Stock Market Today: The pre-opening session has seen a slight decline in the price of benchmark indexes. The Nifty was down 42.50 points or 0.24% at 17,556.70, while the Sensex was down 65.74 points, or 0.11%, at 59,767.23.
UBS forecasts 5.5% Real GDP Growth for India in FY24
While the World Bank has reduced India’s prediction for GDP growth to 6.3 percent, the RBI has slightly raised its growth forecast for FY24 to 6.4 percent.
With a 5.5 percent real GDP growth prediction for FY24, UBS’s forecasts are below consensus in part because of anticipated tailwinds from consumer starting to normalise into FY24 and because there will be a lag effect of monetary tightening on consumption spending. Second, they think that because of demand uncertainty, global unpredictability, and the forthcoming 2025 elections, corporations will put off investing in or making capital expenditure plans for FY24. Jain emphasised that the possibility of a US recession might also have an effect on India’s growth.
Godrej Properties’ Q4 sales volumes up 19%, collections up 127% at Rs 3,822 crore
In area terms, Godrej Properties reported a 19% increase in sales volumes for the fourth quarter (QoQ), going from 4.42 million square feet to 5.25 million square feet.
In terms of area, the sales volumes for the entire fiscal year increased by 40%, from 10.84 million square feet to 15.21 million. Its Q4 FY23 revenue totaled Rs 3,822 crore, an increase of 127% on a quarter-over-quarter basis and 52% on an annual basis.
Stock Market Today: FII and DII
On April 6, according to preliminary data from the National Stock Exchange, domestic institutional investors (DII) sold shares worth Rs 997.08 crore, while foreign institutional investors (FII) purchased shares worth Rs 475.81 crore.
Oil edges higher on prospect of tighter supplies
The possibility of tighter supplies from OPEC+ producers starting in May helped to push up oil prices in early Asian trade on Monday, but worries over the future of the global economy restrained gains.
By 2356 GMT, Brent crude futures were up 13 cents, or 0.2%, to $85.25 per barrel, while U.S. West Texas Intermediate crude was up 14 cents, or 0.2%, to $80.84 per barrel.
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