Persian Gulf tensions pushed crude prices near $100, weakening the rupee and causing the Sensex to plunge over 1,100 points mid-session. Despite initial losses, banking stocks rallied, aiding a partial recovery, while IT stocks crashed due to AI disruption fears. Foreign funds saw significant outflows.
The statistics ministry has released a uniform framework for district-level economic output estimates with a revised base year of 2022-23. This move aims to enhance consistency and comparability of economic data across all states and Union Territories. The guideline, incorporating stakeholder feedback, standardizes concepts, data sources, and methodologies for compiling Gross and Net District Domestic
The rupee weakened by 40 paise to 95.76 against the US dollar due to proposed US tariffs, rising crude oil prices, and foreign fund outflows. Escalating geopolitical tensions in West Asia also contributed to the decline, impacting investor sentiment. Market participants now await the Reserve Bank of India’s policy decision for further cues.
India’s economy is showing remarkable resilience amidst global challenges, driven by robust industrial and services sectors, strong demand, and improved corporate performance. RBI Deputy Governor Swaminathan highlighted the nation’s strong macroeconomic footing, with inflation within limits and manageable external risks.
US stocks saw a slight dip on Wednesday. Rising oil prices and tensions with Iran impacted the market. However, Wall Street stayed close to record levels. Investors are hopeful about the Strait of Hormuz reopening. Strong corporate earnings also provided support. Macy’s and GameStop reported positive results. Palo Alto Networks saw a decline despite a
