Overall FPI inflows since Apr’23 till date have been strong at US$4.6bn although MFs sold stock worth US$0.8bn since then. However, overall DII flows since Apr’23 saw a marginal outflow of US$0.3bn indicating buying by insurance firms.

India's wireless subscriber count declined marginally MoM by 10.5 lakh on a net basis to reach 113.9 crore in February.

While Reliance Jio and Bharti Airtel gained subscribers, Vodafone Idea and BSNL continued to lose subscribers.

1) SRF: R-22 prices rose to Rs349/kg (+4.2% QoQ) in Q4FY23; volumes were up 10.2% YoY to 4.1kte. In packaging films segment, spreads contracted QoQ for both BOPET and BOPP, which put pressure on SRF’s packaging films margin in Q4FY23. 2) Gujarat Fluorochemicals: PTFE prices jumped 2.6% QoQ / 11.5% YoY to Rs1,050 while volumes fell 20.9% YoY to 2.8kte.

The Asian markets are trading mixed as investors await release of key Chinese day in the day ahead. Nikkei is trading higher by 0.61%, Hang Seng is trading higher by 0.58%, while Shanghai is trading lower by 0.05%

The Wholesale Price Index (WPI) declined 0.92% YoY in Apr’23, providing more evidence that India’s monetary tightening has run its course. CPI inflation receded to 4.7% YoY in Apr’23, moving nearer the centre of the RBI’s target range of 2-6%.

Amid adverse macro environment for IT Services spending with right shifting of demand, as clients want to focus on critical areas of tech spending, we highlight two stocks in Indian IT Services space - Persistent Systems (PSYS) and Happiest Minds (HM) - that are well positioned to deliver industry-leading growth in FY24E and beyond with expectations of mid-high teens organic revenue growth.

Trade Deficit Drops to a 20-Month Low Due to Lower Exports and Imports

Post-pandemic economic recovery was largely driven by gross fixed capital formation (GFCF), which grew 25.6% YoY during FY22 to reach Rs67.9trn in nominal terms. Institutional data indicates that the largest contribution to growth in GFCF was by the household sector, which expanded its share to Rs27.5trn (30% growth YoY).