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Stock Market Live: Don’t Expect Rate Cut from RBI

Don’t expect Rate cut from RBI due to Macroeconomic Data not favorable: SBI

State Bank of India has cut the interest rate for one year deposits by 25 basis points (bps) for both general public and senior citizens. In an interview to CNBC-TV18, Rajnish Kumar, Managing Director of State Bank of India spoke about the same.

We have Rs 25 lakh crore of deposit and one year deposit would be Rs 3 lakh crore, said Kumar. On lending front, he said our market share is around 21-21.5 percent, so to that extent we are able to protect our market share.

He said segment of operations of non banking financial companies (NBFCs) are different from some public sector undertaking (PSU) banks. He does not expect rate cut from Reserve Bank of India (RBI) because macroeconomic data is not favorable.

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Oil could soon Overtake its 2017 Highs

Crude oil is on pace to wrap up a strong September, having gained a little over 9 percent month to date.

Some see further gains ahead as much of the commodity’s losses have been recouped.

“Investors have really gained confidence in oil, after the OPEC cuts that were originally discussed earlier in the year are starting to take shape here, and oil production is being curbed,” Phil Streible, senior market strategist at RJO Futures, said Thursday on CNBC’s “Trading Nation.”

Further fueling the commodity’s recent upside is the International Energy Agency having upped its demand outlook for the end of this year and into 2018, Streible said.

Due to this combination of production cuts and growing demand, oil could head up to its 2017 high, just above $55, or even $60 per barrel by year-end. A global supply glut has plagued the market for several years, and OPEC member countries and non-member producers have vowed to implement cuts to curb such oversupply.

His forecasts would imply between 7 percent and 16 percent of upside from current levels; crude oil has not traded at $60 per barrel since mid-2015.

At this point, traders should seek to remain long the oil market above $50 per barrel of West Texas Intermediate crude oil, Streible said.

“If we got a two-day consecutive close below the $50 level, use risk management. Take the position off. Otherwise, it could be a nice wild ride back to the upside, and we may even see $60 by year-end,” he said, if economic data continues to be supportive.

WTI crude oil settled about 1 percent lower on Thursday, at $51.56 per barrel, slightly below its five-month highs.

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Market Live: Nifty Starts Oct Series above 9800

FM sees rise in GST collections: Finance Minister Arun Jaitley said the Goods and Services Tax (GST) collections in the first two months have met the target and going forward the revenue will see further surge.

“We are now just finished second month. As a base year of 2015-16, we had to give two hikes of 14 percent each to the states, and for both the months (July and August), with some part of the compensation cess, we are well within that figure,” he said at the release of a book titled ‘India@70 Modi@3.5’.

Total GST collection for August touched Rs 90,669 crore (up to September 25, 2017), against Rs 94,063 crore mopped up in the first month of the new indirect tax regime rollout.

Of this, as much as Rs 14,402 crore has come in from the Central GST (CGST), Rs 21,067 crore from State GST (SGST), Rs 47,377 crore from Integrated GST (IGST) and Rs 7,823 crore from compensation cess levied on demerit and luxury goods. Of Rs 7,823 crore, Rs 547 crore is compensation cess from imports in August.

Govt borrowing limit: The Centre yesterday kept the gross borrowing target for October-March unchanged at Rs 2.08 lakh crore but indicated that the government may raise more funds from the market if required. The net borrowing during the second half of the financial year will continue to remain at Rs 1.92 lakh crore.

A major part of the borrowing will be done in the quarter ended December.

The gross borrowing for 2017-18 has pegged at Rs 5.8 lakh crore, with net borrowing aimed at Rs 4.25 lakh crore, after taking into account the redemption figures.

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Market Live: Nifty Ranged Ahead of F&O Expiry

Market Live: Nifty Ranged Ahead of F&O Expiry, Sensex Higher; Rupee Turns Strong

Work on GE’s locomotive factory on track: US firm General Electric’s plan to build a diesel locomotive factory in eastern India is on track, the railways minister said on Thursday, seeking to allay concerns that the state-controlled network was making changes to the contract. Piyush Goyal’s comments came after GE said this week that the Indian government’s ‘Make in India’ initiative would be undermined if the railway ministry went ahead with changes to a joint venture with the conglomerate.

GE had won a USD 2.6 billion contract in 2015 to supply Indian Railways with 1,000 diesel locomotives. But the railways ministry said last week it wouldn’t need diesel after all – hoping to save on fuel and maintenance costs – and suggested GE might want to make electric engines instead.

Market Check: The volatility increased in last hour of trade, especially ahead of expiry of derivative contracts. The Nifty continued to be in a range of 50-60 points, up 19 points at 9,755.

The 30-share BSE Sensex rose 101.02 points to 31,260.83 while the broader markets gained nearly a percent as about 1,426 shares advanced against 923 declining shares on the BSE.

The rupee rebounded sharply, trading with 13 paise gains at 65.57 against the US dollar, compared with previous close of 65.72. It touched an intraday low of 65.89 before showing a recovery.

Market Live: Midcap Outperforms Sensex, Nifty reclaims 9750

Europe trade: Markets in Europe opened higher after President Donald Trump unveiled much-awaited tax plans. The pan-European Stoxx 600 0.04 percent higher with most of the sectors trading in positive territory.

Trump announced the biggest tax reform for the US in thirty years on Wednesday, proposing tax cuts for most citizens. However, the plan received some criticism for favoring the wealthier and raised doubts over its impact on the country’s deficit. Meanwhile, South Korean authorities said today that they foresee further provocative actions from neighboring North Korea in mid-October. Asian stocks were mixed as a result.

3 stocks go ex-bonus: BHEL, Bharat Electronics and Bharat Forge stocks prices adjusted for the bonus share issue in the proportion of 1 share for every two shares held, 1 share for every 10 shares held and 1 share for every share held, respectively. BHEL was up 1.14 percent at Rs 84.05 and Bharat Electronics gained 2.85 percent at Rs 165.80 but Bharat Forge fell a percent at Rs 602.30 per share post adjustment.

ICICI Lombard trade on second day: ICICI Lombard General Insurance share price fell 0.65 percent today to trade at Rs 676.75 on profit booking. In previous session, the stock closed 3 percent higher at Rs 681.20, against issue price of Rs 661 per share.

Gold over 1-month low: Gold fell to over one-month lows today as the dollar rose on expectations of a US interest rate hike in December. US gold futures for December delivery fell 0.36 percent to USD 1,283.10 a barrel.

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CH Stock Market Opening Bell for 28-September-2017

Opening bell

CH OPENING BELL:

NIFTY FUTURE DOWN 27 @ 9712

BANK NIFTY FUTURE DOWN 108 @ 23721

SENSEX UP 34@ 31207

INR 65.87

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International Market Update by Money CapitalHeight

international-market-updates

CH: INTERNATIONAL MARKET UPDATE

GOLD $ 1286

SILVER $ 16.80

COPPER $ 2.92

CRUDE $ 51.98

INR 65.87

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