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Here’s a lowdown on top macro triggers that may move market on Wednesday.
This report was compiled from agency feeds.
China Needs Growth BoostersChina is facing difficulties achieving stable and healthy economic development, the head of its state planning department said, adding that it needed to boost efforts to hit consumption and social development targets in the second half.
He Lifeng told the standing committee of the National People’s Congress that more needs to be done to reach growth targets in consumption, social financing and disposable income, the National Development Reform Commission said on its website on Wednesday.
Stressed Power Assets: HC Tells Govt to be ProactiveThe Allahabad High Court has told the government to consider issuing a directive to RBI against the February 12 circular on how lenders should deal with stressed assets, instead of taking an ambivalent or non-committal stand on the matter.
The court also observed that the finance ministry had told a parliamentary committee that lenders needed to be more proactive in dealing with stressed assets but the additional solicitor general’s arguments before the judges reflected a “subtle shift and change in position”.
Dollar Index Flat, Gold EasesThe dollar inched higher on Wednesday, sticking to a tight range after touching a four-week low overnight as optimism over the US-Mexico trade deal gave way to caution ahead of an upcoming deadline in the China-US trade dispute.
The dollar index .DXY against a basket of six major currencies stood little changed at 94.772 as of 0056 GMT, after trading as low as 94.434 during the U.S.
session, its lowest since July 31.In commodity markets, spot gold XAU= eased back to $1,202.11 after running into profit-taking at $1,214.28, its highest level since Aug.
10.
Fuel Prices Rising in IndiaOil prices were a shade firmer globally.
Brent added 7 cents to $76.05 a barrel LCc1, while U.S.
crude rose 9 cents to $68.62 CLc1.
Petrol prices crossed the Rs 78 per litre mark in Delhi yesterday for the first time in more than two-and-half-months, while diesel continued to scale new highs.
Petrol price was hiked by 14 paise and diesel by 15 paise, according to price notification of state-owned fuel retailers.
The increase pushed up the petrol price past Rs 78 for the first time since June 3.
It now costs Rs 78.05 a litre in Delhi.
In Mumbai, it is at Rs 85.47.
Tax Collection under Greater Scrutiny The government is planning to compare data filed by companies with different departments to detect discrepancies and check whether there’s been any leakage in tax collected, raising the prospect of even greater scrutiny, reports ET quoting people with knowledge of the matter.
Goods and services tax (GST) returns, income tax filings and transfer pricing submissions will be analysed and synchronised in a manner that hasn’t been possible before, they said.
DIPP Rules Out 49% FDI Plan in Inventory ModelThe department of industrial policy and promotion (DIPP) has effectively ruled out FDI in inventory-based ecommerce, allaying concerns raised by those opposed to such a move, even as it agreed with the need for a regulator to oversee the sector.
The department of commerce had in its recent draft ecommerce policy mooted up to 49% FDI in inventory-based ecommerce for 100% locally made goods for majority Indian-owned and Indian-controlled ecommerce ventures.
FMCG to Grow 12-13% in 2018: Nielsen Market research firm Nielsen expects India's fast moving consumer goods sector to grow 12-13% during calendar year 2018, helped by favourable economic and policy environment.
The researcher said demonetisation woes and uncertainties around GST had created short-term stress on retail stock levels, but it has now bounced back and stand at a higher level from pre-demonetisation period.
Delayed ProjectsThe two major cities of Mumbai and Delhi have the most number of delayed projects accounting for more than 78% of the total value of such projects in the country, a report by realty consultant Anarock stated.
The Mumbai Metropolitan Region and the Delhi National Capital Region (NCR) together account for Rs 3.6 lakh crore of stalled projects, Times of India reported.
A total of 5.76 lakh housing units worth Rs 4.64 lakh crore started in or before 2013 are yet to be completed in seven major cities despite the implementation of the Real Estate Regulation Authority (RERA) last year in May.
POLICIES MOREBank of Japan board member Hitoshi Suzuki said on Wednesday central bankers need to pay even more attention to the impact that monetary policy has on the bond market.The two-day mass casual leave on September 4 and 5 called by the United Forum of Reserve Bank Officers and Employees (UFRBOE) is likely to paralyse operations of the central bank and other major lenders across the country.
The Centre has come to the rescue of law enforcement agencies like tax department and Enforcement Directorate, which are faced with a unique situation of holding confiscated currency notes beyond specified limits, by making changes in the law and allowing CBDT, Central Board of Indirect Taxes ED to hold banned currency notes.
India's foodgrain production is estimated to grow to an all-time high of 284.83 million tonnes in the 2017-18 crop year ending June, driven by record output in wheat, rice, coarse cereals and pulses after a normal monsoon, according to the Agriculture Ministry.
When civilian drones take to skies under the new regulations from December, foreigners will not be piloting them as they have been barred from operating remotely piloted aircraft in the country.
Top VideoPaytm Valuation by Berkshire 'Handsomely Higher' than SoftBank's: Vijay ShekharTop Quote'Limit Risk Appetite and Stay in Safe Stocks for Next 6 Months'FUNDAMENTALSRupee Up: The rupee bounced back on Tuesday in tepid fashion from the record closing low, gaining 6 paise to end at 70.10 against the US currency largely tracking bearish dollar cues overseas.
Long-term Bond Yields Up: Government bonds (G-Secs) weakened further on selling pressure from banks and corporates.
The 7.17% 10-year benchmark bond maturing in 2028 eased to Rs 95.25 from Rs 95.26, while its yield inched up to 7.90% from 7.89%.
The 6.68% G-Secs maturing in 2031 dropped to Rs 88.8175 from Rs 88.92, while its yield edged up to 8.08% from 8.06%.
Shorter-term Bond Yields Up: The 7.59% G-Secs maturing in 2026 fell to Rs 97.35 from Rs 97.40, while its yield inched up to 8.07% from 8.06%.
The 6.84% G-Secs maturing in 2022, the 7.37% G-Secs maturing in 2023 and the 7.06% G-Secs maturing in 2046 were also quoted lower to Rs 96.15, Rs 97.74 and Rs 87.34 respectively.
Call Rates Up: The overnight call money rates ended higher to 6.40% from Monday's closing level of 6.30%.
It resumed higher at 6.45% and moved in a range of 6.50 and 6.25%.
Liquidity: The Reserve Bank of India, under the Liquidity Adjustment Facility, purchased securities worth Rs 51.51 billion in 10-bids at the overnight repo operation at a fixed rate of 6.50% as on today, while it sold securities worth Rs 225.94 billion in 52-bids at the overnight reverse repo auction at a fixed rate of 6.25% as on August 27.
Stock Market
Market Movers: China needs growth boosters; Dollar index flat; Fuel prices move up more
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