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Goldman Sachs attributes the change in its take on India to slower economic growth and corporate profits

Goldman Sachs Lowers Nifty Target, Changes Stance On Indian Stock Market To ‘Neutral’

Goldman Sachs attributes the change in its take on India to slower economic growth and corporate profits

Is the Indian stock market set for more correction ahead?. Global brokerage firm Goldman Sachs believes that&rsquo;s a possibility.
It has lowered its stance on the Indian stock market from &lsquo;overweight&rsquo; to &lsquo;neutral&rsquo;, and has also revised the twelve-month target for Nifty to 27,000 from the earlier 27,500.
Goldman Sachs attributes the change in its take on India to slower economic growth and corporate profits.
Also Watch: <a href="https://www.editorji.com/business-news/no-shortage-of-oil-in-the-world-expect-prices-to-come-down-hardeep-singh-puri-1729602087828">No Shortage Of Oil In The World, Expect Prices To Come Down: Hardeep Singh Puri</a>

A Goldman Sachs report suggests that Kamala Harris winning the U.S. presidency could boost economic growth, with job growth potentially 30,000 higher per month. Meanwhile, Trump's tariff policies may slow the economy with inflationary pressures.

Kamala Harris Vs Donald Trump: Who Will Be Better For The US Economy? Goldman Sachs' Take

A Goldman Sachs report suggests that Kamala Harris winning the U.S. presidency could boost economic growth, with job growth potentially 30,000 higher per month. Meanwhile, Trump's tariff policies may slow the economy with inflationary pressures.

With the U.S. elections just around the corner, the world&rsquo;s largest economy is about to choose its next leader.
Will it be Kamala Harris or Donald Trump? And more importantly, how will this decision impact not just the U.S., but the global economy, including countries like India?
A recent report by Goldman Sachs has thrown some light on the potential economic outcomes based on who wins.
And the results might surprise you! Stay tuned as we break down what experts at Goldman Sachs have to say.
Goldman Sachs economists, including Alec Phillips, have released a note that suggests if Kamala Harris and the Democrats sweep the elections this November, the U.S. economy could see a significant boost in the next two years.
According to their analysis, new spending initiatives and expanded middle-income tax credits would slightly offset the effects of higher corporate taxes.
In fact, the U.S. GDP could peak with a 0.5 percentage-point growth by the second half of 2025 if Harris takes the White House.
Now, let's compare that to Donald Trump's potential impact. Goldman Sachs estimates that a Trump victory, whether with a Republican sweep or divided government, could actually slow economic growth.
His proposed tariff hikes on China, the EU, and Mexico would lead to inflationary pressures, hurting both the U.S. economy and global trade.
Moreover, his tighter immigration policies would slow down labor force growth, further hindering economic expansion.
Interestingly, the report also states that job growth under Kamala Harris could be significantly higher than under Trump&mdash;up to 30,000 more jobs per month with a Democratic sweep.
But what does all of this mean for India?
India enjoyed robust relations with Donald Trump during his presidency, marked by high-profile events like 'Namaste Trump' and 'Howdy Modi' that symbolised the strengthening partnership.
Under the Biden administration, India has maintained strong strategic ties, particularly in light of tensions with China and despite differences over the Russia-Ukraine conflict.
So, we will have to wait to see the direct impact of the next US President's policies on India. Each candidate's approach could shape the future of India-US relations in different ways.
However, the outcome of this election will have far-reaching consequences for economies worldwide. And India, as a key player in global trade and geopolitics, will inevitably feel the ripple effects of America's choice.
If you found this video informative, don't forget to like, share, and subscribe!

Regarding when the RBI will cut rates, Goldman Sachs projects a repo rate cut only towards the end of the 2024 calendar year, probably in the December MPC meeting, as against the previous forecast of a rate cut in the July to September quarter

Goldman Sachs ups India's 2024 GDP growth projection to 6.7%; expects RBI rate cut in Q4

Regarding when the RBI will cut rates, Goldman Sachs projects a repo rate cut only towards the end of the 2024 calendar year, probably in the December MPC meeting, as against the previous forecast of a rate cut in the July to September quarter

