2024, driven by inflation fears, economic slowdown, and geopolitical tensions. Key indices in the US, Europe, and Asia showed mixed results, with significant losses in tech, financial, and retail se

Global stocks struggle amid inflation, economic fears: December 19, 2024 analysis

Global stock markets faced declines on December 19, 2024, driven by inflation fears, economic slowdown, and geopolitical tensions. Key indices in the US, Europe, and Asia showed mixed results, with significant losses in tech, financial, and retail sectors.

Global stock markets faced declines on December 19, 2024, driven by inflation fears, economic slowdown, and geopolitical tensions. Key indices in the US, Europe, and Asia showed mixed results, with significant losses in tech, financial, and retail sectors.

Global Stock Market Performance - (Data as of December 19, 2024, 3:30 PM)
<img src="https://cdn.editorji.com/67640cfa7985c_1734610170.png" width="580" height="586">
&nbsp;
Today's Stock Market Analysis: December 19, 2024
Global stock markets faced another turbulent trading day on December 19, 2024, as key indices across the United States, Europe, and Asia witnessed mixed performances. Investors grappled with challenges such as rising inflation, economic slowdown fears, and the lingering impact of geopolitical tensions. Let&rsquo;s break down today&rsquo;s market trends and analyze the performance of major indices.
&nbsp; US Stock Market Performance S&amp;P 500
<img src="https://cdn.editorji.com/6764109443e2b_1734611092.png" width="588" height="260">
The S&amp;P 500, a benchmark for US equity markets, closed sharply lower at 5872.16, recording a 2.95% drop. This decline marks one of its worst days in December, driven by weak economic data and significant losses in technology and financial stocks. NASDAQ
<img src="https://cdn.editorji.com/6764104898b76_1734611016.png" width="583" height="258"> The NASDAQ Composite mirrored this sentiment, plummeting 3.56% to close at 19392.69. The tech-heavy index saw major corrections in semiconductor and cloud-computing stocks, pointing to a bearish market trend. 
DOW JONES
<img src="https://cdn.editorji.com/6764106ce0738_1734611052.png" width="584" height="258">
The Dow Jones Industrial Average fell by 2.58%, closing at 42326.87 as concerns over weakening consumer demand dampened investor sentiment.
Key indicators such as the 50-day EMA and 200-day EMA reveal a bearish outlook for these indices, further compounded by negative MACD signals and declining RSI values.
&nbsp; European Stock Markets: FTSE 100, DAX, and CAC 40 UNITED KINGDOM
<img src="https://cdn.editorji.com/676410032df6e_1734610947.png" width="592" height="262">
In Europe, the FTSE 100 (UK) showed resilience despite closing at 8102.70, down just 1.18%. Stabilizing oil prices provided some support, though retail stocks struggled as fears of reduced holiday spending loomed large. GERMANY
<img src="https://cdn.editorji.com/67640fcb1e412_1734610891.png" width="592" height="262">
The DAX (Germany), which represents Europe's largest economy, dropped 0.98% to 20044.80. Weak economic forecasts for the eurozone weighed heavily on the market, despite positive signals in industrial sectors. FRANCE
<img src="https://cdn.editorji.com/67640fa3888a0_1734610851.png" width="590" height="261"> Similarly, France's CAC 40 declined by 1.15%, closing at 7299.99. Banking stocks saw notable losses, reflecting broader uncertainty in the European financial sector.
&nbsp; Asian Stock Markets: Mixed Reactions: Asian markets showed mixed results.
&nbsp;
JAPAN
<img src="https://cdn.editorji.com/67640f42c3cbc_1734610754.png" width="586" height="259">
Japan&rsquo;s Nikkei 225 fell by 0.69%, closing at 38813.58. The decline was driven by concerns over China's economic slowdown and geopolitical issues, which continue to affect investor confidence in the region. HONG KONG
<img src="https://cdn.editorji.com/67640f08cbf6f_1734610696.png" width="586" height="259">
In Hong Kong, the Hang Seng Index closed at 19752.51, registering a marginal loss of 0.56%. Despite stabilization in the real estate sector, losses in technology and financial stocks dragged the index lower.
&nbsp;
INDIA
Indian markets were among the hardest hit in Asia. The Nifty 50 fell by 1.02%, closing at 23951.70.
<img src="https://cdn.editorji.com/67640ecd0a5dc_1734610637.png" width="590" height="261">
The BSE Sensex also experienced a sharp decline of 1.22%, finishing at 79207.67.
<img src="https://cdn.editorji.com/676410fd3dc00_1734611197.png" width="586" height="259">&nbsp; Both indices suffered from steep losses in IT and automobile sectors, reflecting growing concerns over India&rsquo;s slowing economic growth.
&nbsp; Key Stock Market Trends and Insights
Bearish Momentum Across Major Indices: The S&amp;P 500, NASDAQ Composite, and Dow Jones all closed below key moving averages, signaling prolonged bearish trends. Negative RSI and MACD Readings: Many indices, including the DAX and Nifty 50, showed declining RSI levels and negative MACD signals, indicating weakening market momentum. Volatility in Asian Markets: With geopolitical tensions and China&rsquo;s economic slowdown at the forefront, Asian indices like the Nikkei 225 and Hang Seng Index struggled to maintain stability. &nbsp; The global stock markets closed lower on December 19, 2024, as negative sentiment dominated trading activity. From the US to Asia, key indices struggled under the weight of macroeconomic challenges and geopolitical uncertainties. Investors are now awaiting crucial updates from central banks and corporate earnings reports to gauge the direction of the markets.
Today&rsquo;s performance highlights the interconnected nature of global stock markets and the heightened risk environment as we move into the end of the year. Traders and long-term investors alike will need to remain vigilant, adopting diversified strategies to navigate the turbulent landscape of the financial markets.

