Dalal Street has for some time been looking at chemicals as the biggest beneficiary from the supply chain disruption happening out of China. Market veteran Nilesh Shah also adds contract manufacturing to it, saying the two sectors would gain from the government initiative to popularise 'Make in India', and the opportunity, he says, is going to be stupendous just like the one the IT sector enjoyed in 2000. "In both these sectors, we are seeing expansion in global market shares, emergence of large buyers on the same lines we had seen in Indian IT during the Y2K chaos, which the industry converted into billion dollar businesses. So, is India going to see the next Premjis, Nadars and Narayana Murthys emerge in specialty chemicals and contract manufacturing?
MARKET CUES: Where do we stand >>>  | Nifty futures on the Singapore Exchange traded 20.50 points higher at 7.30 am (IST) in signs that Dalal Street was headed for a positive start |
| On Wednesday, Nifty50 managed to recoup most of the losses and formed a 'Doji' on the daily chart for yet another session, signalling indecisiveness among market participants. |
| Asian stocks gained this morning and were on course to erase this year's declines. Shares rose in Japan and South Korea. Australian equities underperformed as earnings at some firms disappointed, while Chinese shares were flat. Hong Kong's Hang Seng rose 0.4%. |
| US stock benchmark finished sharply higher Wednesday. The S&P500 closed just 6 points shy from a record close, ending at around 3,380. Dow finished up 1.1% and the technology-laden Nasdaq rose 2.12%. |
| The rupee declined by 5 paise to close at 74.83 against the US dollar on Wednesday due to losses in equity markets and weak IIP data. |
| The dollar fell against most of its peers amid fading hopes for an imminent US stimulus deal. The yen rose 0.2%, as did the euro, pound and the Australian dollar. The offshore yuan rose to a five-month high. |
| Crude oil prices dipped. WTI futures fell 0.2% to $42.57 a barrel in early Asian trade. |
| Gold prices rose to Rs 52,626 per 10 gm while silver rose by Rs 2,200 to Rs 65,749 per kg. On MCX, gold futures rose 0.68% to Rs 52,280 while silver futures climbed maginally to Rs 66,976. In international markets, spot gold climbed 1.8% to $1,945.27 per ounce, after dipping as much as 2.5% earlier. |
| LOOK WHO'S |  |
RIL in talks to invest in TikTok's India ops?… RIL is engaged in an early-stage exercise to evaluate the possibility of investing in TikTok's India operations, according to at least six people aware of the matter. The development comes even as the clock is ticking on Microsoft's fast-tracked negotiations to buy large swathes of the Chinese short-video platform's global operations ahead of the September 15 deadline set by the Donald Trump administration.
Read More Fuel demand flatlines in revival signs… India's fuel demand is beginning to flatline after showing signs of returning to life, as consumption dipped 11.7% in July, official data showed. Fuel consumption, a barometer of economic activity in the country, had slumped by over 45% in April as nationwide lockdown halted most vehicular traffic and shut industries.
Read More Unemployment benefit criteria to be eased…. The labour ministry will soon move a proposal to significantly relax the eligibility criteria for availing unemployment benefits under the Employees' State Insurance Corporation scheme besides enhancing the quantum of benefits to 50 per cent of last drawn wages and double the support period to six months. It will also propose to do away with the condition that the benefit can be availed only once in a lifetime and enhance the tenure of benefit.
Read More General insurers get a shot in the arm… General insurance companies bucked the sluggish growth seen in the first quarter of FY21 to register an 18% yearon-year growth in underwritten premiums in July led largely by a massive uptick in demand for health insurance policies. These companies registered premium collections worth Rs 17,011 crore in July 2020 against Rs 14,369.51 crore in July 2019, latest data released by Irdai showed. The first quarter of FY21 had seen general insurance companies see new premium collections contract 4%.
Read More India Inc may continue work for home in 2020… It is likely to be work from home for a majority of the India Inc employees for the rest of 2020. Only 3 out of 10 employees are willing to return to offices across 550 organisations belonging to 15 industry sectors, according to a survey conducted by Xpheno, a specialist staffing firm, exclusively for ET. Xpheno reached out to 1,800 employees through the survey where 70% of the employees state that they prefer to work from home (WFH) until the end of this year.
Read More | AND WHO'S |  |
Small window for RBI's loan recast… Banks have been advised to be ready with the list of borrowers who will be eligible for one-time debt restructuring under a special window opened by RBI to tackle stress due to the Covid-19 pandemic. There have been doubts over the one-time loan restructuring scheme being fully available, given that the committee under veteran KV Kamath will start functioning after a few days and will have another 30 days to submit its recommendations before RBI notifies the norms.
Read More Bank's bad loan recovery hits wall… Bad loan recovery of Indian banks dropped by one-third in June quarter compared to the previous three months, with cases in bankruptcy courts barely moving and sale of bad loans to asset reconstruction companies virtually drying up. Top 10 banks that ET analysed recovered and upgraded loans worth Rs 10,148 crore at the end of June quarter. They had recovered Rs 15,171 crore in March quarter and Rs 14,742 crore at the end of June 2019.
Read More Tata dealers seek balm for lockdown blues… A few dealers of Tata Motors have reached out to its top leadership, including chairman emeritus Ratan Tata, to find a solution to a sustained slowdown in sales that has resulted in mounting losses. In two letters written in April and July, they have requested help to get back to normalcy quickly.
Read More Meanwhile... No macro bull cycle ahead… Bernstein Research said the debate on the potential for the next large cycle has begun with economic growth expected to fall to historic lows — similar to the slump seen in the FY01-FY03 phase. While the firm expects a rebound in economic growth in the second half of FY21and FY22, it sees "less room for a multi-year bull macro cycle".
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