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NEWS U CAN USE October 30, 2020 NEWS U CAN USE October 30, 2020 Mutual Fund Investments are subject to market risks, read all scheme related documents carefully. The Week that was… 26th Oct to 30th Oct 2 Mutual Fund Investments are subject to market risks, read all scheme related documents carefully. Indian Economy • Government data showed that India's infrastructure output contracted 0.8% in Sep 2020 as compared to a contraction of 7.3% in Aug 2020 and a contraction of 5.1% in the same period of the previous year. The natural gas sector witnessed the maximum contraction of 10.6% followed by refinery products sector and crude oil sector which contracted 9.5% and 6.0% respectively. • Government data showed that India’s fiscal deficit during the period from Apr to Sep of 2020 stood at Rs. 9.14 lakh crore. India’s fiscal deficit target thus exceeded the full year target of Rs. 7.96 lakh crore by almost 15%. India’s fiscal deficit widened as government’s revenue remained subdued on account of COVID-19 pandemic. Total receipts for the government stood at Rs. 5.65 lakh crore or 25.2% of the budget estimate as compared to 40.2% of the budget estimate in the corresponding period of the previous year. • According to World Bank, remittances to India may come down by 9% to $76 billion which it attributed to the ongoing COVID-19 pandemic and global economic recession. World Bank further added that some of the factors which may lead to a decline in remittances are weak economic growth, increasing unemployment, lower global crude oil prices and weakening of the currencies of remittance-source countries against the greenback. • Data from the Reserve Bank of India (RBI) showed that the states ‘consolidated gross fiscal deficit (GFD) is placed at 2.8% of GDP for FY21. However, RBI warned that the COVID-19 pandemic may alter budget estimates substantially. 3 Mutual Fund Investments are subject to market risks, read all scheme related documents carefully. Indian Equity Market Domestic Equity Market Indices • Indian equity markets settled for the Indices 30-Oct-20 1 Week Return YTD Return week in the red as the surge in the S&P BSE Sensex 39,614.07 -2.63% -3.97% COVID-19 cases at an alarming pace in Nifty 50 11,642.40 -2.41% -4.32% U.S. and Europe raised concerns that economies may resort to lockdowns S&P BSE Mid-Cap 14,904.62 -0.48% -0.42% and travel restrictions. Uncertainty S&P BSE Small-Cap 14,888.08 -1.63% 8.68% around the U.S. Presidential election Source: MFI Explorer due on Nov 3, 2020 kept investors on tenterhooks. Back home, investors S&P BSE S&P BSE S&P BSE Ratios Nifty 50 Sensex Mid Cap Small Cap adopted cautious stance as the first phase of polling for the Bihar Assembly P/E 27.55 31.90 459.76 -1004.51 P/B 2.85 3.30 2.29 2.06 Election began this week. Dividend Yield 1.03 1.36 1.21 1.11 Source: BSE, NSE Value as on Oct 30, 2020 • Meanwhile, the downturn was restricted by hopes of higher foreign NSE Advance/Decline Ratio fund inflow after MSCI said it will Date Advances Declines Advance/Decline Ratio implement the new regime on foreign 26-Oct-20 621 1298 0.48 27-Oct-20 865 982 0.88 ownership limits in the MSCI Global 28-Oct-20 599 1251 0.48 Indices containing Indian securities in 29-Oct-20 642 1247 0.51 the Nov 2020 Semi Annual Index 30-Oct-20 938 908 1.03 Source: NSE Review. 4 Mutual Fund Investments are subject to market risks, read all scheme related documents carefully. Indian Equity Market (contd.) Sectoral Indices • On the BSE sectoral front, barring S&P BSE Last Returns (in %) Indices Power and S&P BSE Capital Goods, all the Closing* 1-Wk 1-Mth major indices closed in the red. S&P BSE Auto 17,517.1 -4.10% -2.01% S&P BSE Bankex 27,388.6 -1.43% 12.46% • S&P BSE Metal was the major loser, down S&P BSE CD 24,076.3 -3.01% -0.83% 5.07%, followed by S&P BSE Auto and S&P BSE S&P BSE CG 14,167.3 0.15% 2.41% IT, which slipped 4.10% and 3.12%, S&P BSE FMCG 10,922.6 -1.10% -1.16% respectively. S&P BSE HC 19,257.8 -1.93% -2.73% S&P BSE IT 21,058.8 -3.12% 5.40% S&P BSE Metal 8,207.5 -5.07% -1.16% S&P BSE Oil & Gas 12,126.1 -0.84% -0.95% Source: Refinitiv *Value as on Oct 30, 2020 Indian Derivatives Market Review • Nifty Nov 2020 Futures stood at 11,638.40, a discount of 4.00 points below the spot closing of 11,642.40. The total turnover on NSE’s Futures and Options segment for the week stood at Rs. 135.82 lakh crore as against Rs. 130.62 lakh crore for the week to Oct 23. • The Put-Call ratio stood at 0.99 compared with the previous session’s close of 0.88. • The Nifty Put-Call ratio stood at 1.46 compared with the previous session’s close of 1.47. 