Slide Down
Comparison of indices – closing 6th December vs 29th November
Nifty50 slides down to close 1.1% below last Friday’s closing. Midcap and smallcap lost considerably to close 2.8% and 2.0% respectively. Amongst sectoral indices, IT+1.9% and REALTY+0.5% gained, AUTO -3.5% and PHARMA -2.8% slid significantly.
Market Updates:
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RBI keeps repo rate unchanged at 5.15%; cuts GDP growth forecast – RBI in its monetary policy review kept repo rate unchanged at 5.15% and reverse repo rate unchanged at 4.90%. RBI has also revised its real GDP growth forecast downwards to 5.0% for FY20 from 6.1% projected in its October policy.
- Cabinet OKs launch of ETFs for bonds – In order to create an additional source of funding for CPSEs and state-owned FIs, the Union Cabinet has approved launch of ETF for bonds. NF of this ETF is expected to be launched during December 2019. Bharat Bond ETF would be the first corporate bond ETF in the country.
- India’s services sector returns to growth in November – India’s services sector activity returned to growth in November, accompanied by a renewed rise in new business intakes, faster job creation and strengthening business confidence.
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