Market Live Updates Today: Trends on SGX Nifty indicate a positive opening for the broader index with a gain of 95 points.

FII and DII data

Foreign institutional investors (FIIs) net sold Rs 2,319.06 crore worth of shares whereas domestic institutional investors (DIIs) net bought Rs 2,438.31 crore worth of shares on June 23, as per provisional data available on the NSE.

Japan's inflation tops BOJ target for 2nd month in test of monetary stance

Japan's annual core consumer inflation topped the central bank's target for a second straight month in May, data showed on Friday, highlighting the intensifying pressure on the country's fragile economy from soaring global raw material costs.

The data challenges the Bank of Japan's view that the recent rise in prices is temporary, and does not warrant withdrawing monetary stimulus. But with wage growth subdued, many analysts expect the BOJ to remain firmly focussed on stimulating a sluggish economy rather than fight inflation with interest rate hikes.

Fed says US banks can weather severe downturn comfortably

The largest US banks on Thursday easily cleared the Federal Reserve's annual health check, in a vote of confidence for the sector amid signs the U.S. economy could tip into a recession in the months ahead. The results of the Fed's annual "stress test" exercise showed the banks have enough capital to weather a severe economic downturn and paves the way for them to issue share buybacks and pay dividends.

Indian economy to grow by 7-7.8% in FY23 despite global headwinds: Experts

The Indian economy can grow by 7-7.8 per cent this fiscal on the back of better agriculture production and a revitalised rural economy amid global headwinds mainly due to the ongoing Russia-Ukraine war, eminent economists said.

Eminent economist and BR Ambedkar School of Economics (BASE) Vice-Chancellor NR Bhanumurthy said at present the Indian economy is facing multiple headwinds largely from external sources. Noting that global inflationary pressures and the Russia-Ukraine war have brought in risks to the economy, which is otherwise strong with all the domestic macro fundamentals being well managed, he said unlike advanced economies, India's Covid stimulus measures, especially the fiscal policy interventions, are less inflationary and rather growth-enhancing.

"With better agricultural production and revitalised rural economy India should touch 7 per cent growth in the current year despite global headwinds," Bhanumurthy told PTI. Echoing similar views, eminent economist and Institute for Studies in Industrial Development (ISID) director Nagesh Kumar said the high-frequency indicators point to a robust growth momentum carrying through 2022-23 with a real GDP growth somewhere between 7-7.8 per cent.

RBI proposes norms for outsourcing of IT services by banks, NBFCs

The Reserve Bank on Thursday proposed norms for the outsourcing of IT services to ring-fence banks and other regulated entities from financial, operational and reputational risks. Regulated entities (REs) will not require prior approval from the central bank for the outsourcing of IT and IT-enabled services, according to RBI's draft Master Direction on Outsourcing of Information Technology (IT) Services.

"The underlying principle of these directions is that the RE should ensure that outsourcing arrangements neither diminish its ability to fulfil its obligations to customers nor impede effective supervision by the supervising authority," said the draft, on which the RBI has invited comments from stakeholders by July 22. Banks, payment banks, cooperative banks, credit information companies, NBFCs and other regulated entities would be required to put in place a comprehensive board-approved IT outsourcing policy.

Oil prices rise on tight supply, inventory uncertainty

Oil prices rose slightly in early Asian trade on Friday as nations seek to address global crude oil and fuel supply tightness. Brent crude futures rose 39 cents, or 0.4%, to $110.44 a barrel at 0012 GMT, while U.S. West Texas Intermediate (WTI) crude futures rose 37 cents, or 0.4%, to $104.31 a barrel.

OPEC and allied producing countries including Russia will likely stick to a plan for accelerated output increases in August in hopes of easing crude prices and inflation as U.S. President Joe Biden plans to visit Saudi Arabia, sources said.

Accenture’s Q3 revenue comes in at $16.2 billion, beats estimates

US-based IT major Accenture announced its results for Q3FY22 on Thursday, June 23, beating revenue expectations for the quarter ending May 31. Accenture reported revenues of $16.2 billion, up 22% year-on-year (YoY).

The IT major’s operating income was up 23% at $2.6 billion, and its operating margin was 16.1%. The company also reported its second-highest bookings of $17 billion. For 2022, it now expects revenue growth to be in the range of 25.5-26.5%, as compared to 24-26% previously.

For Q4, Accenture tempered its revenue forecast and toned down its profit forecast for the 2022 fiscal (the firm follows a September-August financial year).

Accenture’s Q3 revenue comes in at $16.2 billion, beats estimates

US-based IT major Accenture announced its results for Q3FY22 on Thursday, June 23, beating revenue expectations for the quarter ending May 31. Accenture reported revenues of $16.2 billion, up 22% year-on-year (YoY).

The IT major’s operating income was up 23% at $2.6 billion, and its operating margin was 16.1%. The company also reported its second-highest bookings of $17 billion. For 2022, it now expects revenue growth to be in the range of 25.5-26.5%, as compared to 24-26% previously.

For Q4, Accenture tempered its revenue forecast and toned down its profit forecast for the 2022 fiscal (the firm follows a September-August financial year).