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Weekly wrap-up: Market updates, news and insights for the week ending 12th April, 2019
Publish date: 12th April, 2018
NEWS: NIFTY CLOSES THE WEEK IN POSITIVE ZONE AT 11,643
Perspective:
- Apart from the positive IMF growth outlook for India, the strengthening India rupee has also been instrumental in pushing the Nifty higher.
- The focus of the last few days has been the consumer stocks which have benefited after the Congress and the BJP announced their manifestos.
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News: BRENT CRUDE EDGES PAST THE $71.50 MARK ON SUPPLY IMBALANCE
Perspective:
- Despite volatility in the price of crude, the trend has been gradually higher due to strife in Libya, sanctions on Iran and a 33% production cut in Venezuela.
- The IMF has downgraded the global growth by 20 bps to 3.3% and that normally impacts demand for oil, but OPEC supply cuts could be the deciding factor.
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NEWS: CANE FARMERS GET LITTLE RESPITE DUE TO RISING SUGAR MILL DUES
Perspective:
- According to estimates put out by Reuters, sugar mills across India owe nearly $4.38 billion (Rs.30,000 crore) to cane farmers due to weak sugar prices.
- The last sugar cycle had seen a supply glut with record output levels of nearly 35.5 million tonnes and that has kept the lid on global sugar prices too.
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NEWS: IMF DOWNGRADES GLOBAL GDP GROWTH; CALLS FOR FISCAL STIMULUS
Perspective:
- The IMF has downgraded world GDP growth for 2019 by 20 bps to 3.3% on the back of concerns over the US-China trade war and uncertainties surrounding BREXIT.
- IMF has also simultaneously called for strong fiscal stimulus in select large economies like Germany, Japan, Korea, China and Australia. Monetary options were largely exhausted.
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NEWS: INDIAN GOVERNMENT HONOURS FISCAL DEFICIT TARGET OF 3.4% FOR FY19
Perspective:
- The fiscal deficit target of 3.4% represents an upward revised target when the interim budget was presented by Piyush Goyal in February 2019.
- While disinvestment revenues were on target, direct tax and GST collections lagged. However, the government had compensated for that through expenditure control.
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NEWS: THERESA MAY BUYS MORE TIME FOR UK TO IMPLEMENT BREXIT
Perspective:
- The EU has given time till September 30th to Theresa May of the UK to find an acceptable BREXIT deal and approve it in the British Parliament.
- UK also has the choice to seek a fresh referendum from the people. May expects that views may have changed considering the chaos that has been created by this delay.
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NEWS: FPIs pump in more than Rs.12,000 crore into equities in April 2019
Perspective:
- Earlier, FPIs had pumped in nearly Rs.45,000 crore into the Indian markets in the month of March on hopes of political stability and earnings growth.
- The surge of inflows into India makes it the biggest recipient of foreign portfolio capital in the entire Asian emerging market region.
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NEWS: SURESH PRABHU MAKES A CASE FOR BRINGING ATFUNDER GST AMBIT
Perspective:
- Currently, all oil and oil products have been kept outside the ambit of GST so states are allowed to collect the VAT and inter-state procedures on that date.
- Bringing ATF under GST not only makes the tax administration simpler but gives these companies a boost of Rs.5000 crore in the form of input tax credits (ITC).
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By: Sandhya Kannan, Head – Content
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