Opening Bell : Benchmarks likely to make negative start amid mixed global cues
Indian equity markets are likely to make negative start on Friday amid mixed global cues. Traders are likely to take cautious approach ahead US Federal Reserve Chair Jerome Powell’s speech. Additionally, ongoing selling by foreign portfolio investors (FPIs) could further dampen markets sentiments.
Some of the key factors to be watched:
GDP growth likely to be lower at 6.3% against RBI's estimate of 6.5% in FY26: SBI Research Report said that India's economic growth is expected to be lower at 6.3 per cent this fiscal compared to the RBI's projection of 6.5 per cent.
GoM on rate rationalisation accepts Centre's proposal of two-slab GST of 5%, 18%: The GoM of state ministers on GST rate rationalisation has accepted the Centre's proposal to move to a two-slab structure of 5 and 18 per cent.
India-Russia ties among steadiest of major relationships globally: External Affairs Minister S Jaishankar said that India and Russia have been among the steadiest of the major relationships in the world since the Second World War.
Sebi chief hints at regulated platform for pre-IPOs: Markets regulator Sebi chairperson Tuhin Kanta Pandey has suggested introducing a regulated platform for pre-IPO (initial public offering) share trading, potentially replacing existing grey market operations.
Need to take India's handloom, handicraft exports to new heights: Union Textiles Minister Giriraj Singh has stressed the need to scale up India's handloom and handicraft exports, saying efforts are underway to raise the monthly income of women artisans to at least Rs 15,000 to Rs 20,000 per month.
On the global front: The U.S. markets ended in red on Thursday, amid lingering uncertainty about the outlook for interest rates ahead of Federal Reserve Chair Jerome Powell's highly anticipated speech at the Jackson Hole Economic Symposium. Asian markets are trading mostly in green on Friday, despite the broadly negative cues from Wall Street overnight.
Back home, extending winning run to the sixth consecutive day, Indian equity benchmarks ended marginally higher on Thursday, led by gains in Healthcare, Realty and Industrials stocks. However, gains remained capped as investors stayed cautious ahead of the US Fed’s annual symposium for rate outlook cues. Finally, the BSE Sensex rose 142.87 points or 0.17% to 82,000.71 and the CNX Nifty was up by 33.20 points or 0.13% to 25,083.75.
Some of the important factors in trade:
India’s flash composite PMI surges to 65.2 in August: India’s private sector economy recorded its fastest growth since the start of survey data in December 2005, with the headline HSBC Flash India Composite PMI Output Index rising over four points to 65.2 from 61.1 in July, according to S&P Global.
Indian economy presents picture of strength, stability, opportunity: The Reserve Bank of India (RBI) Governor Sanjay Malhotra at the Monetary Policy Committee (MPC) meet said that Indian economy presents a picture of strength, stability, and opportunity. The RBI held MPC meet from August 4 to 6 while stressing that the monetary policy needs to remain watchful as uncertainties of US tariffs are still evolving.
EPFO records 13% growth in net addition to nearly 22 lakh members in June: The Labour Ministry in its latest payroll data has showed that retirement fund body Employees' Provident Fund Organisation's (EPFO) recorded a 13.46% year-on-year growth in net member addition of 21.89 lakh in June, marking the highest recorded addition since payroll data tracking began in April 2018.
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