As expected, the gross domestic product (GDP) growth fell sharply in the June quarter, but the big picture is it is seen going north in the coming quarters, thanks to recent government measures. Globally, an over 3 per cent fall in oil prices dented markets, while at home, the Annual General Meeting of Reliance Industries due at 11 AM will hog the limelight.
Below is the wrap-up of this and more updates that will make or mar the market in Thursday's session:
- Economy lost sheen in Q1: Economic growth slowed sharply in the June quarter, putting the government's target further out of reach and raising concerns that the country will create too few jobs for a burgeoning workforce. Figures released by the Statistics Office on Wednesday showed GDP grew by 7.1 per cent in the June quarter, the weakest in five quarters and down from 7.9 per cent in the preceding three months.
- Year-end Sensex target at 28,800: Global financial services major Citigroup has maintained year-end Sensex target at 28,800 amid expected rise in interest rates by the US Federal Reserve. The US-based firm also said it expects "domestic fundamentals (corporate earnings) to drive markets in the medium term and would use any consolidation post-Fed as an opportunity to buy".
- RIL AGM: Annual General Meeting (AGM) of Reliance Industries is the major talking points of the day, where RIL Chief Mukesh Ambani is expected to give an update on Reliance Jio's 4G launch and signal culmination of the $42-billion capex cycle it had earmarked for its other businesses three years ago.
- Oil prices sink below $45 overnight: Brent crude futures sank below $45 per barrel overnight, but added 0.2 per cent to $47.00 today. US crude added 0.3 per cent to $44.83 after shedding 3.6 per cent on Wednesday.
- Global markets sink: Taking lead from lower closing on the Wall Street, Asian shares dipped in today's session as markets waited to see if US employment data could put the Federal Reserve on track to hike interest rates.
- US private employer data upbeat: A payrolls processor on Wednesday showed US private employers added 177,000 jobs in August, above economists' forecasts and supporting expectations for Friday's closely watched US payrolls report to be strong. An upbeat payrolls report would support the view that further US rate hikes may be on the cards, after Fed officials sounded a hawkish note at a meeting last weekend.