Last December, India overtook Germany to become the seventh largest stock market in the world. But the selloff in past few months has dragged it down to the ninth spot, with total market cap slipping below $2 trillion. The government is said to be working on a relief package for FPIs. The question is: are FPIs fleeing only because of the income-tax levy?
STREET PULSE: Where we stand  | SGX Nifty traded nearly 70 points down at 7 am (IST), signalling pain ahead for Dalal Street. Asian shares extended losses as a sharp escalation in the trade war unnerved investors. Nikkei slipped 1.1% to the lowest since early June; Australian shares were down for the fourth straight session. Kospi tumbled 1.2% to hit its lowest since Dec 2016. The stocks rally in the US suffered its worst week in months: Dow fell 2.6%, S&P500 3.1% and Nasdaq 3.9%. Read More |
 | Oil prices fell on Monday amid concerns about weaker crude demand amid an escalation in trade war. Tensions in the Middle East offered some support to prices. Brent crude fell 50 cents to $61.39 a barrel while WTI crude was down 24 cents at $55.42. Read More |
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Rate cut ahead?... RBI is likely to cut the benchmark policy rate by another quarter percentage point this week, with growth concerns mounting across various consumption pockets. Majority of the 24 economists polled for an ET survey said the central bank would focus on a liquidity framework that is a key driver for taking rate-cut benefits to borrowers.
Read More Giant killer!... Hyundai Motor India raced ahead of rivals Maruti Suzuki India and M&M in July to grab the top slot in India's competitive utility vehicle segment, paced by demand for the recently launched SUV Venue. About 60% of the volumes for Hyundai came from Venue, which sold almost double the volume for Maruti Suzuki Vitara Brezza and Mahindra XUV300.
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Falling like ninepins...
India's stock market capitalisation fell below the $2 trillion mark for the first time in six months, triggered by the July selloff on Dalal Street that led to an 8.8 per cent erosion in investor wealth. The country's total value of all listed stocks dropped to $1.97 trillion on Friday, slipping below Germany's as foreign investor sentiment has soured following the increase in tax surcharge and a slowdown in the economy.
Read More Slowdown pain... Maruti Suzuki India is likely to operate just one shift at all its plants, with demand for cars slumping to multi-decade lows across the country and causing inventory to bloat ahead of the traditional festive season. These production cuts would mean hundreds of job losses for contractual staff.
Read More Meanwhile... Iran said it has seized another foreign vessel suspected of smuggling fuel in the Persian Gulf, state media reported Sunday, adding to growing tensions over a spate of incidents involving oil tankers in the region.
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