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    need2know: Catch up with 10 cues that may move your markets today

    Synopsis

    Here's a look at the top macro triggers that may move market on Thursday

    BSE-Bull1
    The Sensex crossed 35,000 for the first time while Nifty crossed 10,800 briefly as investors shrugged off the previous day’s volatility.
    Hello! Here’s a lowdown on top macro triggers that may move market on Thursday. This report was compiled from agency feeds.

    Govt Cuts Borrowing Plan
    The government’s decision to cut additional borrowing requirement to Rs 20,000 crore from Rs 50,000 crore announced last month spelt relief for investors who were worried about the quality of government finances. The rupee climbed after Tuesday’s sharp dip and bond yields fell. The Sensex crossed 35,000 for the first time while Nifty crossed 10,800 briefly as investors shrugged off the previous day’s volatility and worries over a runaway fiscal deficit and impact of surging crude on rupee and fiscal deficit.

    Further GST Modification
    The GST Council will today consider a host of proposals to simplify procedure for filing of returns, registration of large entities and take stock of the GSTN's readiness for e-way bill rollout from February 1. The GST Council is expected to consider a reduction in tax rates for some items, about 80 going by some reports, and the inclusion of real estate in its 24th meeting. A revision in tax rates on a number of items including bio diesel, agri equipment, electrical vehicles, online services, jobwork for handicraft etc. will be considered.

    World a Riskier Place in 2018: WEF
    The world will see risks related to environment, economy and international relations intensify this year with a majority of stakeholders expecting political or economic confrontations between major powers to worsen, a new survey shows. Referring to contentious issues between various nations, the World Economic Forum (WEF) said in its annual Global Risks Report that China's determination to press territorial and maritime claims and its extension of the Belt and Road Initiative (BRI) have triggered responses among neighbouring powers, with Japan and India exploring more structured forms of strategic cooperation in both economic and military affairs. The biggest risks in South Asia overall would be in areas like employment, governance and infrastructure.

    Bitcoin Slumps to Half its Peak Price
    Bitcoin skidded a further 12% on Wednesday, marking an almost halving in value from its peak price, with investors spooked by fears regulators could clamp down on the volatile cryptocurrency that skyrocketed last year. The price of bitcoin, the world's biggest and best known cryptocurrency, fell to as low as $10,000 on the Luxembourg-based Bitstamp exchange, the lowest since December 1. Bitcoin touched a peak of almost $20,000 in December - and indeed crossed over that threshold on some exchanges - but has since been roiled by several large sell-offs.

    Retail Price of 30 Drug Formulations Fixed
    Drug price regulator NPPA has fixed the retail price for 30 drug formulations, including those used for treatment of diabetes, bacterial infections and high blood pressure. The National Pharmaceutical Pricing Authority (NPPA) has also revised the prices of three formulations, including that of anti cancer drug -- Gemcitabine. The NPPA is mandated to fix/revise the prices of controlled bulk drugs and formulations and to enforce prices and availability of the medicines in the country.

    Airtel, Idea Numbers May Show Pain
    Bharti Airtel and Idea Cellular are likely to report a sharp sequential fall in operating income and wireless revenue in Q3, stung by the cut in IUC charges and continued efforts to match Reliance Jio's aggressive tariffs, analysts say. Airtel may report an almost 10% on-year decline in net from Rs 504 crore last year,
    while Idea's net loss may widen to Rs 1,314 crore from Rs 383.9 crore a year ago. Airtel reports results on January 18 and Idea's is likely on Jan 23 or 24.

    Bank Credit Grows Highest in 2 Yrs
    Outstanding bank credit has touched Rs 82.06 lakh crore, recording a yearon-year growth of 11.1% — the highest since February 2016. Bankers attribute the surge to a lower base following absence of credit offtake during demonetisation coupled with incipient recovery in demand for loans. For the same period, nonfood credit growth has touched almost 12% — the highest since April 2015 — partly due to an increase in demonetisation. Non-food credit represents bank loans other than those advanced to Food Corporation of India for grain procurement.

    Top Video
    Steel not my business, more excited about iron ore: Anil Agarwal, Vedanta

    Vedanta's 2018 outlook: Steel not my business, more excited about Iron ore, says Anil Agarwal

    Anil Agarwal,founder and Chairman of Vedanta Resources, said that they will be looking at iron ore business, and not steel. "No idea if we will win Electrosteel Steels but have put a generous offer of more than Rs 4500 cr, we Will be looking at acquiring iron ore business and not steel currently", says Agarwal in an exclusive conversation with ET now's Nayantara Rai. He further said that India imports almost 83-84% of crude despite having reserves, we are looking at producing 50% of India's crude requirement. Tune in!!!


    Quote
    "Time to move money from small cap to defensive trade"

    FUNDAMENTALS
    Direct Tax Collections Up: Direct tax collections during the first nine-and-a-half months of the current fiscal have risen by 18.7% to Rs 6.89 lakh crore. The collections till January 15, 2018 represent over 70% of the Rs 9.8 lakh crore revenue target from direct taxes, the Central Board of Direct Taxes (CBDT) said in a statement.

    Rupee Up: The Indian rupee gained 0.24% to 63.89 a dollar on Wednesday, from its close of 64.04 on Tuesday, when it fell 0.9%.

    Bonds Recover: Government bonds (G-Secs) recovered smartly following renewed demand from corporates and banks. The 6.68% G-Secs maturing in 2031 climbed to Rs 93.06 from Rs 91.85 previously, while, its yield eased to 7.50% from 7.65%. The 6.79% G-Secs maturing in 2027 rose to Rs 95.83 from Rs 94.9475 previously, while its yield moved down to 7.42% from 7.55%. The 7.17% G-Secs maturing in 2028 went up to Rs 99.63 from Rs 98.51 previously, while, its yield slid to 7.22% from 7.38%. The 6.84% G-Secs maturing in 2022, the 6.35% G-Secs maturing in 2020 and the 8.20% G-Secs maturing in 2022 were also quoted higher at Rs 98.47, Rs 99.1475 and Rs 103.35 respectively.

    Call Rates Up: The overnight call money rates turned higher to 5.85% from Tuesday's level 5.80%. It resumed higher at 6.00% and moved in a range of 6.05% and 5.75%.

    Liquidity: The Reserve Bank of India (RBI), under the Liquidity Adjustment Facility (LAF), purchased securities worth Rs 2980 crore in 6-bids at the overnight repo opertion at a fixed rate of 6.00% as on today, while its sold securities worth Rs 8,362 crore from 35-bids at the overnight reverse repo auction at a fixed rate of 5.75% as on January 16.





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    (What's moving Sensex and Nifty Track latest market news, stock tips and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .)

    Download The Economic Times News App to get Daily Market Updates & Live Business News.

    Subscribe to The Economic Times Prime and read the Economic Times ePaper Online.and Sensex Today.

    Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price

    ...more
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