Retail comeback gives fillip to cash market
时间:2024-06-26 07:34:37 阅读(143)
Retail participation in the National Stock Exchange’s (NSE’s) cash market has seen a revival of late, offsetting the massive sell-off witnessed in the initial months of the present financial year.
Data from the NSE shows that from April to July, the retail segment witnessed a net sell-off to the tune of Rs 21,400 crore. However, in August and September, there was a trend reversal with Rs 21,900 crore in net investments by the retail segment — bringing the net investments in the first half to a mere Rs 500 crore.
Retail participants in the NSE’s cash market segment witnessed a surge in September, crossing the 11-million mark. Investors took positive cues from the encouraging Q2 earnings season and broad macroeconomic stability.
The number marked a stark rise since the outbreak of the pandemic — jumping 4x within two years from the 3 million investors in January 2020.
“When the markets staged a recovery in April after the March lows, retail investors largely booked profits and exited. However, overall volumes were not affected because mutual funds were putting in money, and this was essentially the SIP money by retail investors,” said market analyst Ambareesh Baliga.
The number of active investors had been on a downward trend since January 2022, reaching 6.7 million in April 2023— nearly half the levels seen in January 2022. This saw a reversal after April this year, seeing new investor registrations during the same period.
Baliga added that investor behaviour has changed and they are coming into the markets via SIPs to diversify and reduce the risk element.
Interestingly, the number of retail investors had crossed 10 million in August, before rising to 11.3 million in September — the highest in 20 months.
In comparison, the count of retail investors moderated to 3.9 million in September in the equity derivatives segment, after reaching a record 4 million in August.
According to NSE’s market pulse, retail inflows surged in FY21 and FY22, fuelled by the post-pandemic liquidity. With falling interest rates making other avenues unattractive, retail investors flocked to the equity markets in a big way.
Net retail investments in those two financial years had touched Rs 2.3 trillion. However, retail flows moderated in FY23 and FY24 (so far), dropping to Rs 49,200 crore in FY23 and Rs 500 crore in H1FY24.
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- d that milk prices are unlikely to witness spikes in the coming months due to cooler temperature in April and parts of May, which has delayed the onset of ‘lean’ season, when milk production usually drops.
Retail inflation in milk was reported at 8.85% in May 2023. The milk inflation has remained elevated at over 6% since August 2022. Despite India being the largest milk producer since 1998, the commodity has been the second biggest factor after cereals such as rice and wheat in driving up retail inflation in the last fiscal.
Milk has the second highest weight in the food and beverages basket of the consumer price index at 6.61%, a notch lower than cereals and products with a 9.67% weight. Organised players, including Mother Dairy and Amul, hiked prices multiple times in the last one year citing higher fodder cost, robust demand and some impact due to reports of lumpy skin disease.
Industry sources said feed cost, which has a share of more than 65% in the cost of production of milk, has increased to Rs 20/kg from Rs 8 a year ago. The finance ministry in April had attributed the elevated milk inflation to a demand supply mismatch and said it could be one of the factors apart from volatile international crude oil prices and constrained supplies of milk would influence the country’s inflation trajectory.
“Milk production has been impacted by a lumpy skin disease infecting millions of cattle in late 2022,” the ministry said in the monthly economic review, adding that the vaccination drive against the disease is expected to curb the spread and immune the cattle against the skin disease.
According to official data, currently India is the world’s largest milk producer, and has a share of 23% in global milk production. For the first time in decades, the country’s milk production is likely to have stagnated in 2022-23 due to Lumpy Skin Disease in cattle across several states and the lagged effect of Covid-19 in the form of stunting of the animals, a senior official with department of animal husbandry and dairying recently had stated. The milk production was estimated at 221 million tonne in 2021-22.
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