Economy / Market Snapshot

Dear Colleagues

I am pleased to attach the Economy / Market Snapshot covering all the major events in February, 2016.

Indian market saw one of the worst fall of over 7% down in just one month. FII’s sold over 15000 crores during this period. Growing concerns on the NPA’s of public sector banks, political issues like JNU took center stage. While world markets stabilized, Indian markets became nervous looking forward to the Parliament session with the fate of GST bill still hanging. In anticipation of the Budget, the markets failed to take off and due to the pressure of FII selling, the Rupee crossed Rs.68 mark against the US Dollar. All the sectors lost with the banking sector losing over 10%.

General

• French President François Hollande visits India to be the chief guest at 67th Republic Day celebrations.
• Hollande inaugurates Interim secretariat of the International Solar Alliance (ISA); France commits €300 million for solar energy.
• India, France sign 13 agreements; ink MoU on purchase of Rafale jets.
• India, France ink billion in business deals.
• Government announces list of first 20 smart cities under 'Smart Cities Mission'.
• Start-up India: Government for simpler entry and exit norms for start-ups; employment generation is Government's top-most priority.