OTAKUBAY

Equity benchmark indices Sensex and Nifty continued their dream run today, reaching record high levels in early trade, driven by foreign fund inflows and optimism in the US markets. Buying in index majors Reliance Industries and HDFC Bank also helped the markets maintain their winning momentum. Rallying for the fifth day running, the 30-share BSE Sensex climbed 293.59 points to reach its new all-time intra-day peak of 67,088.73 in early trade. The NSE Nifty gained 80.3 points to hit record intra-day high of 19,829.55. From the Sensex pack, NTPC, IndusInd Bank, Infosys, Power Grid, Tech Mahindra, Wipro, Reliance Industries and HDFC Bank were the biggest gainers. IndusInd Bank quoted nearly 2 per cent higher after the company on Tuesday reported 30 per cent jump in consolidated net profit for April-June at Rs 2,124.50 crore, helped by core income growth and lower bad loan provisions. Maruti, Mahindra & Mahindra, Asian Paints, Tata Consultancy Services, Bharti Airtel and Nestle w

The Asian Development Bank (ADB) on Wednesday retained India's economic growth forecast at 6.4 per cent for the current financial year and 6.7 per cent for the next, saying robust domestic demand will continue to support the region's recovery. In an update to its Asian Development Outlook, the ADB said inflation is expected to continue to fall, approaching pre-pandemic levels as fuel and food prices decline. It forecast 3.6 per cent inflation this year for developing economies in Asia, and 3.4 per cent in 2024. The Indian economy grew 7.2 per cent in the 2022-23 fiscal ended March 2023. "Asia and the Pacific continues to recover from the pandemic at a steady pace," ADB Chief Economist Albert Park said. "Domestic demand and services activity are driving growth, while many economies are also benefiting from a strong recovery in tourism. However, industrial activity and exports remain weak, and the outlook for global growth and demand next year has worsened, Par

The Asian Development Bank (ADB) on Wednesday retained India's economic growth forecast at 6.4 per cent for the current financial year and 6.7 per cent for the next, saying robust domestic demand will continue to support the region's recovery. In an update to its Asian Development Outlook, the ADB said inflation is expected to continue to fall, approaching pre-pandemic levels as fuel and food prices decline. It forecast 3.6 per cent inflation this year for developing economies in Asia, and 3.4 per cent in 2024. The Indian economy grew 7.2 per cent in the 2022-23 fiscal ended March 2023. "Asia and the Pacific continues to recover from the pandemic at a steady pace," ADB Chief Economist Albert Park said. "Domestic demand and services activity are driving growth, while many economies are also benefiting from a strong recovery in tourism. However, industrial activity and exports remain weak, and the outlook for global growth and demand next year has worsened, Par

G20 finance ministers on Tuesday discussed strategies to implement strategies for overhauling the global tax norms to ensure that multinational companies pay taxes wherever they operate. The two-day G20 finance ministers and central bank governors meeting being held under India's Presidency also discussed ways to help low and middle-income countries reeling under huge debt burden. The meeting, chaired by Finance Minister Nirmala Sitharaman, invited views on the way forward in international taxation with regard to the implementation of measures to check tax evasion. "Finance Ministers and Governors were also invited to discuss strategies for capacity building to support the implementation of 'Two Pillar Solution' and enhancing global #taxtransparency under #G20India Presidency," the Finance Ministry tweeted. The proposed two-pillar solution consists of two components, including the reallocation of multinational companies' additional share of profit to the m

G20 finance ministers on Tuesday discussed strategies to implement strategies for overhauling the global tax norms to ensure that multinational companies pay taxes wherever they operate. The two-day G20 finance ministers and central bank governors meeting being held under India's Presidency also discussed ways to help low and middle-income countries reeling under huge debt burden. The meeting, chaired by Finance Minister Nirmala Sitharaman, invited views on the way forward in international taxation with regard to the implementation of measures to check tax evasion. "Finance Ministers and Governors were also invited to discuss strategies for capacity building to support the implementation of 'Two Pillar Solution' and enhancing global #taxtransparency under #G20India Presidency," the Finance Ministry tweeted. The proposed two-pillar solution consists of two components, including the reallocation of multinational companies' additional share of profit to the m

