The performance was much below the MC poll of 11 economists, which had pegged median growth at 6.5 percent
Of the 18 economists polled by Moneycontrol, just three predicted the possibility of a 25 bps rate cut in the October meeting of the Monetary Policy Committee
The numbers were higher than the previous month but lower than the GST mop-up in April
Food inflation risks persist, can hurt rural recovery, consumer goods growth and rate trajectory, economists said.
RBI will keep its key interest rate at 6.50% on February 8, according to Reuters experts, who expect the central bank to leave rates unchanged until at least July, a longer period than some developed market central banks.
Local vendors are selling onions at Rs 80 per kg. Mother Dairy was selling onions at Rs 54-56 per kg on Wednesday and now the rates have touched Rs 67 per kg.
Investors are juggling two competing themes in the market right now – that of an outlook of sky-high interest rates for an extended period of time, and that of a war with the potential to upend global geopolitics.
The NSE Nifty 50 index closed 0.71% lower at 19,671.10, while the S&P BSE Sensex fell 0.83% to 65,877.02.
Updated projections for the euro zone through 2025 are now the most crucial input as officials choose to either pause their unprecedented monetary-tightening campaign or lift the deposit rate to a record 4%.
Recent data showing signs of cooling inflation in the United States has raised expectations that the Federal Reserve was closer to ending its fastest rate hiking cycle since the 1980s.
Comex gold fluctuated within a narrow range as traders awaited the outcome of the Federal Reserve and the European Central Bank policy meetings.