ISHARES INDIA

ISHARES INDIA released FY2022 Q4 earnings on April 28, 2023 (BJT) with revenue of 31.64M HKD and EPS of 1.4147

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Commerce Minister Piyush Goyal emphasized the need for Indian industries to leverage free trade agreements (FTAs) to boost exports, warning against a rise in imports. With the FTA with Oman set to launch on June 1, Goyal urged exporters to engage proactively. He noted that imports have outpaced exports in past agreements, particularly with the UAE. Goyal called for increased exports in value-added products and acknowledged the necessity of certain imports for economic growth, urging industries to adapt to global challenges as opportunities.

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FTAs must drive exports, not just imports: Commerce Minister Piyush Goyal

The Reserve Bank of India (RBI) has decided not to activate the countercyclical capital buffer (CCyB), stating that current conditions do not necessitate it. The CCyB is intended to be activated when systemic risks from excess credit growth arise. The RBI emphasized that the framework aims to ensure banks build capital during economic expansions and to prevent excessive lending that could lead to systemic risks.

- The Reserve Bank of India (RBI) has opted not to activate the countercyclical capital buffer (CCyB), citing that current conditions do not justify this action.  
- The CCyB framework, designed to address systemic risks from excess credit growth, requires banks to build capital reserves during economic expansion, which can be used in times of stress.  
- This decision follows a review of indicators related to the CCyB and stems from measures proposed after the 2008 global financial crisis to enhance banking system resilience.

RBI decides against imposing additional capital buffer on banks

Prime Minister Modi's appeal to conserve fuel and postpone gold purchases aims to protect India's forex reserves amid high global oil prices. The Balance of Payments (BoP) records financial transactions with the world, with a deficit indicating more currency leaving than entering. India's current account deficit was $13.2 billion in FY26's October-December quarter. The BoP affects the rupee's strength, with a surplus strengthening it and a deficit weakening it. Forex reserves are crucial for managing currency stability during external shocks.

Explained: What is Balance of Payments and how does it affect the rupee?

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Indian equity indices, Sensex and Nifty 50, continued to decline on Monday, influenced by weak global cues and foreign fund outflows. The Sensex fell 822 points to 74,415, while Nifty dropped 256 points to 23,387. Key support levels for Nifty are at 23,200-23,000, with resistance at 23,500-23,600. Analysts suggest a cautious outlook, with potential for further downside if key support levels are breached.

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Sensex, Nifty technical outlook: Analysts share key levels to watch

India has raised its export duty on petrol while cutting the duties on diesel and aviation fuel, as announced by the government. This change comes shortly after the country increased retail fuel prices for the first time since the onset of the Iran war.

India raises export duty on petrol, cuts those on diesel and aviation fuel

The Indian rupee fell to a record low of 96.05 per U.S. dollar on May 15, as oil prices approached $110 per barrel, exacerbating challenges for India's external sector and impacting economic indicators.

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Indian rupee slides to record low past 96/USD as oil prices climb

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India is implementing austerity measures, including gold import restrictions, a sugar export ban, and increased fuel prices, to strengthen its economy amid the Iran conflict. These steps aim to conserve foreign reserves, stabilize domestic prices, and manage fiscal deficits. The government is also promoting work-from-home policies to reduce operational costs and energy consumption, reflecting a proactive approach to economic challenges.

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India Implements Austerity Measures Amid Economic Challenges

The Reserve Bank of India's exemption for smaller non-banking financial companies (NBFCs) from registration requirements is expected to enhance corporate participation in equity markets. This move alleviates concerns for entities wary of becoming 'accidental NBFCs' due to income thresholds. Market experts believe this will encourage greater investment in listed equities and other instruments, providing regulatory clarity and comfort for compliance-focused corporates. The new classification of 'Unregistered Type I NBFCs' will take effect from July 1, allowing eligible entities to operate without mandatory registration.

RBI NBFC relief may boost corporate participation in equity markets further

Inflows into India's small- and mid-cap equity mutual funds reached record highs in April, driven by strong earnings and attractive valuations following a recent market correction. Small-cap funds attracted 65.62 billion rupees, while mid-cap funds saw inflows of 68.86 billion rupees, both record figures. In contrast, large-cap funds experienced a 15.3% decline in inflows to 25.25 billion rupees, indicating a shift towards growth and value investments outside of major stocks. Overall, total inflows decreased by 5% to 384.4 billion rupees.

India's small-cap, mid-cap mutual fund inflows hit record highs April

The Indian Rupee strengthened following positive developments regarding the US-Iran conflict, as the US dollar weakened. Reports indicated that the US and Iran were nearing a deal to end the war, which improved risk sentiment. The Rupee is expected to remain supported in the short term, but a bearish trend against the dollar persists. Technical analysis shows significant price movements, with potential resistance and support levels identified. Upcoming economic data, including US Jobless Claims and NFP reports, may influence market dynamics further.

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The Indian Rupee bounced strongly from record lows on renewed hopes for US-Iran war end

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FTAs must drive exports, not just imports: Commerce Minister Piyush Goyal

RBI decides against imposing additional capital buffer on banks

Explained: What is Balance of Payments and how does it affect the rupee?

Sensex, Nifty technical outlook: Analysts share key levels to watch

India raises export duty on petrol, cuts those on diesel and aviation fuel