NEWS U CAN USE

October 27, 2023

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 The Week that was…
23rd Oct to 27th Oct

Mutual Fund Investments are subject to market risks, read all scheme related documents carefully.
Indian Economy
• According to the media reports, the Employees' Provident Fund Organization's investment
corpus grew by 16.7% in FY23 to Rs. 21.3 trillion from Rs. 18.3 trillion in FY22. Exchange
traded funds currently comprise 9.2% of total assets.
• According to the Central Board of Direct Taxes, individual taxpayers' average gross total
income in the assessment year 2021–22 rose by around 56% to Rs. 7 lakh from Rs. 4.5 lakh
in the assessment year 2013–14. Data from income tax returns cited that the average
gross total income of the top 1% of individual taxpayers increased by 42%, while the
average gross total income of the bottom 25% increased by 58%.
• According to a major global financial information services firm, India's economy is
expected to rank third in the world by 2030. Over this period, the economy is projected to
grow from $3.5 trillion in 2022 to $7.3 trillion, more than doubling in size.
• According to the government data, new enrolments for India's social security schemes has
declined in Aug 2023, indicating a slower growth in formal jobs. In Aug, there was a 13.3%
decline in enrollment for the Employees' Provident Fund (EPF) Scheme and a 4.3% decline
in new subscribers for the Employees' State Insurance Corporation. Nonetheless, at 1.7
million, net subscribers to the EPF scheme reached its highest level since the beginning of
the year.

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 Indian Equity Market
Domestic Equity Market Indices • Domestic equity markets fell for the
Indices 27-Oct-23 1 Week Return YTD Return second consecutive week as key
S&P BSE Sensex 63,782.8 -2.47% 4.84%
benchmark indices S&P BSE Sensex and
Nifty 50 fell more than 2%. Losses were
Nifty 50 19,047.25 -2.54% 5.20%
widespread as the mid cap segment
S&P BSE Mid-Cap 31,112.51 -2.41% 22.90%
and the small cap segment also closed
S&P BSE Small-Cap 36,888.03 -3.43% 27.52%
the week in red.
Source: Refinitiv Values as on Oct 27, 2023

• Domestic equity markets continued to

S&P BSE S&P BSE S&P BSE remain in the bear-grip due to multiple
Ratios Nifty 50
Sensex Mid Cap Small Cap factors namely weakness in the global
P/E 22.47 20.84 24.63 28.25 equity markets, concerns over higher
P/B 3.24 3.34 3.03 2.98 U.S. Treasury yields, escalating
Dividend Yield 1.28 1.42 1.08 0.78
Source: NSE, BSE Values as on Oct 27, 2023
geopolitical tensions in the Middle East
NSE Advance/Decline Ratio
and monthly futures and options
expiry. However, further losses were
Date Advances Declines Advance/Decline Ratio
restricted as domestic equities snapped
23-Oct-23 267 2223 0.12
25-Oct-23 693 1737 0.40
a six-day losing streak. Markets went up
26-Oct-23 924 1509 0.61 on bargain hunting as market
27-Oct-23 1918 475 4.04 participants bought beaten down
Source: NSE quality stocks at lower price levels.

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 Indian Equity Market (contd.)
Sectoral Indices • On the BSE Sectoral front, all the sectoral
Indices
Last Returns (in %) indices closed the week in red which can be
Closing 1-Wk 1-Mth attributed to broad-based selling in the
S&P BSE Auto 36,718. -2.01% -0.47% market. Realty sector fell the most by 3.24%
S&P BSE Bankex 48,345.7 -1.71% -3.47%
amid worries that sales bookings may decline
S&P BSE CD 44,049.5 -3.16% -4.01%
due to higher interest rates. IT stocks also
S&P BSE CG 45,766.8 -3.06% -3.09%
remained under pressure after a major
S&P BSE FMCG 18,560.8 -1.00% -1.86%
domestic IT company reported downbeat
S&P BSE HC 27,279.7 -2.58% -2.82%
earning numbers for the quarter ended Sep
S&P BSE IT 31,068.5 -2.73% -5.12%
2023.
S&P BSE Metal 22,303.9 -2.87% -2.32%
S&P BSE Oil & Gas 18,055.7 -2.85% -4.66%
Source:BSE Values as on Oct 27, 2023

Indian Derivatives Market Review

• Nifty Nov 2023 Futures stood at 19,131.35, a premium of 84.10 points above the spot
closing of 19,047.25.
• The total turnover on NSE’s Futures and Options segment for the week stood at Rs.
1,370.88 lakh crore as against Rs. 1,547.13 lakh crore for the week to Oct 20.
• The Put-Call ratio stood at 0.86 compared with the previous week’s close of 0.88.
• The Nifty Put-Call ratio stood at 0.87 compared with the previous week’s close of 0.9.

