BSE said that its average daily turnover in the equity segment decreased by 28 per cent to Rs 4,057 crore as compared to the corresponding period last year while in the equity derivatives segment decreased by 62 per cent YoY to Rs 1.2 lakh crore.The total number of investor accounts registered with BSE has more than doubled in the last two years to over 11 crores.
The brokerage firm believes that the company’s strong margin profile, lean working capital, healthy cash flows, balance sheet and long-term growth prospects will support its valuations and future projections. Given the strong enquiry pipeline, management’s focus on cost rationalization, and improving operational efficiency, it expects the company to generate revenue.
“It is marginally away from its subsequent target of 17,500, which is 78.6 per cent retracement of the April-June decline. Once that is tested then the Nifty50 is expected to step into a short term consolidation mode,” Ratnaparkhi said.For the day, the index closed at 17,388.15, up 42.70 points or 0.25 per cent.
"Dismal macroeconomic data from India also put downside pressure on Rupee. India Services PMI declined to 55.5 in July from 59.2 in June while Composite PMI declined to 56.6 from 58.2 during the same period."India's trade deficit widened to a record low USD 31.02 billion in July compared to USD 26.18 billion in June," said Anuj Choudhary - Research Analyst at Sharekhan by BNP Paribas.