On December 18, 2024, the Indian stock market experienced a day of mixed performance across various sectors. The Nifty50 index closed at 24,198.85, reflecting a slight decline of 0.56% from the previous day.

Indian Stock Market: Mixed Sectoral Performance Amid IPO Highlights

On December 18, 2024, the Indian stock market experienced a day of mixed performance across various sectors. The Nifty50 index closed at 24,198.85, reflecting a slight decline of 0.56% from the previous day.

On December 18, 2024, the Indian stock market experienced a day of mixed performance across various sectors. The Nifty50 index closed at 24,198.85, reflecting a slight decline of 0.56% from the previous day.
Similarly, the NiftyBank index ended at 52,139.55, marking a 1.32% decrease.&nbsp;
Silver Linings: IPO Debuts
Amid the bearish sentiment, the IPO market provided a bright spot. MobiKwik made a stellar debut, skyrocketing 80% on listing. Similarly, Vishal Mega Mart surged 37%, and Sai Life Sciences posted a robust 28% gain on its first trading day. These performances underscored strong investor demand in the primary market, even as secondary markets faltered.
Nifty50: Neutral to Bearish Outlook
<ul>
<li>Opening Price: 24,297.95</li>
<li>Closing Price: 24,198.85</li>
<li>RSI: 46.77 (Neutral to Slightly Bearish)</li>
<li>MACD: Signal line above MACD (Bearish)</li>
</ul>
<img src="https://cdn.editorji.com/6762ad9be279e_1734520219.png" width="644" height="322">
 The Nifty50 index showed a slight pullback, with the MACD suggesting bearish momentum as the signal line remained above the MACD. The RSI was at 46.77, indicating a neutral sentiment with a slight bearish tilt. The market is showing signs of consolidation or weakness, and traders remain cautious. 
NiftyBank: Weakness Continues
<ul>
<li>Opening Price: 52,696.95</li>
<li>Closing Price: 52,139.55</li>
<li>RSI: 45.84 (Neutral to Bearish)</li>
<li>MACD: Signal line above MACD (Bearish)</li>
</ul>
<img src="https://cdn.editorji.com/6762ad77803bc_1734520183.png" width="644" height="322"> The NiftyBank sector showed continued weakness, with the MACD confirming a bearish trend. The signal line above the MACD indicates that the downward momentum is likely to persist. The RSI of 45.84 suggests that the sector remains neutral to slightly bearish, with no strong signs of recovery. 
NiftyIT: Bullish Momentum
<ul>
<li>Opening Price: 45,293.05</li>
<li>Closing Price: 45,526.85</li>
<li>RSI: 70.06 (Bullish)</li>
<li>MACD: Signal line below MACD (Bullish)</li>
</ul>
<img src="https://cdn.editorji.com/6762ad52cb471_1734520146.png" width="642" height="321">
 The NiftyIT sector demonstrated a strong bullish momentum, with the RSI in the bullish range at 70.06. The MACD line was above the signal line, indicating ongoing upward momentum. This suggests that the IT sector is performing well and could continue to show strength.
&nbsp;
NiftyAuto: Mild Bearish Sentiment
<ul>
<li>Opening Price: 23,319.60</li>
<li>Closing Price: 23,241.25</li>
<li>RSI: 42.29 (Neutral to Bearish)</li>
