08TH NOV 2017
Husains
MARKET WRAP Benchmark indices as well as broader markets closed sharply lower on Tuesday as rising crude oil prices may impact fiscal deficit and raw material cost of companies which are dependent upon oil.
The 30-share BSE Sensex was down 360.43 points or 1.07 percent at 33,370.76 and the 50-share NSE Nifty fell 101.60 points or 0.97 percent to 10,350.20.
About 1,869 shares declined against 877 advancing shares on the BSE.
BROAD MARKET INDICES INDEX
CURRENT
OPEN
HIGH
NIFTY 50
10,350.15
10,477.15
10,485.75
10,340.80
10,451.80
-0.97
NIFTY NEXT 50
29,779.30
30,390.45
30,408.40
29,694.95
30,242.20
-1.53
NIFTY MIDCAP 50
5,078.80
5,193.25
5,203.15
5,045.55
5,172.80
-1.82
NIFTY100 LIQ15
4,558.45
4,705.70
4,706.10
4,538.15
4,683.10
-2.66
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LOW
P. Close %CHANGE
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ASIAN INDEX INDEX
OPEN
HIGH
LOW
CLOSE
%CHANGE
NIKKEI 225
22,518.75
22,953.18
22,512.91
22,937.60
1.70
HANG SENG
28,715.40
29,017.40
28,715.07
28,994.34
1.37
TAIWAN
10,820.83
10,842.61
10,807.89
10,840.34
0.50
SSE
3,389.47
3,415.15
3,387.95
3,415.14
0.79
INDIAN MAJOR SECTORAL INDICES INDEX
CURRENT
OPEN
HIGH
NIFTY BANK
25,300.80
25,669.10
25,695.75
25,248.95
25,571.15
-1.06
NIFTY FIN SERVICE
10,418.75
10,551.40
10,572.40
10,407.75
10,530.20
-1.06
NIFTY IT
11,172.10
10,942.40
11,243.20
10,934.50
10,929.90
2.22
NIFTY PHARMA
9,469.75
9,953.50
9,986.60
9,364.25
9,894.10
-4.29
Contact No. +91-903-977-7700
LOW
P. Close
%CHANGE
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STOCK UPDATE Demonetisation: Indian SMEs suffered a blow, still struggling to find their footing Demonetisation - a move which was initially seen as a "masterstroke" in Indian political history that would have eliminated a parallel black economy in India, has rendered itself to be a volatile, fruitless and almost fatal for most MSMEs in the country.
It has been a year of economic chaos after Prime Minister Narendra Modi's speech November 8, 2016 led the nation into uncharted water. What we have today at the end of the year is evidence about how agriculture, banking, budget were all affected by the move and also how it did nothing to curb the black economy or control terrorism. The worst sufferers of this move, however, were the micro enterprises of the country.
Rajiv Chawla, President of Faridabad Small Industries Association, says, "While demonetisation brought many small industries closer to digitalisation, the micro industries had to go through an unstable phase. They were neither prepared for it, nor were they a part of the black economy to begin with. A dholwala at a wedding, a dhaba owner at the roadside, a plumber, or a daily wage earner - all of them earn in cash and are not familiar with credit cards, phone and net banking. Demonetisation brou .. The small and medium enterprises, on the other hand became more organised, according to him. He explains, "Demonetisation has disciplined the SMEs. They are more organised and digital friendly now," says Chawla. However, Chawla says there is evidence that business has systematically moved from smaller firms to bigger, more organized players. It started with demonitisation where smaller players that did not have card machines or mobile wallets saw a huge dip in business.
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STOCK UPDATE Estimates suggest SMEs in India constitutes 45% of the country's output and employs 60 million people. These businesses worth under Rs 10 crore in terms of investment in plant and machinery are mostly businesses run by families as a legacy. Most of their labour force is workers who have migrated from the interiors of the country to the cities. Coping with demonetisation was almost impossible for them. One of India's most renowned experts on black economy, Professor Arun Kumar, believes that demonetisation has been a complete failure for MSMEs. Kumar has researched and wrote about the black economy for decades and has also helped draft former Prime Minister VP Singh his election He says, "Most of the workers in the micro industries went back to the villages. The bicycle industries in Ludhiana, the brass industry in Moradabad, the diamond industry in Surat, were all devastatingly impacted by demonetisation. Many such businesses shut down because there was no cash to pay the workers. About 1,000 units in Jamshedpur that operated as a small scale ancillary unit to big industries were closed. The unorganised sector consists 45% of GDP. You cannot bring progress caring for them. Rate of growth went down to almost 1%." Informal to formal At the heart of the demonitisation was the penchant to convert the informal sector into the formal sector. In a speech in London this February, Finance Minister Arun Jaitley said "Demonetisation was a move to change the Indian normal... a new normal had to be created. A predominantly cash economy has now to be substituted with a digital economy, which will bring more money into the banking system and lead to better revenue generation; the integration of the informal economy with the more formal one is now taking place."
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