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 Domestic Debt Market
• Bond yields fell initially following fall in
Debt Indicators Current 1-Wk 1-Mth 6-Mth global crude oil prices. However, gains
(%) Value Ago Ago Ago
were neutralized due to higher U.S.
Call Rate 6.76 6.74 6.77 6.72 Treasury yields and worries that interest
91 Day T-Bill 6.95 6.93 6.87 6.83
rates in U.S. may remain at higher level
for an extended period.
05.74% 2026, (5 Yr GOI) 7.35 7.35 7.22 6.95
• Yield on the 10-year benchmark paper
07.18% 2033, (10 Yr GOI) 7.36 7.36 7.14 7.10
(7.18% GS 2033) remained unchanged to
Source: Refinitiv Values as on Oct 27, 2023
close at 7.36%.
• Data from Reserve Bank of India showed
10 -Yr Benchmark Bond ( % ) that India's foreign exchange reserves
7.38 fell to $583.53 billion for the week ended
7.37
Oct 20, 2023 compared with $585.90
Yield in %

7.36
7.35 billion a week earlier.
7.34
7.33 • Data from Reserve Bank of India showed
7.32 that reserve money grew 5.2% on a
23-Oct 25-Oct 26-Oct 27-Oct yearly basis for the week ended Oct 20,
Source: CCIL
2023 compared to an increase of 12.5%
in the same period of the previous year.

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 Domestic Debt Market (Spread Analysis)
• Yields on gilt were unchanged or moved by 1 bps
G-Sec Yield Corporate Yield Spread across the maturities, barring 3-year paper that rose
Maturity
(%) (%) bps
by 2 bps and 5 to 7- & 30-year papers that fell by 2
bps each.
1 Year 7.47 8.03 56
• Corporate bond yields fell up to 7 bps across the
curve, barring 2-to-4-year papers that increased up
3 Year 7.45 7.93 48
to 3 bps while 1- & 5-year papers were unchanged.
5 Year 7.48 7.74 26 • Difference in spread between AAA corporate bond
and gilt expanded up to 3 bps across the segments,
10 Year 7.49 7.7 21 barring 7, 10 and 15-year papers that contracted up
to 7 bps while 1 year paper remained steady.
Source: Refinitiv Values as on Oct 27, 2023

India Yield Curve Shift (%) (W-o-W)

Change in bps
7.60 3
7.40 2
Yield in %

7.20 1
7.00 0
6.80 -1
6.60 -2
3 Mths 6 Mths 1 Yr 5 Yrs 10 Yrs 20 Yrs 30 Yrs
Source: Refinitiv Change in bps 27-Oct-23 20-Oct-23

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Regulatory Updates in India
• According to the media reports, the Ministry of Finance has asked state-owned banks to
accelerate the creation of a cutting-edge mobile application and platform for property
auctions. Bidders will have access to ownership details, images, videos, and other
information for about 500,000 properties that are owned by state-owned banks and will be
listed on the platform. Ministry has instructed public sector banks to expedite the sale of
properties owned by defaulters.
• According to the media reports, the Competition Commission of India has joined the
esteemed 18-member steering committee of the International Competition Network (ICN).
The members of the ICN represent national and multinational competition authorities, and
it is the only global organization dedicated solely to the enforcement of competition law.
• The RBI declared that credit information companies (CICs) will have to pay their customers
Rs. 100 per day to make up for any delays in updating or correcting their credit information.
CICs will put into effect the "Framework for reimbursement to consumers for delayed
updation/rectification of credit information" in six months.
• As per the RBI's decision, the minimum amount for non-callable term deposit could be
offered for as much as Rs. 1 crore instead of Rs. 15 lakh. Thus, there will be an option for
early withdrawal for all domestic term deposits that are accepted from individuals for less
than Rs. 1 crore.

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Regulatory Updates in India (contd..)
• According to the media reports, India intends to create a global online dispute resolution
portal in order to settle disputes arising from cross-border business-to-consumer
electronic commerce transactions. India's proposal has been accepted by the UN, which
has requested that a framework be created specifically for this purpose. Representatives
from several nations will attend a conference to discuss the framework, which will take
place in India.
• According to the media reports, the Indian government’s think tank NITI Aayog has begun
a study to create a strategy to lower India's trade deficit with China and match trading
tactics with geopolitical risks. The research will examine supply chains, product categories
in which India has a competitive advantage, and trade trends between China and India.
Additionally, it will look at export-related obstacles for India and make recommendations
for how to draw attention of international supply chains in India.

