ADB cuts India's growth forecast to 7.4% for 2016-17

Global headwinds will pull down India's growth rate to 7.4 percent in the next fiscal from 7.6 percent this year but more reforms will help the country remain one of the fastest growing economies in the world, the Asian Development Bank said today. The Asian Development Bank's (ADB) growth forecast of 7.4 percent for 2016-17 is substantially lower than its earlier projection of 7.8 percent. ADB's flagship publication Asian Development Outlook (ADO) also projected rise in consumer inflation, mainly on account of the impact of salary hike of government employees and a likely mild pick up in global oil prices.

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Today's Indian Stock Market Trending Positions

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The market rebounded on Wednesday after a sell-off in previous two consecutive sessions, tracking positive global cues post Federal Reserve Chairperson Janet Yellen's comments. The 30-share BSE Sensex rose 208.93 points to 25109.39 and the 50-share NSE Nifty climbed 63.25 points to 7660.25. The market breadth was also strong as about 844 shares advanced against 138 declining shares on BSE. Lupin, Tata Motors, ICICI Bank, Sun Pharma, Hindalco Industries, Vedanta and UltraTech Cement topped buying list in early trade.

Tata Motors was the top Nifty gainer. The stock advanced 2.6 per cent to Rs.s. 382. Bajaj Auto, UltraTech Cement, Vedanta, ICICI Bank, Lupin, Hindalco, Adani Ports and Sun Pharma were also among the gainers, up 1.5-2.5 per cent each.

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The S&P BSE Sensex surged over 200 points in morning trade on Wednesday after the US Federal Reserve chairperson suggested that the central bank should move cautiously on raising interest rates. The rally in the index was led by gains in ICICI Bank, RIL, Sun Pharma, Tata Motors, and ITC. 

Indian shares edged down on Tuesday, posting their second consecutive session of falls, amid caution ahead of the expiry of monthly derivative contracts later this week and a speech from U.S. Federal Reserve Chair Janet Yellen later in the day.

Modi reels out credit growth, FDI inflows to slam doubters

In a strong rebuttal to those doubting India being the fastest growing major economy, Prime Minister Narendra Modi reeled out statistics on credit growth and record FDI inflows to underscore that the economic success was the hard-won result of prudence, sound policy and effective management. He said the government programmes are aimed at creating more employment as well as to carry out administrative and policy reforms for sustained growth.

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Lupin's Mandideep unit receives US FDA observations

Lupin's Mandideep unit has been flagged by United States Food and Drug Administration (US FDA). In particular, the active pharmaceutical ingredient (API) and formulations units of the plant in Madhya Pradesh have received two observations each, reports CNBC-TV18. The pharma company's Mandideep unit was inspected by US FDA between February 8-19.   IIFL says these are very serious observations, adding the company may take at least 18 months to complete remedial action. Estimates suggest the Mandideep unit could be contributing USD 200 million in revenues for Lupin. The unit is the second largest revenue contributor to the company's US business after its Goa plant. 

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The market has opened on a flat note again. The 30-share BSE Sensex rose 22.27 points to 24988.67 and the 50-share NSE Nifty climbed 11.50 points to 7626.60. Hindalco, Maruti Suzuki, Tata Steel, ITC, Tata Motors, BPCL and Bank of Baroda were early gainers while HDFC, Sun Pharma, Bharti Airtel, ICICI Bank, HUL and Cairn India declined.

Pharma stocks continue to witness selling pressure, the pharma sub-index of NSE is down 0.96 per cent. Sun Pharma, which has the maximum weight in Sensex among pharma shares, is down nearly 2 per cent. Other pharma stocks like Lupin, Cipla, Dr Reddy's Lab are also down between 0.1 to 1 per cent. 

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The S&P BSE Sensex started on a cautious note with a mild positive bias in morning trade on Tuesday, led by gains in ITC, RIL, Axis Bank, Maruti Suzuki, and L&T. The Nifty50 was trading above its crucial support level of 7600 supported by gains in oil & gas, power, realty, capital goods, and auto stocks. 

Indian stocks fell more than 1 percent on Monday, posting their biggest single-day fall in five weeks, as investors booked profit in recent outperformers ahead of a busy week of events, including the expiry of domestic derivative contracts.