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Towing the Mid-line | BNP Paribas Mutual Fund

Towing the Mid-line

The Securities Exchange Board of India (SEBI) in its board meeting during the week, made it mandatory for all listed companies to make public disclosures on loans defaults. It stated that any default on payments of interest or principal on loans taken from financial institutions, including banks, will have to be disclosed if it continues beyond 30 days. At a time when defaults have threatened the stability of the financial markets, steps taken to improve transparency in the system were welcomed by the markets. Additionally, the government has categorically stated that it does not intend to revise its fiscal deficit target of 3.3% of GDP for FY2019-20 notwithstanding a slowdown in economic activities. Minister of State for Finance Anurag Thakur said that expenditure of various ministries and departments of the government is as per the estimates approved by Parliament.

India’s economic growth is likely to touch a new low last quarter, with early forecasts showing expansion below 5%. Economists at State Bank of India, Nomura Holdings Inc. and Capital Economics Ltd. lowered their growth forecasts for the quarter ended Sep’19 to between 4.2% to 4.7%.

Global Developments

The Organisation for Economic Co-operation and Development (OECD) has estimated that business activity around the world will expand by 2.9 % in 2020. It also forecast that the US economy, the world's biggest, is expected to slow to 2.0 % by 2021, while growth in Japan and the European region is expected to be around 0.7% and 1.2%, respectively. Global growth concerns continue to plague markets and impact investor sentiment. Trade conflict between two of the world’s largest economies, a weak business environment and persistent political uncertainty are weighing on the work economy.

Institutional Activity

Institutional activity during the week was mixed. While foreign portfolio investors (FPIs) showed tepid activity for the first three trading sessions of the week starting 18th November 2019, they turned large buyers of Indian equities on 22nd November, shoring up stocks worth INR 5023 crore, on the day. So far this month, FPIs have been net buyers of Indian equities and have net bought equities worth INR 7821 crore. For the period 15th November 2019 to 21st November 2019, FPIs have bought Indian equities worth INR 3386 crore. Domestic institutional investors also turned net buyers for the week and have net bought Indian equities worth INR 1040 crore, in the same time period.


Disclaimers: The material contained herein has been obtained from publicly available information, internally developed data and other sources believed to be reliable, but BNP Paribas Asset Management India Private Limited (BNPPAMIPL) makes no representation that it is accurate or complete. BNPPAMIPL has no obligation to tell the recipient when opinions or information given herein change. It has been prepared without regard to the individual financial circumstances and objectives of persons who receive it. This information is meant for general reading purpose only and is not meant to serve as a professional guide for the readers. Except for the historical information contained herein, statements in this publication, which contain words or phrases such as 'will', 'would', etc., and similar expressions or variations of such expressions may constitute 'forward-looking statements'. These forward-looking statements involve a number of risks, uncertainties and other factors that could cause actual results to differ materially from those suggested by the forward-looking statements. BNPPAMIPL undertakes no obligation to update forward-looking statements to reflect events or circumstances after the date thereof. The words like believe/belief are independent perception of the Fund Manager and do not construe as opinion or advise. This information is not intended to be an offer to sell or a solicitation for the purchase or sale of any financial product or instrument. The information should not be construed as an investment advice and investors are requested to consult their investment advisor and arrive at an informed investment decision before making any investments. The Trustee, Asset Management Company, Mutual Fund, their directors, officers or their employees shall not be liable in any way for any direct, indirect, special, incidental, consequential, punitive or exemplary damages arising out of the information contained in this document.

Mutual Fund investments are subject to market risks, read all scheme related documents carefully.

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