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Global News/Economy
• According to the Commerce Department, U.S. consumer prices rose by 0.4% in Sep 2023,
matching the increase in Aug 2023. Excluding food and energy prices, core consumer
prices increased by 0.3% in Sep 2023 after inching up by 0.1% in the previous month.
• According to the Commerce Department, U.S. GDP spiked by 4.9% in the third quarter of
2023 after jumping by 2.1% in the second quarter of 2023.
• According to the Commerce Department, U.S. new home sales soared by 12.3% to an
annual rate of 759,000 in Sep 2023 after plunging by 8.2% to a revised rate of 676,000 in
Aug 2023.
• The European Central Bank left the main refinancing rate, or refi, unchanged at 4.50%,
after raising them in the past 10 sessions, but adopted a cautious stance to suggest that
the rates could stay "higher for longer" despite easing inflationary pressures as the signs of
a recession in the euro area economy increases.
• According to a report, the German economy will probably shrink somewhat in the third
quarter of 2023. The central bank noted that weak foreign demand for industrial products
was one of the factors that weighed on economic activity.
• According to the National Bureau of Statistics, China’s industrial firms posted an 11.9% rise
in profits in Sep 2023 compared to last year. However, industrial profits declined by 9.0% in
the Jan to Sep 2023 period. Profits had decreased 11.7% in the first eight months of the
year.

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 Global Equity Markets
U.S.
Global Indices • U.S. equity markets fell following a slew
Indices 27-Oct-23
1-Week YTD of upbeat U.S economic data. Data
Return Return showed that the U.S. economy grew
Russell 3000 2,036.34 -2.64% 18.61% better than expected in the third
Nasdaq 100 14,180.42 -2.61% 29.62% quarter of 2023 while new orders for
FTSE 100 7,291.28 -1.50% -2.15% U.S. manufactured durable goods grew
DAX Index 14,687.41 -0.75% 5.49% more than expected in Sep 2023. Good
Nikkei Average 30,991.69 -0.86% 18.77% data was bad news for the markets as it
Straits Times 3,061.85 -0.48% -5.83% led to worries that the U.S. Federal
Source: Refinitiv Value as on Oct 27, 2023 Reserve may keep interest rates at
Europe higher levels for an extended period.
• European equity markets fell as disappointing earnings updates from some prominent
companies in the region dampened market sentiments. The European Central Bank left its
key interest rates unchanged, as expected and indicated that the interest rates could stay
"higher for longer" which also added to the losses.
Asia
• Asian equity markets mostly fell on renewed rate hike jitters after the U.S. economy grew
better than expected in the third quarter of 2023. The ongoing geopolitical tension in the
Middle East also kept sentiments subdued to some extent. However, markets got some
support after China rolled out fresh stimulus to shore up its economic recovery.

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 Global Debt (U.S.)
US 10-Year Treasury Yield Movement • Yields on the 10-year U.S. Treasury fell 7
bps to close at 4.85% from the previous
4.96
week’s close of 4.92%.
4.92 • U.S. Treasury prices rose as safe-haven
appeal improved due to the ongoing
Yield in %

4.88 Middle East conflict. Further, prices rose

after the U.S. released numbers on
4.84 disposable income and inflation that
were lower than anticipated.
4.80 • However, investors looked ahead to the
23-Oct 24-Oct 25-Oct 26-Oct 27-Oct
U.S. Fed’s monetary policy meeting next
week for additional clues regarding the
Source: Refinitiv

interest rate path.

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 Commodities Market
Global Commodity Movement Gold
11.00 Rebased to 10 1.25% • Gold prices rose for the third consecutive
Global Commodity Prices

week supported by continued safe-haven

-0.90% demand fueled by the ongoing geopolitical
10.00 unrest in the Middle East.

-6.29% Brent Crude

9.00 • Brent crude oil prices fell amid reports on
27-Sep-23 7-Oct-23 17-Oct-23 27-Oct-23 mediation talks with the Hamas group and
Israel led by Qatar in coordination with the
Gold Spot ($/Oz) Silver Spot ($/Oz) Brent ($/bbl)
U.S. However, further losses were
Source: Refinitiv
restricted on fears that tensions in Israel
Performance of various commodities and Gaza could spread into a wider conflict
Commodities Last Closing* 1-Week Ago that could disrupt global crude supplies.
Brent Crude($/Barrel) 91.4 97.53
Baltic Dry Index
Gold ($/Oz) 2,005.78 1,981.04
Gold (Rs/10 gm) 60,629 60,451 • The index fell over the week due to
Silver ($/Oz) 23.14 23.35 sluggish capesize and panamax activities.
Silver (Rs/Kg) 70,870 71,836
Source: Refinitiv *Value as on Oct 27, 2023

