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Rating agency CRISIL cut the gross domestic product (GDP) growth estimate for India by 0.2% for FY20.
The rating agency said that the cut to 6.9% from 7.1% comes amidst slowing global growth and weak monsoon recorded in the country in June.
Sluggish earnings for the first quarter was another contributing factor.
It added that core sectors’ contraction suggest that domestic demand has lowered, consumer economy and industrial sectors have slowed, while non-banking financial sector (NBFCs) has weakened and investments recorded low numbers.
Crisil has suggested that a near-term onus to stimulate growth would be on monetary policies. Further, the Reserve Bank (RBI) will have to work around policy rate cuts to achieve the country's growth target.