Gains of 1.9 percent on Friday helped the Sensex recover some of its losses but the benchmark still ended down 1.3 percent for the week. The index ended in the red for three of five trading sessions this week.
Indian markets struggled in trade on Thursday with the Sensex falling more than 200 points while the Nifty sank over 50 points. Weak Asian markets also weighed as the Nikkei slumped more than 800 points on worries the U.S. Fed would trim its stimulus programme in the coming months.
Fitch Ratings revised India’s sovereign rating outlook to “stable” from “negative” on the back of measures taken by the government to contain the budget deficit, it said in a statement on Wednesday. The rating agency had cut India’s outlook to negative in June 2012 and currently has a ‘BBB-‘ rating for the country.
The cabinet on Tuesday approved the much awaited Real Estate (Regulation and Development) Bill that proposes to make India’s largely unregulated and once booming real estate sector more transparent.
India’s economy recorded its slowest growth in a decade in the fiscal year ending in March but the CEO of L&T Infrastructure Finance, that provides loans to companies such as Jaypee Group to develop roads and other infrastructure, is hopeful of an economic turnaround in less than two years that will boost business prospects.
Biocon chief Kiran Mazumdar-Shaw and Bollywood mogul Ronnie Screwvala are among the most generous people in the Asia Pacific, according to a Forbes Asia list of the region’s philanthropic heroes.