Stock Market LIVE updates: Sensex tanks over 800 points, Nifty slips below 16,300

Rating agency Fitch Ratings has revised India's soverign outlook from negative to stable, citing diminished risks to India's medium-term growth due to rapid economic recovery and a healthier financial sector despite near-term headwinds from the global commodity price shock. It however, has cut India's growth forecast for FY23 to 7.8 percent from 8.5 percent earlier due to inflationary impact of global commodity prices.

Fitch Ratings on Friday revised its outlook on India's long-term foreign currency Issuer Default Rating (IDR) to "Stable" from "Negative," citing diminished downside risks to medium-term growth.The ratings agency said risks to the country's medium-term growth lessened due to rapid economic recovery and easing financial sector weakness, despite near-term headwinds from the global commodity price shock."High nominal GDP growth has facilitated a near-term reduction in the debt-to-GDP ratio," Fitch said in a statement.

India's retail inflation likely slipped modestly in May, but stayed well above the Reserve Bank of India's upper tolerance limit for a fifth consecutive month, as lower fuel prices offset surging food costs, a Reuters poll found.But the dip is expected to be temporary and analysts say the RBI remains on track to keep raising interest rates.

India has moved up one notch to be ranked seventh in the United Nations Conference on Trade and Development’s (Unctad) annual World Investment Report despite a 30% decline in foreign direct investment (FDI) into the country.During 2021, FDI inflows into India were estimated at $45 billion as large mergers and acquisitions, especially in the digital technology space, were not repeated in 2021.

Even before bids are called, 5G auctions are turning out to be a turf war between the well-heeled telecom operators, such as Reliance Jio, Airtel and Vodafone Idea, and the new age Big Tech like Google, Amazon, TCS and Cisco as the two sides fight over the issue of deploying high-speed private networks for enterprises. The telecom companies, who traditionally buy spectrum in auctions and roll out networks, are protesting against the decision of regulator Trai to consider giving space to the new age companies in the deployment of captive business networks, which will be used by smart factories, hospitals, educational institutes, agricultural players, ports, airports, and hotels.

The RBI will soon come out with a regulatory architecture that will check irregularities in digital lending and improve governance among lenders. The central bank is also understood to be working closely with authorities to identify platforms that are not registered and are providing loans illegally.

The rupee depreciated 8 paise to a record low of 77.82 against the US dollar in opening trade on Friday, tracking the strength of the greenback in the overseas market.