In last 40 years, 80% of returns on the Sensex have always come in the two years immediately following a general election. Because, this is the period when the market starts discounting economic reforms. Dalal Street veteran Saurabh Mukherjea says Indian market is currently going through that sort of a cycle. It is beginning to discount reforms, which is why current earnings have become less relevant and investor eyes are set on future economic recovery.
STREET PULSE: Where we stand Asian shares rose to 14-week highs this morning as growing optimism over US-China trade talks and upbeat US job data boosted global investors' appetite for riskier assets..
HERE'S WHAT TO WATCH  | SGX Nifty traded some 26 points higher at 7 am (IST), signalling positive momentum ahead for Dalal Street. MSCI index for Asia-Pacific shares outside Japan rose 0.2% in early trade, having earlier touched its highest level since July 29. Australian shares were up 0.2% and Seoul's Kospi added 0.9%. Markets in Japan are closed for a holiday. |
| On Wall Street, lingering uncertainty over the outlook for trade talks was not enough to keep the S&P500 from gaining 0.97% and the Nasdaq rising 1.13% to fresh record closing highs on Friday. The Dow rose 1.11%. |
Oil prices, which had surged on hopes for a US-China trade deal, traded a shade lower. Global benchmark Brent crude was off 0.10% at $61.63 a barrel and WTI crude was 0.11% lower at $56.14.
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Healing Touch for Telecom... The government panel considering relief for the telecom sector is looking at a repayment period of as much as 20 years for adjusted gross revenue (AGR) dues — with possibly an initial moratorium — based on the net present value method to ease the burden on heavily indebted companies. It will also consider a reduction in the total incidence of taxation to help the troubled sector.
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Yes Bank Deadline... The private lender will complete its capital raising process by the end of December and hopes to give growth a boost, CEO Ravneet Gill said in an interview. He said the process of building investor trust in the bank has begun, and that mistrust over asset quality will be talk of the past once marquee private equity names become the bank's investors.
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DHFL in a Soup… Bankers working on debt resolution at DHFL are likely to reject a revival plan offered earlier by the company after the Centre on Friday ordered a probe into alleged financial irregularities against the stressed financier's promoters, the Wadhawan family. In the immediate aftermath of a KPMG forensic audit report that highlighted likely cases of fund diversion and related party transactions at DHFL, SFIO last week ordered the probe, likely halting the current process to restructure Rs 83,873 crore in outstanding debt at the home financier.
Read More Zee Faces a Pledged Share Sale... VTB Capital, the investment management arm of Russia-based state-run financial services giant VTB Group, has begun a process to sell 10.71% in Zee Entertainment, the flagship company of media baron Subhash Chandra, to recover loan dues. These loans were given against promoter shares 'pledged' as security. The sale of shares, as and when completed, would bring down Chandra family's stake to near single digits.
Read More Meanwhile... Southeast Asian leaders, worried by the US-China trade war, pushed for a deal on what could be the world's largest trade bloc on Sunday as officials worked behind the scenes to try to salvage progress following new demands from India. Thailand said the nations are committed to signing a pact by February 2020 on forging what could become the world's largest trade bloc, even after new demands by India dealt a blow to the process backed by China. They hoped to announce at least a provisional agreement on Monday.
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