Business News Highlights: India's GDP Grows By 7.8 Per Cent In April-June Period Of 2023-24
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Business News Highlights: Hello and welcome to ABP Live's Business LIVE blog. Please follow this space for all the breaking news and latest updates from the Stock Market, Economy, and corporate. Here are some important events will be keeping an eye on August 31.
India’s Macroeconomic Data
Some crucial economic data for India are expected to be released on August 31, including, India's first-quarter GDP growth, fiscal deficit and core sector output for the month of July.
After experiencing a decline for three consecutive quarters, the Gross Domestic Product (GDP) growth rate rebounded, reaching 6.1 per cent in the January-March period surpassing expectations. For the entire FY23, the growth rate came in at 7.2 per cent.
The Controller General of Accounts (CGA) is expected to post the fiscal deficit figures. The current fiscal deficit stood at Rs 4.51 lakh crore against the annual fiscal deficit target of Rs 17.87 lakh crore, in the first three months (April-June) of FY2023-24. For the first quarter of FY23 (2022-23), the fiscal deficit stood at 21.2 per cent of the Budget Estimates (BE). Notably, the fiscal deficit for the first quarter of the current fiscal year accounts for 25.3 percent of the full-year target of Rs 17.87 lakh crore.
Turning to the core sector, the output of eight key industries - coal, crude oil, steel, cement, electricity, fertilisers, refinery products, and natural gas - displayed a notable growth rate of 8.2 per cent in June, marking the highest growth in five months.
Additionally, the US unemployment rate for August month and Manufacturing PMI for the same period will also be released on Thursday.
Stock Market Ahead
On Wednesday, the equity markets closed with marginal gains after a range-bound session. The S&P BSE Sensex closed at 65,087, up 11 points or 0.02 per cent. On the other hand, the Nifty concluded the session at 19,347, up 5 points or 0.02 per cent.
Vinod Nair, Head of Research at Geojit Financial Services, in a note as per The Economic Times, said that in the early trading hours, positive sentiment propelled domestic equities, driven by softer US labor market data that caused a retreat in US bond yields. This development alleviated concerns about potential rate hikes. The positive outlook gained further support when Chinese banks opted to lower existing mortgage rates, which in turn had a favorable impact on Indian metal stocks.
However, as the day progressed, these gains were moderated, largely attributed to global market weakness stemming from lackluster economic data originating from Europe, Nair noted. This downturn had a particularly noticeable effect on banking stocks. On the other hand, mid- and small-cap segments exhibited resilience amid the evolving market dynamics.
Jateen Trivedi, VP Research Analyst at LKP Securities, as per the ET, said that Market participants were closely monitoring the data releases and subsequent market sentiment in order to anticipate potential movements in the dollar-rupee pair.
India's GDP Grows By 7.8 Per Cent In April-June Period Of 2023-24: NSO
India's GDP grew by 7.8 per cent in Q1 of 2023-24, compared to 13.1 per cent in the year-ago quarter, the highest in four quarters, according to NSO data on Thursday. The country's GDP had grown by 6.1 per cent in January-March and 13.1 per cent in April-June 2022. In 2022-23, the economy had expanded by 7.2 per cent.
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India's GDP Grows By 7.8 Per Cent In April-June Period Of 2023-24: NSO
India's GDP grew by 7.8 per cent in Q1 of 2023-24, compared to 13.1 per cent in the year-ago quarter, the highest in four quarters, according to NSO data on Thursday. The country's GDP had grown by 6.1 per cent in January-March and 13.1 per cent in April-June 2022. In 2022-23, the economy had expanded by 7.2 per cent.
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Eight Key Infrastructure Sectors' Growth Rises To 8% In July: Govt data
The growth of eight key infrastructure sectors has increased to 8 per cent in July 2023, up from 4.8 per cent in the same month last year, showed the government data on Thursday. As per the data from the Ministry of Commerce and Ministry, the April-July core sector growth stands at 6.4 per cent as against 11.5 per cent in April-July 2022.
Fiscal Deficit Widens To Rs 6.06 Lakh Crore At End-July, 33.9 Per Cent Of Full-Year Target: CGA data
During the April-July quarter of the financial year 2022-23, India's fiscal deficit reached Rs 6.06 lakh crore, widening 33.9 per cent of the fiscal year 2024 target. In the same period, India's capital expenditure amounted to Rs 3.17 lakh crore, representing 31.7 per cent of the fiscal year 2024 target.
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Closing Bell: Market Ends Winning Streak, Sensex Falls 256 Points, Nifty Around 19,250
The benchmark indices snapped a three-day winning streak and closed lower on August F&O expiry day, with the Nifty slipping below 19,300. At close, the Sensex slipped 256 points or 0.39 per cent at 64,831.41, and the Nifty down 93.70 points or 0.48 per cent at 19,253.80.
Among the top losers on the Nifty were Adani Enterprises, BPCL, Adani Ports, Eicher Motors, and Britannia Industries, while Maruti Suzuki, Cipla, HDFC Life, Titan Company, and Hindalco Industries emerged as gainers.
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