Nervous near the peak
Comparison of indices – closing 15th November vs 8th November
Nifty50 seemed nervous around mount 12k and closed at 11895, 0.1% lower than last Friday’s closing. Midcap gained 0.5% but Smallcap lost 1.2%. Amongst sectoral indices, Banks gained 0.9%, FMCG lost 2.1%, Realty lost 1.5%
Market Updates:
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Credit Growth picking up pace: SBI – SBI’s research report Ecowrap stated that credit growth picked up rapid pace beginning September 2019 – jumping by Rs 1.08 lakh crore – mainly helped by housing, NBFC and lately MSME. For the first time in current fiscal credit to industry turned positive and jumped by Rs 9,700 crore.
- September IIP slows down to -4.3% against -1.1% in August – IIP for the month of September 2019 came at -4.3% as compared to -1.1% in last month. Manufacturing growth fell to -3.9% in September from -1.2% a month ago.
- Direct tax collection at less than 50% of annual target – Central Board of Direct Taxes (CBDT) has so far mopped up Rs 6 lakh crore or less than 50 percent of the total tax collection target of Rs 13.35 lakh crore for the current fiscal (FY20). Efforts are being made to achieve the target set in the Budget.
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