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Fear of Lehman-like capitulation lessens as authorities respond promptly

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The UK episode indicates that policymakers and regulators are watching financial stability like a hawk and will not be held back by ideology or ego when financial stability is at stake; this realisation that a Lehmanesque capitulation won't be allowed may put a bottom for the markets for now

Fear of Lehman-like capitulation lessens as authorities respond promptly

The crash and recovery of UK gilts after the United Kingdom government reversed nearly all the tax cuts may have one positive side-effect on global markets: it could reassure markets that even if there are unknown unknowns like overleveraged institutions, regulators and authorities won’t mind bending the rules and eating humble pie, to avoid a default like Lehman Brothers. The rise of not just UK bonds but indeed many global risk assets in the past 24 hours is probably in celebration of this point.

Since the June fall the S&P 500 has repeatedly seen selling between 4,100-4,200 levels. One can pinpoint to similar resistances (17,900-18,000) in other major indices like Nifty as well. One big reason for this resistance has been a latent fear that the rapid hiking of rates and sucking out of liquidity by all major central banks will catch some institutions swimming naked. The events in the UK in the last fortnight proved that these fears are well-founded. No one expected that in a developed financial market like the UK, pensions funds — known to be solid risk averse institutions — will be found overleveraged or holding derivatives.

Nor did anyone expect the UK government — the oldest democracy in the world, with the world's oldest global financial centre in its jurisdiction — to indulge in such thoughtless policy flip-flop: to announce a yawning fiscal deficit in the teeth of double digit inflation, when bond markets were already skittish with uncertain geopolitics, and unprecedented energy prices. Such immature policy adventures are expected from banana republics, and from the derisively termed ‘under developed’ countries.

But the crisis also reassured global markets of mature reaction by politicians and regulators, when systemically important institutions or markets come to the brink. As leveraged pensions funds started off a panic vicious bond-selling, the Bank of England shrugged off all fears of criticism and boldly reversed its bond sale plan. It went out and bought bonds for a full two weeks unconcerned about criticism that it is diluting its monetary stance; the idea was to give pension funds adequate time to arrange for funds at not-too-distressed prices. Even more sensible was the way in which it ended the bond purchase programme, giving the UK government adequate notice that it won’t reverse its inflation-fighting mandate beyond a point, and it was time now for the fiscal authorities to undo their part of the damage.

UK Prime Minister Liz Truss and her Cabinet appear to have taken the hint and acted with equal speed and sense. The finance minister, the author of the tax cuts in the mini-budget, was sacked and a new chancellor of the exchequer was appointed, who quickly announced a near complete reversal of the tax cuts which created the chaos in the first place.

For markets, this sordid episode indicated that policy-makers and regulators are watching financial stability like a hawk, and will not be held back by ideology or ego when financial stability is at stake. This realisation that a Lehmanesque capitulation won't be allowed may put a bottom for the markets for now.

However, there are other dangers for the market.

Geopolitical minefields can still erupt. The US administration, earlier this month, announced restrictions on US persons supporting the development, production, or use of integrated circuits at some chip plants located in China. These restrictions appear to be applicable to all US Green Card holders, as well as US citizens working for the identified chip plants. It isn't yet clear how severely it may cripple some Chinese chipmakers. This step may well create a worldwide shortage of some chips once again. If the Chinese retaliate, there can be more geopolitical uncertainties.

Short point, world markets may have found some kind of a ‘put’ from global financial regulators, but this ‘put’ can be swept away by geopolitical uncertainties.

Healthcare | Should governments regulate private hospitals?

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Though the medical industry needs to be regulated, worse can be the cure through the unleashing of a mindless ‘inspector raj’ driven less by the keenness to protect patient interests, and more by rent seeking Healthcare | Should governments regulate private hospitals?

In July, the Competition Commission of India (CCI) released its report on the pricing practices of 12 corporate hospitals. Though not surprising that these hospital chains were overcharging patients, what drew peoples’ attention was that for the first time an audit of sorts was carried by an arm of the government with powers to penalise ‘wrongful’ gains.

