The share markets in the country opened under pressure with a marginal decline on Friday amid weakness in global markets, while investors remained cautious ahead of the GDP data scheduled to be released later in the day.
The Reserve Bank of India's Monetary Policy Committee (MPC) could consider reducing policy rates further if upcoming GDP data comes in lower than expectations and the US Federal Reserve begins aggressive rate cuts due to a weaker labour market, according to a report by HSBC Mutual Fund.
"All in all, given the global environment, our economy is doing quite well," the CEA told reporters at a virtual press conference, soon after the GDP data for 2024-25 and January-March were released.
The Reserve Bank of India (RBI) is expected to maintain its policy rate during its upcoming meeting next week, as GDP growth slowed significantly in the second quarter of FY25. However, the likelihood of a rate cut in February has increased, according to a report by HDFC Bank.
Stock indices in India edged higher Friday, the last trading session of the week, as the investors closely watch out for July-September quarter GDP data to be released later today.
Secretary to the Department of Economic Affairs, Ajay Seth, on Wednesday asserted that the government doesn't see any significant downside risks on economic growth, despite a slight slowdown and an uptick in inflation.
Going ahead, the government will release GDP figures at 4 pm instead of the earlier convention of 5.30 pm, the Ministry of Statistics and Programme Implementation said in a statement Friday.
As the Indian government prepares to release its GDP data for the first quarter (April-June) of FY 2024-25 on Friday, the expectations are mixed amid various economic factors.
Indian stock markets geared up for a dynamic performance in the coming week, influenced by a multitude of factors including earning reports, GDP data in euro zone and global market trends.
Indian stock indices were steady Thursday morning, with investors bracing for October-December quarterly GDP data slated to be released later in the day.