Top Stories This Week
Among economic data in US, orders for durable goods rose 1.7% in August, beating forecasts for a 1% rise. The National Association of Realtors’ pending home sales index fell 2.6% to 106.3 in August, the group said. That was the lowest reading since January 2016 and put the index 2.6% lower than its level a year ago.
In the US, Federal Reserve Chairwoman Janet Yellen cautioned against moving too slowly on interest rates. Yellen said there is a risk that the labor market could become overheated, causing an inflation problem down the road.
Japanese Prime Minister Shinzo Abe ordered his cabinet to compile new economic stimulus measures in a package worth around 2 trillion yen ($17.80 billion) by the end of the year.
Annual profits at China’s industrial companies rose 24% in August, accelerating from the previous month in an indication economic growth remains in good heart even as signs emerge of fading momentum following a robust first half.
Among key domestic developments, Prime Minister Narendra Modi has constituted the Economic Advisory Council to the Prime Minister (EAC-PM). The fivemember council consists of economists of high repute and eminence. It consists of Dr. Bibek Debroy, Member, NITI Aayog- Chairman, Dr. Surjit Bhalla- Parttime Member, Dr. Rathin Roy- Part-time Member, Dr. Ashima Goyal- Part-time Member and Ratan Watal, Principal Advisor, NITI Aayog – Member-Secretary.
The Nifty 50 index gained 19.65 points or 0.2% to settle at 9,788.60, its highest closing level since 26 September 2017. The Nifty gained 85.05 points or 0.87% at the day’s high of 9,854. The index gained 6.40 points or 0.06% at the day’s low of 9,775.35.
Key benchmark indices settled with small losses in a range-bound session of trade on Tuesday, 26 September 2017. The Sensex fell 26.87 points or 0.08% to settle at 31,599.76, its lowest closing level since 29 August 2017 The S&P BSE Mid-Cap index declined 1.11%. The S&P BSE Small-Cap index shed 1.1%. The losses in both the indices was lower than the Sensex’s slide in percentage terms.
For the next week Nifty likely to trade in the range between 9659-10337.