I am pleased to attach the Economy / Market Snapshot covering all the major events in November, 2018.
Indian market bounced back with a 5% gain in November, 2018. Sensex reclaimed 36,000 levels. Except for Pharma and IT all the sectoral indices went up. Bank Nifty went up by 7%, Auto and FMCG went up by 5% while Pharma lost 5% and IT lost 2%. FII’s came back to the market with Rs.10,700 crores in equity market and Rs.2,100 crores in the debt market. Domestic financial institutions invested in Rs.2,500 crores in the equity market and Rs.48,700 crores in the debt market.
On the Global markets front, Dow went up by 2%, Nasdaq by 0.50%, Hang Seng by 6%, Nikkei by 2% while FTSE lost about 2% and Shanghai by 0.50%. After crossing Rs.74, Indian Rupee settled at Rs.69.59 to 1 US $. Gold lost about 5% while Silver lost about 8%. Crude continued its fall and fell by 22% to settle at $59 per barrel.
On the Q 3 results front, results from Bank majors like SBI, PNB, Bank of India and IDBI Bank were disappointing. However HDFC, M & M and Ashok Leyland posted better results giving hope to the market. The much awaited meetings in Argentina are happening with the first JAI (Japan, America and India) meeting between Donald Trump, PM Modi and Abe of Japan taking place. Board meeting of RBI went off peacefully with setting up of committees to look at the controversial issues. On the commercial paper front, number of redemptions are expected in December and we have to see the liquidity situation. Also the election results will be announced in December which will show the current political equation in these important States. With the new year eve, markets will be volatile but am sure that 2019 will begin with a lot of hope and positivity.
- Assembly elections: Chhattisgarh recorded 72% voter turnout in the last phase; Madhya Pradesh,
Mizoram recorded 75% voter turnout.
- J&K Governor Satya Pal Malik dissolves assembly; PDP-NC-Congress alliance and PC’s Sajad Lone with
BJP support stake claims to form govt.
- India, Australia ink 5 pacts as President Ram Nath Kovind meets PM Morrison.
- Vice-President Naidu embarked on 6-day visit to Botswana, Zimbabwe, Malawi.
- PM attends East Asia Summit in Singapore; meets US Vice President Mike Pence, discusses Indo-US ties.
- PM Modi attend swearing-in of new Maldives President Ibrahim Mohamed Solih.
- South Korean First Lady Kim Jung-sook meets PM Modi as official representative of S Korea.
- Sushma Swaraj meets Laotian counterpart, holds talks on IT, defence and trade & investment.
- NSA Ajit Doval and Chinese Foreign Minister Wang Yi hold the 21st round of border talks in China.
- AP CM Chandrababu Naidu proposes anti-BJP front to ‘Save Democracy’; meets Sharad Pawar, Farooq
Abdullah, Kumaraswamy, HD Deve Gowda, DMK chief MK Stalin, Mamata Banerjee.
- Vice President Venkaiah Naidu lays foundation stone of Kartarpur corridor in Punjab.
- Union Ministers Harsimrat Kaur Badal and Hardeep Singh Puri, Navjot Singh Sidhu attend the Kartarpur
corridor ceremony in Pakistan inaugurated by PM Imram Khan.
- PM Modi inaugurates Kundli-Manesar-Palwal expressway and Delhi Metro line in Haryana.
- First multi-modal terminal constructed on river Ganga inaugurated by PM.
- PM Modi flags off City Gas Distribution (CGD) projects implementation across 122 districts.
- Cyclone Gaja wreaks havoc in Tamil Nadu, claims 45 lives; CM seeks ₹15,000 crore aide from Centre.
- Shutting down Tamil Nadu’s Sterlite plant unjustified: National Green Tribunal.
- Karnataka bypoll results: Congress-JD(S) combine scores 4-1 victory.
- UP cabinet approves renaming of Faizabad as Ayodhya, Allahabad as Prayagraj.
- Rajasthan: Congress fields BJP veteran Jaswant Singh’s son Manvendra Singh against CM Vasundhara
Raje; Ashok Gehlot, Sachin Pilot to contest elections.
- Madhya Pradesh: Congress’ Arun Yadav to take on CM Shivraj Singh Chouhan.
- Telangana assembly polls: Sonia Gandhi holds first-ever rally in state.
- Tribal farmers call off protest as Maharashtra govt vows to fulfil demands.
- Farmers across India on protest in Delhi demanding loan waivers and better prices for their produce.
- Supreme Court agrees to review Sabarimala temple verdict in Open Court on January 22.
- Devaswom board moves SC seeking more time to implement verdict.
- Northeastern states agree to implement Real Estate Regulation Act (RERA).
- Odisha House passes resolution proposing 33% reservation for women in Parliament, state assemblies.
- CBI vs Govt: Citing breach of confidentiality, furious SC adjourns Alok Verma hearing.
- SC declines early hearing of pleas in Ram Janmabhoomi Babri Masjid title dispute case.
- Union Minister Ananth Kumar dies at 59; Kannada actor and ex-union minister Ambareesh passes away.