<li>MACD: Signal line above MACD (Bearish)</li>
</ul>
<img src="https://cdn.editorji.com/6762ad33ef5f9_1734520115.png" width="644" height="322">
The NiftyAuto sector experienced mild bearish sentiment with the RSI of 42.29, indicating a slightly bearish outlook. The MACD signal line above the MACD further suggests that the sector is facing downward pressure, and the sentiment remains cautious.
&nbsp;
NiftyFMCG: Consolidating with Bearish Bias
<ul>
<li>Opening Price: 56,578.35</li>
<li>Closing Price: 56,467.80</li>
<li>RSI: 41.75 (Neutral to Bearish)</li>
<li>MACD: Signal line above MACD (Bearish)</li>
</ul>
<img src="https://cdn.editorji.com/6762ad131e46b_1734520083.png" width="640" height="320">
The NiftyFMCG sector displayed a bearish bias as the RSI was at 41.75, indicating that it was neutral to slightly bearish. The MACD line was below the signal line, confirming a bearish outlook, with no immediate sign of a strong upward move.
&nbsp;
NiftyInfra: Neutral Momentum
<ul>
<li>Opening Price: 8,771.55</li>
<li>Closing Price: 8,695.95</li>
<li>RSI: 45.34 (Neutral)</li>
<li>MACD: Signal line below MACD (Bullish)</li>
</ul>
<img src="https://cdn.editorji.com/6762acf23ed51_1734520050.png" width="634" height="317">
The NiftyInfra sector exhibited neutral momentum, with the RSI at 45.34 showing a neutral sentiment. However, the MACD line was above the signal line, suggesting a potential for bullish momentum, although not yet a clear breakout. 
NiftyEnergy: Bearish Sentiment
<ul>
<li>Opening Price: 36,300.50</li>
<li>Closing Price: 35,981.80</li>
<li>RSI: 31.58 (Bearish)</li>
<li>MACD: Signal line above MACD (Bearish)</li>
</ul>
<img src="https://cdn.editorji.com/6762acb68982b_1734519990.png" width="640" height="320">
The NiftyEnergy sector showed significant bearish momentum, with an RSI of 31.58, indicating an oversold condition and a bearish outlook. The MACD further confirmed this, with the signal line positioned above the MACD, suggesting continued downward momentum.
&nbsp;
NiftyMetal: Mild Bullish Sentiment
<ul>
<li>Opening Price: 9,207.50</li>
<li>Closing Price: 9,069.90</li>
<li>RSI: 41.80 (Neutral)</li>
<li>MACD: Signal line below MACD (Bullish)</li>
</ul>
<img src="https://cdn.editorji.com/6762ac5842bcf_1734519896.png" width="634" height="317">
The NiftyMetal sector showed mild bullish sentiment, with the RSI at 41.80, indicating a neutral bias. The MACD signal line below the MACD suggests that there is some upward potential in the sector, though the momentum is not very strong.

Discover the Indian IT sector's resurgence with a 15-20% growth in jobs by 2025. Freshers to see increased demand, especially in AI and cloud technologies as firms invest heavily in upskilling amid a recovering global economy.

Indian IT Sector Revival: Growth and Hiring 2025

The Indian IT industry is rebounding with a projected 15-20% job growth in 2025, highlighting a resurgence in demand for fresh graduates, particularly in AI and cloud technologies. Strategic hiring and tech upskilling are underway, promising a vibrant year ahead.