Investment bank, Goldman Sachs has revised its GDP growth forecast for India upwards to 6.7% for 2024, attributing the increase to a substantial dividend transfer by the Reserve Bank of India.&nbsp; Analysts at the bank anticipate sustained growth momentum for the country, supported by additional fiscal space created by the RBI's dividend transfer. &ldquo;In our view, they may want to see progress of the monsoons and sowing of the summer (Kharif) crop to assess the food inflation trajectory in 2H CY24, before pivoting towards monetary policy easing," the Goldman Sachs report said. Also read/watch - <a title="Silent layoffs hit India's IT sector; 20,000 jobs lost in 2023: Report" href="https://www.editorji.com/business-news/silent-layoffs-hit-india-s-it-sector-20-000-jobs-lost-in-2023-report-1716892034900">Silent layoffs hit India's IT sector; 20,000 jobs lost in 2023: Report</a> &ldquo;We continue to expect a shallow easing cycle of total 50 bps rate cuts from the RBI, with 25 bps rate cuts each in Q4 CY24 and Q1 CY25," the analysts said. Regarding when the RBI will cut rates, Goldman Sachs projects a repo rate cut only towards the end of the 2024 calendar year, probably in the December MPC meeting, as against the previous forecast of a rate cut in the July to September quarter.&nbsp;

Goldman Sachs has commenced coverage on Indian footwear companies Metro Brands Ltd with a "Buy" rating and Bata India Ltd with a "Neutral" recommendation

Goldman Sachs commences coverage on Metro Brands and Bata India

<h2>Goldman Sachs has commenced coverage on Indian footwear companies Metro Brands Ltd with a "Buy" rating and Bata India Ltd with a "Neutral" recommendation</h2>

Goldman Sachs has commenced coverage on Indian footwear companies Metro Brands Ltd with a "Buy" rating and Bata India Ltd with a "Neutral" recommendation, citing optimism regarding their growth potential. Goldman Sachs has assigned a target price of 1,450 rupees for Metro Brands, representing a potential upside of 29% from its closing price of 1,125 rupees on March 21. Meanwhile, for Bata India, the target price of 1,470 rupees implies a 7% increase. Goldman Sachs said India's branded footwear industry is underpenetrated, with ample room for growth. The brokerage identified sports and athleisure as a significant multi-decade, double-digit growth opportunity. Metro Brands could leverage the opportunity in sports and athleisure with Fila, said Goldman Sachs. According to the brokerage, multi-brand footwear retailers are well-positioned for growth in this market.&nbsp;

Goldman Sachs' latest downgrades of major Indian banks, SBI, ICICI, and Yes Bank underscore growing challenges in the banking sector, including mounting cost of funds & escalating consumer debt, which threaten asset quality and strain operating costs

Goldman Sachs downgrades SBI, ICICI, Yes Bank, says headwinds intensifying for financial services

Goldman Sachs' latest downgrades of major Indian banks, SBI, ICICI, and Yes Bank underscore growing challenges in the banking sector, including mounting cost of funds & escalating consumer debt, which threaten asset quality and strain operating costs.

Goldman Sachs' latest downgrades of major Indian banks, SBI, ICICI, and Yes Bank underscore growing challenges in the banking sector, including mounting cost of funds &amp; escalating consumer debt, which threaten asset quality and strain operating costs.

Goldman Sachs has issued downgrades for prominent Indian banking institutions, namely the State Bank of India, ICICI Bank, and Yes Bank. The firm&rsquo;s analysis suggests that the Indian financial sector is facing stronger headwinds, marking the end of a period characterized by robust growth and profitability.
The downgrades are rooted in several challenges confronting the banking sector. These include mounting pressure on the cost of funds due to structural funding issues and concerns about escalating consumer debt levels, which could potentially lead to deteriorating asset quality, particularly in unsecured lending. Additionally, rising wage inflation and the need for expanding distribution networks to drive deposit growth are expected to exert pressure on operating costs.
Goldman Sachs anticipates a moderation in Return on Assets (ROA) for these banks, attributed to persistent margin pressure, sluggish loan growth amid stretched loan-deposit ratios, and the necessity to rebalance their balance-sheet mix. Consequently, cost-to-income levels are projected to remain elevated.
Despite the downgrades, Goldman Sachs acknowledges that an earlier-than-expected reduction in policy rates or measures by the central bank to ease liquidity could alleviate some concerns. This would particularly benefit private banks and non-banking financial companies (NBFCs) grappling with liquidity tightness.
In light of these assessments, Goldman Sachs has revised its recommendations for individual banks. SBI has been downgraded to &lsquo;Neutral,&rsquo; with a revised target price of ₹741. ICICI Bank has also been moved to a &lsquo;Neutral&rsquo; rating, with a target price adjustment to ₹1,086. On the other hand, Yes Bank has been marked as &lsquo;Sell,&rsquo; with a target price of ₹16.
These downgrades reflect Goldman Sachs' cautious outlook on the Indian banking sector amidst evolving economic conditions and underline the importance for investors to reassess their positions in light of these changing dynamics. Also Watch: <a href="https://www.editorji.com/business-news/economy/rbi-monetary-policy-committee-meet-minutes-reveal-continued-focus-on-bringing-inflation-down-1708607919157">RBI Monetary Policy Committee meet minutes reveal continued focus on bringing inflation down</a>

