Q3 GDP, New SEBI Chief, MSCI Rebalancing Taking Effect — The Week That Was
From Tuhin Kanta Pandey's appointment as SEBI chief to India's GDP rising by 6.2% in Q3, here's a look at the top news of the week that went by.
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This week was eventful, with significant developments taking place that have an impact on the financial markets and on the policy front.
From the appointment of a new chairperson of the Securities and Exchange Board of India to the sequential uptick in country's gross domestic product growth — the week witnessed a strong news flow.
Here's a look at the key news stories of the week that went by:
India’s GDP Rose By 6.2%
India's economy experienced an acceleration in growth compared to the previous quarter.
The latest estimates from the government's statistical agency indicate that the gross domestic product increased by 6.2% year-over-year in the October-December quarter. This is in contrast to the revised growth rate of 5.6% seen in the July-September quarter.
For the full year, GDP growth is pegged at 6.5% as per the second advance estimates, compared to 6.4% as per the first advance estimates.
Fiscal Deficit At 74.5% Of FY25 Target
By the end of the first 10 months of the financial year 2024-25, the Union government's fiscal deficit reached 74.5% of the budgeted target.
Provisional data released on Friday by the Controller General of Accounts revealed that the gap between expenditure and revenue amounted to Rs 11.69 lakh crore from April to January, compared to the full-year target of Rs 15.69 lakh crore.
February Market Fallout
In February, Indian equity market faced a significant fall, with over 450 of the Nifty 500 stocks closing in the red.
The NSE Nifty 50 slumped for the fifth consecutive month — the longest losing streak since November 1996, dragging all sectoral indices into the negative territory. The index fell nearly 6% this month.
SEBI's New Chief
Tuhin Kanta Pandey, the finance and revenue secretary, has been appointed as the chairperson of the Securities and Exchange Board of India for a three-year term.
He replaces Madhabi Puri Buch, the first woman chairperson of the market regulator, after her tenure of three years. Buch's time at SEBI was characterised by almost 180 consultation papers and a plethora of market reforms.
MSCI February Rejig To Drive $1 Billion Inflow
A net passive inflow of up to $1 billion is expected as a result of MSCI Inc.'s February rejig, as per the data shared by IIFL Capital. The rebalancing came into effect at the close of market hours on Friday.
Hyundai Motor India Ltd. was the sole large-cap Indian stock added to the global standard index as part of the February review.
IndusInd Bank Ltd., Zomato Ltd., Varun Beverages Ltd., Mankind Pharma Ltd., Torrent Pharmaceuticals Ltd., Dixon Technologies (India) Ltd., PB Fintech Ltd., Adani Enterprises Ltd., and Voltas Ltd. were among the top weight increases in the February review.
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