Market LIVE: Domestic equity market benchmarks Sensex and Nifty ended over half a per cent after the government presented the Economic Survey in the parliament. The investors tracked the Economic Survey 2020 which has estimated that India’s GDP will grow at 6-6.5 per cent in the financial year 2020-21. The S&P BSE Sensex ended 176 points or 0.43 per cent lower at 40,736.84 points, while the broader Nifty 50 index settled below the crucial 12000-mark, at 11,962 points. Kotak Mahindra Bank was the top gainer on the index with a 3.87 per cent gain at Rs 1,691, followed by SBI, IndusInd Bank, Bharti Airtel, Tech Mahindra. Conversely, ONGC was the top laggard on the Sensex, which fell 5.80 per cent to Rs 108.9, followed by Power Grid, HCL Tech, TCS and Tata Steel.
The Nifty sectoral indices traded mixed in today’s trade. The Nifty IT index was the top loser dragged by Just Dial, HCL Tech, TCS and Wipro. Similarly, the Nifty Auto index also ended 95 points lower, weighed down by Tata Motors, Motherson Suni Systems, and Apollo Tyres. However, Nifty Realty index gained the most with Brigade Enterprises, Indiabulls Real Estate and Mahindra Lifespace Developers as the top gainers.
In the broader markets, S&P BSE MidCap index dropped 93.36 points or 0.60 per cent to 15,463 points, while S&P BSE SmallCap index closed at 15,230 points, down 37 points or 0.25 per cent.
The government’s efforts to drive ‘Make in India’ to success have not yet reflected in the country’s industrial output growth. India’s Index of Industrial Production (IIP) growth is expected to fall to 2 per cent in the current financial year 2019-20, said FICCI in its Economic Outlook Survey. “The participating economists have put forth a median growth forecast for IIP at 2 per cent for the year 2019-20, with a minimum and maximum range of 0.4 per cent and 4.0 per cent respectively,” the survey said. The new IIP estimate for this fiscal year is half of India’s industrial production growth at 4.4 per cent in the previous FY18.
Highlights
Domestic equity market benchmarks Sensex and Nifty ended over half a per cent after the government presented the Economic Survey in the parliament. The investors tracked the Economic Survey 2020 which has estimated that India’s GDP will grow at 6-6.5 per cent in the financial year 2020-21. The S&P BSE Sensex ended 176 points or 0.43 per cent lower at 40,736.84 points, while the broader Nifty 50 index settled below the crucial 12000-mark, at 11,962 points.
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S&P BSE Sensex ended 209 points or 0.51 per cent lower at 40,704 points, while the broader Nifty 50 index settled below the crucial 12000-mark, at 11,962 points.
State Bank of India share price rose 3.5 per cent to Rs 321.60 apiece on BSE to hit day’s high after the bank announced its December quarterly earnings. The bank has posted a net profit of Rs 5583 crore in the third quarter ended December 31. The bank had reported a net profit of 3954.81 crore in the corresponding period of the previous year.
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The government needs to relax the fiscal gap target for FY20 to boost growth, according to the economic survey 2020 tabled by the government in the Parliament on Friday. The FY21 is expected to pose challenges on the fiscal front, the Economic Survey also said, adding that the government needs to announce counter-cyclical measures to boost growth.
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Economic Survey 2020 India: Ahead of Union Budget 2020, Finance Minister Nirmala Sitharaman today presented the Economic Survey in the parliament where it is estimated that the country’s GDP will grow at 6-6.5 per cent in the next fiscal year FY21. It also said that the next fiscal year is expected to pose challenges to the economy on the fiscal front.
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Share price of Kotak Mahindra Bank jumped by more than 4% on Friday morning after the Reserve Bank of India (RBI) accepted the bank’s proposal to reduce promoters’ shareholding in the bank to 26% from the current 29.96%. This settles the long-pending dispute between the lender and the RBI. The scrip was trading at Rs 1,694 in early trade.
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Amid the global economic growth slowdown, Coronavirus scare further threatens to bring down the global demand, said an investment advisor. Considering the ongoing negative impact of US-Iran tussle, the Coronavirus concern may further weaken the Indian equity indices, Rajesh Chereuvu, Chief Investment Officer, Validus Wealth, told Ashish Pandey of Financial Express Online.
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Gold prices inched lower on Friday even as concerns over coronavirus and its impact on the economy weighed the investor sentiment. On MCX, gold April futures were trading Rs 376 or 0.92 per cent lower at Rs 40,697 per 10 grams, while silver March futures were trading at Rs 46,384, down Rs 530 or 1.13 per cent on Friday.
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Domestic benchmark indices opened higher on Friday tracking Asian markets which regained on hopes that China could contain the coronavirus. A slew of events such as presentation of Economic Survey, the announcement of GDP numbers, results of some index heavyweights, Union Budget and auto sales numbers for January, likely to keep the investors on edge in the trade today.
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The longest-serving chairman of Bajaj Auto and a vocal and a frank voice of India Inc on matters related to both politics and economics, Rahul Bajaj, will step down from executive role to become a non-executive director while continuing to hold his current position, the company said on Thursday.
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The coronavirus, widely known as China virus, has finally hit the Indian shores with the first case surfacing today. The news is devastating as this virus outbreak is also believed to be an economy-killer, apart from its capability to quickly transmit into larger masses and affect them. As the Indian economy started to show the green shoots of economic revival, a possibility of a virus outbreak may disturb the markets once again.
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Even As Indian gems and jewellery exports are struggling to meet the $40-billion-mark that was achieved last fiscal, the Union commerce ministry has chalked out strategies to achieve $80 billion worth of exports in the next five years through setting up common facility centres across the country that will move gems and jewellery up the value chain, especially in designs. This will create wider market access across the globe, crucial to take India towards a $ 5-trillion economy.
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The government’s efforts to drive ‘Make in India’ to success have not yet reflected in the country’s industrial output growth. India’s Index of Industrial Production (IIP) growth is expected to fall to 2 per cent in the current financial year 2019-20, said FICCI in its Economic Outlook Survey.
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