5 Mutual Fund Investments are subject to market risks, read all scheme related documents carefully. Domestic Debt Market Debt Indicators Current 1-Wk 1-Mth 6-Mth • Bond yields increased on profit (%) Value Ago Ago Ago booking and as market participants remained cautious ahead of the Call Rate 3.25 3.22 3.40 4.08 Reserve Bank of India’s (RBI) open 91 Day T-Bill 3.23 3.21 3.31 3.64 market purchase, along with weekly 05.22% 2025, (5 Yr GOI) 5.17 5.21 5.39 -- debt auction, which were conducted 05.77% 2030, (10 YrGOI) 5.88 5.84 6.02 -- on Friday. Source: Refinitiv Value as on Oct 29, 2020 • Yields rose further as sentiment 10 -Yr Benchmark Bond ( % ) continues to be supported on dovish 5.90 comments from the Reserve Bank of India (RBI). 5.85 • Yield on the 10-year benchmark paper Yield in % (5.77% GS 2030) increased 4 bps to close at 5.88% from the previous 5.80 26-Oct 27-Oct 28-Oct 29-Oct week’s close of 5.84% after trading in a range of 5.79% to 5.89%. Source: CCIL 6 Mutual Fund Investments are subject to market risks, read all scheme related documents carefully. Domestic Debt Market (Spread Analysis) • Yields on gilt securities fell on 12, 15 and G-Sec Yield Corporate Yield Spread Maturity 30-year maturities by up to 9 bps while it (%) (%) bps increased across the remaining maturities by up to 4 bps barring 3 and 11-year 1 Year 3.50 4.99 149 maturities which closed steady. 3 Year 4.68 5.43 75 • Corporate bond yields increased on 2-year paper and 7 to 10-year maturities in the 5 Year 5.23 6.47 123 range of 3 bps to 8 bps while it fell across 10 Year 5.97 7.07 110 the remaining maturities by up to 5 bps barring 3-year paper which closed steady. Source: Refinitiv Value as on Oct 29, 2020 India Yield Curve Shift (%) (W-o-W) Change 8.00 5 6.00 0 in bps in % 4.00 -5 Yield 2.00 -10 3 Mths 6 Mths 1 Yr 5 Yrs 10 Yrs 20 Yrs 30 Yrs Source: Refinitiv Change in bps 29-Oct-20 23-Oct-20 7 Mutual Fund Investments are subject to market risks, read all scheme related documents carefully. Regulatory Updates in India • The Union Cabinet approved nationwide project for rehabilitation and improvement of dams worth Rs. 10,211 crore. The objective of the move is to ensure safety of dams, enhance water security of the country and support sustainable development while creating employment opportunities. • The government banned export of onion seeds with immediate effect. The move comes amid rising prices of onions in the market on account of damage done by heavy rainfall to standing Kharif crop across several parts of the country. • The Union Cabinet has approved the signing of the Memorandum of Understanding between India and Cambodia on cooperation in the field of Health and Medicine. The objective of the move is to encourage cooperation between the two countries through joint initiatives and technology development in the health sector. • The Union Cabinet approved the signing of the Memorandum of Cooperation between India and Japan on bilateral cooperation in the field of Information and Communication Technologies (ICTs). The objective of the move is to enhance cooperation between two countries in various fields like 5G network, telecom security, Submarine cable, standard certification of communication equipment, utilization of latest Wireless Technologies and ICTs, ICTs capacity building, Public Protection and Disaster Relief, Artificial Intelligence (AI) / Block Chain, Spectrum Chain, Spectrum Management, Cooperation on Multilateral platforms etc. 8 Mutual Fund Investments are subject to market risks, read all scheme related documents carefully. Regulatory Updates in India (contd..) • The Cabinet Committee on Economic Affairs approved that 100% of the food grains and 20% of the sugar need to be mandatorily packed in diversified jute bags. The objective of the move is to give a push to the diversification of the jute industry and help in price discovery. • The Reserve Bank has asked all lending institutions, including non-banking financial firms, to implement the waiver of difference between simple interest and compound interest on loans up to Rs.
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