Tit bits

The Indian markets went for a correction yesterday. The BSE Sensex BSE sank 304.26 points (-0.73%) to close at 41,253.74, while the Nifty closed at 12,168.45 down 87.40 points (-0.71%).

Meanwhile,  NDA government has pegged its total expenditure for 2019-20 at Rs.27.86 lakh crore. Out of the Total Revenue Expenditure, Rs.3,41,812 crore is on account of interest payments and Rs.2,35,015 crore is on account of major subsidies, which is a matter for concern.
Moreover,  the latest Indian macro-economic data continues to be disheartening. The Index of Industrial Production contracted in October, for the third month in a succession; suggesting manufacturing may not recover in Q3.

Besides,  Retail inflation spiked to a two-year high of 5.54% in November year-on-year with Food inflation continuing to give much pains, though Core inflation stayed at 3.5%, much the same as October's 3.44%.

Also,  though the Purchasing Manager Indices are suggesting expansion in activity, with both Services and Manufacturing PMIs climbing above 50 in November but this could be partially a festive season effect. In such circumstances, there are more chances of Nifty going below 12,000 than crossing 12500.

#Yesterday Den Networks Ltd touched Rs.48.45, before closing at Rs.48.40. Those who have not exited the counter at the SL can either book a small profit in the opening trade or exit with a slight loss. It seems RJio's wired broadband services is not progressing as expected. Hence,  it is better to come out of it..