Favoring domestic sectors, Goldman Sachs emphasizes an overweight stance on banks, automobiles, cement, industrials, and utilities

Goldman Sachs forecasts Nifty50 to reach 21,800 by 2024 end

<h2>Favoring domestic sectors, Goldman Sachs emphasizes an overweight stance on banks, automobiles, cement, industrials, and utilities</h2>

Goldman Sachs has forecast that the Nifty will reach 21,800 by the end of 2024, translating into a 12% return in rupee terms from current levels. This bullish outlook is driven by robust mid-teens earnings growth and an anticipated valuation moderation.
<h3>India's Resilient Outlook</h3>
Boosting India to an overweight rating, the global investment bank cites the nation's resilient fundamentals and strategic allure in its 'India 2024 Equity Outlook.' Forecasts indicate a 15% rise in corporate profits in 2024 and an additional 14% in 2025, spread across diverse sectors.
Also read/watch - <a title="OpenAI investors mull suing the board for firing Sam Altman: Report" href="https://www.editorji.com/business-news/startups/openai-investors-mull-suing-the-board-for-firing-sam-altman-report-1700544011685">OpenAI investors mull suing the board for firing Sam Altman: Report</a> &nbsp;
Favoring domestic sectors, Goldman Sachs emphasizes an overweight stance on banks, automobiles, cement, industrials, and utilities. While projecting back-loaded low teen returns, they highlight India's structural growth prospects in the Asia Pacific region.
Despite India leading in compounded annual growth among regional indices, the year's equities show an 8.8% rise, with Goldman Sachs underscoring substantial alpha opportunities over the long term.
<h3>Factors Shaping Market Trajectory</h3>
The forthcoming year's market trajectory hinges on global macroeconomic factors like US interest rates, dollar strength, and geopolitical uncertainties. Domestically, state and impending general elections significantly factor into this outlook.
Also read/watch -<a title=" Citigroup Layoffs: Over 300 senior manager roles cut in latest rejig " href="https://www.editorji.com/business-news/citigroup-layoffs-over-300-senior-manager-roles-cut-in-latest-rejig-1700547347136"> Citigroup Layoffs: Over 300 senior manager roles cut in latest rejig</a>
Goldman Sachs anticipates stronger market performance post-election uncertainties. However, they highlight foreign portfolio investors' restrained exposure due to relatively high valuations, anticipating subdued near-term inflows.
While India maintains its position as the most expensive market in Asia, valuations have moderated, aligning closer with actual performance. Sectors have de-rated by more than 15% from recent peak multiples. Yet, election outcomes could introduce volatility and affect market valuations, cautioning against uncertainties.

While Goldman Sachs expects India to see the best structural growth prospects in Asia, it has downgraded Hong Kong-listed Chinese companies to market-weight and Hong Kong firms to underweight amid the ongoing pessimism regarding the stock market

Diwali cheer: Goldman Sachs upgrades India stocks

<h2>While Goldman Sachs expects India to see the best structural growth prospects in Asia, it has downgraded Hong Kong-listed Chinese companies to market-weight and Hong Kong firms to underweight amid the ongoing pessimism regarding the stock market</h2>

