The markets on Thursday opened mixed with Sensex at 62,613.82, down by 8.42 points and Nifty was at 18,536.35 with a gain of 1.95 points. Tech Mahindra, TCS, HDFC, Wipro and HCL Tech were the top gainers whereas Tata Motors, Nestle, Reliance, Bajaj Finance and Mahindra and Mahindra were the top losers.
GDP and Fiscal deficit
According to the Ministry of Statistics and Programme Implementation, India's Gross Domestic Product growth rate rose for the first time in three quarters to 6.1 per cent in January-March. The statistics ministry has also pegged the GDP growth for 2022-23 as a whole at 7.2 percent. This is 20 basis points higher than the second advance estimate of 7 per cent.
Data released by the Controller General of Accounts on Wednesday showed that the central government has met its fiscal deficit target of 6.4 per cent of GDP for 2022-23.
Markets on Wednesday
Hit by weak global cues, Indian stock market indices ended their winning streak after four days as Sensex lost 347 points to end the day at 62,613. Nifty also fell to 18,550 points after remaining above 18,600 for days, as Indian markets mirrored Asian peers. Data on China's economy also dampened positivity in the market, while nine out of 13 sectors in India were in the red.
Global markets
As the deal to raise the federal debt ceiling was heading for voting the stocks on Wall Street closed lower on Wednesday. The Nasdaq Composite fell by 82.14 points to 12,935.29, S&P 500 dropped to 4,179.83 while the Dow Jones Industrial Average lost 134.51 points at 32,908.27.
With the US House of Representatives passing the bill to suspend the $31.4 trillion debt ceiling the Asian stock markets on Thursday were trading mixed. Singapore's SGX Nifty saw a drop of 60 points at 18,604 and South Korea's KOSPI was comparatively flat with a fall of 6.19 points at 2,570.93. However, Japan's Nikkei 225 rose by 100.79 points at 30,988.67 and Hong Kong's Hang Seng jumped to 18,335.93 with a gain of 101.66 points.
Oil prices
Oil prices on Thursday were lower for the third straight session as data indicated unexpected build in US crude stocks last week. THis triggered fear of oversupply amidst weaker Chinese demand. Brent crude futures went down by 40 cents to $72.20 per barrel and US West Texas Intermediate crude was at $67.70 per barrel with a loss of 39 cents.
Rupee
Indian rupee on Thursday opened higher at 82.47 per dollar against Wednesday's close of 82.72.
