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GDP shrinks: Rupee slides:  Fiscal deficit at new high

Oil prices rise in India ..crosses Rs 100 mark in Mumbai today.

Markets started the week on a firm note and gained nearly a percent, in continuation to the prevailing trend. Markets will react to the GDP data in early trade on Tuesday i.e. June 1. Besides, participants would keep a close watch on auto sales figures. Meanwhile, the last leg of earnings season is also expected to induce stock-specific volatility. Some states have announced relaxation in restrictions and we expect further easing in the coming weeks. Amid all this, we reiterate our bullish yet cautious stance on markets and suggest aligning the positions according to the prevailing uptrend.

India FY21 GDP at -7.3%; Q4FY21 GDP at 1.6%

Indian economy grew -7.3 percent in the fiscal year 2020-21, the provisional full-year Gross Domestic Product (GDP) data released by the government showed on Monday. In February, the Centre had pegged real GDP to shrink eight percent in FY21. A CNBC-TV18 poll had estimated the GDP at -7.5 percent. The National Statistical Office (NSO) released the GDP growth estimates for the fourth quarter (January-March) 2020-21, as well as the provisional annual estimates for the year 2020-21. Indian economy had recorded an 11-year low GDP growth rate of four percent in 2019-20, down from the previous 6.5 percent.

Market At Close | Here are the highlights from today’s mIndian benchmark equity indices continued their uptrend on May 31 with the Nifty hitting a fresh record high ahead of the Q4 GDP data due for release this evening. Nifty rose for the seventh consecutive session reaching and closing at fresh record highs. It has closed the month of May with a 6.5 percent gain almost matching the February gains. The contribution to this rise was broad-based on May 31. The overall advance-decline ratio was also mildly positive. 15,635 is the next resistance for the Nifty while 154,70 is the support.arket session

– Nifty Records Closing High For 3rd Straight Session

– Sensex, Nifty & Nifty Bank Gain 1% Each, Midcap Index Underperforms

– Reliance Top Contributor For 2nd Straight Day, Lifts Nifty By 44 Points

– ICICI Bank Contributes Over 50% To Nifty Bank, Lift The Index By 260 Points

– Sensex Rises 515 Points To 51,937 & Nifty 147 Points To 15,583

– Nifty Bank Gains 385 Points To 35,527 & Midcap Index 80 Points To 25,775

– Market Breadth Favours Advances; Advance-Decline Ratio At 4:5

– Metal Stocks Rise On MS Report Of Price Hike; JSW Steel Up 3%, Tata Steel Up 2%

– M&M Slips Over 4% As Company Announces Higher Capex Plan

– Divi’s Moves Nearly 2% Higher On A Strong Set Of Q4 Earnings

– RIL Up 10% In Two Sessions Ahead Of Payment For First Call Of Rights Issue

– ITC Closes With A gain Over 1% Ahead of Q4 Earnings; Rev Seen Up 125 YoY

– Aurobindo Pharma Falls 2% On Lower-than-estimated Earnings

– Manappuram & Muthoot Fin Continue To Gain On Rising Gold Prices

– PNB HSG Fin Hits Upper Circuit On Carlyle-grp Invsts & Becoming Promoter

Rupee At Close | The Indian rupee erased intraday gains to end near the day’s low at 72.62 per dollar. The local currency opened higher at 72.39 per dollar against Friday’s close of 72.43 and traded in the range of 72.34-72.65.

Fiscal deficit for 2020-21 at 9.3 pc of GDP: CGA

The fiscal deficit for 2020-21 was at 9.3 percent of the gross domestic product (GDP), lower than 9.5 percent estimated by the Finance Ministry in the revised Budget estimates, according to the CGA data. In absolute terms, the fiscal deficit works out to be Rs 18,21,461 crore. For this financial year, the government had initially pegged the fiscal deficit at Rs 7.96 lakh crore or 3.5 percent of the GDP in the budget presented in February 2020. The government in the revised estimates in the Budget for 2021-22 forecast a higher fiscal deficit of 9.5 percent of the GDP or Rs 18,48,655 crore for the fiscal ended in March due to a rise in expenditure on account of the outbreak of COVID-19 and moderation in revenue during this fiscal year. The fiscal deficit had soared to a high of 4.6 percent of the Gross Domestic Product (GDP) in 2019-20, mainly due to poor revenue realization.

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