Not for the weak-hearted
Comparison of indices – closing 13th March 20 vs 6th March 20
Equity markets had a highly volatile session with significant gains today after posting a record intra-day recovery as investors put aside fear of coronavirus spread and indulged in bargain buying. Nifty50 was locked in 10 per cent lower circuit early morning, prompting a trading halt for 45 minutes. After re-opening, Nifty gained more than 1600 points from intraday low.
For the week, all benchmark, sectoral and thematic indices in deep red. NIFTY50 -8.8%, Midcap -10.7%, Smallcap -13.0%, Sectoral: REALTY -13.0%, IT -12.8%, PSE -10.6%
Economy updates
Banks credit rises by 6.13%, deposits up by 9%: RBI – RBI’s recent data shows that banks credit rose by 6.13% to Rs.101.0 lakh crore, while deposits grew by 9% to Rs.133.3 lakh crore in the fortnight to February 28
Indian Govt revenue collection to fall short of estimates – The government is likely to fall short of its revenue collection estimates in the current financial year (FY20) and may face challenges meeting the same in the next fiscal as the economy faces significant headwinds from coronavirus pandemic. Indian economy has already slowed down to an 11-year low of 4.5% in the July-September quarter of FY20, the outbreak of coronavirus has impacted sectors like tourism and hospitality after the government suspended all tourist visas and e-visas.
February CPI eases to 6.58% v/s 7.59% in January – India’s Consumer Price Index (CPI) for the month of February eased to 6.58% as compared to 7.59% in January. Consumer food price inflation for February stood at 10.81%.
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