I am pleased to attach the Economy / Market Snapshot covering all the major events in December, 2017.
Today we are in 1st January, 2018 – Another New Year with a great hope.
2017 was a spectacular year for India and Global markets. Currently the Indian Stock market is at the peak with the Sensex crossing the 34,000 mark. Just glance through some of the milestones:
- Indian market went up by 28% in 2017, one of the highest in the recent past
- Bank Nifty registered 42% growth in one year while Pharma lost about 7%
- FII’s pumped in about Rs 50,000 crores in the Equity market while the Domestic Institutions poured in Rs 115,000 crores in the Equity market
- Indian Rupee which was at Rs.68.22 on 2nd January, 2017 is now at Rs.63.87, a change of 6%
- Gold went up by 6% while Silver was at almost same level
- Brent Crude went up by 17% while Nymex moved up by 12%
- Inflation rate at 4.88%, India’s forex reserves at US $ 405 billion
- YOY GDP remains at 6.30%
- US markets went up by 25%, another all time high
- All markets moving up in the positive territory with Hong Kong registering over 35% growth
- Despite Brexit fears, London market went up by 8%
Just wanted to summarise some of the key events which came to my mind:
- Donald Trump formally took over as the US President;
- North Korea kept the World under suspense with several nuclear tests giving a sense of fear of war
- India’s market capitalization crossing $ 2 trillion
- The rolling out of GST in India marking a new beginning, of course with lot of dissents
- India getting a new President in Ramnath Kovind and new Vice President in Venkiah Naidu
- Dramatic resignation of Vishal Sikka from Infosys and Nandan taking over as Chairman and the announcement of the new CEO in Salil Parekh
- Indian jumping 30 spots in Ease of Doing Business
- Theresa May announcing that UK would exit the EU on 29th March, 2019
- The controversial announcement of Trump on Isarel’s capital being shifted to Jerusalem and the UN vote thereafter
- BJP winning the elections in several States including Gujarat
- Rahul Gandhi taking over as the President of Indian National Congress Party
- Twist to the 2 G Sepctrum case with all the accused being acquitted
- The Highlight of the Year is the unbelievable swing of the Bitcoin moving from $ 1000 to $ 19,000 making everyone to dream
I sincerely wish each one of you and your family members a happy, prosperous, healthy and wealthy New Year. I pray to the almighty to give you and the members of your family excellent health and wealth and make 2018 yet another grand and great year.
- Vijay Rupani takes oath as Gujarat Chief Minister for second term; Nitin Patel as Deputy CM.
- Five-time BJP MLA Jairam Thakur sworn in as the new Chief Minister of Himachal Pradesh.
- Winter session of Parliament sees frequent adjournments.
- Uproar in both Houses of Parliament over PM Modi’s remarks on former PM Manmohan Singh.
- Congress agrees to move on as FM Arun Jaitley clarifies on PM Modi’s remarks.
- Lok Sabha passes Insolvency and Bankruptcy code amendments and triple talaq bill.
- Cabinet approves Rs 9,000 crore National Nutrition Mission.
- Rahul Gandhi elevated as Congress president; Party celebrates its 133rd foundation day.
- Rajinikanth announces entry into politics.
- 2G spectrum case: Former telecom minister A Raja, Kanimozhi and 15 others acquitted.
- CBI, ED to appeal against verdict; Subramanian Swamy urges govt to appeal in HC.
- Fodder Scam: RJD chief Lalu Prasad found guilty, quantum of punishment on January 3.
- Congress suspends Mani Shankar Aiyar for his remarks on PM Modi.
- Rebel JD(U) leaders Sharad Yadav, Ali Anwar disqualified from Rajya Sabha.
- Nitin Gadkari flags off first cargo vessels through National Waterways 2 on the river Brahmaputra.
- TN: Day before RK Nagar bypoll, TTV Dinakaran camp releases video of Jayalalithaa in hospital; TTV
Dinakaran wins Jayalalithaa’s seat with a huge margin.
- Cyclone Ockhi batters Kerala, Tamil Nadu and Lakshadweep islands.
- Kulbhushan Jadhav meets wife, mother at Pakistan’s Foreign Affairs Ministry; MEA raises concerns
over Jadhav’s health and well-being.
- Padmavati is now Padmavat: CBFC changes title of Bhansali’s film; grants U/A rating.
- Rajasthan govt approves 1% reservation for Gujjars and four other communities.
- INS Kalvari, India’s ‘deadliest’ submarine, commissioned into the Indian Navy.
- India begins project to build 6 nuclear-powered submarines.
- Indian Air Force initiates Rs 33,000 crore buy of 83 Tejas fighters.
