Indian equities witnessed a week of strength as benchmark Nifty posted a weekly gain of 1.39% at the end of the week. among the indices, Metal (3.58%) and Auto (3.36%) indices ended the week on the winning side. On the other hand, Media stocks witnessed continuation of selling pressure during the week sending the sectoral index to 1.21% lower.
India’s CPI inflation has come in higher at 5.5% for the month of November from 4.62% a month earlier on the back of staggering rise in food inflation, which rose to 10.01% in November from 7.80% in October.
India’s IIP has fallen to 3.80% in October, however it has recovered a bit as compared to that of September, which came at 4.3%. The IIP fell for the third time in a row amid economic slowdown.
Global rating agency S&P has maintained India’s sovereign rating at BBB-, which is the lowest investment grade rating. The agency also warned of cutting India’s rating if economic slowdown is not arrested.
Asian Development Bank has reduced India’s GDP growth to 5.10% for Financial Year 2019 from 6.50% in its earlier estimate.
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