Indian Shares Seen Opening On Cautious Note

By Rtt News Staff Writer7 days ago

Indian shares are set to open lower on Wednesday as investors react to a slew of negative news flow.

India's total tally of Covid-19 cases crossed the 2-crore mark with over 3.5 lakh infections reported in a day on Tuesday.

AD

Global brokerage firm Barclays has cut down its forecast for India's GDP down to 10 percent from its earlier 11 percent and warned that the lockdowns due to the second wave of COVID will cost India $38.4 billion if they continue until June.

Investment bank Goldman Sachs has lowered its estimate for India's economic growth to 11.1 percent in fiscal year to March 31, 2022 from 11.7 percent previously, and 2021 calendar year growth forecast to 9.7 percent from 10.5 percent.

India's unemployment rate touched a four-month high in April as job losses increased sharply due to localized curbs imposed by states, according to the Centre for Monitoring Indian Economy (CMIE).

Continue read on rttnews.com