Indian Indices Fall, UN Raises GDP Forecast And Top Stocks In Action

On Tuesday, share markets in India opened in red and ended on a weak note.

The BSE Sensex closed lower by 228 points to end at 33,227 while the broader NSE Nifty ended the day lower by 82 points to close at 10,240.

Among BSE sectoral indices, realty index fell the most by 1.6%, followed by power stocks at 1.3%. Cipla and Coal India were among the top losers.

Top Stocks in Action Today

Reliance Industries share price is likely to be in focus today after the company said it is weighing an initial public offering (IPO) of mobile operator Reliance Jio Infocomm Ltd, after a $31 billion investment spree that shook-up the country’s wireless market.

Dr Reddy’s share price (RDY) is among the stocks to watch today as the company received an establishment inspection report (EIR) from the US Food and Drug Administration (USFDA).

The company received the establishment inspection report (EIR) for its for its formulations manufacturing plant-3 in Hyderabad.

As per USFDA, after the completion of an inspection of a facility, an EIR is issued to a company detailing inspection findings.

UN Pegs India’s GDP Growth at 7.2%

A report by United Nations predicts that India’s economy is likely to expand by 7.2% in 2018 and go up further to 7.4% in the following year, on the back of strong private consumption, public investment and the ongoing structural reforms.

On India, the report has projected a positive outlook despite the slowdown early this year and the lingering effects of demonetisation.

Interestingly, many economists and global research firms alike have predicted India’s GDP growth on very similar lines. Global financial services conglomerate Goldman Sachs sees a bounce back in India’s GDP growth to 7.6% in the current financial year, and to 8% in FY19, a huge jump from a three-year low GDP growth a quarter ago. After upgrading India’s sovereign rating by a notch after a gap of almost 14 years, despite an economic slowdown in recent quarters and an expected rise in debt levels, Moody’s predicts a rebound in India’s growth to 7.5% in 2018-19.