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| Indian Economic Update
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Gross GST revenue collected in the month of October 2022 stood at INR 1.5 trillion. This was the second highest collection... from domestic transactions, next only to April 2022
India's fiscal deficit for H1FY23 stood at INR 6.20 trillion (37.3% of budget estimate) higher than 35% of (budget estimate) last year
The output of eight core infrastructure sectors grew by 7.9% YoY in September 2022 compared with 4.1% YoY in the previous month
Gross Bank credit growth as on Oct 07, 2022 stands at 17.9% YoY
India Manufacturing Purchasing Managers’ Index (PMI) rose to 55.3 in October 2022 from 55.1 in September 2022, according to S&P Global
According to officials, most ministries will likely see some reduction from their Budget Estimate (BE) level in the Revised Estimate (RE) for the year due to the slow pace of expenditure so far. The aggregate of such reduction may be around INR 700 billion to INR 800 billion
RBI Governor Mr. Shaktikanta Das defended the Central Bank’s rate actions saying it refrained from increasing the repo rate at the beginning of the year on the assumption that inflation will remain around 5% in FY23 and also it didn’t want to upset the economic recovery process.
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| Global Update
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The US Federal Reserve raised the target range for the federal funds rate by 75 bps to 3.75%-4% ...
The number of job vacancies in the US unexpectedly rose to 10.72 million in September 2022, higher than expectations
The Bank of England raised the policy rate by 75 bps to the 3% mark that was the highest increase since 1986.
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| Equity
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Benchmark indices opened higher this week tracking the upbeat global market sentiment. Market participants remained cautious ahead of FOMC meeting this week.... However, after the rate hike announcement, the indices turned negative.
During the week Sensex gained 1.65% to close at 60950.36 while Nifty gained 1.86% to close at 18117.15
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| Debt
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Government bond prices opened steady as market participants remain cautious ahead of the off-cycle RBI MPC meeting scheduled this week. Prices took ...cues from UST yield movement as well.
The 10Y benchmark yield ended at 7.47% as compared to the previous week’s close of 7.42%
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| Oil
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Brent crude oil prices started trading flat supported by falling US stockpiles. The prices remained under pressure weighed down by weaker Chinese economic data....
Brent was trading at $97.19 on November 04, at 15:57 IST
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| Gold
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Gold prices traded steady as investors were waiting for the FOMC policy decision. Prices rallied after the Fed announced its rate rise but hinted at a ...slower pace at future meetings. However, prices gave up those gains after Powel indicated a higher terminal rate than the previous indicated.
Gold was trading at $1648.91 Per Ounce on November 04, at 15:57 IST
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| Currency
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The USD/INR pair remained lower given the strength seen in the USD post the FOMC’s decision of a 75 bps hike and comments reading continue, with further rate hikes... going ahead, by the Fed Chair Powell. RBI intervention will likely continue to curb the sharp volatility in the pair.
USD/INR was trading at 82.44 on November 04, at 15:57 IST
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| Sensex |
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During the week Sensex gained 1.65% to close at 60950.36 while Nifty gained 1.86% to close at 18117.15
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| Bond Yields |
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The 10Y benchmark yield ended at 7.47% as compared to the previous week’s close of 7.42%
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Source: ICICI Bank Research, Private Banking Investment Strategy Team, Bloomberg and CRISIL.
Disclaimer:
The information set out herein has been prepared by ICICI Bank in good
faith and from sources deemed reliable. ICICI Bank does not provide any
assurance as regards the accuracy of such information. ICICI Bank does
not accept any responsibility for any errors whether caused by
negligence or otherwise or for any direct or indirect loss / claim/
damage caused to any person, arising out of or in relation to the use of
information communicated herein.
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