Range Bound
Comparison of indices – closing 21st Feburary 20 vs 14th Feburary 20
NIFTY50 closed 0.3% lower than last Friday’s closing. Midcap 0.7% closed higher and Smallcap was flat. Amongst Sectoral and Thematic indices, Pharma (+0.4%) and Bank (+0.4%) closed higher. Auto (-1.6%) and Realty (-1.3%) closed weaker.
Economy updates
Auto industry likely to be negatively impacted by Coronavirus – ICRA reports that India’s automobile industry may be negatively impacted and supply chain disrupted if Coronavirus (COVID-19) outbreak in China and South-East Asia persisted longer, as China accounts for 27% of India’s auto component imports valued at $4.8 billion
India’s GDP forecast revised by Moody’s – Moody’s Investors Service has revised India’s GDP growth forecast to 5.4% (earlier 6.6%) for 2020 and 5.8% (earlier 6.7%) for 2021, on slower than expected economic recovery.
India emerges as world’s fifth largest economy – A US-based think tank World Population Review in its report has said that India emerged as the world’s fifth largest economy by overtaking the UK and France in 2019. It added that India is developing into an open-market economy from its previous autarkic (Autarky refers to the state of self-sufficiency and is typically used to describe nations or economies which are fully closed) policies.
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