It was a report long overdue, and so welcomed by citizens struggling with the issue of exploitative prices without accountability to outcomes or ethical considerations. This then raises the issue whether it is time for government to regulate the pricing of services charged by private hospitals with the attendant question of should it, and can it.

Theory For Government Intervention

Asymmetry of information that creates an unequal power structure between care providers and patients is a typical characteristic of the health sector, providing a compelling argument for government intervention. It is basic economics that tells us that perfect competition and markets can only function when there are certain conditions such as perfect knowledge between suppliers and buyers, and no barriers to entry among others. Therefore, says economic theory, since health is not amenable to the fair allocation of resources between competing interests, it quickly slips into exploitation and exclusivity, unless controlled. This then sets the stage for the entry of the State.

In July, the Competition Commission of India (CCI) released its report on the pricing practices of 12 corporate hospitals. Though not surprising that these hospital chains were overcharging patients, what drew peoples’ attention was that for the first time an audit of sorts was carried by an arm of the government with powers to penalise ‘wrongful’ gains.

It was a report long overdue, and so welcomed by citizens struggling with the issue of exploitative prices without accountability to outcomes or ethical considerations. This then raises the issue whether it is time for government to regulate the pricing of services charged by private hospitals with the attendant question of should it, and can it.

Theory For Government Intervention

Asymmetry of information that creates an unequal power structure between care providers and patients is a typical characteristic of the health sector, providing a compelling argument for government intervention. It is basic economics that tells us that perfect competition and markets can only function when there are certain conditions such as perfect knowledge between suppliers and buyers, and no barriers to entry among others. Therefore, says economic theory, since health is not amenable to the fair allocation of resources between competing interests, it quickly slips into exploitation and exclusivity, unless controlled. This then sets the stage for the entry of the State.

Building value-based and non-adversarial work environments in the health sector is critical since all stakeholders have in the ultimate analysis one primary goal — the benefit of the patients, and their well-being as all are dependent on each other, and cannot do without the other.

Share Market Closing Note | Indian Stock Market Trading View For 17 October 2022

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Topic :- Share Market Closing Note

Nifty ends above 17,300 led by SBI, Bajaj Finserv; metals, realty close in the red

Stock market: Settlement holiday today. What investors should know? | Mint

Stock Market Updates: Among sectors, buying was seen in financials, auto and power spaces while selling was seen in metals and realty names.

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Topic :- Time:3.20 PM

Nifty spot close above 17280 level will result in some further upmove in coming sessions and if it closes below above mentioned level then some sluggish move can continue. Avoid open positions for tomorrow. 

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Topic :- Time:2.30 PM

GOLD Trading View:

GOLD is trading at 50514. If it breaks and trade below 50480 level then some decline can follow and if it manages to trade and sustain above 50550 level then some more upmove can follow. Gold is in Buy from decline trend as off now.

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Topic :- Time:2.00 PM

Nifty spot if manages to trade and sustain above 17320 level then expect some upmove in it and below 17280 level some decline can be seen.

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Topic :- Time:1.00 PM

Nifty spot if breaks and trade below 17260 level then expect some decline in the market and if it manages to trade and sustain above 17300-17320 levels then some upmove can follow in it. Currently Nifty spot is trading at 17287.

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Topic :- Time:12.30 pm

COPPER Trading View:

COPPER is trading at 654.If it holds above 652 level then expect good upmove in it and if it breaks and trade below 652 level then some decline can follow in Copper.

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Topic :- Time:12.00 PM

Nifty is showing some signs of weakness now. Nifty spot if breaks and trade below 17220 level then expect some decline in the market and if it manages to trade and sustain above 17260-17280 levels then some upmove can follow in the Nifty.

