India's growth has also outpaced its Asian peers, with the domestic economy speeding towards growth of 7.6% in fiscal 2024, the fastest among large economies
The Sensex fell 736 points, or 1.01 per cent, to close at 72,012
FMCG growth is tied to semi-urban and rural demand. Metro and large city demand is almost saturated. Growth comes from smaller places
Among sectoral indices, IT fell by 1.61 per cent, FMCG dipped 1.02 per cent, technology by 0.89 per cent, capital goods by 0.37 per cent and consumer durables by 0.36 per cent
In the latest bi-monthly policy review held earlier this month, the Reserve Bank of India's six-member panel decided to leave the key policy rate unchanged at 6.5 per cent for the sixth time in a row
Calls are growing for investors to consider picking up undervalued Chinese stocks, with market veterans such as Mark Mobius growing more optimistic due to valuations and improving return ratios
Benchmark equity indices recovered their previous day's losses and closed nearly 1 per cent higher on Wednesday amid robust buying in HDFC Bank and Reliance Industries. Investors are eyeing the two important events lined up ahead -- the interim budget and the US Fed interest rate decision -- to derive further cues from. Reclaiming all the early lost ground, the 30-share BSE Sensex jumped 612.21 points or 0.86 per cent to settle at 71,752.11. During the day, it zoomed 711.49 points or 1 per cent to 71,851.39. The Nifty climbed 203.60 points or 0.95 per cent to 21,725.70. "Nifty bounced back from a weak start and closed with gains of 204 points at 21,726 levels. Global markets will keenly await the US Fed's commentary on the rate cut timeline. On the domestic front, investor's focus will be on the Budget," said Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd. Among the Sensex firms, Sun Pharma, Tata Motors, State Bank of India, Mahindra & Mahindra, ..
Fino Payments Bank on Wednesday reported a 19 per cent rise in net profit to Rs 22.8 crore in the December quarter. The Navi Mumbai-headquartered entity had reported a net profit of Rs 19.1 crore in the year-ago period. Its overall revenues grew 18 per cent to Rs 370.2 crore from Rs 314.1 crore in the year-ago period, a statement said. The revenues in the September quarter were Rs 358.6 crore. The operating profit grew 30 per cent to Rs 50.5 crore during the quarter, largely on the back of operating costs growth being curtailed at 16 per cent. The bank saw a 36.5 per cent jump in throughput at Rs 2.55 lakh crore during the December quarter, while the number of transactions was up 74 per cent at 149.2 crore. The Fino Payments Bank scrip gained 1.3 per cent to close at Rs 331.2 apiece on the BSE on Wednesday, as against gains of 0.86 per cent on the benchmark.
This is due to a relatively poor showing by top banking stocks on the exchanges in recent months. Analysts attribute this to the prospects of their muted earnings growth in the next few quarters
The upmove in intra-day trade followed sharp gains in the US markets, particularly technology stocks. However, the tech-heavy Nasdaq index, which gained 2.2 per cent on Monday, saw reversing gains
Railtel, YES Bank, Vodafone Idea, and BHEL rose 2-6 per cent
Active largecap funds post improved performance in 2023, mid and smallcaps stumble
The Fed hinted at a pivot in its December policy, and signalled three potential rate cuts totalling 75 bps in 2024
Bharti Airtel, Wipro, HCLTech, Tech Mahindra, Tata Consultancy Services and Maruti were among the gainers
Most global markets traded mixed as traders eyed key events such as talks between the US and China and the release of US inflation data
Fund managers expect active funds to regain the edge 'once the froth settles'
The 30-share BSE Sensex ended 0.02 per cent or 11.43 points higher at 65,087.25 points, marking its third straight day of gains
Only five companies launched their IPOs in the first five months of 2023
While the trend looks fragile, key supports are continuing to bolster the up move
During its uninterrupted winning streak between May 2021 and October 2021, the Sensex had added 22.8 per cent (11,125 points)