Areas such as artificial intelligence (AI), machine learning (ML), data analytics, Python, cloud technologies, and cybersecurity are expected to experience a 30-35% growth in hiring.

The Indian IT sector is on a recovery trajectory, with job opportunities projected to grow by 15-20% across industries in 2025, according to talent solutions firm NLB Services. After regaining momentum in the second half of 2024, the sector is gearing up for a robust 2025 driven by increased hiring and a focus on emerging technologies.
In its latest analysis, NLB Services highlighted a promising outlook for fresher hiring in the IT industry. The report anticipates a 15-20% increase in entry-level job opportunities, with a significant surge in demand for specialised tech roles. Areas such as artificial intelligence (AI), machine learning (ML), data analytics, Python, cloud technologies, and cybersecurity are expected to experience a 30-35% growth in hiring.
This uptick in demand extends beyond recruitment, with companies strategically prioritizing tech upskilling initiatives. Firms are investing heavily in training programs to equip their workforce with the skills required to adapt to the evolving technological landscape, the report noted.
Sectors including global capability centers (GCCs), manufacturing, BFSI (banking, financial services, and insurance), healthcare, and retail are projected to increase their fresher intake by 30-35% in 2025, further fueling the growth in IT hiring.
NLB Services also highlighted the growing emphasis on campus hiring, with larger companies actively recruiting to address anticipated demand in 2024-25. While the global economic slowdown of 2021-22 had dampened discretionary spending and impacted project pipelines, the sector is expected to stabilize in 2025, signaling a revival in hiring activity.
As the reliance on emerging technologies continues to rise, the IT industry&rsquo;s focus on skill development and strategic hiring positions it for sustained growth in the coming year.

A UBS survey shows investors are divided on whether Kamala Harris or Donald Trump as President will be better for the U.S economy. As per a report by UBS, investors prefer Harris, while business owners back Trump.

U.S Presidential Elections 2024: Trump or Harris? Who’s Better for the Economy?

A UBS survey shows investors are divided on whether Kamala Harris or Donald Trump as President will be better for the U.S economy. As per a report by UBS, investors prefer Harris, while business owners back Trump.

As the 2024 U.S. Presidential election approaches, a new UBS Investor Watch survey reveals that wealthy investors and business owners are deeply divided on which candidate is better for the economy. According to the survey, 57% of investors plan to vote for Vice President Kamala Harris, while 43% favor former President Donald Trump. Meanwhile, 53% of business owners back Trump, compared to 47% supporting Harris.
Both groups are overwhelmingly concerned about the economy, with 84% of investors and 83% of business owners identifying it as their top issue. The survey shows that Trump is considered better suited to handle taxes and immigration, while Harris is viewed more favorably on healthcare and green energy policies. However, both groups are split on who is best to address Social Security.
Despite the division, investor optimism is on the rise. Seventy-four percent of investors are highly optimistic about portfolio returns over the next six months, a significant increase from 57% in 2020. Business owners are also feeling positive, with 74% expressing optimism for the next twelve months compared to 68% four years ago.
The survey indicates that financial planning will play a critical role in navigating the economic uncertainty of the election year. Seventy-seven percent of investors are considering portfolio changes ahead of the election, with a focus on adjusting sector allocations, increasing cash holdings, and adding portfolio protections. Sector preferences also vary depending on the candidate: healthcare and sustainable investing are seen as more favorable if Harris wins, while defense, energy, and industrials are expected to thrive under Trump.
Ultimately, this election&rsquo;s outcome will significantly shape the future of the U.S. economy, and investors and business owners are preparing accordingly.

China's central bank maintained a 2.5% lending rate amid economic challenges, with factory output and real estate investments declining. However, retail and vehicle sales showed positive growth, supported by consumer incentives and high-tech investments

China’s Central Bank maintains lending rate amid slump in real estate 

<h2>China's central bank maintained a 2.5% lending rate amid economic challenges, with factory output and real estate investments declining. However, retail and vehicle sales showed positive growth, supported by consumer incentives and high-tech investments</h2>