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Topic :- Time:11.40 am

Just In:

CRAFTSMAN AUTO Q2 : CONS NET PROFIT AT 62.48 CR V 49. 9 CR (YOY)

REVENUE AT 776 CR V 571 CR (YOY)

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Topic :- Time:11.30 am

News Wrap Up:

1. Sensex surges 200pts, Nifty50 above 17,200; SBI gains 2%

2. This recession was anticipated, says TCS MD & CEO Rajesh Gopinathan

3. HDFC twins may merge a few months ahead of schedule: HDFC Bank CFO

4. Soaring dollar leaves food piled up in ports as world hunger grows

5. Mothersons local wiring biz better placed than its global sales entity

6. Bajaj Auto gains 2% in a weak mkt after net profit climbs 20% YoY in Q2FY23

7. Rs 25 trn in Jan Dhan accounts, says Union Minister Kishan Reddy

8. Crypto weekly wrap: Tokens recover after plunging post-US inflation data


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Topic :- Time:11.00 am

After negative opening nifty has shown smart recovery and is trading in green now. Nifty spot if manages to trade and sustain above 17280 level then expect more momentum in the market and if it breaks and trade below 17220 level then some decline can be seen.

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Topic :- Here are 10 key factors that will keep traders busy next week

1) Corporate earnings

2) US industrial production, China Q3CY22 GDP

3) Other global economic data points

4) Indian rupee

5) FII flow

6) Economic data points

7) Technical View

8) F&O cues

9) Primary market

10) Corporate Action

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Topic :- Nifty Opening Note

Indian Stock Market Trading View For 17 October 2022:

Nifty to trade volatile and is likely to follow global cues. Trade as per market trend.

Nifty spot if manages to trade and sustain above 17250 level then expect some upmove in the market and if it breaks and trade below 17160 level then some further decline can follow in the market. 

Please note this is just opening view and should not be considered as the view for the whole day.

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Monetary policy and failure: A short discussion on what lies ahead of RBI

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The September retail inflation print released on October 12 confirmed the Indian central bank had failed to meet its mandate for the very first time. This warrants a fresh scanner on the recent past, the present, and immediate future of India's monetary policyMonetary policy and failure: A short discussion on what lies ahead of RBI

After months of waiting for the obvious, we can finally say that the Reserve Bank of India (RBI) has failed to meet its inflation mandate.

The release of the Consumer Price Index (CPI) data for September on October 12 confirmed average headline retail inflation has been out of the 2-6 percent tolerance range for three consecutive quarters – 6.3 percent in January-March, 7.3 percent in April-June, and 7 percent in July-September.

What happens next is clear: the RBI must submit a report to the central government detailing the reasons for failure, the remedial actions it proposes to take, and an estimate of the time period within which inflation will return to target.

To draft the report, the Monetary Policy Committee (MPC) must meet soon as the report has to be sent to the government within one month of the occurrence of failure, or by November 12. But what exactly will the report say?

Of the three aspects mentioned above, two are pretty clear – the reasons for failure and the time period within which the RBI hopes to return inflation to target.

"The reasons will be…you can't prevent the Russia-Ukraine war. It (the report) will talk of supply disruptions, the zero-COVID policy in China. The RBI will say this is why it failed," a person familiar with the developments had told Moneycontrol in May after it started becoming clear that the central bank would likely fail to meet its mandate.

It was in anticipation of an ugly April print that the MPC acted out of its meeting schedule and kick-started the rate hike cycle with a 40-basis-point increase in the repo rate on May 4.

The number did not disappoint, with CPI inflation surging to a 95-month high of 7.79 percent in April, data released on May 12 showed.

It is worth noting that Andrew Bailey, governor of the Bank of England, also mentioned the impact of the Russia-Ukraine war and supply shortages of certain key items such as semiconductors to explain why inflation had moved away from the 2 percent target in his March 17 letter to the then Chancellor of Exchequer, Rishi Sunak.

The second aspect of the report that is for all to see even now is the timeframe within which the RBI wants to bring inflation back to target. For some time now, RBI officials have mentioned how two years is an appropriate period of time for inflation to be lowered to 4 percent.