Stocks Rating:&nbsp;In a Diwali gift to India, Goldman Sachs Group has upgraded its stocks, citing the market's strategic appeal. Meanwhile, the group has downgraded the Hong-Kong traded China stocks due to low earnings growth and a potential consensus downgrade.
<h3>India's Strategic Appeal</h3>
The bank expects India to see &ldquo;the best structural growth prospects in the region&rdquo; with mid-teens earnings growth over the next two years. As per Goldman, the domestically driven growth of India and the market's strategic appeal offers Investors a wide array of alpha-generating themes, including make-in-India, large cap compounders and mid-cap multibaggers.
Also Read: <a href="https://www.editorji.com/business-news/markets/jpmorgan-upgrades-india-to-overweight-says-the-country-offers-the-strongest-emerging-market-1698379400077">JPMorgan upgrades India to 'overweight', says the country offers the strongest emerging market</a>
<h3>China's Fall</h3>
Goldman Sachs has downgraded Hong Kong-listed Chinese companies to market-weight and Hong Kong firms to underweight. Amid the ongoing pessimism regarding the stock market, the bank has downgraded its views on China equities several times this year.
As per Economic Times, in August, it cut the full-year earnings-per-share growth estimate for the MSCI China Index to 11% from 14%, and reduced the 12-month index target to 67 from 70. The gauge has lost nearly 3% since then.
However, the onshore China shares are still on Overweight category. The investment bank also mentioned sectors like Artificial Intelligence and Infrastructure migh have a good run. This as the sectors are closely related to China&rsquo;s rebalancing toward areas of higher productivity and greater self-sufficiency.
&ldquo;These &lsquo;alpha&rsquo; opportunities, which are more widely present in the onshore market, counterbalance the structural challenges of slowing growth stemming from the housing sector downturn, high debt levels, and adverse demographics,&rdquo; the strategists wrote
Meanwhile, referring to Asia Markets, the bank wrote the earnings are to be the main driver of returns as the valuations are generally are at fair levels.
&ldquo;With valuations generally at fair levels relative to the macro backdrop, we expect earnings to be the main driver of returns,&rdquo; strategists including Timothy Moe wrote in a note

Goldman managers have initiated the initial steps of the elimination process, drafting lists of potentially affected employees

Layoffs 2023: Goldman Sachs plans another round of layoffs; to let go underperformers

Goldman managers have initiated the initial steps of the elimination process, drafting lists of potentially affected employees

Goldman Sachs Group is preparing for a new wave of job cuts, with the goal of letting go of underperforming employees as early as next month. This move is part of the company's routine annual assessment of its staff, as reported by the Financial Times.
This year's reduction will fall within the lower end of Goldman Sachs' typical range, which is usually between 1% and 5% of its workforce.
In July, CEO David Solomon announced that the company, which had suspended job cuts during the pandemic, had resumed its standard practice of eliminating employees based on performance. He also hinted that a similar evaluation would take place again later in 2023. This assessment process is also essential for executives to make compensation decisions at the close of the financial year.
The initial steps of this elimination process have already begun, with Goldman managers drafting lists of employees who might face job cuts. However, the final numbers are still being determined, and as of now, there has been no official confirmation from a Goldman Sachs spokesperson regarding the planned job cuts.
Also Watch: <a href="https://www.editorji.com/business-news/goldman-sachs-to-layoff-125-managing-directors-globally-report-1687784699911">Goldman Sachs to layoff 125 Managing Directors globally: Report</a>

Goldman Sachs intensifies push for five-day office work, addressing employee resistance. Revenue teams back, non-revenue staff hesitant. Citigroup, JPMorgan also face attendance challenges

Goldman Sachs enforces 5-Day work week policy amid shifting norms

Goldman Sachs intensifies push for five-day office work, addressing employee resistance. Revenue teams back, non-revenue staff hesitant. Citigroup, JPMorgan also face attendance challenges

