Stock Market Today: The NSE IX’s GIFT Nifty traded 44 points, or 0.23 percent, higher at 19,358.50, indicating that Dalal Street will have a successful start on Wednesday. When immediate supports at 19300- 19250 are repeatedly tested and the strength to hold the highs is absent, this might finally lead to a bearish breakout of the supports. Strong resistance may be encountered on the upside from this point up around the 19450-19500 level. India VIX, a gauge of market apprehension, decreased 1.78% to close at 11.75 levels.
Rupee rebounds; Tokyo stocks opened lower
The US dollar declined from its high levels on Tuesday, while the rupee rebounded from its record lows to end the day 14 paise higher at 82.99 versus it. Following a rise in tech shares that petered out on Wednesday, US markets closed the day mostly flat. The larger Topix index down 0.39 percent, or 8.91 points, to 2,256.80, while the benchmark Nikkei 225 index was down 0.39 percent, or 123.04 points, at 31,733.67.
Stock Market Today: SBI sees India’s GDP growing 8.3% in April-June
According to Soumya Kanti Ghosh, group chief economic advisor at State Bank of India, the Indian economy may have expanded by 8.3 percent from April to June. She also expects growth to exceed the 6.5 percent anticipated by the government and Reserve Bank of India (RBI) for the entire year ending in March 2024.
“At SBI, we created a model using 30 high-frequency indicators called an Artificial Neural Network (ANN)…” We predict that the quarterly GDP growth for the Q1FY24 (April–June 2023) would be at 8.3 percent based on the ANN model, Ghosh stated in a report on August 22.
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