- Centre releases Rs 167 crore to 9 states for border development.
- Pakistan violated ceasefire more than 720 times in 2017; highest in 7 years.
- Donald Trump formally recognizes Jerusalem as Israel’s Capital, orders US Embassy to move from
- UN votes 128-9 to reject US decision on Jerusalem, 35 abstentions.
- Will find common ground to work together with Pakistan in fight against terror: Jim Mattis.
- US Supreme Court allows full enforcement of Trump travel ban.
- Brexit: Theresa May agrees to pay £39 billion divorce bill to the EU.
- UK lawmakers give parliament veto power on the Brexit deal.
- U.S. threats make war unavoidable in Korean peninsula: North Korea.
- UN Security Council imposes new sanctions on North Korea; blocks fuel, ships and workers.
- Hafiz Saeed’s Jammat-ud-Dawah (JuD) to contest 2018 general elections in Pakistan.
- Nawaz Sharif nominates his brother Shehbaz Sharif as PM candidate for 2018 election.
- Iraq holds military parade celebrating victory over IS; Iraq PM warns IS might erupt again.
- UAE, Saudi Arabia form new group, separate from the Gulf Cooperation Council(GCC).
- Saudi king approves $19.
- Detained Saudi princes, tycoons agree to cash settlements.
- Myanmar extends curfew in northern Rakhine for two more months.
- France passes law to ban all oil and gas production by 2040.
- Catalan pro-independence parties keep their majority in snap poll.
- Sri Lanka formally hands over Hambantota port to China on 99-year lease.
- SC extends Aadhaar linkage deadline for all schemes and services to March 31, 2018.
- SC adjourns hearing in Ram Janmabhoomi-Babri Masjid title dispute case to February 8, 2018.
- Coal scam: Ex-Jharkhand CM Koda, former coal secretary gets 3 year jail.
- Jayanthi Natarajan forest land case: CBI hands over records to IT dept.
- Panama Papers: ED seizes assets linked to Former IPL Chairman Chirayu Amin.
- Ex-Calcutta HC Judge Karnan released from jail after 6-month term.
- NGT imposes a complete ban on plastic items in Haridwar, Rishikesh.
- FSSAI orders food safety audit in IITs, IIMs, AIIMS canteens after complaints.
- UNESCO honours India’s Kumbh Mela as an “intangible cultural heritage”.
- India vs Sri Lanka: India win the Test, ODI and T20 series.
- Virat Kohli becomes fourth fastest Indian to reach 5,000 test runs; breaks Lara’s record to become
first captain to hit 6 double centuries in Tests.
- Rohit Sharma became first batsman to score 3 ODI double tons.
- Ekta Bisht, Mithali Raj, Harmanpreet in ICC’s ODI, T20 teams of the year.
- IPL franchises allowed to retain five players.
- Australia vs England: Australia lead the five-match series 3–0.
- Russia’s Olympic Committee to support its neutral athletes at Winter Games.
- Cristiano Ronaldo wins fifth Ballon d’Or award, equals Lionel Messi’s record.
2 billion of economic stimulus steps.
- Markets soar to new highs; Sensex crosses 34,000 mark and Nifty 10,500 level.
- Govt, RBI dismiss rumours about closing down of public sector banks.
- Banks can take advantage of the IBC to clean up their balance sheets: RBI.
- Finance Ministry to issue recapitalisation bonds to PSBs in January.
- Govt introduces bill on GST compensation cess in Lok Sabha.
- GST Council nod for mandatory e-Way Bill for inter-state movement of goods.
- GSTN brings in option for monthly, quarterly filing of forms.
- November CPI comes at 4.88%, October IIP at 2.2%; WPI inflation touches 8-month high of 3.93%.
- India’s April-November fiscal deficit hits 112% of full-year target.
- RBI keeps repo rate unchanged at 6%, raises inflation forecast for next 2 quarters to 4.3- 4.7%.
- Govt unveils foreign trade policy; incentives for manufacturing, service exports increased by 2%.
- SEBI approves stock, commodity bourse convergence from October 2018.
- IT dept conducts surveys at all major Bitcoin exchanges across country.
- Direct tax collections rise 14% to Rs4.8 trillion in April-November.
- Govt approves 5.4 lakh more urban houses under central scheme.
- Govt raises customs duty on electronic items to boost domestic manufacturing.
- Govt allows companies to paste MRP stickers till March next year.
- NCLT get 4,300 insolvency petitions in 18 months.
- Centre pumps Rs 7,577 crore into 6 public sector banks.
- Indiabulls Housing sells 100% stake in Indiabulls Life.