Even in the post-policy press conference on September 30, Governor Shaktikanta Das said the central bank expected inflation to "come down close to the target over a two-year cycle; that was our expectation earlier and even now."

There is little reason for the failure report to say anything different, especially with RBI's latest forecast pegging average CPI inflation for FY24 at 5.2 percent, a steep 150 basis points lower than the average of 6.7 percent for the current financial year.

What of the third aspect of the report?

Rising terminal rate?

The failure report must also detail the remedial actions the RBI proposes to take to bring inflation down to target. And here we are in the dark, for while the central bank has already taken some action – 190 basis points worth of it, to be precise – there is broad agreement among economists that more needs to be done.

One basis point is one-hundredth of a percentage point.

In fact, the slightly higher-than-expected September inflation figure of 7.41 percent, in combination with an aggressive US Federal Reserve, has perhaps pushed the terminal repo rate higher.

"With increased Fed rate hikes in 2022 and an adverse inflation forecast, RBI will have to walk a fine balance of rate hikes," Soumya Kanti Ghosh, State Bank of India's group chief economic adviser, noted on October 12.

"We are now looking at the terminal repo rate going higher than 6.5 percent," Ghosh added.

On the other hand, divisions within the MPC have become apparent thanks to the minutes of the September 28-30 meeting of the panel, released on October 14.

While it was already known that Ashima Goyal preferred a 35-basis-point increase in the repo rate on September 30 as opposed to the majority vote of 50 basis points, fellow external member Jayanth Varma explicitly said the MPC should now pause and wait for its actions to take effect.

The next four weeks or so are crucial then; not only must the RBI submit its report to the government by November 12, the October CPI inflation print will be released on November 14 and should influence what happens in the December 5-7 meeting of the MPC, with economists predicting a sharp drop-off to sub 6.5-percent levels.






Bengaluru Floods: Better planning and policies needed to tackle urban floods

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The recommended action includes; preparation of contour maps, augmentation of storm water drainage network, cross-drainage works, and augmentation of pumping capacity. Cities will have to complement the states in providing mitigation strategies:Bengaluru Floods: Better planning and policies needed to tackle urban floods

Bengaluru, famed as the ‘Silicon Valley of India’, and the country’s leading information technology exporter, had large portions of the city underwater for two days (August 29 and 30). Unprecedented and relentless rains, said to be the third-heaviest ever recorded in Bengaluru, inundated the city. Bengaluru’s lakes were full; some breached their banks and the water, finding little egress, camped on the city’s streets, in parking lots, and houses. In some areas, residents had to be evacuated on tractors. Other concomitant failures were also visited upon the city. There were huge traffic disruptions, power outages, loss of productivity, and many normal activities had to be halted. The flooding of the pump houses hit the water supply to the city, and some areas had to depend on water from bore wells and tankers.

Some of the reasons behind the disaster were specific to the city. Bengaluru was long celebrated as the city of lakes. Unfortunately, its governance has been unkind to the elaborate ecosystem that had sustained the city in the past. Many of the lakes have been filled up; others have been curtailed through slow and stealthy encroachment and concretisation. Additionally, the interconnectivity between water bodies has been disrupted. The drainage system of the city has also been compromised due to large-scale encroachments. Other items of city infrastructure that have a bearing on floods have been equally mismanaged. The upkeep of stormwater drains in the city has been poor, and its solid waste management leaves a lot to be desired.

Bengaluru also has an extremely fractured governance system. The urban local body has truncated functions, and several parastatals have been created to manage separate services. Water and wastewater are managed by the Bangalore Water Supply and Sewerage Board; city transport is in the hands of the Bangalore Metropolitan Transport Corporation; and fire services are provided by the Karnataka Fire and Emergency Services. On the planning side, Bangalore Development Authority is the principal planning authority for the city, and the Bangalore Metropolitan Management Authority is responsible for the planning of the Bengaluru metropolitan region. It is apparent that co-ordination among these agencies during a crisis would pose enormous problems.