Goldman Sachs Group a prominent figure on Wall Street advocating for a return to in-office work, is intensifying its efforts to ensure compliance with its five-day-a-week office policy.&nbsp;
Despite the majority of revenue-generating employees having already transitioned back to full-time office work, the firm is grappling with employee reluctance, particularly among non-revenue-generating groups that constitute a significant portion of its workforce.
In response, the firm is rolling out a renewed campaign to reinforce its existing policy. Jacqueline Arthur, the Chief of Human Resources, clarified, &ldquo;While there is flexibility when needed, we are simply reminding our employees of our existing policy. We have continued to encourage employees to work in the office five days a week.&rdquo;
This move comes as peers such as Citigroup Inc. and JPMorgan Chase &amp; Co. actively monitor attendance and prompt managers to enforce their own guidelines for in-office presence, often set at three days a week. Citigroup even recently issued warnings that non-compliance with attendance policies could potentially impact pay. JPMorgan communicated in April that managing directors should commit to a daily commute throughout the work week.
The work-from-office tension reverberates across corporate America as numerous major companies grapple with the intricacies of enforcing more rigid workplace policies.
Despite the passage of time, the data indicates that attendance in ten of the largest US business districts still hovers at under 50% of pre-Covid levels, as reported by Kastle Systems. This figure remains relatively unchanged from the outset of 2023, showcasing the ongoing challenges firms face in reinstating traditional work patterns.

Amid deal slump, Goldman Sachs has started sacking managing directors globally in an effort to cut costs 

Goldman Sachs to layoff 125 Managing Directors globally: Report

Amid deal slump, Goldman Sachs has started sacking managing directors globally in an effort to cut costs&nbsp;

Goldman Sachs group has started to layoff its employees and is looking to let go about 125 Managing Directors globally. This, as the company is facing a slump in deals.
The Managing directors who would be affected include some in investment banking, as per Bloomberg. The report also mentioned that not all of the layoffs have happened yet. Goldman Sachs is reducing the headcount as part of cost-cutting efforts.
This would be the third layoff round undertaken by the company in less than a year. As per Bloomberg, Goldman Sachs and other banks had ramped up hiring in 2020 and 2021 amid a surge in M&amp;A and initial public offerings are now grappling with falling fees as dealmaking sputters.
The report also mentions that several veterans of Goldman Sachs have joined the company's rivals including Wells Fargo &amp; Co. and Banco Santander SA, Evercore Inc in the past one month.

In order to settle a class-action lawsuit accusing the bank of consistently underpaying women, Goldman Sachs has agreed to pay $215 million

Goldman settles gender discrimination suit for USD 215 million

In order to settle a class-action lawsuit accusing the bank of consistently underpaying women, Goldman Sachs has agreed to pay $215 million

Goldman Sachs will pay USD 215 million to settle a years-long class action lawsuit that claimed the bank discriminated against women when it came to pay, performance evaluations and promotions.
The lawsuit, initially filed in September 2010, was set to go to trial next month. The plaintiffs in the case are women who worked for Goldman as an associate or vice president in the US in the investment banking, investment management or securities divisions.
The settlement covers about 2,800 female associates and vice presidents in Goldman's investment banking, investment management and securities divisions.
&ldquo;My goal in this case has always been to support strong women on Wall Street. I am proud that the result we achieved here will advance gender equity,&rdquo; plaintiff Allison Gamba said in a prepared statement.
Aside from the payment, the settlement includes a three-year period during which Goldman will work with an independent expert to perform more analysis on its performance evaluation processes, as well as its process for promoting individuals from vice president to managing director.
It also requires an independent expert to conduct additional pay equity studies and for the New York City company to investigate and address any gender pay gaps where appropriate.
&ldquo;Goldman Sachs is proud of its long record of promoting and advancing women and remains committed to ensuring a diverse and inclusive workplace for all our people. After more than a decade of vigorous litigation, both parties have agreed to resolve this matter," said Jacqueline Arthur, Goldman Sachs global head of human capital management. "We will continue to focus on our people, our clients, and our business,&rdquo;

Goldman expects Paytm to achieve an adjusted EBITDA of $150 million by financial year 2025, one of the highest compared to other listed Indian internet companies, ahead of Zomato and Nykaa

Goldman Sachs backs Paytm; expects it to double in March quarter

Goldman Sachs backs Paytm; expects it to be profitable in March quarter

Paytm stock: buy or sell?

