India’s Economic Highlights and Stock Market Weekly Data

Stock Market Weekly Data

In this week’s quick take on India’s financial landscape, we bring you the latest updates on the country’s economic developments, including stock market trends and important government decisions. We’ll also delve into the market data for the week, shedding light on how Indian and international markets are faring.

Economic Highlights

1. Forex Reserves Surge: India’s foreign exchange reserves witnessed a remarkable increase of $1.15 billion, reaching a total of $585.89 billion for the week ending on October 13. This uptick indicates a strengthened financial position for the country.
2. Smartphone Shipments: Despite a 3% year-on-year decline, India saw the shipment of 43 million smartphones in the July-August-September quarter. Samsung led the pack in smartphone shipments, followed closely by Xiaomi.
3. GST Evasion Detected: The Finance Ministry uncovered a significant GST evasion of Rs 1.36 lakh crore in the current financial year, emphasizing the government’s commitment to tax compliance.
4. Google’s Production Plans: Google has announced its intention to contract manufacture its Pixel smartphones in India, a move expected to materialize in the coming year. This move could bolster the ‘Make in India’ initiative and further the growth of the country’s tech manufacturing sector.
5. Laptop and Tablet Imports: The Indian government has granted the green light for restriction-free imports of laptops and tablets, which will undoubtedly benefit consumers and businesses alike.
6. Bonus for Railway Employees: The Union Cabinet has approved a Productivity Linked Bonus for eligible railway employees, providing them with a bonus equivalent to 78 days’ pay.
7. Tax Adjustments: The Finance Ministry made adjustments to taxes in the oil and fuel sector. The windfall tax on crude oil was reduced to Rs 9,050 per tonne, export diesel duty to Rs 4 per liter, and the tariff on jet fuel was lowered to Rs 1 per liter.
8. Rice Exports: The Indian government permitted exports of 10.35 lakh tonnes of non-basmati white rice to seven countries, including Nepal, Cameroon, and Malaysia.
9. MSP Increase: To support farmers, the government approved a 2 to 7% increase in the Minimum Support Prices for mandated Rabi crops.
10. Dearness Allowance Hike: The government increased the dearness allowance for central government employees and dearness relief for pensioners from 42% to 46%.
11. Wedding Season Business: The Confederation of All India Traders (CAIT) forecasts a bustling wedding season in India, with an estimated 35 lakh weddings and business worth Rs 4.25 lakh crore expected.
12. Auto Sector Growth: Passenger vehicle wholesales in India rose to 10.74 lakh units in the July-September quarter, marking a 4.7% year-on-year increase and the highest quarterly sales.
13. Deflation Persists: Wholesale inflation in India remained in the negative territory for the sixth consecutive month, standing at -0.26% in September.
14. Battery PLI Scheme: The government is considering the introduction of another production-linked incentive (PLI) scheme, this time targeting the battery industry. This could promote local battery manufacturing and support the electric vehicle market.
15. Box Office Success: The total box-office collection for the first nine months of 2023 reached Rs 8,798 crore. The year is expected to set a new record with over Rs 12,000 crore in total collections, as projected by Ormax Media.

Market Data

Now, let’s take a look at how the stock markets performed this week:

• SENSEX: The SENSEX closed at 65,397.62, experiencing a 1.34% decline compared to the previous week.
• NIFTY: The NIFTY ended the week at 19,542.65, reflecting a 1.06% drop.
• GOLD: The price of gold rose by 2.93%, reaching Rs 60,470 per 10 grams.
• SILVER: Similarly, the price of silver increased by 2.18%, hitting Rs 72,100 per kilogram.
• DOW JONES: The Dow Jones in the United States registered a 1.50% decrease, closing at 33,127.28.
• NASDAQ: The NASDAQ experienced a more significant decline of 4.35%, ending the week at 12,983.81.

In summary, the Indian economy continues to witness notable developments, and the stock markets exhibit fluctuations in line with global trends. It is essential to keep an eye on these updates to make informed decisions in both financial and investment matters.

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