It must, however, be recognised that urban floods have now become a national phenomenon, affecting many mega and metropolitan cities in India almost annually. For example, in July, heavy rainfall inundated Ahmedabad. Many areas of the city were waterlogged, and the ground floors of many housing societies and bungalows disappeared underwater. In November 2021, Chennai came to a standstill as several areas were submerged on account of heavy rainfall. The city recorded 17 deaths; there were power outages and several Chennai localities were marooned. In October 2020, Hyderabad struggled with unprecedented levels of precipitation that left nearly 50 dead and destroyed property worth around Rs 5,000 crore. Delhi, Mumbai, Patna, Pune, and many other metros have also flooded at different points in time, bringing them to a halt for several days.

On the strength of these events and many more, it would be safe to conclude that this is on account of the forces of climate change that have accentuated the severity of rainfall in cities. These render the current urban drainage systems unable to cope with such bursts of rain, leading to flooding. India already ranks very high among countries in terms of disaster events, disaster victims, and economic losses. An additional disaster that has now been added to this list is urban floods, which is now proving to be a huge national challenge.

For quite some time, urban floods did not receive much attention as the National Disaster Management Authority (NDMA) focused on riverine floods that wreaked havoc in the rural areas.  The turning point in this regard was the deadly deluge in Mumbai in July 2005, when an unprecedented cloudburst caught the city unprepared to tackle a disaster of that magnitude. It was then that NDMA decided to address urban flooding as a separate disaster and delinked it from other floods.

A study of the reasons behind these floods reveals a commonality of causes that combine matters of urban planning and urban governance across India’s cities. The 10 most-significant reasons can be listed as: Absence of storm water drains in many localities; poor maintenance of existing storm water drains leading to their clogging with mud and material; filling up water bodies and nullahs; incapacitating drainage through encroachments or poor maintenance; truncating and concretising open space, depriving them of their permeability; uncontrolled built and demographic densification beyond the city’s infrastructural capacity; failure to prevent rampant unauthorised construction; allowing construction in low-lying areas without adequate mitigation measures; indiscriminate disposal of solid waste; illegal dumping of construction debris; and overlooking the maintenance and upkeep of the city’s overall infrastructure that impacts egress of water.

Several committees have gone into the reasons behind urban flooding and have suggested remedial measures. The first group of recommended action points includes the preparation of contour maps, augmentation of the storm water drainage network, cross-drainage works, and augmentation of pumping capacity. The second set of jobs includes removal of obstruction to storm water drains, removal of blockages caused by floating debris, restoration of the nalla system that stands constricted due to encroachments, effective garbage handling, desilting, and preservation of holding ponds. Regulatory measures include a ban on plastics and prevention of further encroachments.

Some of the above cited jobs need to be undertaken by the cities. There are some others that are in the state’s domain. Even if it is conceded that urban development is a state subject, the Union government cannot be a bystander watching city infrastructure failing to support the needed quality of life in large Indian cities. Such cities are national assets and growing contributors to the Indian economy. It cannot be denied that the national government has played a role in the financial emaciation of cities and has not taken steps to support their financial sustainability. Inaction on the government’s part can worsen the condition of Indian cities; the country’s economic growth can be seriously impacted, and the image of Indian cities can take a global battering.

At the same time, this new paradigm of disaster will have to be sufficiently imbibed by the states. First, the fractured governance architecture witnessed in Indian cities is not designed to cope with disaster situations. The multiplication of city parastatals needs to be eschewed, and a new structure ought to put urban local bodies in command. Second, the dovetailing of Climate Change and urban floods into disaster management by all vulnerable states will help rivet more attention to pre-disaster policies and planning, thereby, making Climate Change mitigation an essential component of disaster risk management. Cities themselves will have to consider urban floods as a recurring phenomenon, and complement the states in providing an equal emphasis on floods and mitigation strategies.

