COMMODITY TIPS MATTER FOR MARKET TODAY
Six macro triggers that may matter for market today
As political outcry over demonetisation contibues, the government on Wednesday announced more steps to help farmers to meet their cash needs during the ongoing rabi season and directed banks to waive debit card transaction charges to encourage digital payment.
To ensure quick and unhindered flow of credit and cash to farmers during the current rabi season to deal with ban of Rs 500/1,000 notes, the government has allowed Nabard to disburse Rs 21,000 crore through cooperative banks to farmers.
Here's a look at six macro triggers that are likely to impact the market today
Misuse of Jan Dhan accounts for black money: One of Prime Minister Narendra Modi's key financial reforms is likely being misused to get around another key policy, and the government may take penal action. The Jan Dhan bank accounts, which were opened for the poor, have seen huge deposits to the tune of Rs 21,000 crore in the fortnight since demonetisation. Trinamool Congress-ruled West Bengal leads in this sudden spurt in deposits, followed by Congress-ruled Karnataka.
Coal secy shifted in bureaucratic reshuffle : Coal secretary Anil Swarup was appointed school education secretary as part of a top-level bureaucratic reshuffle on Wednesday. As many as 19 new secretaries have been appointed in various central government departments. Susheel Kumar has been appointed as coal secretary. He was secretary, department of border management, ministry of home affairs. Sanjeevanee Kutty, special secretary and financial advisor in home ministry, has been appointed as secretary, department of border management, in place of Kumar. National Highways Authority of India (NHAI) chairman Raghav Chandra has been named secretary, national commission for scheduled tribes. Yudhvir Singh Malik, special secretary in Niti Aayog, will be new NHAI chairman.
GST Council meet postponed: The crucial meeting of the GST Council on November 25 to finalise the legislation for the new tax regime has been put off to December 2-3 after some states sought changes to the draft circulated by the Centre. The meeting was to discuss the draft laws and also the contentious issue of administration of the regime. The committee of officials from the Centre and states will, however, meet on November 25 to finalise the three draft legislations for Central Goods and Services Tax (CGST), Integrated Goods and Services Tax (IGST) and compensation law.
Telecom cos seek to accept defunct notes : Hit hard by a drop in prepaid recharges, telecom operators — both GSM and CDMA players — have approached telecom secretary JS Deepak to relax the demonetisation rule for their retailers and distributors. In a joint letter, dated November 23, the Cellular Operators Association of India (COAI) and Association of Unified Telecom Service Providers of India (Auspi) have suggested that telecom retailers and distributors be allowed to accept defunct series of Rs 500 and Rs 1,000 currency notes just like petrol pumps and utilities under the current demonetisation exercise, especially since telecom is an essential service.
USFDA issues warning letter to WockhardtBSE -0.29 %'s UK facility: The US FDA issued a warning letter to Wockhardt’s stepdown (indirect) subsidiary CP Pharmaceuticals in UK, marking a prolonged phase of adverse news related to the drug maker’s global manufacturing facilities. In a note to BSE, Wockhardt said no business is being conducted from CP Pharmaceuticals in the US market Over the past few years, Wockhardt has been pummelled by the US FDA for deviations at its manufacturing sites.
SBI cuts rates on bulk deposits: State Bank of India has lowered rates on bulk deposits between 125 and 190 basis points or bps (one bps is 0.01%) across various maturities, paving the way for lower interest rates in the system. In many baskets, the revised interest rates from India's largest bank by market share of deposits and loans are lower than returns on savings bank accounts, which are currently set at a minimum 4%. Bulk deposits refer to those between Rs 1 crore and Rs 10 crore.
..and in financial markets yesterday
Rupee plunges: Importers may now rush to cover their overseas liabilities as the rupee turned volatile inching closer to its all-time low against the dollar amid increased overseas investment outflows from the country. The rupee on Wednesday lost nearly half a pecent or 31 paisa to greenback closing at 68.56 a dollar, lowest since February 26 this year.
Bonds gain: Government bonds (G-Secs) gained on good buying support from banks and corporates. The 7.61% G-Secs maturing in 2030 surged to Rs 110.40 from Rs 109.8250 previously, while its yield edged down to 6.44% from 6.50%.The 7.59% G-Secs maturing in 2026 firmed up to Rs 108.2850 from Rs 108.0375, while its yield moved down to 6.38% from 6.41%. The 6.97% G-Secs maturing in 2026 rose to 104.99 from Rs 104.77, while its yield softened to 6.28% from 6.31%. The 7.59% G-Secs maturing in 2029, the 7.88% G-Secs maturing in 2030 and the 7.68% G-Secs maturing in 2023 were also quoted higher at Rs 109.44, Rs 112.02 and Rs 107.7075, respectively.
Call rates up: The overnight call money rates ended higher at 6.25% from Tuesday's closing level 6.10%. It resumed higher at 6.20% and moved in a range of 6.25% and 5.80%.
Liquidity: The Reserve Bank of India, under the Liquidity Adjustment Facility, purchased securities worth Rs 2200 crore in a 4-bids at the overnight repo auction at a fixed rate of 6.25% as on Wednesday, while its sold securities worth Rs 7213 crore from 38-bids at the overnight reverse repo auction at a fixed rate of 5.75% as on November 22.
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