Hi there…..
From ETMarkets.com, I am Prachi Sharma. And This is Markets Morning,
the headlines first…
India overtakes France to become the worlds sixth biggest economy
Sebi plans to introduce mobile payment mechanism for retail IPO investors
Sensex and Nifty top emerging markets performance table in 2018 so far
AND
In an overtime stunner, Croatia pips England to Fifa World Cup final
Good morning. This is Thursday, July 12. As always, it's good to have you with us for the morning briefing.
The trade war between the US and China continued to rage with the Trump Administration now readying 10 per cent tariffs on a list of 6,031 Chinese product lines worth another $200 billion. A final decision is likely after August 31
China accused the US of bullying and warned it would hit back hard.
IN BRITAIN
Prime Minister Theresa May will set out a blueprint on Thursday for what her government calls "a principled and practical Brexit", putting at its core a plan for a free trade area for goods. The proposal has angered many members within the ruling party.
AND ON OIL FRONT
Indian refiners last month sharply cut imports of Iranian oil, as they started weaning their plants off crude from the country to avoid sanctions by the US that are set to take effect in November. In June, Monthly oil imports from Iran declined 16 per cent from May to 592,800 barrels a day.
BUT THE GOOD NEWS IS
India has overtaken France to become the worlds sixth biggest economy, according to the updated World Bank data for 2017. In current US dollars, Indias GDP stood at $2.597 trillion for 2017 exceeding Frances $2.582 trillion. IMF projections showed India could overtake the UK in 2019.
ON POLICY FRONT
Telecom Commission has approved net neutrality rules which would bar service providers from discriminating against Internet content and services by blocking, throttling or granting them higher speed access.
AND
Sebi is planning to introduce an alternate payment mechanism for retail investors in IPOs as it aims to speed up the listing process. The market regulator may allow the use mobile-based real-time payment system for instant fund transfer to reduce paperwork for intermediaries during IPOs.
IN CORPORATE NEWS,
The board of HCL Technologies is likely to decide a share buyback plan on Thursday. Some analysts said the IT major may buy shares worth Rs 5,000 crore at Rs 1,100-1,150 per share.
The Birlas are staring at a $1 billion loss in their proposed sale of Retail Unit to PE firm Samara Capital, as the suitor is offering to take over only the external debt worth Rs 40 billion.
New Delhi Municipal Council has received only two bids for the auction of iconic Taj Mansingh Hotel in the second attempt a month after the first one failed. Besides current operator Indian Hotels Company,tobacco-to-FMCG conglomerate ITC is said to have emerged the second bidder
ELSEWHERE
Delhis Connaught Place has become worlds ninth most expensive office location, shows a study by CBRE South Asia. Hong Kong topped the list followed by London and Beijing, in that order.
IN FINANCIAL MARKETS
Sensex and Nifty have emerged best performers among emerging markets this calendar, thanks to strong resilience in bluechips such as HDFC, HDFC Bank and TCS.
AND THIS MORNING
Asian stocks traded mixed amid renewed worries of a trade war as the US and China continues to spar. Australian stocks rose 0.35 per cent, South Koreas KOSPI was flat and Japans Nikkei was up 0.75 per cent.
In US, the Dow tumbled 219 points in overnight trade, while the S&P 500 lost 19 points and the Nasdaq 42 points.
Nifty futures traded higher on Singapore Exchange, promising a positive start on Dalal Street.
The rupee ended 5 paise higher at 68.77 against the greenback on Wednesday on some stray dollar selling by exporters and banks.
LASTLY
In an overtime stunner, Croatia pipped England 2-1 to headed to a World Cup final showdown with France, making it the nations first trip ever to the finals. Mario Mandzukic scored the decider in extra time
Thats it for today. Thank you for listening in. Do log on to www.etmarkets.com for round-the-clock market coverage, investment tips and dozens of stock recommendations. Have a great trading day ahead and make lots of money… good bye
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