Beyond the states, community approaches are critical for disaster mitigation, and management.  This will include integration of disaster risk reduction into development policies and plans of urban local bodies. Furthermore, capacity building programmes for citizens across cities need to be taken up through a massive educational effort so that risk reduction behaviour becomes part of their daily lives.

HDFC Life completes merger of Exide Life a day after Irdai's approval

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he entire transaction from announcement of the deal in September 2021 followed by the acquisition in January 2022 and the eventual merger was completed in less than 14 months

HDFC Life

A day after  regulator Irdai's final approval,   on Friday announced completion of Exide Life merger.

This marks the completion of the first-ever merger and acquisition (M&A) transaction in the Indian life  sector,  said in a statement.

 had completed the acquisition of Exide Life in January 2022.

The entire transaction from announcement of the deal in September 2021 followed by the acquisition in January 2022 and the eventual merger was completed in less than 14 months, it said.

"Pursuant to the merger, customers across both entities will have access to a wider bouquet of products and service touch points. Employees and distributors will benefit from a larger, stronger organisation that has complementary business models, wider geographical presence and strong ethos," it said.

This merger will accelerate the scale-up of HDFC Life's agency channel and enhance its geographical presence in tier II and tier III markets, it said.

In January this year, HDFC Life acquired 100 per cent stake in  Company from its parent firm Exide Industries for Rs 6,687 crore in order to increase its presence in the south India market.

With the transfer of its life insurance business to HDFC Life, Exide Industries acquired 4.12 per cent stake in HDFC Life.

Last month, the insurer had received approval from the Mumbai bench of the National Company Law Tribunal (NCLT) for merger of Exide Life into itself.



Five factors that help India retain the shine amid global gloom

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The Central Government has pushed the pedal on capital expenditure (capex) in the last three years. Capex share in overall expenditure has increased from 12 percent in FY18 to 19 percent in FY23 (budgeted).What should investors do as India looks to shine amid global gloom? |  Business Standard News

There are several trends which have helped India remain resilient amidst global turmoil. We will have to build on these to remain one of the fastest-growing economies over the next decade.

The world economy is going through a tumultuous phase. Aggressive tightening by major advanced economies’ central banks has led to a bleak outlook for global growth. Against this backdrop, the World Bank recently cut India's GDP forecast for FY23 to 6.5 percent (from 7.5 percent earlier). However, India will still remain one of the fastest-growing major economies in the world. This brings us to the question that what has worked in India’s favour for it to maintain decent growth amidst global gloom. We identify five reforms/policies which have helped India to grow faster and will continue to aid growth in the medium term.

India's low external debt

The first and the most important has been India’s low external debt which has insulated it from external volatility in times like these. In recent weeks there has been a lot of buzz around India's inclusion in the global bond indices. Historically, India has always been uncomfortable about foreign investors owning Indian debt, hence through capital controls, has kept foreign ownership at bay.

On the sovereign front, India's exposure to foreign ownership of government debt has historically ranged between 1 percent and 2 percent. India's debt exposure to foreign ownership is far lower than most of its peers. The only major economy that has a lower debt exposure is China. This has worked well in India's favour where most of its debt is domestically held and hence not prone to huge movements in currency in times of heightened uncertainty.

Shift within financial savings

The second trend has been the perceptible change in the composition of financial savings of households. Though overall household savings to GDP has been on a decline, the share of financial savings in overall household savings has increased lately. However, the shift in financial savings has been more interesting.

RBI's quarterly household financial savings data suggests, between Q4FY20 and Q4FY22, mutual funds owned by households grew by a whopping 34 percent per annum compared to currency held (14 percent growth) and bank deposits (10 percent growth).

Covid-related fears also led to growth in life insurance funds purchased by households; it grew by 17 percent per annum during the same period. The share of bank deposits within financial savings has been declining and that of other products increasing. This trend will eventually lead to a deepening of both debt and equity markets in the long run.

Low corporate debt

The third positive trend has been the improvement in corporate debt and profitability in recent years. India's investment sentiment since FY12 was plagued by what is called the twin balance sheet problem where corporates were overleveraged and banks were saddled with high non-performing assets (NPAs). These trends are looking much better now with corporate debt the lowest in the last 15 years and banks’ NPAs under control.