- UP govt’s Deepotsav sets world record for lighting over three lakh diyas on banks of River Sarayu.
- SC rejects CBI’s appeal challenging Delhi HC order quashing charges against accused in the Bofors case.
- SC permits “green firecrackers”; fixes a two-hour time period for bursting them on Diwali.
- Madras HC quashes I-T Department’s criminal prosecution against Chidambaram’s family.
- India, China agree to take measured steps to strengthen military ties, enhance exchanges.
- Army inducts 3 major artillery gun systems, including American M777 Howitzers.
- ISRO launches GSAT-29, the heaviest satellite and HysIS observation satellite, 30 others with PSLV-C43.
- India’s first nuclear ballistic missile submarine INS Arihant, completed its first deterrence patrol.
- Pricing of Rafale jets can be discussed only if facts on deal come in public domain: SC.
- India sees 24% drop in malaria cases, Odisha best performer in fight against the disease: WHO.
- PM Modi and world leaders attend G-20 Summit in Argentina.
- US restores Iran sanctions lifted under Obama nuclear deal.
- US Mid-Term Polls: Democrats take control of the House of Representatives.
- US Attorney General Jeff Sessions resigns at Trump’s request.
- North Korea threatens to resume nuclear work without sanctions relief.
- Mike Pence, Shinzo Abe agree to keep sanctions on North Korea to achieve denuclearisation.
- US federal judge bars Trump govt from refusing asylum to immigrants who cross the border illegally.
- CIA didn’t ‘conclude’ that Saudi Crown Prince ordered journalist’s murder: Donald Trump.
- Deadliest fire in California history kills 42 people scorching 154,000 acres.
- UK and EU agree draft declaration for Brexit deal; UK parliament to vote on deal on December 11.
- India and 11 countries attend Afghan peace talks with Taliban hosted by Russia at ‘non-official level.
- Sri Lankan President dissolves Parliament, calls for snap polls on January 5.
- Sri Lanka’s parliament passes no-confidence vote against newly appointed PM Rajapaksa.
- Pakistan PM Imran Khan meets China’s XI Jinping; sign 16 agreements to curb poverty in Pakistan.
- South Korean’s Kim Jong Yang elected Interpol President.
- World leaders mark 100 years since end of World War I with solemn ceremonies.
- India vs Australia T20: 3-match series tied as rain plays spoilsport.
- India vs West Indies: India wins the 5 match ODI series 3-1 and sweeps 3 match T20 3-0.
- ICC Women’s World T20: India crash out in semis; Australia thrash England to lift fourth title.
- Hockey World Cup 2018: India hosts the world’s top 16 teams; hopes to end 43-year title wait.
- Rahul Dravid becomes 5th Indian player to be inducted into ICC Hall of Fame.
- Rohit Sharma sets record, becomes first batsman to score four T20I centuries; Mithali Raj becomes India’s
highest T20I run scorer.
- World Boxing Championship 2018 Final: Mary Kom makes history, wins record 6th Gold.
- RBI board meet: RBI agree to set up a panel for sharing surplus and to restructure loans of SMEs.
- India does not need money from the RBI in the next six months: Finance Minister Arun Jaitley.
- RBI starts process to set up digital Public Credit Registry for capturing all details of borrowers.
- Governor Urjit Patel appears before a parliamentary panel to brief on demonetisation and NPA situation.
- PM Modi announces a 12-point package for Micro, Small and Medium Enterprises (MSMEs).
- EV infra policy soon; individual can set up charging station for commercial use: Power Minister.
- Centre decides to set up a domestic Gold Council in India.
- India’s GDP grew by 8.5% in the FY 2010-11 and not at 10.3% as previously estimated: CSO.
- Make in Odisha Conclave 2018 bags investment worth ₹4,19,574 crores.
- Govt authorises PSU bank chiefs to block wilful defaulters’ exit from India.
- NSE launches, NSE goBID, online platform for retail investors to buy G-sec.
- HCL Tech, Bajaj Finance to replace Wipro, Adani Ports in BSE Sensex from December 24.
- Indian rupee breaches 70/$ as crude oil softens.
- Fed leaves rates unchanged, says US economy strong, notes slowing in business investment.
- Trump administration imposes restrictions on technology exports to Chinese firm on security grounds.
- 50 Indian objects face warmth as US revokes duty-free privileges on import of 90 merchandise.
- US pushes ahead with Iran oil sanctions but grants waivers to 8 countries including India.
- US imports rise to record $266.6 billion despite protectionist policies.
- US-China discord dominates in Papua APEC summit; Russia warns against protectionism.
- IMF links Pakistan bailout talks to FATF gray list; demands details of its financial aid deal with China.
- Industrial and Commercial Bank of China sets up $200 million fund for investing in Indian MSMEs.
- Bitcoin sinks to new 13-month low, touches $3,900.
- Mahindra Electric Mobility opens ₹100 crore manufacturing hub in Bengaluru.
