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Market Updates - Angel One

How the Governor quietly steered the RBI over the last year…

How the Governor quietly steered the RBI over the last year…

7 September 2017

Come September and Dr. Urjit Patel completes one year in office. The year gone by has been eventful, to say the least. Let us not forget that even as the RBI Deputy Governor, Dr. Patel was a man of few words and was rarely seen giving public interviews or issuing macroeconomic statements. A lot of …

Core Sector Growth Shows a Minor Revival

Core Sector Growth Shows a Minor Revival

6 September 2017

Core sector growth for the month of July came in at 2.4%, which is a slight improvement over the 0.8% core sector growth shown in the month of June 2017. The core sector is a combination of 8 core infrastructure sectors which form the back bone of the economy and includes coal, crude oil, natural …

What are the Risks of India’s Swelling Forex Kitty?

What are the Risks of India’s Swelling Forex Kitty?

4 September 2017

Recently, India’s forex reserves touched an all-time high of $394 billion. In fact, India is already the 8th largest economy in the world in terms of forex reserves and is expected to cross the$400 billion mark by the first week of September. India’s rising forex reserves also represents the shifting oil dividends due to sustained weakness …

Demonetization and GST combine to put pressure on Q1 GDP

Demonetization and GST combine to put pressure on Q1 GDP

1 September 2017

The Reuters consensus estimate for GDP growth for the first quarter ended June 2017 was slightly lower at 6.6%. However, the GDP growth for first quarter announced on 31st August was nearly 100 basis points lower than the Reuters consensus. For the quarter ended June 2017, the MOSPI announced India’s annualised GDP growth at 5.7% with …

Why the IPO Boom May be Different?

Why the IPO Boom May be Different?

28 August 2017

The Indian IPO market helped raise nearly $2 billion during the financial year 2016-17. It is estimated that in the coming year 2017-18, the IPO market will help raise nearly $5.5 billion worth of fresh money. IPO booms are nothing new to India. We have seen IPO booms in 1992, 1994, and 1999 and again …

Key takeaways from the minutes of the August MPC meet…

Key takeaways from the minutes of the August MPC meet…

17 August 2017

The minutes of the Monetary Policy Committee (MPC) held on August 01st and 02nd were published by the RBI on 16th of August. The MPC minutes essentially captures the gist of the discussions of the 6 members of the MPC and also their justification for the rate action recommended. Interestingly, there was a lot more …

What Factors Influencing Indian Rupee?

What Factors Influencing Indian Rupee?

17 August 2017

Back in December 2016, the USD-INR was quoting at Rs.68.5/$. The rupee had weakened sharply in the aftermath of the demonetization drive and was threatening to convincingly break the lows of August 2013. Most currency experts and analysts were of the view that in Real Effective Exchange Rate (REER) terms, the rupee was already overvalued …

A Much Needed Fall in The Merchandise Import Bill

A Much Needed Fall in The Merchandise Import Bill

16 August 2017

The month of July 2017 saw a marginal 3.94% growth in exports on a YOY basis but there was a perceptible fall in imports on an MOM basis which led to the trade deficit coming down. The big worry for exports growth has been the strong rupee. In fact, the INR strengthened from Rs.68.5/$ to …

Retail Inflation Rises Due to Tomatoes

Retail Inflation Rises Due to Tomatoes

16 August 2017

CPI inflation for the month of July 2017 came in almost 90 basis points higher at 2.36% compared to 1.46% in the month of June 2017. Of course, the July inflation is still sharply lower than the 6.07% recorded in July 2016 but at a time when the inflation is going through a structural shift, …

GST launch takes its toll on the June IIP numbers…

GST launch takes its toll on the June IIP numbers…

14 August 2017

The IIP number for the month of June 2017 came in sharply lower at -0.1% compared to 1.7% in the previous month of May 2017. A correction in the IIP was expected in the month of June due to the impact of the GST launch, although it was not expected to dip into negative territory. …

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