Sensex Today | Share Market Live Updates: Sensex, Nifty to start in red
Sensex Today | Share Market Updates: Infosys Ltd and HCL Technologies Ltd on Thursday said their 2023-24 revenue growth will be weaker than their earlier forecasts as their large foreign clients tighten purse strings amid economic uncertainties.
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Nifty IT tumbles over 2.5% to hit new 2024 low – here’s whyApril 16, 2024
India’s economy received a dual boost as retail inflation cooled in September, retreating within the central bank’s comfort zone. Simultaneously, factory output surged into double-digit growth territory in August, scaling a 14-month high, indicating an upswing in economic momentum.
The 10-year Treasury yield rose to 4.70% from 4.56% late Wednesday. The two-year Treasury yield, which more closely tracks expectations for the Fed, climbed to 5.07% from 4.99%.
Sensex Today Live: Retail inflation cools, factory output soars
India’s economy received a dual boost as retail inflation cooled in September, retreating within the central bank’s comfort zone. Simultaneously, factory output surged into double-digit growth territory in August, scaling a 14-month high, indicating an upswing in economic momentum.
Consumer Price Index (CPI)-based inflation eased for the second consecutive month in September to 5.02%, aided by a slower rise in vegetable prices, official data showed on Thursday. Separately, data from the statistics ministry showed factory output grew 10.3% in August, though in part, influenced by a statistical effect. (Read More)
Sensex Today Live | Share Market Updates: Infy, HCL cut FY24 growth forecast
Infosys Ltd and HCL Technologies Ltd on Thursday said their 2023-24 revenue growth will be weaker than their earlier forecasts as their large foreign clients tighten purse strings amid economic uncertainties.
With India’s largest tech services company, Tata Consultancy Services Ltd, already witnessing a revenue decline in the second quarter, this portends a depressing year for at least three of India’s Big Five tech companies.
Unlike TCS, both Infosys and HCL beat analyst’s estimates in the September quarter. However, analysts are worried about the companies’ outlook and management commentary for the second half of the year. (Read More)
Sensex Today Live | Share Market Updates: Wall Street falls as the vise tightens from rising yields in the bond market
U.S. stocks slipped Thursday after the clamps tightened on Wall Street from rising yields in the bond market.
The S&P 500 fell 27.34, or 0.6%, to 4,349.61. It was the first drop for the index in five days, breaking its longest winning streak since August.
The Dow Jones Industrial Average dropped 173.73 points, or 0.5%, to 33,631.14, and the Nasdaq composite sank 85.46, or 0.6%, to 13,574.22.
The stock market has largely been taking its cue from the bond market recently, and weak results announced in the afternoon for an auction of 30-year Treasury bonds sent yields higher on all kinds of Treasurys. Higher yields can knock down prices for stocks, all else equal, and slow the economy by making borrowing more expensive.
Yields had already been on the rise in the morning following a report that showed inflation at the consumer level was a touch higher last month than economists expected. That raises worries about the Federal Reserve keeping its main interest rate high for a long time, as it tries to drive down inflation.
The inflation report also had some encouraging nuggets for financial markets underneath the surface. (AP)
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