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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