In signs that the India Story has not lost its shine for investors, India's equity capital market (ECM) volume has hit a record for this calendar with three months yet to go. Deal makers have reported $33.4 billion ECM volume till the end of September, already 10 per cent higher than the previous record of $30.7 billion hit in 2017. A top JP Morgan honcho say India's structural promise remains intact and most foreign investors appreciate that appeal, which will help India stand apart from its EM peers and hold on to its premium valuation. A seasoned dealmaker at Citi says opportunity-hunting sovereign wealth funds and pension funds are finding greener pastures in India.
MARKET CUES: Where do we stand >>>  | Nifty futures on the Singapore Exchange traded 35 points up at 7 am (IST). Dalal Street may look up. |
| On Tuesday, Nifty50 took a breather and ended almost flat. The 50-pack saw selling pressure at the 11,300 level, a crucial short-term resistance. |
| Asian stocks were mixed as traders watched the first American presidential debate and on data showing China continued to recover from its slowdown. Japan's Nikkei down 0.2%, Australia's ASX200 fell 1.3%, Kospi rose 0.8%. |
| Wall Street snapped a three-day rally overnight as traders approached the presidential debate. Dow and S&P500 fell half a per cent, and the Nasdaq dropped 0.3%. |
| Oil prices fell for a second day, extending big losses from the previous session even demand concerns. Brent crude dropped 23 cents, or 0.6%, to $41.03 a barrel; WTI fell 26 cents, or 0.7%, to $39.29. |
| The rupee lost further ground on Tuesday, settling 7 paise down at 73.86 to the US dollar, tracking weaker Asian peers against the greenback. |
| The dollar edged down in Asian trade on Wednesday as investors counted down to the first US presidential debate. The dollar index against a basket of currencies fell 0.32%. The euro was steady at a one-week high of $1.1742. Against the yen, euro hovered near a two-week high |
| Gold prices struggled after posting strong gains in the previous session. On MCX, October gold futures rose 0.1% to Rs 50,190 per 10 gm while silver futures gained 0.5% to Rs 60,730 a kg. Gold price fell 0.1% to $1,896.09 an ounce. |
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FM talks of holistic approach to boosting economy... Finance minister Nirmala Sitharaman said there is a need to have a "holistic" approach to handling the economy instead of a "silo-based and myopic approach with blinkers", responding to a query if it's time to rethink inflation-targeting and focus more on growth and employment. The government is looking at various ways to provide support to the economy and a fiscal stimulus is possible, she told ET, but declined to set any timeframe.
Read More Motown braces for festive booster… Car, two-wheeler and tractor makers are set to register unit volume growth of 15-30% in September, the quickest pace of growth in two years, building on the growth registered in August. At 2.8-2.9 lakh, the car market is set to witness a 26-30% growth, the highest in 27 months. Two-wheeler dispatches of 1.88 to 1.9 million would mean a growth of 15%, the highest seen in 24 months.
Read More Remittances show signs of revival… The flow of domestic remittances revived in September, suggesting that the migrant crisis that ensued during the initial months of the lockdown is gradually easing, payment companies and banks said. Money transfer volumes by daily wage workers in metros and industrial hubs who send funds to their rural homes for sustenance have recovered to 60-80% of pre-pandemic levels, they said.
Read More Validity of IPOs, rights issue extended... Sebi has extended the validity of its observations for launching initial public offerings (IPO) and rights issues expiring between October and March up to March 31, 2021. The regulator said the lead manager to the issue has to given an undertaking that the company is in compliance with Sebi norms on disclosure norms while submitted the updated offer document to it.
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Vedanta doesn't pass off HZL dividend… The dividend payout of Rs 4,500 crore that Vedanta received from Hindustan Zinc in May is yet to be passed on to the company's shareholders. Corporate governance experts said by holding back the dividend to Vedanta's shareholders despite having a dividend distribution policy could indirectly lead to a reduction in the company's delisting price. Vedanta's delisting process will open on October 5.
Read More Choppy gold prices may spoil jewellery sales… Gold prices are likely to remain choppy during the upcoming festive season owing to the US presidential election, which is scheduled to be held on November 3. Analysts and bullion dealers said that though the broader outlook remains bullish for gold, international events in the runup to the election may make the yellow metal prices volatile. Volatile gold prices do not augur well for the jewellery trade, which has pinned its hopes on the festive season sales.
Read More Tata Sons sets up task force for contingency funding… Tata Sons is said to have set up a taskforce to prepare a contingency funding plan to buy the Shapoorji Pallonji Group's 18.4% stake in the company at a valuation that will be at the centre of a hard-fought battle in the Supreme Court. Top group officials in the taskforce include Tata Sons chairman N Chandrasekaran, Saurabh Agrawal, Ankur Verma, Noel Tata and Bhaskar Bhat, sources said. "While the finance team is actively involved, other top officials are also being consulted," a person close to the group said.
Read More Bandhan gears up for big digital push… Private sector lender Bandhan Bank is strengthening its leadership team as part of its next five-year growth strategy. It has appointed former Bajaj Capital chief executive Rahul Parikh as digital head as the bank broadens its digital presence to improve customer services. Earlier in the month, the bank hired ICICI Bank veteran Kumar Ashish as head for 'emerging entrepreneurs business' vertical, which includes microbanking, micro home and micro-enterprise loans.
Read More Meanwhile... NBFCs selling securitized loans… Non-bank lenders such as Shriram Transport, Indiabulls Housing Finance, the Edelweiss and IIFL Finance groups have begun selling securitised loans in the run-up to the end of a six-month payments standstill — and theoretical resumption of business as usual in last-mile lending. About 30-40 transactions involving the securitised portfolios, or bundles of marketable loans, have been reported in the run-up to the September 30 deadline for the end to the repayment holiday on loans.
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