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The markets exhibited major volatility last week. After rallying in the first half of the week to hit fresh peaks, the two key equity benchmarks reversed the trend and ended the week in red. The indices traded in reaction to the rising geopolitical turmoil and uncertainty surrounding the interest rate decision by the US Federal Reserve. 

The S&P BSE Sensex ended the trading session on Friday at 74,245, nosediving nearly 800 points, after reaching a fresh low of 74,189 during the session. The NSE Nifty50 settled at a loss of over 200 points at 22,519, after hitting a new record low of 22,504. 

Moody’s Analytics shared a fresh prediction for the Indian economy on Friday and downgraded its growth rate for 2024. The ratings agency projected a growth rate of 6.1 per cent for India in 2024, down from a growth of 7.7 per cent clocked in 2023. The report attributed this slowdown to a fall in India’s output levels which remained 4 per cent below the potential level, without the impact of the COVID-19 pandemic and any other disruptions like supply chain woes and global conflicts. 

The agency in its report noted, “Economies in South and Southeast Asia will see some of the strongest output gains this year, but their performance is flattered by a delayed post-pandemic rebound. We expect India’s GDP to grow 6.1 per cent in 2024 after 7.7 per cent last year.”

Last week, Vistara announced that it is reducing flight capacity by 10 per cent until May 24, 2024, to help stablise the firm’s operations. This reduction followed mass flight cancellations seen by Vistara due to a lack of staff availability, stemming from pilots calling in sick in protest with the roster system and the new salary structure. 

CEO Vinod Kannan assured that the carrier has got things under control now. “It has been a challenging start to the new financial year. As you are no doubt aware, we faced significant operational disruption from March 31 to April 2,” he said in an official communication to employees.