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Nirmal Bang Report
Most economic indicators were down from the previous fortnight, except for bank credit, which held up. While lower number of working days in the second fortnight of February 2024 may partially be responsible for the moderation, we remain watchful.
Foreign portfolio investment flows into Indian equities picked up after declining in the past two quarters even as India VIX continued to edge up.
Amid rural sluggishness, Uttar Pradesh has been an outlier with the state recording growth in tractor sales even as Western and Southern states have witnessed sharp declines. The outlook for Rabi crop seems good.
Apparel retailers are crimping on discounts and are instead focussing on premiumisation and margins amid weak sales.
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