This comes as India’s goods exports have been under pressure for the better part of the year due to weak demand from the western countries. Demand slowdown in China, battling a major property sector crisis, has also contributed to the slowdown.
Jio Financial Services continued its downward rally for the fourth day straight and hit 5 per cent lower circuit. The stock was locked at Rs 213.45 in the lower circuit today.
Before the outflow, FPIs were incessantly buying Indian equities in the last six months from March to August and brought in Rs 1.74 lakh crore during the period.
Gold price jumped Rs 500 to Rs 60,650 per 10 grams in the national capital on Wednesday amid strong global cues in international markets, according to HDFC Securities.
The move seems to be aimed at promoting domestic manufacturing, and probably targeted at China since more than 75 per cent of India’s total $ 5.33 billion imports of laptops and personal computers in 2022-23 was from the neighbouring country.
Anurag Thakur said that DA for central government employees has been hiked to 46 per cent from 42 per cent, and the hike will be implemented from July 1, 2023.
Arguing against this, India along with the G-33 grouping, a coalition of developing countries, and African nations is seeking a permanent solution for domestic food security that would give them the flexibility to give out higher farm support.
Metal stocks were the top gainers today, as APL Apollo, Hindustan Copper led the rally.
The Reserve Bank on Thursday enhanced the upper limit of an offline payment transaction to Rs 500 from the existing Rs 200 to promote the use of UPI-Lite wallet in areas where internet connectivity is weak or not available.
Shaktikanta Das also exuded confidence that the Indian banking system is well placed to support the country’s growth story in the years to come.