Steady & Cautious
Comparison of indices – closing 8th November vs 1st November
Nift50 cautiously closed 0.1% over last Friday’s closing. Midcap and smallcap lost -1% and -0.8% respectively. Amongst sectoral indices, Realty (+3.7%) and Banks (+1.4%) were big gainers. All other sectoral indices were in Red over last week.
Market Updates:
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India’s rating outlook ‘negative’ on economic concern: Moody’s – Moody’s has changed the outlook on India’s rating to ‘negative’ from ‘stable’. It said that there was increasing risks that economic growth will remain materially lower than the past, citing a growing debt burden and the government’s struggle to narrow the budget deficit.
- Govt approves setting up of Rs 25,000 crore bailout fund to finance stalled housing projects – FM said the government has approved setting up of a Rs 25,000 crore bailout fund to finance 1,600 stalled housing projects as it looks to boost the economy by kick starting incomplete projects.
- India’s services sector activity contracts for second straight month in October – India’s services sector activity contracted for second straight month in October, due to subdued demand conditions, competitive pressures and a fragile economic situation.
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