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- Inflation LIVE Updates: Retail inflation jumps to 7.79% in April
Inflation LIVE Updates: Retail inflation jumps to 7.79% in April
Soaring inflation has been a major concern in India since past few months, largely driven by rising fuel and food prices. It has stayed well above the Reserve Bank of India's upper tolerance limit for 3 consecutive months. Food inflation, which accounts for nearly half the consumer price index (CPI) basket, reached a multi-month high in March and is expected to remain elevated due to higher vegetable and cooking oil prices globally. Stay with TOI for all latest updates.Read Less
Inflation numbers have now been above the upper limit of RBI's 2 per cent - 6 per cent tolerance band for 4 straight months.
Retail inflation jumps to 7.79% in April from 6.95% in March
RBI's inflation projection
In April, RBI raised its inflation forecast for the current fiscal year to 5.7%, 120 bps above its forecast in February, while cutting its economic growth forecast to 7.2% for 2022/23 from 7.8%.
In March, inflation had shot up to 6.95 per cent, a 17-month high, on the back of rising food prices.
Food inflation, which accounts for nearly half the consumer price index (CPI) basket, reached a multi-month high in March and is expected to remain elevated due to higher vegetable and cooking oil prices globally.
It has stayed well above the Reserve Bank of India's upper tolerance limit for 3 consecutive months.
Soaring inflation has been a major concern in India since past few months, largely driven by rising fuel and food prices.
Centre to release retail inflation data for the month of April shortly
PNB shares tumble nearly 14% after Q4 earnings
Shares of Punjab National Bank (PNB) on Thursday tumbled nearly 14 per cent after the company reported over 60 per cent decline in standalone net profit for the quarter ended March 2022. The stock tanked 13.60 per cent to end at Rs 28.60 apiece on the BSE. During the day, it tumbled 13.89 per cent to its 52-week low of Rs 28.50.
Sensex crashes 1,158 points; Nifty ends at 15,808: Top reasons behind today's fall
Equity indices plunged for the 5th straight session on Thursday with the benchmark BSE sensex crashing over 1,000 points amid weak cues from global markets. According to experts, investors remained cautious ahead of announcement of inflation rate for April and industrial production data for March.
Domestic stock markets
Domestic stock markets have in recent weeks been roiled by fears of sky-high inflation, a surprise interest rate hike, foreign fund outflows and mixed set of corporate results.
Volatility
Stocks have been volatile for much of 2022, fuelled by China's Covid-19 lockdowns, Russia's invasion of Ukraine, and surging inflation that has dampened consumer sentiment.
Asian and European stocks
Asian and European equities slumped on Thursday following Wall Street's lead, after a key US report renewed fears of inflation and a tightening of monetary policies.
Unabated selling by foreign institutional investors also continued to weigh on market sentiments.
Foreign institutional investors offloaded shares worth Rs 3,609.35 crore on Wednesday, according to stock exchange data.
Undoubtedly, the biggest negative catalyst continues to be inflation all over global economies. The anxiety at stock markets across globe is on the backdrop Federal Reserve's next strategy on interest rates...
Prashanth Tapse, vice president (research), Mehta Equities told PTI news agency
Investors remained cautious ahead of announcement of inflation rate for April and industrial production data for March.
RBI intervenes to defend rupee: Traders
The Reserve Bank of India (RBI) likely sold $700 million dollars to prop up the rupee on Thursday as it plunged to a record low, according to three traders, amid broad based selling in Asian currency markets.
Rupee plunges 19 paise to close at 77.44 (provisional) against the US dollar
Nifty losers and gainers
Sensex losers and gainers
IndusInd Bank, Tata Steel, Bajaj Finance, Bajaj Finserv and HDFC Bank were the top sensex losers. Shares fell as much as 6%. Wipro and HCL Tech were the sole gainers.
