Quick Summary
Moody's and Fitch expressed positive views on India's economic prospects re-affirming India's 'BBB-' rating with a
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stable outlook on strong growth and fiscal credibility. The agency has raised India's GDP growth forecasts to 7.2% for 2024 and 6.6% for 2025. Fitch also projects 7.2% growth this fiscal year and 6.5% for FY26.
External members of the RBI's MPC suggested keeping headline inflation as the target for monetary policy rather than switching to core inflation, highlighting that headline inflation captures the overall price pressures including volatile items like food and fuel.
The Cabinet approved the Unified Pension Scheme, which combines the features of the Old Pension Scheme and the New Pension Scheme. The middle path is aimed at giving assured pensions to employees while holding on to fiscal prudence. The UPS is expected to put an additional burden of INR 62.5 billion on the exchequer per year.
Finance Minister said that the Government accords high priority to the much-awaited structural overhaul of the comprehensive Indirect Tax, adding that the rationalisation of the GST rates and change in slabs are on the discussion table.
The latest data by the Agriculture Ministry shows that the sowing of kharif crops was up 1.9% YoY with an area of 106.5 million hectares being brought under cultivation i.e., 97% of the normal sown area.
The Union Cabinet has approved the development of 12 Industrial Smart Cities under the National Industrial Corridor Development Programme. The cabinet also allowed the expansion of the Agricultural Infrastructure Fund, announced 3 new railway projects & granted equity support for hydropower development in North-Eastern states, aimed at boosting infrastructure and employment opportunities.
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Federal Reserve Chair endorsed an imminent start to interest rate cuts, saying further cooling in the job market would
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be unwelcome & expressed confidence that inflation is within reach of the US Central Bank's 2% target.
Oilfields in eastern Libya were closed as production and exports halted, after a flare-up in tension over the leadership of the Central Bank. Libya accounts for ~1% of the total global supply of crude.
US consumer confidence rose to a 6-month high in August amid optimism over the economic outlook, but Americans are increasingly anxious about the labour market after the unemployment rate jumped to nearly a 3-year high of 4.3% last month.
China's industrial profits grew faster in July buoyed by high-tech manufacturing, even as sluggish domestic demand weighed on the recovery, in the world's 2nd largest economy.
Bank of Japan’s Deputy Governor reiterated the Central Bank's stance that it would continue to raise interest rates if inflation stayed on course, while also closely monitoring financial market conditions.
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The benchmark indices opened slightly positive amid positive cues from the US market. The market remained range-bound,
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continuing to move in a positive direction at a steady pace. The move was supported by the positive indications around the September rate cut, strong Domestic Macros and healthy DII and FII Inflows. We expect indices to continue their momentum, given India's rating being maintained globally and a strong medium-term growth outlook.
During the week Sensex gained 1.58% to close at 82365.77 while Nifty moved up 1.66% to close at 24823.15
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10-Year Government Bond yields opened lower, tracking lower UST. The yields continued to remain flat for most of the
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week with a bias towards softening, reflecting the global trend. Investors are looking towards the release of domestic economic data for further cues.
The 10Y benchmark G-Sec was trading at a yield of 6.98% on August 30, 2024 at 16:01 IST
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Crude oil prices gained sharply supported by supply concerns from Libya and the Middle East and the expected increase in
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demand, following the rate cuts in the US. The mixed cues from the increasing supply and demand concerns led to unpredictable movement in the prices.
Brent was trading at $78.84 on August 30, 2024 at 16:13 IST
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Gold prices opened on a strong note amid rising expectations of a US rate cut and weak USD. Gold prices continued to
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move upwards and held steady as investors looked for the US inflation data release to provide further cues on the Fed rate cut.
Gold was trading at $2551.30 Per Ounce on August 30, 2024 at 16:15 IST
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The USD/INR pair opened slightly positive but traded flat through the week with a downward bias. Healthy FII inflows and
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strong domestic macros supported the Rupee. The upside was limited due to the Dovish US policy commentary and the uncertainty around crude prices. The RBI will intervene if any sharp movement occurs in the pair ensuring that the relative range trading environment remains in place.
USD/INR was trading at 83.84 on August 30, 2024 at 16:13 IST
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82365.77
1.58 %
During the week Sensex gained 1.58 % to close at 82365.77 while Nifty moved up 1.66 % to close at 24823.15
6.98 %
The 10Y benchmark G-Sec was trading at a yield of 6.98 % on August 30, 2024 at 16:01 IST