ML sectoral trends

Shares of trading companies advanced 7%. Stocks of education providers and airlines companies were up 6% each. While most of the sectors were up, stocks of office equipment manufacturers fell 6%. Stocks of glass manufacturers and printing and publishers  were down 1%.

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Food Inflation

Combined food inflation was 6.08% for November 2015, compared to 5.34% recorded for October 2015. For rural and urban areas, food inflation was 6% and 6.30%, respectively, in November. Vegetable prices increased by 4% in November compared to those prevailing in November last year. Inflation in fruit prices was 2.07% in November, while pulses were dearer by 46% y-o-y. Inflation for cereals stood at 1.70% and inflation for milk products was 4.03%. Price rise of non-vegetarian items, such as meat and fish, was 5.34% in November compared to 4.85% in October 2015.

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Mutual Fund : Foreign MF Houses Quit Despite Strong Retail Inflows
Over the past two years, as Indian equity markets were on a strong bull run, retail investors flocked to the market through mutual funds. Retail investors put in Rs1.32 lakh crore in equity schemes over this period. Despite the strong inflows, foreign asset managers have decided to quit the Indian mutual fund business. Over the past few months, Goldman Sachs sold its mutual fund business to Reliance Mutual; Nomura Asset Managers sold 19.3 % of its 35% stake in LIC-Nomura MF to LIC Housing and KBC Asset Management (of Belgium) sold 49% stake in Union-KBC AMC to its Indian partner Union Bank. A few months earlier, Deutsche Bank had sold its fund business to Pramerica Mutual Fund.
 
Do they fear that the inflows will soon turn into outflows, if the market begins to move sideways? Frustrated by poor market prospects after 2009, a number of global players like Fidelity, Daiwa, Morgan Stanley, ING and PineBridge exited the Indian mutual fund business. 

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