Yesterday, Tuesday, Indian share markets finished in the green, continuing a positive streak. The BSE Sensex closed higher by 78 points to end at 31,924 while the broader NSE Nifty ended the day higher by 28 points to close above at 10,017. Among BSE sectoral indices, power stocks rose the most by 0.9%, followed by infrastructure stocks 0.8%. Lupin and Power Grid Corp were among the top gainers.
Top Stocks in Action Today
Tata Motors is set to be in focus today as its subsidiary Jaguar Land Rover India registered a growth of 45 per cent in volume for the first nine months of the calendar year 2017. With 2,942 units sold during this period, Jaguar Land Rover India reported this massive jump, buoyed by a new and competitively priced model range, increased retailer footprint and enhanced service and brand experience programmes for consumers.
Almost all the model lines of Jaguar Land Rover, including the XE, XF, F-PACE, Discovery Sport and Range Rover Evoque witnessed high demand during the period. Sales also surged for the high-end Range Rover Sport and the flagship of the Land Rover brand, the Range Rover.
Coal India share price is likely to be in focus today after the company signed a wage agreement with workers’ unions for a period of five years which would have an estimated impact of Rs 56.7 billion annually to the miner. Every five years, all central workmen unions negotiate with the management for a salary hike through a series of meetings. Validity of the last pay hike expired on June 31 last year.
IMF and World Bank Cut India’s GDP Estimates
In another hit to the country’s GDP growth potential, the World Bank reduced India GDP growth forecast to 7% for 2017-18 from 7.2% earlier.
In the June quarter of 2017-18, the Indian economy decelerated to 5.7%, lowest since the economy grew at 5.3% in the March quarter of 2013-14. This meant that after remaining the world’s fastest-growing region for eight consecutive quarters, South Asia has slipped to the third position behind East Asia and the Pacific regions, as India’s economy slowed to its lowest level in 13 quarters.