1:30 pm Macro outlook:
The high point of the Budget for 2016-17 was its adherence to the road map for fiscal consolidation by fixing the fiscal deficit at 3.5 percent of the gross domestic product (GDP).
Speaking to CNBC-TV18, Taimur Baig of Deutsche Bank said there is still a lot of work to be done in revitalising the economy.
India’s debt-to-GDP is high, he said, adding that it is a challenging road ahead for India.
The Goods and Services Tax Bill which has been hanging fire owing to Congress’ stalling tactics, will hopefully see the light of day. It is just a matter of time before Rajya Sabha in which the BJP is in a minority falls in line, said Taimur.
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The market is very volatile with the Nifty hovering around 7800. The 50-share index is up 24.90 points or 0.3 percent at 7808.30 and the Sensex is up 98.36 points or 0.4 percent at 25498.08. About 1054 shares have advanced, 1255 shares declined, and 201 shares are unchanged.
Adani Ports, ONGC, ITC, BHEL and HDFC are top gainers while Lupin, Cipla, ICICI Bank, Tata Steel and Bharti Airtel are losers in the Sensex.
Nearly 50,000 employees of five associate banks of State Bank of India have gone on a day-long nationwide strike today to protest the proposed merger with their parent bank.
The employees of all the associate banks of SBI are protesting under the banner of All India Bank Employees Association.
Brent crude powered back above USD 49 a barrel in Asia as oil prices resumed their rise after the dollar eased and militants blew up another pipeline in African producer Nigeria.
A rally that pushed oil prices to a series of 2016 highs since last week had taken a breather over the past two days after minutes of an April meeting showed that the US Fed kept the door open to raising interest rates in June, sending the dollar higher.