While a rate cut in tomorrow's RBI money policy looks like a given, even though inflation numbers do not look that comfortable, financial markets would be watching more keenly if the central bank decides to downgrade FY20 growth projection further from 6.1 per cent currently. Some economists say it may come down to around 5.5 per cent or thereabouts. That could be bad for investor sentiment. Because, it would push revival expectations all the way to the second quarter of next calendar, and put further pressure on government finances to prop up growth.
STREET PULSE: Where we stand Nifty futures on Singapore Exchange traded 45 points down at 7 am (IST), signalling weakness ahead on Dalal Street. Elsewhere in Asia, shares extended their losses after US President Donald Trump said a trade deal with China might have to wait until after the 2020 presidential election, dashing market hopes for a quick preliminary agreement.
HERE'S WHAT TO WATCH  | MSCI index for Asia-Pacific shares outside Japan fell 0.4%. Japan's Nikkei dropped 1% in early trade. Australia's S&P/ASX200 was down 1.6%, having shed almost 4% since closing on Monday. |
| Wall Street witnessed a wave of selling in overnight trade. Dow shed a percentage point, while the Nasdaq fell half a percentage point and the S&P 500 0.66%. |
| Oil prices rose ahead of a meeting of Opec and its allies to discuss whether to extend production curbs. Brent crude futures were up 28 cents at $61.10 a barrel while WTI crude futures rose by 27 cents to $56.37. |
| The rupee closed steady against the US dollar on Tuesday as the domestic forex market turned cautious ahead of RBI monetary policy outcome. |
| LOOK WHO'S |  |
Grey Market's Blue Chip... The value of unlisted Reliance Retail, India's biggest retailer by revenues, crossed Rs 5 lakh crore recently following the sharp run-up in the price of its shares in the unofficial market, said brokers. The Mukesh Ambani-controlled firm is worth more than blue-chips Hindustan Unilever, HDFC, ICICI Bank, Kotak Bank and SBI, and over four times the value of its closest listed rival Avenue Supermarts, owner of DMart, going by its latest price in the grey market.
Read More Telcos Speak in One Voice… Bharti Airtel, Vodafone Idea and Reliance Jio Infocomm have asked the telecom regulator to "urgently" set a floor price for data services to afford immediate relief to the debt-ridden industry at a time when other sources of funds such as equity and debt have "dried up." The telcos said a tariff order from Trai would be the best way to achieve this, in a rare display of unanimity.
Read More GST Review Begins… The GST Council is set to embark on a comprehensive review of the tax structure in the wake of growing revenue concerns when it meets on December 18. The review will include exempted items, GST and compensation cess rates and revenue augmentation measures. The GST Council secretariat has sought inputs from state governments on all these issues. The move comes at a time when tax collections have been hit, which authorities believe has been due to a massive reduction in rates.
Read More | WHO'S |  |
DHFL Guarantees… The promoters of Dewan Housing Finance have given personal guarantees to more than Rs 80,000 crore of loans on the firm's books, filings and the annual report for March 2019 show. The personal guarantees cover various borrowings and include guarantee on secured non-convertible debenture of Rs 42,344 crore, Rs 31,975 crore worth term loans from banks, Rs 2,435 crore of term loans from NHB and foreign debt worth Rs 2,807 crore. The total debt covered by personal guarantees of the Wadhwan family is Rs 82,949 crore.
Read More SAT Relief for Karvy… The Securities Appellate Tribunal has suspended the transfer of shares from the DP account of Karvy Stock Broking and directed Sebi's whole-time director to hear Bajaj Finance's grievances, which had challenged the regulator's share-shift order. Without commenting on the merit of the case filed by Bajaj Finance against a November 22 Sebi order, SAT has asked the whole-time director to hear the NBFC on the basis of its representation dated November 23. The SAT order was passed by CKG Nair and Justice M T Patil.
Read More Meanwhile... President Donald Trump signalled he would be willing to wait for another year before striking a trade agreement with China, casting doubt on the likelihood of a phase-one accord within weeks between Washington and Beijing. "I have no deadline," he told reporters on Tuesday when asked if he wanted an agreement by year end. Stocks dropped in Europe and US as Trump's comments indicated no urgency to reach a deal by Dec. 15, which US Commerce Secretary Wilbur Ross on Monday had described as a "logical deadline".
Read More 
Buy
Sell
No comments:
Post a Comment