Stock markets ended the week lower, with Sensex down by 562 points and Nifty lower by 167 points. General strike, GDP data and US payrolls data were other significant events during the week. Take a look at all the business news for the week ending Sept 5, 2015.
Here is news which made the headlines in India this week.
1) Sensex Ends Lower By 4.65%
The Sensex slumped by 4.65% this week to see one of its worst weekly fall in 4 years. Declines were led by banking with stocks like ICICI Bank and SBI slumping to 52-week lows.
Beginning this week few brokerages slashed their Sensex and Nifty targets due to worries over a Chinese slowdown, hike in US interest rates and tepid corporate growth.
3) India's Q1 GDP Lags Estimates
GDP for the first quarter came way below estimates at 7 per cent as against 7.5 per cent reported for the previous quarter ending March 31, 2015. This was surprisingly low and one of the other reasons for the market sell-off. Read more
4) Manufacturing Growth
The growth in the manufacturing sector fell to 52.3 in August from July's 52.7, showing a slowing of pace in the manufacturing sector. Read more here.
Trade unions across the country went on general strike on September, 2, 2015 and bank employees who are part of the Union were also strike work. It was not business as usual due to the strike.
6) Income Tax Due Date Extended
The government extended the last date for filing Income Tax return by a week to September 7 from August 31, 2015. Read more
7) Services Sector Output Rises
The services sector one of the bright spots of the Indian economy continued to expand and show further improvement in the month of August. The PMI Output Index rose to a five-month high of 52.6 from 52.0 in July. Finally some good news.
8) US Non Payrolls data
US non-farm payrolls data came in weaker than expected at 173,000. Many analysts believe that there are equal chances of whether there would be an interest rate hike by the US Fed at its Sept 16-17 meeting. Read more.
9) No MAT On FPIs
To resolve a dispute that had shaken investor confidence, Finance Minister Arun Jaitley earlier this week said the government will not retrospectively impose Minimum Alternate Tax (MAT) on capital gains made by Foreign Institutional Investors (FIIs) and Foreign Portfolio Investors (FPIs).