After a major row over growth stats, now a large question mark over fiscal deficit maths of the Union Budget! With official watchdog CAG itself raising the red flag over deficit and debt, we're beginning to look like China, where the government is notorious for doctoring official statistics, using messed-up methodology and resorting to out-and-out fabrication.
STREET PULSE: Where we stand  | SGX Nifty traded 16 points higher at 7 am (IST), signalling a possible positive start for Dalal Street. Asian shares traded cautious; the Nikkei gained 0.5% to hits a three-month high while South Korea's KOSPI traded in the red. Wall Street had a dream run overnight, with S&P500 and Nasdaq hitting record highs. Read More |
| Oil ticked higher as tensions in West Asia underpinned prices. Brent futures rose 6 cents to $63.24 a barrel while WTI crude gained 12 cents to $55.99. Read More |
| LOOK WHO'S |  |
The Contrarians... In a tough year for midcap stocks, when the S&P BSE Midcap Index lost 11 per cent, midcap funds have fared pretty well, with 14 of 21 scheme staying ahead and beating the benchmark. An outperformance over benchmark is used as an important signal to recommend a mutual fund scheme.
Read More A Fed U-turn... A quarter-point US Fed interest rate cut in July is almost a done deal, economists said in a Reuters poll. Over 95% of 111 economists now predict a 25 basis points rate cut at the July 30-31 meeting. Only two expected a 50 basis points reduction.
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When data is in doubt...
The CAG has said the central government's deficit figures may be considerably higher than those stated in the Budget. In a presentation to the 15th Finance Commission soon after the July 5 Budget, CAG asked whether extrabudgetary resources accounted for in the Budget reflect the correct picture. It found fiscal deficit for 2017-18 at 5.85% against the government calculation of 3.46%.
Read More Front-running?... A whistle-blower has alleged that select trading staff at Ambit Institutional Equities are involved in front-running, or illegally profiting from personal trades. The Mumbai-based brokerage has asked the employees to leave and initiated a forensic audit into the matter.
Read More Meanwhile... In a major bureaucratic reshuffle, the Centre appointed 1985 batch Gujarat cadre IAS officer Atanu Chakraborty as new Economic Affairs Secretary, replacing Subhash Chandra Garg who will become the power secretary.
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