China's central bank chose to keep a key lending rate unchanged on Monday, opting not to loosen credit despite ongoing economic challenges in the manufacturing and real estate sectors. The rate for 1-year medium-term lending facility loans was held at 2.5%, aligning with expectations. Instead of cutting interest rates, Beijing is channeling spending toward high-priority areas like high-tech industries.
<h3>China economic slowdown</h3>
The government reported that factory output fell by 5.6% in May compared to the previous year, a slowdown from April&rsquo;s 6.7%. Analysts attributed some of the decline to an increased number of workdays this year. In the real estate sector, property investments dropped 10% year-on-year, and home sales plummeted 30.5%, indicating that recent measures to revive the market have yet to take effect. Home prices in major cities like Beijing and Shanghai fell by 3.2%.
The downturn in the property market followed a crackdown on excessive borrowing by developers, leading to defaults and difficulties in delivering pre-sold apartments. This has adversely impacted contractors and suppliers.
&ldquo;This data was certainly on the disappointing side and may ring some alarm bells,&rdquo; commented Lynn Song, chief economist for Greater China at ING Economics.
Disruptions and job losses during the COVID-19 pandemic, along with falling home prices, have left many Chinese consumers hesitant to spend, weakening another key driver of the economy.
However, Liu Aihua, spokesperson for the National Bureau of Statistics, highlighted positive trends, such as rising retail sales and investments in high-tech industries. A recycling program for old appliances and incentives for electric vehicle purchases are also boosting consumer spending. Online sales rose 11.5% in May, while household appliance sales increased nearly 13%. Vehicle sales grew 8.3% year-on-year, reaching nearly 11.5 million units from January to May.
&ldquo;Buying capacity and consumer confidence need further improvement, but there are many favorable factors supporting continued growth of the consumer market,&rdquo; Liu said.
She added that additional policies would be introduced to support the struggling real estate market, following recent reductions in mortgage rates and down-payment requirements. "We must also see that the implementation time of some policies is still relatively short," Liu noted.

Moody's Investors Service has increased its forecast for India's GDP growth in 2024 to 6.8%, citing robust manufacturing activity and government spending as key drivers.

Moody's raises India's 2024 GDP growth estimate to 6.8% from earlier forecast of 6.1%

Moody's Investors Service has increased its forecast for India's GDP growth in 2024 to 6.8%, citing robust manufacturing activity and government spending as key drivers.

Moody's Investors Service has raised India's 2024 GDP growth estimate to 6.8% from its previous forecast of 6.1%. This revision comes amidst capital spending by the government and robust manufacturing activity driving economic momentum.
The rating agency anticipates a GDP growth of 6.4% in 2025, slightly up from its earlier forecast of 6.3%. Moody's attributes India's strong economic performance to a variety of factors, including capital spending by the government and vigorous manufacturing activity. The agency expects that India's real GDP expanded by 8.4% year-over-year in the fourth quarter of 2023, resulting in a full-year growth rate of 7.7%.
Moody's expects India's economy to comfortably register 6-7% real GDP growth in the coming years. The agency anticipates policy continuity after the general election and continued focus on infrastructure development. Despite inflation hovering above the 4% target, Moody's does not foresee any immediate policy easing.
In its February update of the Global Macro Outlook 2024-25, Moody's predicts that the Reserve Bank of India will likely maintain interest rates given the strong growth and firm inflation outlook. The agency forecasts India's retail inflation at 5.2% in 2024 and 4.8% in 2025.
Furthermore, Moody's expects the growth of G20 economies to stabilize at moderately lower levels in 2024. The agency forecasts collective expansion of G20 economies by 2.4% in 2024 and 2.6% in 2025, down from 2.9% in 2023. Moody's also notes indications of the private capex cycle gaining momentum, with private industrial capital spending expected to pick up due to ongoing supply chain diversification benefits and the government's Production Linked Incentive scheme.
Also Watch: <a href="https://www.editorji.com/business-news/economy/gdp-growth-for-oct-dec-2023-quarter-comes-at-8-4-higher-than-estimates-1709209048327">GDP growth for Oct-Dec 2023 quarter comes at 8.4%, higher than estimates</a> &nbsp; &nbsp;

The government had previously estimated that the economy grew at a 4.9% annual rate last quarter

US 3rd quarter's economic growth revised upward to a 5.2% annual rate

<h2>The government had previously estimated that the economy grew at a 4.9% annual rate last quarter</h2>

