Weekly Wrap: GDP Growth Slips, Maharashtra Gets A Chief Minister, RIL’s New Record
The Indian economy slowed further in the three months ended September, as consumption failed to revive and private investment remained stagnant. GDP growth came in at 4.5 percent in the second quarter of the current fiscal compared to 5 percent in the preceding quarter, according to data released by the Central Statistics Office.
Maharashtra Suspense Ends
The oath-taking ceremony was attended by some high-profile names including billionaires Mukesh Ambani and Kumar Mangalam Birla.
RIL’s New Milestone
Reliance Industries, on Nov. 28, became India’s first company to cross Rs 10-lakh crore in market capitalisation.
The world’s largest refiner’s market value jumped to Rs 10 lakh crore from Rs 9 lakh crore in just 25 trading days. The journey from Rs 8 lakh crore to Rs 9 lakh crore had taken 284 sessions.
Indian Markets: Yet Another Short-Lived Record High
The Indian equity benchmark—the S&P BSE Sensex—extended gains for the fifth consecutive week, registering the longest stretch of weekly gains since first week of April. The 31-share index rose 1.08 percent this week, but closed lower from its all-time high of 41,163.79 that it hit on Nov. 28.
The NSE Nifty 50 closed higher this week after advancing 1.2 percent to end at 12,056. It, too, had hit a new milestone after touching a new all-time high at 12,158.80 on Nov. 28.
According to Kunal Rambhia, founder and fund manager at The Streets, the Nifty 50 Index may witness correction if it extends today’s decline. “The markets are witnessing profit booking today. If we see a decline on Monday too, the Nifty could be heading towards a 300-point correction,” he told BloombergQuint in an interaction.
Ten out of 11 sectoral gauges compiled by National Stock Exchange ended higher this week, led by the NSE Nifty PSU Bank Index’s 4.3 percent gain. On the flip side, the NSE Nifty Media Index was the only sectoral loser, down 7.3 percent.
How Broader Markets Fared
How Currencies Fared
The Indian rupee ended little changed against the U.S. dollar. The home currency depreciated marginally by 0.03 percent this week to end at 71.73 against the greenback.
Stories That You Might’ve Missed
- Cement prices fall for sixth straight month.
- Paytm gets $1 billion funding to defend its turf in India’s crowded payments market.
- Zee Entertainment’s Subhash Chandra resigns as Chairman. Two of three company’s directors, too, step down.
- 15th Finance Commission’s term extended, final report by October-end next year.
- Government increases authorised capital for Food Corporation of India.
- Debt-laden Air India will have to shut down if sale offer flops.
- HDFC Bank sets up panel to find MD Aditya Puri’s successor.
- Ambani in talks to sell news assets to Times Group.
- Government seeks Parliament nod for additional spending of Rs 21,246 crore In 2019-20.
- Aditya Birla Finance becomes first firm to list commercial paper on NSE.
- Manchester City owners buy majority stake in Mumbai City FC
- Trump signs Hong Kong Bill backing protesters, angering China.
- Hong Kong’s Pro-Democracy forces bolstered by huge election win.
Key Events To Watch Next Week
- Dec. 1: Automakers to report car sales data for the month of November 2019.
- Dec. 2: Markit India manufacturing PMI for November.
- Dec. 4: Markit India services PMI for November.
- Dec. 5: RBI monetary policy. Economists tracked by Bloomberg expect repo rate cut by 25 basis points.
- Dec. 5-31: Balance of Payment data for third quarter.