Also read - Rush for booking profit drives small-caps, mid-caps down over 2%

If the uncertainty in demand outlook were to subside, corporates' ability to drive capex and banks’ ability to fund it is much better than it was 5 years ago.

Success of DBT

The fourth transformation which has taken place in India is the revolution called the Direct Benefits Transfer (DBT). The amount disbursed under DBT has increased substantially over the years. In FY22, the Government transferred a total of Rs 6.3 trillion, or roughly 3 percent of GDP, through the DBT route (up from Rs 1.9 trillion in FY18).

Since the adoption of the scheme, more than 50 ministries have used DBT to transfer money in as many as 319 schemes. This has led to total savings of Rs 2.2 trillion. This also helped Government to expand the welfare state efficiently.

Undoubtedly, the DBT became a potent tool during the pandemic which helped the Government provide benefits to millions in need which cushioned consumption at the bottom of the pyramid.

Government's thrust on capex

Finally, the Central Government has pushed the pedal on capital expenditure (capex) in the last three years. Capex share in overall expenditure has increased from 12 percent in FY18 to 19 percent in FY23 (budgeted). Focusing on capex is a welcome move as it has a higher multiplier effect.

According to data from the National Institute of Public Finance and Policy (NIPFP), a rupee spent on capex can bring in output worth Rs 2.45 in the same year and by a cumulative Rs 4.8 in the next 7 years.

Although India will not remain insulated from the global turmoil in this inter-connected world (especially on the exports front and financial market volatility), these five trends will help maintain a decent growth rate in the coming years.

We will need to build on these to cement India’s position as the fastest growing major economy in the next decade.

Share Market Closing Note | Indian Stock Market Trading View For 14 October 2022

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Topic :- Share Market Closing Note

The key benchmark indices bounced back with panache in opening trades this morning taking cues from the global peers. Indian Indices End Flat Amid Volatility; Asian Paints, Axis Bank, HUL Top  Losers | Mint


The S&P BSE benchmark index soared to a high of 58,435 in intra-day deals led by strong gains in IT major Infosys and the HDFC twins.

Infosys rallied over 5 per cent to a high of Rs 1,494 on the back of healthy Q2 performance and Rs 9,300 crore share buyback. Analysts expect the stock to log further gains in the coming trading sessions.

The key indices pared gains in the latter half of the trading sessions as the overall sentiment remained cautious in the backdrop of a high inflation scenario globally. The Sensex eventually ended 685 points higher at 57,920. Thanks to the Friday-rally, the BSE index was able to trim its weekly loss to 271 points.

The NSE Nifty 50 index rallied past the 17,300-level in early deals, but finally settled at 17,186 - up 171 points.

The broader indices erased the entire days gain towards the close. The BSE Midcap index was up 0.1 per cent, while the Smallcap index ended unmoved.

Sectorally, the BSE IT and Bankex surged 1.7 per cent each. The Capital Goods index was the other notable gainer. On the other hand, Oil & Gas and Power indices slipped over a per cent each.

The overall breadth was marginally positive, with 1,835 stocks advancing versus 1,608 declining shares on the BSE.

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Topic :- Time:3.05 PM

Nifty spot if holds above 17140 level on closing basis then expect some quick upmove in coming sessions and if it closes below above mentioned level then some sluggish movement can follow in the Nifty.

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Topic :- Time:3.00 PM

Just In:

India will be able to produce 25% of its oil demand by 2030, says Petroleum Minister

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Topic :- Time:12.30 PM

COPPER Trading View:

COPPER is trading at 662.15.If it breaks and trade below 661.80 level then expect some further decline in it and if it manages to trade and sustain above 663.20 level then some upmove can be seen in Copper.

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Topic :- Time:12.30 PM

Just In:

FEDERAL BANK Q2 : ST NET PROFIT AT 700 CR V 420 CR (YOY).

