Ray of Hope
Comparison of indices – closing 11th October vs 4th October
Nifty50 posted a 1.1% gain over last Friday’s closing. amidst highly volatile market. Midcap and Smallcap lost by 0.2% and 0.4% respectively. Amongst sectoral indices Bank (+1.1%), FMCG (+0.4%) gained. Pharma lost 1.5%.
Market Updates:
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Moody’s cuts India’s growth forecast to 5.8% for FY20 – International rating agency Moody’s Investors Service has cut India’s GDP growth forecast to 5.8% for FY20 from 6.8% in FY19 but it expects GDP to pick up to 6.6% in FY21 and around 7% over the medium term.
- Commercial vehicle industry to remain subdued for rest of FY20 – ICRA has stated that its outlook for the Indian CV industry remains negative for the rest of FY20 primarily due to subdued sales amid slowing economic growth and tight financing environment.
- India Inc’s Q2 revenue likely to drop to 14-quarter low – Crisil has estimated that a sharp drop in demand across consumption segments pulled down corporate revenue by 3% in the second quarter of current financial year (Q2FY20). This is the first time in 14 quarters — three and a half years — that revenues have fallen in a quarter.
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