Goldman expects Paytm to achieve an adjusted EBITDA of $150 million by financial year 2025, one of the highest compared to other listed Indian internet companies, ahead of Zomato and Nykaa

One 97 Communications, popularly knows as Paytm, has been under pressure from investors to achieve profitability.&nbsp;
Goldman Sachs expects Paytm to report a strong third quarter, which will put it on track to achieve EBITDA profitability (before accounting for employee stock ownership plans costs) by the fourth quarter.&nbsp;&nbsp;
The global investment bank has reiterated a "Buy" rating on Paytm with a revised target price of Rs 1,120 against an earlier estimate of Rs 1,100.
The foreign brokerage sees risk-reward skewed to the upside for Paytm shares. Paytm&rsquo;s valuation multiples are at a discount to global peer group, for a growth outlook that is better or in-line with peer group, Goldman Sachs said. The stock of One 97 Communications, since its initial public offering in November 2021, has plunged by more than 65% to around Rs 537.&nbsp;

As risks of a U.S. recession looming and economic outlook worsens, Goldman Sachs is readying for a round of layoffs as soon as next week. 
The news comes after the bank in July reported that investment-banking revenues had declined by about 41% from the same period the previous year and warned it was slowing hiring. 
According to reports by reuters, the Wall Street giant typically trims about 1% to 5% of its staff each year, and the 2022 cuts will likely be in the lower end of that range. 
While Goldman Sachs is one of many to freeze hiring and layoff employees this year, JP Morgan already began cutting its staff in June and Morgan Stanley slashed investment bankers' pay by 21% in July. 

Goldman Sachs to layoff several hundred of its employees 

New-York based investment bank, Goldman Sachs to cut jobs 

Goldman Sachs to Cut Jobs 

Goldman Sachs is one of many to freeze hiring and layoff employees this year

As risks of a U.S. recession looms and economic outlook worsens, Goldman Sachs is readying for a round of layoffs as soon as next week.&nbsp;
The news comes after the bank in July reported that investment-banking revenues had declined by about 41% from the same period the previous year and warned it was slowing hiring.&nbsp;
According to reports by reuters, the Wall Street giant typically trims about 1% to 5% of its staff each year, and the 2022 cuts will likely be in the lower end of that range.&nbsp;
While Goldman Sachs is one of many to freeze hiring and layoff employees this year, JP Morgan already began cutting its staff in June and Morgan Stanley slashed investment bankers' pay by 21% in July.&nbsp;
Read More:- <a href="https://www.editorji.com/business-news/harsha-engineers-ipo-from-date-to-share-price-here-s-you-need-to-know-everything-1662966577568">Harsha Engineers IPO: from date to share price; here's you need to know everything</a>

Petrol prices have been unchanged for over 75 days but that is likely to change now. Global crude prices have surged to a 7 year high to levels last seen in October 2014. This adds pressure for oil retail companies to raise prices at the pump. 
Brent - the key global oil benchmark - soared to over $87 per barrel mostly due to rising geopolitical tensions and supply-side disturbances due to Yemen's Houthi group's attack on oil facilities in the United Arab Emirates. Also, global demand is rising as inventories are waning. Goldman Sachs is betting that crude oil prices will be back at $100 by September this year. Experts see cumulative hikes of Rs 2-3/litre in petrol prices as crude hits close to the $90/bbl mark. 
 

Petrol price hike coming? Crude oil prices surge, Goldman bets on $100

Petrol prices have been unchanged for over 75 days but that is likely to change now. Global crude prices have surged to a 7 year high to levels last seen in October 2014. This adds pressure for oil retail companies to raise prices at the pump. 

Petrol price hike coming? 

Experts see cumulative hikes of Rs 2-3/litre in petrol prices as crude hits close to the $90/bbl mark.&nbsp;

Petrol prices have been unchanged for over 75 days but that is likely to change now. Global crude prices have surged to a 7 year high to levels last seen in October 2014. This adds pressure for oil retail companies to raise prices at the pump.&nbsp; Also watch:&nbsp;<a title="Microsoft spends $69 billion to buy the creator of Call of Duty and Candy Crush" href="https://www.editorji.com/business-news/microsoft-spends-69-billion-to-buy-the-creator-of-call-of-duty-and-candy-crush-1642564816169">Microsoft spends $69 billion to buy the creator of Call of Duty and Candy Crush</a>
Brent - the key global oil benchmark - soared to over $87 per barrel mostly due to rising geopolitical tensions and supply-side disturbances due to Yemen's Houthi group's attack on oil facilities in the United Arab Emirates. Also, global demand is rising as inventories are waning. Goldman Sachs is betting that crude oil prices will be back at $100 by September this year.&nbsp; Experts see cumulative hikes of Rs 2-3/litre in petrol prices as crude hits close to the $90/bbl mark.&nbsp;
&nbsp;