Consumers in America shrugged off higher interest rates, driving the economy to a robust 5.2% annual pace from July through September, as per the government's revised report released Wednesday. This was an upgrade from the initial estimate of 4.9% growth.
However, economists anticipate a significant slowdown in the current fourth quarter due to the cumulative impact of increased borrowing costs on both consumer and business spending. Projections suggest growth might drop to a 1.8% annual rate in the October-December period.
The latest assessment confirmed a sharp acceleration from the 2.1% growth rate in the second quarter (April-June). Notably, the US gross domestic product surged at its fastest quarterly rate in almost two years during the July-September period.
Also read/watch - <a title="Bharti Airtel shares cross Rs 1,000 mark for the first time; m-cap close to Rs 6 lakh crore" href="https://www.editorji.com/business-news/markets/bharti-airtel-shares-cross-rs-1-000-mark-for-the-first-time-m-cap-close-to-rs-6-lakh-crore-1701266236904">Bharti Airtel shares cross Rs 1,000 mark for the first time; m-cap close to Rs 6 lakh crore</a>
Consumer spending, crucial for the economy, increased at a 3.6% annual rate in July-September, slightly lower than the previous estimate of 4%. Private investment saw a significant surge of 10.5% annually, including a 6.2% rise in housing investment, defying higher mortgage rates.
The economy also benefited from companies building inventories in anticipation of future sales, contributing 1.4 percentage points to the quarterly growth. Additionally, government spending and investment at various levels&mdash;federal, state, and local&mdash;played a role in driving growth in the third quarter.
Also read/watch - <a title="Union cabinet extends PMGKAY: Free ration scheme for 81 crore till 2028" href="https://www.editorji.com/business-news/union-cabinet-extends-pmgkay-free-ration-scheme-for-81-crore-till-2028-1701266092365">Union cabinet extends PMGKAY: Free ration scheme for 81 crore till 2028</a>
Despite the Federal Reserve's 11 interest rate hikes since March 2022 to combat high inflation, the US economy has shown resilience. Higher interest rates increased borrowing costs for consumers and businesses but also helped alleviate inflation pressures. Consumer prices rose by 3.2% last month compared to a year earlier, a significant improvement from the 9.1% year-over-year inflation recorded in June 2022.
Although the US job market is cooling compared to the past two years, it remains healthy by historical standards. The average addition of 239,000 jobs per month this year and an unemployment rate below 4% for 21 consecutive months reflect this stability.
The combination of easing inflation and consistent hiring has fueled optimism that the Federal Reserve can achieve a "soft landing." The aim is to raise rates adequately to moderate the economy and control price increases without pushing it into recession.

James Sullivan while expressing his confidence of India becoming the third largest economy by 2027 has suggested that currently China is at an inflexion point in its economic trajectory

India will become world's 3rd largest economy by 2027: JP Morgan's James Sullivan

<h2>James Sullivan while expressing his confidence of India becoming the third largest economy by 2027 has suggested that currently China is at an inflexion point in its economic trajectory</h2>

Indian Economy:&nbsp;JPMorgan's managing director of Asia Pacific equity research, James Sullivan, said that India will become the world's third-largest economy by 2027. He further added that India's GDP will grow close to $7 trillion by 2030 which is more than double.
<h3>Sectoral Division</h3>
In an interview to CNBC-TV18 Sullivan said that the manufacturing contribution to India's GDP may rise to nearly 25% from 17%, and exports to more than double, to over a trillion dollars.&nbsp;
"From a longer-term perspective, we see massive changes in the overall structure of the Indian economy, which present clear opportunities for sector selection within what we think will be a strong overall market", Sullivan told CNBC-TV18.
<h3>Prediction on China</h3>
James Sullivan further suggested that China may be at an inflexion point in its economic trajectory and that the below-average earnings revision in the country is a trend that is not seen since 2005.
"Such an inflexion point can often lead to new opportunities and challenges, making it a topic of keen interest for investors," he said.
He also mentioned that the bank focusses on specific sectors and if it focusses in line with government policy and on deeply beaten down sectors that offer significant valuation support then there is some opportunity for China.
"In China, we are very focused on specific sectors, if we can focus in line with government policy, if we can focus on deeply beaten down sectors that offer significant valuation support, then we see opportunity. So, it's a slightly different portfolio allocation strategy in each market", Sullivan mentioned.
As per media reports, China is contemplating a boost in its 2023 budget deficit through a new stimulus initiative. The nation is planning on setting up a stock stabilisation fund to bolster investor confidence within the stock market.&nbsp;

