Food Inflation

Combined food inflation stood at 7.62% for September 2014, lower than 9.15% recorded for August 2014. For rural and urban areas, food inflation was 7.59% and 7.60%, respectively, in September. Inflation in vegetable prices was significantly lower, at 8.59% in September, compared to 15.03% in August. Inflation in fruit prices was 22.40% in September, while pulses were dearer by 7.18% year-on-year. Inflation for cereals stood at 6.42% and inflation for milk products was 11.08%. The price rise of non-vegetarian items, such as eggs, meat and fish, was 6.35% in September compared to 7.71% in August 2014.

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G20 to launch major investment initiatives in countries like India
According to the Brisbane Action plan released as part of the G20 communique, growth in some key emerging market economies is robust and is becoming more sustainable, including in China and India
 
The G20 has cited India among other countries for the launch of major investment initiatives and for having a sustainable growth.
 
A Brisbane Action plan released as part of the G20 communique also said that the state of the global economy calls for a comprehensive and coherent policy response that restores near-term demand, removes medium-term supply constraints and builds consumer and business confidence.
 
“While growth in some key emerging market economies is robust and is becoming more sustainable, including in China and India, it is slowing in some other countries,” it said, adding that many low-income countries are performing well.”
 
Railways Minister Suresh Prabhu, who was Prime Minister Narendra Modi’s Sherpa at the summit of the group of 20 industrialised and emerging market economies, told reporters that India’s expected growth is projected to be over 6% in 2014-15.
 
India’s economic growth accelerated to 5.7% in April-June quarter against 4.7% in the same quarter of previous fiscal. The economy grew by sub-5% in 2012-13 and 2013-14.
 
The G20 noted that growth has picked up in some advanced economies, notably the US, the UK and Canada. However, the recovery is modest in Japan and in the euro area and inflation is well below target.
 
“The global economy remains vulnerable to shocks, financial fragility remains and existing risks are exacerbated by geopolitical tensions,” the action plan said.
 
“We continue to monitor the near-term and long-term effects of the global financial crisis. Economies are grappling with slower potential growth reflecting weaker investment, slower productivity growth, higher unemployment and lower labour force participation,” it said.
 
The action plan said that the implementation of policies to comprehensively address both near-term and medium-term challenges could further strengthen the recovery by building confidence and increasing demand.
 
Noting that the state of the global economy calls for a comprehensive and coherent policy response that restores near-term demand, removes medium-term supply constraints and builds consumer and business confidence, the plan said that the grouping has developed comprehensive growth strategies that address these challenges.

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FII stake hits all-time high of 27% in Sensex 30 stocks

Financials continue to remain the highest overweight sector for FIIs, while software and energy are the biggest underweight sector, says BofA-ML

 

Maintaining a bullish stance on Indian equities, foreign investors have increased their exposure in Sensex companies to an all-time high of 27% during the September 2014 quarter.

 

According to a report from Bank of America Merrill Lynch, strong inflows from foreign institutional investors (FIIs) over the past five years have resulted in all-time high foreign ownership for the Indian markets.

 

“FII stake in Sensex companies has been rising continuously since 2009,” the global financial services major said in a research note, adding the FII stake stood at an all-time peak of 27% as of 30th September.

 

FIIs continued to invest in India in the September quarter albeit at a slower pace. Moreover, this was the eighth consecutive quarter of positive inflows from FIIs.

 

As of June 2014, FIIs collectively held around 22.5% of the market and around 46% of the free float. In comparison, FIIs held around 15% of the total market cap and 36% of free float in March 2009.

 

A sector-wise analysis shows that financials continue to remain the highest overweight sector for FIIs, while software and energy are the biggest underweight sectors.

 

“We are positive on energy sector reforms and believe positive progress on it could lead to FII buying in PSU oil companies,” the report added.

 

Most bought sectors by FIIs were consumer, telecom, software and financials. On the other hand, most sold sectors by FIIs were industrials, cement and metals.

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