Gold prices are down 5% so far this week, silver over 6% as the precious metals see the&nbsp;worst week in 9 months after hawkish comments from the Fed sent the dollar on a rally.&nbsp;The dollar jumped to a 2-month high as the Federal Reserve indicated earlier than anticipated rate hike. Prices in India were firmly below the Rs 47,000/10 gm mark which analysts believe will spark buying in the world's largest gold jewellery market.&nbsp;The price drop in the yellow metal may be temporary as per brokerage house Goldman Sachs who stated "In a now familiar pattern, the recent gold move has outpaced both the move in the dollar and in real rates, indicating it is due for an upward price reversal in coming weeks."

Gold prices slide 5%, Goldman says reversal is due so is it time to buy again?

Gold prices slide 5%, is the shine finally coming off or is it a good time to buy?

<ul>
<li>Gold prices slide after Fed's hawkish commentary on rates</li>
<li>Gold prices down 5% for th week, worst in 9 months</li>
<li>Dollar jumps on earlier rate hike talk, rises to 2-month high</li>
<li>Gold prices in India continue to trend below Rs 47,000/10gm mark</li>
<li>Goldman Sachs: Gold is&nbsp;due for an upward price reversal</li>
</ul>

Gold prices are down 5% so far this week, silver over 6% as the precious metals see the&nbsp;worst week in 9 months after hawkish comments from the Fed sent the dollar on a rally.&nbsp; The dollar jumped to a 2-month high as the Federal Reserve indicated earlier than anticipated rate hike. Prices in India were firmly below the Rs 47,000/10 gm mark which analysts believe will spark buying in the world's largest gold jewellery market.&nbsp; The price drop in the yellow metal may be temporary as per brokerage house Goldman Sachs who stated "In a now familiar pattern, the recent gold move has outpaced both the move in the dollar and in real rates, indicating it is due for an upward price reversal in coming weeks."

Goldman Sachs has downgraded India's growth targets for the coming year due to economic&nbsp;uncertainty&nbsp;from Covid&nbsp;resurgence . The Wall Street brokerage has cut the full year forecast to 10.5% from 10.9% earlier.&nbsp;The growth slowdown is hitting earnings and market outlook as well. Goldman Sachs expects Nifty to reach 16,300 by December, down from the earlier forecast of 16,500, which implies only about 14% upside in rupee terms.Earlier this week Nomura&nbsp;as well cut India's growth forecast from 12.5% to 11.5% and cited inflationary concerns on localised lockdowns.

Goldman Sachs, Nomura cut growth targets on Covid uncertainties 

Brokerages have started downgrading India's growth forecast as Covid&nbsp;cases continue to rise. Goldman Sachs lowers earnings and Nifty targets for the year as well.&nbsp;

<ul>
<li>Goldman Sachs lowers India GDP&nbsp;and Nifty targets for 2021&nbsp;</li>
<li>Goldman Sachs cuts growth forecast by 40 bps to 10.5% for 2021</li>
<li>Goldman Sachs revises Nifty year end target downwards to 16,300</li>
<li>Nomura&nbsp;lowers GDP&nbsp;forecast for India to 11.5%</li>
</ul>

Goldman Sachs has downgraded India's growth targets for the coming year due to economic&nbsp;uncertainty&nbsp;from Covid&nbsp;resurgence . The Wall Street brokerage has cut the full year forecast to 10.5% from 10.9% earlier.&nbsp; The growth slowdown is hitting earnings and market outlook as well. Goldman Sachs expects Nifty to reach 16,300 by December, down from the earlier forecast of 16,500, which implies only about 14% upside in rupee terms. Earlier this week Nomura&nbsp;as well cut India's growth forecast from 12.5% to 11.5% and cited inflationary concerns on localised lockdowns.

Food delivery app Swiggy is close to raising $800 million which will push up the valuation for the start-up from $3.6 bn to $5 bn. Swiggy co-founder and CEO informed employees in a letter that the latest fund raising was heavily over-subscribed.&nbsp;
In the latest round of funding&nbsp;&nbsp;Goldman Sachs, Amansa Capital along with 3 others will be&nbsp;joining as new investors. The fund raising comes just ahead of rival Zomato&rsquo;s proposed IPO plans.

