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The rupee gained 19 paise, trading at 86.79 against the US dollar on Thursday. The US dollar index was down, while Brent crude prices fell. Domestic equities showed a muted trend with foreign institutional investors offloading equities worth Rs 1,881.30 crore. India's economy expects strong momentum in the second half of the year.
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Analysts expect slower-than-expected earnings growth for over 70% of Nifty companies in the next fiscal year due to weaker demand, subdued household spending, and slower credit growth. Companies like ONGC, HDFC Bank, and JSW Steel experienced earnings downgrades, while market cautiousness prevails due to lofty valuations and slowing profits.
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Cyient share price: Shares of Cyient surged 4% to an intraday high after the appointment of Sukamal Banerjee as executive director and CEO of its digital, engineering, and technology division. His leadership and extensive experience in the ER&D and technology sectors are expected to drive the company's next phase of growth.
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