- Volvo Cars to be the first company to locally assemble plug-in hybrids in India.
- Fiat to discontinue Punto and Linea in India, focus on Jeep.
- Tesla cuts China car prices to absorb hit from trade war tariffs.
- Tata Sons says in preliminary talks with Jet Airways around a deal.
- Oil declines to 7-month low as worldwide supply anxieties ease; Brent oil drops under $60 for first time
- Airtel, Reliance Jio, BSNL roll out alternate digital KYC process after SC verdict on Aadhaar.
- Bharti Airtel kicks off Africa IPO plan, appoints 8 global banks.
- Samsung unveils Infinity Flex, the much-awaited ‘foldable’ phone.
- IL&FS Financial Services’ exposure to group firms breaches RBI norms: Uday Kotak-led board.
- Kotak, L&T, NBCC, 2 others submit Express of Interest to take over bankrupt Jaypee Infratech.
- GAIL, GETCO move NCLT seeking rejection of ArcelorMittal bid for Essar Steel.
- Ola forays in New Zealand foray; expands further in the UK, announces rollout in South-West England.
- Amazon in advance stage talks to buy 9.5% stake in Future Retail.
- Walmart raises stake in Flipkart to 81.3%.
- Alibaba sets new Singles Day record with more than $30.8 billion in sales in 24 hours.
- Baba Ramdev-led Patanjali Ayurved enters branded apparel space, aims ₹1,000 crore business in FY20.
- Thousands of Google employees stage walkout worldwide to protest office harassment, inequality.
- Aurobindo Pharma’s US subsidiary enters into agreement with Advent Pharma.
- UIDAI CEO Ajay Bhushan Pandey to replace Hasmukh Adhia as new Revenue Secretary.
- Nissan, Mitsubishi ousts Carlos Ghosn as Chairman following his arrest over financial violations.
- Tesla taps Robyn Denholm to replace Elon Musk as board chair.
- Ashok Leyland’s MD and CEO Vinod Dasari to step down effective March 31, 2019.
- Ashok Chawla resigns as non-exec. Chairman and R Chandrasekhar as Independent Director of Yes Bank.
- Gautam Singhania steps down as Raymond Apparel chairman.
- Vikram Singh Mehta and Ranjan Mathai quit as Independent Directors from Jet Airways board.
- Nearly 50% of India’s ATMs may shut down by March 2019 : Confederation of ATM Industry.
- India jumps 23 spots to 77th rank in ‘World Bank Ease of Doing Business 2019’ rankings.
- 2019 India Skills report: AP tops the list with the highest employability followed by Rajasthan, Haryana.
- SBI Q2 profit slumps 40.26% YoY to ₹944.87 crores, GNPA lower at 9.95%, NPAs improved to 4.84%.
- PNB reports a Q2 loss of ₹4,532.35 crores on massive provisions and contingencies of ₹9,757.90 crores.
- IDBI Bank posts Q2 loss at ₹3,602.49 crores, provisions surge 102% to ₹6,579.83 crores.
- Bank of India posts Q2 net loss at ₹1,156 crores, NII down 12.74% at ₹2,927 crores, GNPA at 16.36%.
- HDFC Q2 profit jumps 24.71% to ₹2,467 crores on stake sale in AMC business.
- DHFL Q2 profit rises 52.46% YoY to ₹439 crores, total revenue increased 33.78% to ₹3,515.66 crores.
- Ashok Leyland Q2 net profit rises 37% YoY to ₹459.6 crores, revenue up 25.2% at ₹7,608 crores.
- M&M Q2 net profit up 26% YoY at ₹1,778.75 crores; revenue grow 6% to ₹12,790.17 crores.
- Ford India turns profitable after nine years recorded a profit of ₹526 crores in FY18.
- Toyota profit zooms to ₹965 crore in FY18 driven by Innova, Fortuner.
- IOC Q2 profit falls 52.5% to ₹3,247 crores, revenue rose to ₹1.32 lakh crores.
- ONGC Q2 net profit rises 61% to ₹8,265 crores, income from operations rose by 47.5% to ₹27,989 crores.
- SpiceJet posts net loss of ₹389 crores for Q2 on rising fuel cost, rupee depreciation.
|Indices||30-Nov||31-Oct||% 1M||01-Jan||% since Jan|
|Crude Brent $||58.71||75.47||-22.21%||67.13||-12.54%|
|Crude Nymex $||50.93||65.14||-21.81%||60.62||-15.98%|
|NIFTY SECTORAL INDICES|
|Sectors||BANK NIFTY||CNX IT||CNX AUTO||CNX FMCG||CNX PHARMA|
|% since Jan||6.10%||26.56%||-22.04%||12.89%||-3.56%|
|INDIAN TRADE(USD MILLION)|
|Government Bond 10Y||7.61%|
|Forex Reserves $ M||392790|
|INSTITUTIONAL TRADING ACTIVITY|
|Particulars||FII (Rs.crore)||MF (Rs.crore)|
|Total 1 M||12837||51184|
|Total Since Jan||(83748)||364246|