Swiggy delivers hot valuation, worth $5 billion as Goldman, Amansa join in as investors

Food delivery app Swiggy is close to raising $800 million which will push up the valuation for the start-up from $3.6 bn to $5 bn. Swiggy co-founder and CEO informed employees in a letter that the latest fund raising was heavily over-subscribed.&nbsp;
In the latest round of funding&nbsp;&nbsp;Goldman Sachs, Amansa Capital along with 3 others will be&nbsp;joining as new investors. The fund raising comes just ahead of rival Zomato&rsquo;s proposed IPO plans.

Bloomberg&nbsp;reports that&nbsp;Goldman Sachs Group sold $10.5 billion worth of stocks in block trades on Friday.The spree block trade&nbsp;erased $35 billion from the values of bellwether stocks ranging from Chinese technology giants to U.S. media conglomerates.Most market analysts were stunned by the size of the record $10.5 bn block deals. Many remain uncertain ahead as questions on reason remain unanswered.&nbsp; With the identity of the main seller unknown Wall Street traders expressed concern and were quoted as saying " we don&rsquo;t have all the answers on whether this was the liquidation of just one fund or more than a fund, or whether it was a fund liquidation to begin with and the reason behind it,"

The $10.5 bn block deal on Wall Street from Goldman Sachs that wiped out $35 billion in value

It was a record spree of block deals as Goldman Sachs sold shares worth $10.5 billion on Friday. With the rationale unknown the block deals wipe out $35 billion in market value.&nbsp;

The $10.5 bn block deal on Wall Street that wiped out $35 billion in value

<ul>
<li>Goldman Sachs executes block deals worth $10.5 bn on Friday&nbsp;</li>
<li>Goldman sells stocks in&nbsp;Baidu Inc., Tencent Music among others&nbsp;</li>
<li>Goldman block deal led to crash in shares being sold</li>
<li>$10.5 billion block deal, wipes out $35 billion in value&nbsp;</li>
<li>Wall Street traders unsure of reason of sale or identity of main seller&nbsp;</li>
</ul>

Bloomberg&nbsp;reports that&nbsp;Goldman Sachs Group sold $10.5 billion worth of stocks in block trades on Friday. The spree block trade&nbsp;erased $35 billion from the values of bellwether stocks ranging from Chinese technology giants to U.S. media conglomerates. Most market analysts were stunned by the size of the record $10.5 bn block deals. Many remain uncertain ahead as questions on reason remain unanswered.&nbsp; With the identity of the main seller unknown Wall Street traders expressed concern and were quoted as saying " we don&rsquo;t have all the answers on whether this was the liquidation of just one fund or more than a fund, or whether it was a fund liquidation to begin with and the reason behind it,"

As per a Reuters report, Goldman Sachs has asked all but critical tech staff at it's Bengaluru&nbsp;office to resort back to work from home as cases in the city surge.&nbsp;Bengaluru reported 1,280 new infections on Tuesday, according to city data, and several sources at Goldman told Reuters that teams had been told to return to working from home ahead of an all-office townhall call.&nbsp;

Goldman Sachs sends staff back in Bengaluru as covid cases surge

Global financial giant Goldman Sachs resorts back to work from home for it's Bengaluru back office as cases surge in the city.&nbsp;

As per a Reuters report, Goldman Sachs has asked all but critical tech staff at it's Bengaluru&nbsp;office to resort back to work from home as cases in the city surge.&nbsp; Bengaluru reported 1,280 new infections on Tuesday, according to city data, and several sources at Goldman told Reuters that teams had been told to return to working from home ahead of an all-office townhall call.&nbsp;

Indian economy worst hit among major economies: Goldman Sachs

Goldman Sachs cuts its FY21&nbsp;GDP&nbsp;growth projection for&nbsp;India to -14.8%, worse than an earlier estimate of -11.8%

The Indian economy is the worst-hit among major economies, American brokerage Goldman Sachs said.
It sharply cut India's FY21 GDP forecast to contraction of 14.8%. It had earlier estimated that the economy&nbsp;would contract by 11.8%.
The estimate comes days after official data said the economy contracted by 23.9% for the June quarter.&nbsp;
It is now believed that the economy will contract 13.7% for the September quarter and 9.8% for the December quarter.

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