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June 2019
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Bhuvneshwar ruled out of next 2-3 games due to hamstring niggle: Kohli        Shakib 124, Liton 94 guide Bangladesh to 7 wicket victory over WI        Facebook to unveil new cryptocurrency        Sensex drops over 150 pts; Nifty below 11,800        Hong Kong police clear streets as protesters move to park        Argentina, Uruguay restore power after massive blackout        Hong Kong activist Joshua Wong walks free, calls on leader to resign        Don't bother about numbers, your every word is valuable: PM to Oppn        Kejriwal seeks action against cops for thrashing driver        Amarinder seeks Shah's intervention in streetfight between cops and driver in Delhi        WB doctors agree to call off strike during meeting with Mamata        Kerala Congress (M): Jose K Mani elected as Chairman        Cyclone Vayu to recurve towards Gujarat and weaken gradually        Joseph terms Jose K Mani''s election unconstitutional, says ''crowd'' can''t elect chairman        Heatwave claims 61 lives in Bihar        With eyes on 2022, Priyanka to step up UP tours, meet Cong workers twice a week        Hong Kong leader apologises as massive rally chokes city        Gunmen on motorcycles kill 34 villagers in Nigeria: Police        Trump to raise Hong Kong protests with Xi at G20: Pompeo        Protesting doctors turn down Mamata''s invite for talks, say CM has to apologise first        
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Business News
'Domestic broking industry to grow at 5-10% in FY19'
 
Mumbai, Dec 27 (PTI) The domestic broking industry is likely to grow at a moderate 5-10 per cent in the current fiscal amid cautious investor sentiments and market volatility, says a report.

In the previous fiscal, the industry had grown at over 30 per cent, with turnover of Rs 18,000-19,000 crore.

"The Indian broking industry is estimated to post a moderate growth of 5-10 per cent in FY19 with an estimated revenue projected at Rs 19,500-20,000 crore," according to a report by rating agency Icra.

It said, while on one hand, the volatility in the markets is expected to encourage trading turnover, on the other, the recent corrections in valuations, coupled with the cautious investor stance, would have a bearing on industry revenues in the current fiscal.

The report said the domestic capital markets are expected to remain rangebound over the near term with a prolonged period of volatility given the weakening of investor sentiment and challenging domestic and global cues.

Going forward, the foreign portfolio investment (FPI) flows are expected to remain muted, with a net outflow of USD 8-10 billion in FY19 compared to inflows of USD 4 billion in FY18, considering the weak macro-economic outlook, the agency noted.

"Factors such as corporate earnings, state election outcome, result of the resolution of NPAs and its impact on the health of the banking sector would be other determinants for FPI flows," it said.

The domestic institutional investor (DII) segment, a net buyer of equities since FY16, is expected to remain steady over the near-term and would provide support to the domestic capital markets.

While the FPI segment will remain a key market participant, a growing DII segment is a positive development for the domestic capital markets, providing them with much-needed resilience.

"Going forward, a meaningful revival in corporate earnings and abatement of liquidity and capital availability issues would be a key for further fillip to the capital markets and for boosting FPI equity inflows," Icra's vice president and co-head (financial sector ratings), Samriddhi Chowdhary, said.

She, however, said the near-term outlook for the domestic broking industry is stable.

The report said the markets reported a resurgence in the current fiscal after a slide in February and March 2018, before witnessing a correction from September 2018.

On an aggregate basis, the equity markets reported a turnover of Rs. 1,191 lakh crore in H1 FY2019, registering a growth of 55 per cent over Rs 770 trillion in the year-ago period, the report said.

The average daily turnover (ADTO) increased to Rs 9.53 lakh crore from Rs 6.21 lakh crore during the same period and was Rs 7.04 lakh crore in FY18, it said.

Equity mobilisation through public issuances slowed down significantly in the current fiscal with Rs 0.13 lakh crore raised through 81 issuances in the first half of FY19 compared to over Rs 1 lakh crore through 229 issuances in FY18, the report added.


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