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Topic :- Time:12.00 PM

Nifty spot if manages to trade and sustain above 17360 level then expect some further upmove in the market and if it breaks and trade below 17300 level then some decline can follow in the Nifty.

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Topic :- Time:11.30 Am

News Wrap Up:

1. Sensex up 1,000 points; Infosys surges 5% post strong Q2

2. Anand Rathi Wealth hits record high, soars 8% on strong Q2 results

3. Singapore Airlines confirms Vistara-Air India merger discussions

4. Asian govts spent $50 bn in Sept to defend currencies from strong US dollar

5. India to become worlds third-largest economy by FY28, says IMF

6. Infosys does not support dual employment; have fired violators: Parekh

7. Sebi issues framework for dealing with suspension of rating agencies

8. In a first, Indias monthly mobile phone exports touched $1 bn in September

9. Russia warns of World War 3 if Ukraine joins Nato military alliance

10. Apollo Micro surges 10%; boards okays warrants issue up to Rs 185 crore

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Topic :- Nifty Opening Note

Indian Stock Market Trading View For 14 October 2022:

Nifty to trade volatile and is likely to follow global cues. Trade as per market trend.

Nifty spot if manages to trade and sustain above 17060 level then expect some upmove in the market and if it breaks and trade below 16940 level then some further decline can follow in the market. 

Please note this is just opening view and should not be considered as the view for the whole day.

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Uddhav Vs Shinde | With new symbols Shiv Sena factions prepare for poll battle

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Armed with new poll symbols, both the factions of the Shiv Sena will test their strength in the upcoming assembly bypoll, followed by the elections to the BMC

Uddhav Vs Shinde | With new symbols Shiv Sena factions prepare for poll  battle

As Uddhav Thackeray, the direct familial heir of the Shiv Sena founded by his late father Bal Thackeray in 1966, stood up to address party workers in Uran, near Mumbai, this week, he would have recalled an unpleasant political episode from 1985. “We will teach our detractors a lesson, a befitting lesson,” Thackeray exhorted his party workers, days after the party’s name and symbol had been dramatically changed. The new name, allotted by the election commission, is a mouthful: ‘Shiv Sena – Uddhav Balasaheb Thackeray’, and the party’s 38-year-old symbol of bow-and-arrow has been replaced with the flaming torch (mashaal).

The Shiv Sena was stripped of its identity in June when the late Thackeray’s loyalist Eknath Shinde stunned Uddhav by splitting its legislative wing. The split, a guerrilla operation, apparently had the blessings — logistical and otherwise — of the Bharatiya Janata Party (BJP). Within days, Shinde and BJP’s Devendra Fadnavis formed the Maharashtra government replacing the one led by Uddhav Thackeray.

However, Shinde did not function like the other turncoats in the Shiv Sena, who had walked out alone or with only a handful of loyalists which did not shake the very foundation of the party; Shinde’s rebellion was larger, and led to the party losing its name and symbol. A non-Thackeray, a local satrap, claimed to be the true heir of Bal Thackeray’s politics. To Uddhav Thackeray, Shinde’s blow would have hurt as much as when his cousin Raj Thackeray walked out of the party in 2005.

The Thackerays, Uddhav and son Aaditya, are staring at contesting elections — an assembly seat from suburban Mumbai in three weeks’ time and the all-important general body of the forthcoming Brihanmumbai Municipal Corporation elections — with a depleted organisation, and without its ubiquitous ‘bow-and-arrow’ symbol.

The flaming torch has appeared in various avatars in the party’s newspaper Saamna and other sundry material. It is not an unfamiliar symbol to Shiv Sainiks — of both the Thackeray and Shinde factions. The question is: Can Uddhav Thackeray make it resonate with the party cadre and local leaders who have chosen to side with him, and ensure that the party’s committed voters recognise it too? It will take all of Uddhav Thackeray’s smart moves — and more — to swing the assembly bypoll which will be bellwether for the BMC elections.

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