- Edelweiss acquires Religare’s securities business.
- GIC acquires 33.34% stake in DLF rental arm for nearly Rs 9,000 crore.
- Infosys completes Rs 13,000-crore buyback.
- Infosys files settlement application with SEBI over former CFO’s severance pay.
- TCS faces US trial in case that alleges Anti-American bias.
- Karnataka government drops idea to set up IT labour unions.
- Apple agrees to repay Ireland $14.6 billion in unpaid taxes.
- Oppo gets green nod to set up mobile manufacturing unit in Noida.
- Nokia signs multi-year patent licence deal with Huawei.
- Alibaba announces cloud services for Indian enterprises, SMEs.
- WhatsApp asked to stop sharing user data with Facebook.
- Google blocks YouTube from Amazon devices.
- Google X signs MoU with Andhra govt; to set up research facility in Visakhapatnam.
- Telecom sector not ready for spectrum auction till 2019: COAI.
- Mukesh Ambani’s Jio takes over mobile infra assets of Anil Ambani’s troubled RCom.
- Airtel launches 4G services in Kargil, Dras and Leh in Ladakh region.
- UIDAI temporarily bars Airtel from conducting Aadhaar linked e-KYC verification.
- No BS-IV vehicle registrations beyond June 2020: Govt draft rules.
- SIAM proposes all new vehicle sales in India to be EVs by 2047.
- Maruti Suzuki, Delhi govt signs MoU to develop automated driving test tracks.
- Nissan sues India over outstanding state incentives from TN govt, seeks over $770 million.
- Tata Motor officially rolls out the first batch of the Tata Tigor EV from the Sanand plant.
- OPEC, Russia agree oil cut extension to end of 2018.
- Power Ministry issues norms to standardise the process of procuring wind energy by states.
- Adani cancels A$2.6 billion contract with Australia’s Downer over proposed Carmichael mine.
- Air India seeks Rs 1,100 crore loan to modify planes for VVIPs.
- General Electric and Tata join hands to make jet engine parts in Hyderabad.
- Godrej completes delivery of 100 airframe assemblies to Brahmos; bags order for another 100.
- Board of Tata Steel approves rights issue and phase II expansion of Kalinganagar Project in Odisha.
- 9 lakh seniors give up ticket subsidy in 3 months, Railways saves Rs 40 crore.
- Dept of Pharma sets up committee to assist on pricing, new drug launches.
- Biocon creates new subsidiary to unlock value of its biologics business.
- Torrent Pharma completes acquisition of Unichem’s branded businesses.
- SC stays NCLT order allowing Centre to takeover Unitech.
- Quikr acquires HDFC Developers Ltd and HDFC Realty ltd for Rs 357 crores.
- Paytm unveils its ATM, to invest Rs 3000 crore in offline distribution network.
- Ola acquires FoodPanda India business, to further invest $200 million.
- Infosys appoints Salil S Parekh as MD & CEO effective Jan 2, 2018.
- Apple appoints Michel Coulomb to lead India operations.
- Uber names Ex-Orbitz CEO Barney Harford as Uber COO.
- Bitcoin touches $19,000; Chicago Mercantile Exchange launches bitcoin futures.
- Pakistan to allow rupee depreciation after crucial talks with the IMF.
- Sterling hits 6-month high against the Euro as Brexit deal progresses.
- Brent hits 2-year high after UK pipeline outage.
- Japan and the European Union reach an agreement on a free trade pact.
- Saudi Arabia, UAE to roll out VAT in 2018.
- India’s trade deficit with China stands at $37 billion in Apr-Oct’17.
- RERA, GST pull home loan growth down 32.7% in Apr-Oct’17.
- Patanjali ranked India’s most trusted FMCG Brand: The Brand Trust Report India Study 2017.
|Indices||29-Dec||30-Nov||% 1M||02-Jan||% since Jan|
|Crude Brent $||66.87||62.89||6.33%||57.16||17.00%|
|Crude Nymex $||60.42||57.57||4.95%||54.05||11.79%|
|NIFTY SECTORAL INDICES|
|Sectors||BANK NIFTY||CNX IT||CNX AUTO||CNX FMCG||CNX PHARMA|
|% since Jan||42.13%||12.53%||28.76%||29.65%||-6.69%|
|INDIAN TRADE( USD MILLION)|
|Government Bond 10Y||7.32%|
|Forex Reserves $ M||404920|
|INSTITUTIONAL TRADING ACTIVITY|
|Particulars||FII (Rs.crore)||MF (Rs.crore)|
|Total 1 M||(2756)||28526|
|Total Since Jan||194158||508528|