There has been heavy selling of Nifty calls expiring September 26 on Dalal Street, which has caused the open interest Put-Call Ratio of near-month Nifty options to slip to 0.9 from 1. Selling more Calls relative to Puts implies traders do not expect the expiry to happen above the sold strike price combined with the premium received. It means unless the market recovers fast, we might head for more pain and see a deeper plunge in the market.
STREET PULSE: Where we stand Asian share prices inched higher this morning as economic stimulus around the world eased fears of economic deceleration.
Read More  | Nifty futures were mildly up early this morning, signalling a possible rebound on Dalal Street. MSCI index of Asia-Pacific shares outside Japan rose 0.08% in early trade but is on course to post its first weekly loss in five. Nikkei rose 0.34% to come within striking distance of its year-to-date peak. |
| US stocks finished mixed overnight. Dow slipped 54 points, or 0.2%, lower, while the S&P500 ended flat and the Nasdaq rose 0.1% |
Oil prices were on track for a more-than-7 per cent jump this week, their biggest in months, as early trading on Friday saw gains extended on fresh tensions in the Middle East after a key Saudi Arabian supply hub was knocked out in an attack last weekend.
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In Talking Terms!... Face-to-face trade negotiations between a Chinese delegation led by Liao Min, a vice-minister for finance, and Deputy US Trade Representative Jeffrey Gerrish began in Washington on Thursday and they are scheduled to continue Friday. The talks are expected to lay the ground-work for top-level negotiations between US Trade Representative Robert Lighthizer, Treasury Secretary Steven Mnuchin and Vice Premier Liu He in October in Washington. The Trump administration said a Chinese delegation will visit American farmlands next week.
Read More | More room for rate cuts, says RBI Governor >>> |
| GST meet today; FM may unveil more growth measures >>> |
Lending Push… In a bid to push credit before the festival season and revive growth, the government has asked PSU banks to hold open houses in 400 districts of the country, tasking them with extending credit to five new customers for every existing borrower. In addition, banks will not declare any stressed assets of MSMEs as non-performing until March 31, 2020, to help them recover. Finance Minister Nirmala Sitharaman said banks have acquired Rs 9,155 crore worth of pooled assets of NBFCs and housing finance companies under the partial credit guarantee scheme, and talks on to acquire another Rs 32,000 crore.
Read More US GSP Compliant… India has met the criteria for trade concessions that the US eliminated in June. India's Foreign Secretary Vijay Gokhale said Washington should now take a call on reinstating trade concessions under the GSP that allows duty-free entry for up to $5.6 billion worth of annual exports to the US, citing lack of reciprocal market access.
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Zee Debt Woes… The debt woes of Essel Group promoters may worsen as mutual funds squabble among themselves on whether to give more time to Subhash Chandra's private firms to repay debt. With 11 days to go for Essel promoters to redeem the pledge on shares of Zee Entertainment by repaying loans to mutual funds and NBFCs, some big players are willing to grant Essel promoters three more months to repay, but a few others are against offering any leeway.
Read More Rana Kapoor Sells Shares... Morgan Credits, the holding company controlled by Yes Bank co-founder Rana Kapoor, has reduced its stake in the bank by 2.3% to prepay NCDs subscribed by Reliance Nippon Life Asset Management. Data from NSE showed that Morgan Credit sold 5.8 crore shares at Rs 58.16 apiece to generate Rs 337 crore, which will be used to pre pay the debentures. The shares were sold via a block deal in the market. The buyers of the shares were not immediately identifiable.
Read More Meanwhile...The trade war between the US and China has plunged global growth to its lowest levels in a decade, the OECD said on Thursday as it slashed its forecasts. It said the global economy is at risk of entering a new, lasting low-growth phase if governments continued to dither over how to respond. The global economy will see its weakest growth since the 2008-2009 financial crisis this year, slowing from 3.6% last year to 2.9% this year before a predicted 3.0% in 2020, it said.
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