Share markets in India are presently trading marginally lower. Sectoral indices are trading on a mixed note with stocks in the realty sector and capital goods sector witnessing maximum selling pressure. IT stocks are trading in the green.
The BSE Sensex is trading down 110 points (down 0.4%) and the NSE Nifty is trading down by 57 points (down 0.6%). The BSE Mid Cap index is trading down by 1.2%, while the BSE Small Cap index is trading down by 1%. The rupee is trading at 64.33 to the US$.
In the news from initial public offer (IPO) space… The IPO of IRB InvIT got listed at Rs 103.25 on Indian bourses today.
This was the first infrastructure investment trust to get listed and had been oversubscribed 8.57 times.
During the IPO period, the institutional investor quota was oversubscribed 10.81 times and the other investor quota 5.89 times. The IPO was sold in the price band of Rs 100-102.
In the news from global financial markets, Japan’s economy grew at the fastest pace in a year in the first quarter.
Japan’s economy grew at an annualised 2.2% in January-March 2017, Cabinet Office data showed on Thursday. This exceeded the median market forecast for a 1.7% rise and posted the fastest growth rate since January-March 2016.
As per the data, the economy is witnessing comfortable growth driven by both domestic and external demand. The economy has shown signs of growth with exports and factory output benefiting from a pick-up in overseas demand.
However, consumer prices are barely rising as companies remain wary of increasing wages. This has kept the Bank of Japan (BOJ) under pressure to maintain its massive stimulus despite signs of strength in the economy.
While the above developments look good, there remain many issues that can hamper Japan’s economic growth. The economy is flooded with excessive money printing…too much debt…too much government intervention…too much stock market manipulation, etc.
