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The US market’s reaction to the Fitch sovereign rating downgrade was a faint shadow of 2011’s Black Monday. But it appears to have rattled the Indian stock market more. Here’s why
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Arya said that India has one of the best demographics in the world, but in order to take advantage of this dividend, the country needs to increase the participation of women in the workforce, which, at 24 percent, is much lower than the global average.
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In downgrading the US rating, only the second-ever by a major ratings agency, Fitch pointed to a ballooning government debt burden and an "erosion of governance" manifesting in repeated debt limit gridlocks.
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The government today said that downgrading of the US sovereign rating is unlikely to have a significant impact on India's exports and the global economy.
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The chief of Standard & Poor's will step down next month, to be replaced by a senior Citibank executive, in a move announced a few weeks after the credit rating agency downgraded US government debt and sparked a row with Washington.
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Indian real estate sector, hammered by worries like rising interest rate and higher inventory burden can throw up some opportunity for home buyers while triggering a slow down in commercial real estate activities.
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Ratings agency S&P's downgrade of the US was on expected lines considering events that preceded it and there is no need to panic over the development, the Indian Banks Association said today.
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In an exclusive interview with CNBC-TV18's Shereen Bhan, Bimal Jalan, former Reserve Bank Governor and Rajiv Kumar, secretary general of Federation of Indian Chambers of Commerce and Industry (FICCI) discuss the implications of this downgrade.
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Amit Dalal, Executive Director, Tata Investment Corporation Ltd, in an interview with CNBC-TV18's Latha Venkatesh and Gautam Broker, said this is a far better investment scenario than it was a couple of months ago.
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The rupee fell to its lowest in 11 weeks on Tuesday, extending losses to as much as 2.9% over six sessions, on heightened worries about foreign fund outflows as investors fled risky assets across markets.
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Girish Pai of Centrum Broking said the domestic market has not yet reached a capitulation point and it has not entered the panic territory yet.
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In an interview to CNBC-TV18, Pankaj Vaish, MD, head of markets of Citi, South Asia said, the markets will be in a deep trouble, if the Nifty falls below 4,800. Valuations, he said, will look decent at 4,750-4,800. According to him, the Indian markets cannot rally, until there is global clarity.
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The global economy stumbled deeper into crisis as stock markets slumped further in Asia on Tuesday, with investors losing confidence that the United States and Europe can rein in their debt burdens quickly and avert a double-dip recession.
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Rakesh Jhunjhunwala, one of the most powerful voices in Indian market system, says the long-term story of India is not lost. Speaking to CNBC-TV18, Jhunjhunwala said he sees double-digit growth in next 3-4 years.
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They didn't just shoot the messenger, they tried to riddle the messenger with bullets. The Treasury and the White House over the weekend did everything they could to attack the credibility and integrity of Standard & Poor's.
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China is still nursing a hangover from its 2008 stimulus spending spree and may be reluctant to kick off another big round, leaving less potent options on the table should the global economy tilt toward a cliff.
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Siddharth Bhamre of Angel Broking said the market trend is downward and this is not a time to do bottom fishing. "I won’t suggest to square off short positions so soon," advised Bhamre.
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US Treasury Secretary, Timothy Geithner hit back at S&P today. Speaking to CNBC's John Harwood, Geithner said the S&P's move was a terrible error of judgement and reflected utter lack of knowledge on part of the rating agency.
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CNBC-TV18 catches up with Arvind Virmani, India's representative to the International Monetary Fund (IMF) to understand what he makes of the market situation in India and globally.
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The technology sector was the worst hit in trade today, but IT majors are not ready to press the panic button just yet.
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The Standard & Poor’s (S&P) downgraded US debt to AA plus from AAA on Saturday. In an interview to CNBC-TV18, Takahira Ogawa, S&P said, the uncertainty in the global capital and financial markets might directly or indirectly affect Asian economies.
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A rating downgrade of the United States, by Standard & Poor's, is not a cause of alarm, Chief Economic Adviser to Finance Ministry Kaushik Basu said on Monday.
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Noting that India was not insulated from global developments like the downgrade of the US, the Reserve Bank today said it was closely monitoring the situation and would continuously assess the impact on the Indian economy and financial markets.
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Though global markets are reeling under the shock of US downgrade, experts back home are not so worried. In an interview to CNBC-TV18, Sanjeev Prasad, ED and Co-head, Kotak Institutional Equities said that there is no cause for panic as valuation is attractive for Indian markets.
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The US crisis, aggravated after the downgrading of its sovereign rating by S&P, could severely affect India on account of a dent in country's exports to the world's largest market, business chambers said today.
