Prime Minister Narendra Modi launched the ‘Stand up India’ to support entrepreneurship among women and SC & ST communities. The market too will hope to stand up after the drubbing it received on Tuesday. The outlook is a flat to positive start. With monetary policy now behind us, market would be awaiting the release of March Nikkei Services PMI data. Asian markets are mixed with Nikkei trading higher. China's CSI300 is down while Hong Kong's Hang Seng and South Korea's Kospi are flat.
US stock indices declined for the second day running amid ongoing concerns about the sluggish global economic growth. In a speech at a German university, IMF MD Christine Lagarde called on nations across the globe to boost growth, warning that risks to global growth are rising.
The Dow Jones Industrial Average dropped 133.68 points, or 0.8%, to close at 17,603.32, after reaching a session low of 17,579.56. The blue-chip benchmark logged its worst one-day fall since Feb. 23, when it sank 189 points. The S&P 500 index fell by 20.96 points, or 1%, to end at 2,045.17, as the utilities sector slipped 1.9% and the financials sector dived 1.4%. Just before the close, the index reached a session low of 2,042.56. The Nasdaq Composite Index surrendered 47.86 points, or 1%, to settle at 4,843.93.
A gauge of service-sector activity suggested that first quarter US GDP growth might not be as bad as some had expected. The Institute for Supply Management (ISM) services index rose to 54.5 in March, up from 53.4 in February. Official data showed that the US trade deficit widened by a slightly greater margin than economists had expected in February, with the deficit climbing 2.6% to US$47.1 billion due to higher imports.
Allergan shares plunged nearly 15% after the US Treasury Department late on Monday announced new rules to curb corporate tax inversion that could complicate the Botox maker’s takeover by drug giant Pfizer.
Government is looking at ways to ensure transmission of monetary action on the ground as there is no silver bullet that can deal with the rate cut issue, Minister of State for Finance Jayant Sinha reportedly said.
Union Minister Arun Jaitley said the government plans to develop 25 regional airports, says report. Finance minister reported that it emphasised the need for having long-term funding for infrastructure.
Lenders have written to Kingfisher Airlines Chairman Vijay Mallya’s legal counsel and separately to Kingfisher Airlines offices in Bengaluru, rejecting their proposal to repay INR 4,000 crore loan, reports a business daily.
Swiss private equity fund Partners Group is in talks to sell domestic IT services company CSS Corp, according to reports.
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