Fitch ratings has mentioned that the July-September growth pace will be moderate due to low exports and inflation

Fitch retains India's growth forecast for FY'24 at 6.3%, flags inflation risks

Fitch ratings has mentioned that the July-September growth pace will be moderate due to low exports and inflation

Fitch Ratings on Thursday retained India's growth forecast for the current fiscal at 6.3 per cent saying the Indian economy continues to show resilience despite tighter monetary policy and weakness in exports, but upped year-end inflation projection on El Nino threat.
The Indian economy grew 7.8 per cent in the April-June quarter of current fiscal on strong services sector activity and robust demand.
"The Indian economy continues to show resilience despite tighter monetary policy and weakness in exports, with growth outpacing other countries in the region," Fitch said, while projecting 6.3 per cent growth for current fiscal, and 6.5 per cent for next fiscal.
Also Read: <a href="https://www.editorji.com/business-news/fitch-raises-india-s-gdp-forecast-to-6-3-for-current-fiscal-year-1687428015460">Fitch raises India's GDP forecast to 6.3% for current fiscal year</a>
In its September update of the Global Economic Outlook Fitch, however, said that high-frequency indicators suggest that the pace of growth in the July-September quarter is likely to moderate.
Growth in the July-September quarter is likely to moderate as exports continue to weaken, credit growth flatlines and the Reserve Bank of India's latest bimonthly consumer confidence survey shows consumers becoming a little more pessimistic on income and employment prospects, Fitch said.
On the price front, it said that the temporary increases in inflation, in particular rising food inflation, in coming months could curb households' discretionary spending power.
"The inflation impact on consumers may be temporary but other more fundamental factors are weighing on the economy.
"India will not be immune to the global economic slowdown and the domestic economy will be affected by the lagged impact of the RBI's 250bps of hikes in the past year, while a poor monsoon season could complicate the RBI's control of inflation," Fitch said.
Annual headline inflation was 6.8 per cent in August after 7.4 per cent in July and 4.9 per cent in June.
"The increase in inflation in recent months has been driven largely by a sharp increase in the price of tomatoes and other food products," Fitch said.
Notwithstanding the risk of higher food prices, Fitch maintained its RBI's benchmark interest rate forecast at 6.5 per cent for the end of this calendar year.
The government has reacted by importing greater quantities of food (especially tomatoes), temporarily scrapping the import duty on wheat and restricting sugar exports, it said.
The RBI expects annual CPI inflation to moderate in coming months given the short-term nature of vegetable price shocks.
"Nevertheless, the threat of El Ni&ntilde;o means that inflation could exceed our forecasts, although the impact on consumers and the economy is likely to be temporary," Fitch said, adding it expects 2023-end retail or CPI inflation at 5.5 per cent, higher than our previous forecast of 5 per cent.

Finance Minister Nirmala Sitharaman highlights India's impressive tax compliance growth, forecasting a substantial increase in income tax filers by 2047

India's economic formalization: FM predicts massive increase in tax filers by 2047

Finance Minister Nirmala Sitharaman highlights India's impressive tax compliance growth, forecasting a substantial increase in income tax filers by 2047

Finance Minister Nirmala Sitharaman said on Tuesday that the income tax data released in August was a clear indication of the wide-scale formalisation of the Indian economy and the improvement in tax compliance.
Addressing the inaugural session of the Global Fintech Fest 2023, Sitharaman said that India&rsquo;s demographic dividend would translate into a larger and more productive workforce in the coming years.
She said that the workforce share in population would rise from 40% in 2021 to 45% by 2047, and that 85.3% of them would be taxable, compared to 22.5% currently. She estimated that the number of income tax filers would grow from 7 crore in FY23 to 48.2 crore in 2047, adding to the government&rsquo;s revenue and spending capacity.
Sitharaman also highlighted the importance of digital literacy in enhancing financial inclusion and empowerment. She said that India had witnessed a remarkable growth in digital transactions, DMAT accounts, mutual funds and SIPs in the last four years, reaching new highs in 2023.
She said that these trends reflected the increasing financial awareness and participation of the masses, especially in the rural and semi-urban areas. The Finance Minister also stressed the need for a responsible and resilient global financial system, especially in the context of emerging challenges such as cryptocurrency regulation, tax evasion and debt distress.
She urged for greater collaboration among different stakeholders, including regulators, policymakers, innovators and investors, to address these issues and ensure stability and sustainability

