From mint · Mayur Bhalerao · · 1m 20s
Pulse of the Street: Eight-week slide ends, but oil and earnings test recovery
Indian equities end eight-week slide but oil prices and earnings test recovery.
In brief
Indian equities end eight-week slide but oil prices and earnings test recovery. Indian equities broke an eight-week losing streak as Nifty rose 1.30% to 22,520.45, but elevated crude prices and tighter monetary policy leave rebound dependent on stronger earnings and easing global pressures. Originally reported by mint.
Equities snap losing streak
Indian equities broke an eight-week losing streak as Nifty rose 1.30% to 22,520.45.
Crude oil climbs above $100
Crude oil prices climbed above $100 a barrel as the central bank took a hawkish stance after a 25-basis-point rate hike.
RBI raises repo rate
The Reserve Bank of India's monetary policy committee raised the repo rate by 25 basis points to 5.50% for FY27 growth forecast of 7.1%.
Earnings test recovery
Tata Consultancy Services reported revenue of $7.64 billion but net profit fell 0.68% sequentially to $1.45 billion.
Sectoral performance
BSE Telecommunication gained 3.7% while realty and metals fell a little over 4% during the week.
Global market comparison
India outperformed peers but trailed stronger markets as Brazil's Ibovespa gained 7.3% and Japan's Nikkei 225 rose 1.1%.
Market recovery conditions
A combination of falling crude, easing inflation and improving foreign flows would offer the clearest signal of sustainable recovery.
The main idea
Indian equities broke an eight-week losing streak as Nifty rose 1.30% to 22,520.45, but elevated crude prices and tighter monetary policy leave rebound dependent on stronger earnings and easing global pressures.