All India Bank Officers' Confederation (AIBOC), the body of bank officers in the country, on Tuesday, said state-run lenders are in "real danger of privatisation" despite playing a crucial role in closing the economic divide in society. On the occasion of the 55th Bank Nationalisation Day in India on Wednesday, the Guwahati-headquartered body said public sector banks (PSBs) have played an important role in promoting financial inclusion and mobilising savings since the nationalisation of the lenders in 1969. "Public Sector Banks are in real danger of privatisation. It is an ideological conflict that can be overcome by supporting the alternative ideology that prioritises the welfare of a larger human population," AIBOC general secretary Rupam Roy said. Since their nationalisation, these PSBs have been channeling funds to vital sectors such as agriculture, small and medium-sized enterprises (SMEs), education, and infrastructure among others, he added. "The

All India Bank Officers' Confederation (AIBOC), the body of bank officers in the country, on Tuesday, said state-run lenders are in "real danger of privatisation" despite playing a crucial role in closing the economic divide in society. On the occasion of the 55th Bank Nationalisation Day in India on Wednesday, the Guwahati-headquartered body said public sector banks (PSBs) have played an important role in promoting financial inclusion and mobilising savings since the nationalisation of the lenders in 1969. "Public Sector Banks are in real danger of privatisation. It is an ideological conflict that can be overcome by supporting the alternative ideology that prioritises the welfare of a larger human population," AIBOC general secretary Rupam Roy said. Since their nationalisation, these PSBs have been channeling funds to vital sectors such as agriculture, small and medium-sized enterprises (SMEs), education, and infrastructure among others, he added. "The

Equity benchmark indices Sensex and Nifty continued their record-breaking rally on Tuesday, reaching new all-time high levels in early trade, amid fresh foreign fund inflows and buying in banking counters. A positive trend in the US markets on Monday also contributed to the domestic benchmark indices optimism. The 30-share BSE Sensex jumped 395.57 points to reach its record intra-day peak of 66,985.50. The NSE Nifty climbed 99.8 points to hit its all-time high of 19,811.25. From the Sensex pack, IndusInd Bank, Axis Bank, HDFC Bank, ICICI Bank, Infosys, Hindustan Unilever, Maruti and Asian Paints were among the biggest gainers. Bharti Airtel, Tech Mahindra, Titan, UltraTech Cement, Tata Consultancy Services and Tata Steel were among the laggards. In Asian markets, Tokyo quoted in the green, while Seoul and Shanghai were trading lower. The US markets ended in the positive territory on Monday. Foreign Institutional Investors (FIIs) continued their buying activity as they bought equ

Equity benchmark indices Sensex and Nifty continued their record-breaking rally on Tuesday, reaching new all-time high levels in early trade, amid fresh foreign fund inflows and buying in banking counters. A positive trend in the US markets on Monday also contributed to the domestic benchmark indices optimism. The 30-share BSE Sensex jumped 395.57 points to reach its record intra-day peak of 66,985.50. The NSE Nifty climbed 99.8 points to hit its all-time high of 19,811.25. From the Sensex pack, IndusInd Bank, Axis Bank, HDFC Bank, ICICI Bank, Infosys, Hindustan Unilever, Maruti and Asian Paints were among the biggest gainers. Bharti Airtel, Tech Mahindra, Titan, UltraTech Cement, Tata Consultancy Services and Tata Steel were among the laggards. In Asian markets, Tokyo quoted in the green, while Seoul and Shanghai were trading lower. The US markets ended in the positive territory on Monday. Foreign Institutional Investors (FIIs) continued their buying activity as they bought equ