Thu, Feb 22, 2024 12:26 PM
PRESS DIGEST- New York Times business news - Feb 22
A Flip by Riya Sharma
It was a tough ride for Indian markets during the week as the GDP and corporate earnings estimates were modest, which in turn weighed heavily on investors' sentiments. This meant that the broader market too endured heavy selling pressure. Just 4 smallcap stocks delivered double digit weekly returns with the highest return being 9% from Spandana Sphoorty Financial.
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The rupee declined 14 paise and touched the crucial 86.00-mark (provisional) for the first time against the US dollar on Friday as it failed to resist pressure from a stronger American currency and huge outflow of foreign funds. Surging crude oil prices overseas and negative sentiment in domestic equity markets also weighed down the Indian currency, forex traders said.
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