India’s growth rate projected at 6.3% in FY23 & FY24: IMF
The International Monetary Fund’s (IMF) World Economic Outlook for October 2023 predicts that India’s economic growth rate will remain stable at 6.3% for both fiscal year 2023 (FY23) and fiscal year 2024. This represents a positive adjustment of 0.2 percentage points for FY23, which is attributed to stronger-than-expected consumption during the April-June period.
However, the growth rate for emerging and developing countries in Asia is expected to increase from 4.5% in 2022 to 5.2% in 2023, with a slight dip to 4.8% in 2024. These figures reflect downward revisions of 0.1 and 0.2 percentage points for 2023 and 2024, respectively, compared to the previous projections from July. One of the key reasons for this revision is the reduced growth forecast for China. China’s growth prediction has been lowered by 0.2 percentage points for 2023 and by 0.3 percentage points for 2024, now projected at 5.0% in 2023 and 4.2% in 2024.
On the home front, the Reserve Bank of India (RBI) has set its expectations for the Consumer Price Index (CPI)-based inflation at 5.4% for the current fiscal year. Additionally, the RBI envisions the GDP growth rate to be slightly higher than the IMF’s projection, placing it at 6.5%.
source : fibre 2 fashion news
Nifty 50, Sensex today: What to expect from stock market indices in trade on October 16
The Indian stock market indices are likely to start the week with a relatively flat opening, following weak global cues. In the previous trading session on Friday, the Indian equity indices closed in the red, primarily due to selling pressure on major index-heavy stocks. The Sensex lost 125.65 points, representing a 0.19% decline, to finish at 66,282.74, while the Nifty 50 ended 42.95 points lower, marking a 0.22% decrease, at 19,751.05.
On the daily chart, the Nifty 50 formed a long bullish candle with an upper shadow.
From a technical standpoint, this market movement indicates the emergence of buying support around the 19,650 level and the establishment of resistance near 19,800. The positive chart pattern, characterized by higher highs and higher lows, remains intact according to the daily chart. The lowest point reached on Friday, at 19,635, can be considered a new higher low within this pattern. Furthermore, Nifty is positioned above the daily support levels of the 10 and 20 period Exponential Moving Averages (EMA), located around 19,680.
According to Nagaraj Shetti, a Technical Research Analyst at HDFC Securities, the short-term trend for Nifty remains positive.
NIFTY 50
On the weekly chart, Nifty has formed a substantial bullish candle at its recent lows, following a hammer candle pattern from the previous week.
“The bulls successfully defended the 19,600 level throughout the day, thanks in part to a significant increase in open interest (OI) at the 19,600 strike price by put writers. As long as the index remains above 19,600, the market’s strength is likely to persist. Only a decisive drop below 19,600 could trigger substantial profit-taking in the market. Until then, it’s advisable to adopt a ‘buy on dips’ strategy,” explained Rupak De, Senior Technical Analyst at LKP Securities.
Regarding potential resistance levels, he identifies 19,850 as a point of resistance, and beyond that, if it surpasses 19,850, the index may advance toward the 20,000 mark.
BANK NIFTY
The Bank Nifty index concluded Friday’s trading session with a decline of 311 points, closing at 44,288.
Kunal Shah, a Senior Technical & Derivative Analyst at LKP Securities, observed an ongoing struggle between bullish and bearish forces within the Bank Nifty index. He pointed out that there is a resistance barrier at the 44,700 level, and a support base at 44,000. As long as the critical support at 44,000 remains unbroken, the prevailing market sentiment maintains a bullish outlook. However, Shah cautioned that should this support level be breached, confirmed by a closing basis, it could lead to renewed selling pressure.
Shah also highlighted a significant resistance point at 45,000 on the upside, and he believes that a breakthrough beyond this level has the potential to trigger substantial short-covering in the market.
The views and recommendations made above are those of individual analysts or broking companies,We advise investors to check with certified experts before taking any investment decisions.
source : livemint
TCS may grow in single digits this fiscal year: CEO K Krithivasan
According to TCS CEO K Krithivasan, the company may experience growth in “very moderate single digits” for the current fiscal year, which has presented significant challenges for the IT services industry due to slowing global demand.
TCS might be on track for its slowest annual growth ever, especially given the “very muted” performance in the first two quarters and the anticipated seasonally weak next two quarters for the entire sector, as noted by Krithivasan in an interview with ET. TCS recorded a decline in dollar revenue for the current quarter, the first time since 2019. When asked if this would be the slowest growth in TCS history, Krithivasan mentioned the uncertain outlook and stated that it depends on factors like sentiment. He emphasized that TCS has secured significant deal wins and remains attentive to opportunities in the current circumstances.
Regarding TCS’s restructuring efforts, Krithivasan highlighted their aim to ensure that TCS can offer its best solutions to clients across various industry verticals, irrespective of their size or existing relationship with TCS. He stated that this approach has been well-received by both employees and clients, indicating that it could benefit TCS in the medium to long term.
When asked about the Israel-Gaza conflict and its impact on client sentiment, Krithivasan expressed concern for the human tragedy involved. From a business perspective, TCS has focused on ensuring the safety of its associates and maintaining business continuity for ongoing projects. He also mentioned that while the direct impact from the region is limited, secondary effects such as rising oil prices and global geopolitical consequences could have an impact.
source : the economic times