Chris Wood of Jefferies makes an interesting point: "I am not sure Delhi understands market psychology. Stock and bond markets would be relieved if the government just says this is a bigger growth slowdown than it had envisaged and the fiscal deficit is going to be much higher this year. It is not necessary that the markets would sell off dramatically on that, because markets are already assuming it." How so true! Just not saying it does not mean markets do not see it.
STREET PULSE: Where we stand Nifty futures on Singapore Exchange traded flat at 7 am (IST), signalling indecisiveness ahead on Dalal Street. Elsewhere in Asia, stocks flatlined as Sino-US trade talks approached a weekend deadline with little sign of progress.
HERE'S WHAT TO WATCH  | MSCI index for Asia-Pacific shares outside Japan barely budged. Japan's Nikkei ticked lower |
| US stock indices ended slightly lower on Tuesday, as investors awaited concrete news on whether a new round of US tariffs on Chinese goods would take effect on Dec 15. Dow fell 27 points, S&P500 3.44 points and the Nasdaq 5.64 points. |
| Oil prices fell after industry data showed a surprise build in crude oil inventory in the US. Brent futures fell by 37 cents to $63.97 a barrel while WTI crude slipped by 30 cents to $58.94 |
| The rupee rose by 12 paise to close at a more than one-month high of 70.92 against the US dollar on Tuesday amid softening crude oil prices and weakening of the greenback vis-a-vis major global currencies. |
| LOOK WHO'S |  |
Voda Idea on fund hunt… Vodafone Idea is said to be in talks to sell its optic fibre business to Brookfield Asset Management and its data centre to the Edelweiss Group as the telco seeks to raise over $2.5 billion from asset sales ahead of a January deadline to pay statutory dues. For its data centre located in Navi Mumbai, the company is said to be negotiating with diversified financial services company Edelweiss, which may own such assets through one of its alternative investment funds – Edelweiss Yield Plus Fund.
Read More Airtel's Dream Run... The end of the telecom tariff war after five years has catapulted the Bharti Airtel stock to among the world's best performing telecom stocks with 55.8% returns since the beginning of the year. US-based wireless data communication products firm Ubiquiti Networks, and China-based telecom equipment provider ZTE rank as the top two telecom stocks in the world.
Read More YES in Two Minds... Yes Bank on Tuesday said it is favourably considering the $500 million investment offer from Citax Holdings and Citax Investment Group even as discussions continue on the binding offer of $1.2 billion submitted by Canadian investor Erwin Singh Braich/ SPGP Holdings. The private lender said it would decide on these fundraising proposals at its next board meeting, after it was unable to do so on Tuesday. The bank, seeking to raise as much as $2 billion, didn't say when the board would meet next.
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Roadblock for Gati Plans… A family feud at express logistics company Gati may create problems in its planned share sale to Allcargo Logistics, with the wife and sons of Gati founder Mahendra Agarwal asking the capital markets regulator to not allow an open offer from Allcargo to purchase additional shares of Gati, citing various cases against Agarwal and a recent court mandate to attach his shares. In a letter to a Sebi official, Neera Agarwal, Dhruv Agarwal and Manish Agarwal cited a Hyderabad court order on December 5 to attach 1.6 million shares of the founder sought to be sold to Allcargo in the open offer.
Read More More Levies on the Affluent?... The GST burden may soon go up on the rich. States have sought substantial pruning of exemptions, particularly for services, under GST with some governments backing a simpler three-slab structure. Some services and goods consumed by the 'affluent' class are in focus as governments eye revenues. Final call on the changes to the rate structure or bringing more items into the tax net would rest with the GST Council, which may look into some of the suggestions at its December 18 meeting.
Read More Meanwhile... Democrats in the US House of Representatives announced impeachment charges against President Donald Trump on Tuesday, making him the fourth president in US history to face a formal effort to remove him from office. The move, which followed weeks of investigation and hearings, sets the stage for a vote on the charges, or articles of impeachment, in the full Democratic-controlled House next week. The House is almost certain to vote to impeach the Republican president. A trial would then be held in the Republican-controlled Senate, likely in January. No Republican in either the House or Senate has come out in favour of Trump's removal from office.
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