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 Currencies Markets
Rupee
Currency Movement
• The Indian rupee in the spot trade fell against
Currency Prices ( in terms of INR)

10.15 Rebased to 10 the U.S. dollar due to losses in the domestic

10.10 equity market.
10.05
0.06% Euro
-0.02%
10.00
0.25% • Euro fell against the U.S. after several recent
9.95 -0.13% economic data points demonstrated how
9.90 robust the U.S. economy is in comparison to
9.85
that of the U.K. and the European Union.
27-Sep-23 7-Oct-23 17-Oct-23 27-Oct-23
Pound
Source: Refinitiv
USD GBP Euro JPY • Pound declined against the U.S. dollar after
data that revealed the third-quarter growth of
Movement of Rupee vs Other Currencies
the U.S. economy was the fastest in over two
Currency Last Closing* 1-Wk Ago years, again defying gloomy predictions of a
US Dollar 83.25 83.20 recession that has persisted since 2022.
Pound Sterling 100.91 100.66 Yen
EURO 87.90 87.92 • Yen rose against the U.S. dollar on expectations
that Bank of Japan will start to tighten its
100 Yen 55.42 55.49
monetary policy.
Source: Refinitiv Figures in INR , *Value as on Oct 27, 2023

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 The Week that was…
23rd Oct to 27th Oct

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The Week that was (Oct 23 – Oct 27)
Present Previous
Date Events
Value Value
Monday, • Eurozone Consumer Confidence (Oct) PREL -17.9 -17.8
October 23, 2023 • U.S. 3-Month Bill Auction 5.31% 5.34%
• U.K. Claimant Count Change (Sep) 20.4K -9K
• U.K. Employment Change (Aug) -82K -207K
Tuesday,
• Germany Gfk Consumer Confidence Survey (Nov) -28.1 -26.7
October 24, 2023
• Eurozone HCOB Composite PMI (Oct) PREL 46.5 47.2
• U.S. S&P Global Manufacturing PMI (Oct) PREL 50 49.8
Wednesday, • Germany IFO – Business Climate (Oct) 86.9 85.8
October 25, 2023 • U.S. New Home Sales Change (MoM) (Sep) 12.30% -8.20%
• European Central Bank Rate On Deposit Facility 4% 4%
• U.S. Core Personal Consumption Expenditures (QoQ) (Q3) PREL 2.40% 3.70%
Thursday, • U.S. Initial Jobless Claims (Oct 20) 210K 200K
October 26, 2023
• U.S. Durable Goods Orders (Sep) 4.70% -0.10%
• U.S. Pending Home Sales (MoM) (Sep) 1.10% -7.10%
• U.S. Gross Domestic Product Annualized (Q3) PREL 4.90% 2.10%
• India Foreign Exchange Reserves OCT/20 $583.53B $585.9B
Friday,
October 27, 2023 • U.S. Personal Consumption Expenditures - Price Index (MoM) (Sep) 0.40% 0.40%

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 The Week Ahead
30th Oct to 03rd Nov

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The Week Ahead
Day Event
Monday, • Germany Gross Domestic Product (QoQ) (Q3) PREL
Oct 30, 2023 • Germany Consumer Price Index (MoM) (Oct) PREL
• India Government Budget Value (SEP)
Tuesday, • India Infrastructure Output (YoY) (Sep)
• China NBS Non-Manufacturing PMI (Oct)
Oct 31, 2023 • Bank of Japan Interest Rate Decision
• Eurozone Core Harmonized Index of Consumer Prices (MoM) (Oct) PREL
• India S&P Global Manufacturing PMI (Oct)
Wednesday, • China Caixin Manufacturing PMI (Oct)
• U.S. ADP Employment Change (Oct)
Nov 01, 2023 • U.S. ISM Manufacturing PMI (Oct)
• U.S. Fed Interest Rate Decision

Thursday, • Bank of England Interest Rate Decision

• U.S. Initial Jobless Claims (Oct 27)
Nov 02, 2023 • U.K. BoE's Governor Bailey speech
Friday, • India S&P Global Services PMI (Oct)
Nov 03, 2023 • China Caixin Services PMI (Oct)

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Disclaimer
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 Thank you for
your time.
Thank you for
your time.

Mutual Fund Investments are subject to market risks, read all scheme related documents carefully.