Week of upheavals
Comparison of indices – closing 10th January 20 vs 3rd January 20
In a volatile week, Nifty50 closed +0.2%. above last Friday’s closing. Midcap gained 0.5% and Smallcap gained 1.6%. Amongst sectoral and thematic indices, Realty +3.7%, FMCG +0.9% and Auto +0.7%% made gains. PSE -1.3% and Pharma -0.7% closed weaker.
Market Updates:
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Domestic passenger air traffic witnesses a jump in November – IATA has said that domestic passenger air traffic growth in India jumped to 11.3% in November 2019 as compared to corresponding month of 2018. The growth reached double digits for the first time since January 2019.
- SBI cuts GDP estimates to 4.6% for current fiscal – SBI in its report ‘Ecowrap’ has lowered its GDP growth forecast for FY20 to 4.6% based on current available trends from the earlier 5%. The report even predicted growth rate to remain below 6% for two years in a row.
- India’s services sector at a 5-months high – India’s services sector activity extended its gaining momentum in the month of December, aided by faster increase in sales, output and employment. As per the survey report, the seasonally adjusted Nikkei Services Business Activity Index surged to 53.3 in December from 52.7 in November.
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