The 20 countries that use the euro currency and their 346 million people saw 0.3% growth in the April-to-June period, compared with the first three months of the year 

Europe's economy grows as inflation slows in July

The 20 countries that use the euro currency and their 346 million people saw 0.3% growth in the April-to-June period, compared with the first three months of the year&nbsp;

Economic growth in the eurozone rebounded in the second quarter, data showed Monday, but concerns remain over inflation that is slowing yet still stubbornly high, and over stagnation in the German economy.
The EU's Eurostat data agency said growth in the 20-country single currency zone reached 0.3 percent over the April-June period after recording zero growth in the first three months of the year.
The first-quarter figure was revised from a decline of 0.1 percent that had signalled a technical recession.
The figures came after data last week showed that Germany's gross domestic product (GDP) stagnated between April and June, though the French and Spanish economies grew more than expected.
The European Central Bank (ECB) has hiked interest rates to their highest level since May 2001 to tame red-hot inflation, though its president Christine Lagarde last week indicated that the aggressive rate-hiking campaign could be paused.
Analysts suggest that another hike is still a possibility, and could further constrain economic growth.
"With monetary tightening still expected to have its most dampening effect on growth later, continued broad stagnation of economic activity remains the most likely outcome for the coming quarters," said Bert Colijn, senior eurozone economist at ING.
Colijn said the eurozone GDP reading would not be "a dovish argument" at the next ECB rate-setting meeting in September, "leaving a further hike on the table".
While the eurozone registered a slight drop in overall inflation this month, to 5.3 percent from 5.5 percent in June, in line with analyst expectations, core inflation -- which strips out more volatile elements -- was unchanged at 5.5 percent.
Both figures remain far higher than the ECB's two-percent target, though Lagarde said before the data release that "we are reaching our goal".
"By all accounts, monetary policy has started to have an effect for lowering inflation," she told French daily Le Figaro in an interview published late Sunday.

Tune into our special Israel episode straight from Tel Aviv and Jerusalem. Joining Vikram Chandra tonight, are Nir Barkat, the Economy minister of Israel, and Sanjeev Singla, the Indian Ambassador to Israel on the partnership potential between the two nations.

A deeper look at India-Israel’s strategic ties

India and Israel’s relationship is one that has gone through many changes. Currently, both nations are engaged in a strategic relationship in areas of defence, agriculture, food safety and more. With Israel’s niche tech, and India’s human potential - this is an alliance that could prove to be beneficial for both nations. Tune in to this very special episode of The India Story, where Vikram Chandra decodes the India-Israel relationship straight from Jerusalem and Tel Aviv.

On the show tonight, we speak with Nir Barkat, the Economy minister of Israel, and Sanjeev Singla, the Indian Ambassador to Israel on the partnership potential between the two nations.

The India Story | A deeper look at India-Israel’s strategic ties

Tune into our special Israel episode straight from Tel Aviv and Jerusalem. Joining Vikram Chandra tonight, are Nir Barkat, the Economy minister of Israel, and Sanjeev Singla, the Indian Ambassador to Israel on the partnership potential between the two nations.

India and Israel&rsquo;s relationship is one that has gone through many changes. Currently, both nations are engaged in a strategic relationship in areas of defence, agriculture, food safety and more. With Israel&rsquo;s niche tech, and India&rsquo;s human potential - this is an alliance that could prove to be beneficial for both nations. Tune in to this very special episode of The India Story, where Vikram Chandra decodes the India-Israel relationship straight from Jerusalem and Tel Aviv.
On the show tonight, we speak with Nir Barkat, the Economy minister of Israel, and Sanjeev Singla, the Indian Ambassador to Israel on the partnership potential between the two nations.

economy

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