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Indian economy predicted to grow at a faster-than-expected 6.7% this fiscal year: Reuters poll

BENGALURU, Oct 27 (Reuters) – The Indian economy will grow slightly faster than previously expected this fiscal year, a Reuters poll showed, as economists raised their forecasts for a second straight month following a surprise 7.8% expansion in the April to June quarter. That unexpected boost, along with a cut to the country’s Goods and Services Tax (GST) timed around the festive season to spur consumer demand, has led most economists in the October 15-24 survey to revise up their full-year forecasts from last month or leave them unchanged. While a punitive 50% tariff levied by the U.S. on Indian

Stock markets rise for 3rd day, Sensex jumps 484.53 pts on gains in banking, oil shares

Mumbai, Oct 17 (PTI) Benchmark Sensex spurted by 484 points and Nifty closed above 25,700 on Friday, extending their winning run to the third consecutive day on buying in blue-chip banking and oil shares and foreign fund inflows. In a volatile session, the 30-share BSE Sensex jumped 484.53 points or 0.58 per cent to settle at 83,952.19. During the day, it surged 704.58 points or 0.84 per cent to 84,172.24. The 50-share NSE Nifty climbed 124.55 points or 0.49 per cent to 25,709.85. Among Sensex firms, Asian Paints jumped the most by 4.18 per cent. Mahindra & Mahindra, Bharti Airtel,

Rupee falls 6 paise to close at 88.02 against US dollar

Mumbai, Oct 17 (PTI) The rupee pared initial gains and settled for the day lower by 6 paise at 88.02 against the US dollar on Friday, weighed down by trade tensions and global uncertainties. Forex traders said renewed foreign fund inflows and lower crude oil prices boosted investor sentiment further and restricted the downfall. At the interbank foreign exchange, the rupee opened below the 88-mark at 87.91 against the greenback, and touched an intraday high of 87.75. The domestic unit also touched the intra-day low of 88.09 before ending at 88.02 against the dollar, registering a fall of 6 paise

RBI’s gold pile tops $100 billion on surging bullion prices

MUMBAI, Oct 17 (Reuters) – India’s gold reserves crossed the $100 billion mark for the first time, according to the RBI (Reserve Bank of India’s) latest foreign exchange reserves data, buoyed by a global price rally even as the central bank’s purchases slowed sharply this year. India’s gold holdings rose by $3.595 billion to $102.365 billion in the week through October 10, RBI data showed on Friday, while overall foreign exchange reserves declined $2.18 billion to $697.784 billion. The share of gold in India’s total reserves climbed to 14.7%, the highest since 1996-97, according to traders. Gold’s share in India’s

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