INSUBCONTINENT EXCLUSIVE:
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
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
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
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
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
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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
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.
