Have we bottomed out, yet?
Comparison of indices – closing 23rd August vs 16th August
Happy Janamashtmi. Nifty50 continued on a downward journey losing 2.0% from last Friday’s closing. Midcap (-2.9%) and Smallcap (-4.1%) were worse off. Amongst sectoral indices, Realty (-7.8%), Bank (-4.5%), FMCG (-2.2%) lost significantly. IT (+2.9%) and Pharma (+1.3%) gained on back of weakening Rupee.
Market Updates:
- ICRA: India’s GDP growth may decline to below 6.0% in Q1 FY20 – ICRA has estimated India’s GDP growth rate at 5.5-6% Q1 FY20. Industrial growth is expected to decelerate sharply to 5.0% due to weak domestic demand and a contraction in exports. Services sector growth is expected to remain steady at around 7.1%.
- CARE: India Inc reports sharp decline in revenue – CARE has stated that companies have reported a sharp decline in both revenue and profit growth numbers in Q1FY20. India Inc’s net sales growth for Q1 slid to 4.6% as against 13.5% for the same period last year, while the net profit growth moderated to 6.6% as compared to last year’s 24.6%.
- FM: Corporate tax rate will be gradually cut to 25% – FM has said that corporate tax rate will be gradually cut to 25 per cent for companies with an annual turnover of over Rs 400 crore. She added that Indian wealth creator entrepreneurs will be given all kind of support.
Recent Comments