Without some firmer pledge of debt relief, neither Greece nor the IMF is likely to accept a deal
Global liquidity expected to continue amid ECB stimulus
While enjoying long-awaited economic good times - and hoping they will last as long as possible - some caution and some prudence might be the best protection against bad surprises, says Claude Smadja.
Tough conditions imposed by global lenders could cause an outcry.
With the Swiss government showing eagerness to help India trace suspected black money hoarders, banks based in Switzerland appear to be losing traction among the wealthy Indian clients and could not get much business commitments during the just-ended WEF summit.
Investors booked profits after strong 641-point rally in the previous two sessions, brokers said.
The 30-share BSE Sensex closed down 162 points at 28,338 and the 50-share Nifty was down 67 points at 8,463.
Metals bucked the trend and shone across the board.
The BSE Mid-Cap index was currently up 0.83%. The BSE Small-Cap index was currently up 0.8%.
In the broader market, the BSE Midcap was down 0.2%, while BSE Smallcap fell 0.1%.
Rupee ends day stronger against the dollar.
Euro zone leaders clinched a deal with Greece on Monday.
The rupee gained for the second day, climbing 23 paise to a one-week high of 62.07 against the dollar on Wednesday, amid a modest recovery in local stocks and sales of the US currency by exporters and banks.
Not only is gold a hedge against currency depreciation, rising crude prices and uncertainty, it is up 7 per cent (in dollar terms) in the past 12 months, says Devangshu Datta.
Sensex lost 184 points to trade at 23,878 and the Nifty has dropped 55 points to quote at 7,254.
Officials said Sebi is closely in touch with RBI on the market developments.
India's foreign exchange reserves declined by a whopping $4.343 billion to $367.646 billion.
The government should not go in for an 'aggressive fiscal consolidation' in the upcoming Budget as global risks have not abated, RBI Monetary Policy Committee (MPC) Member Ashima Goyal said on Wednesday. Goyal further said subsidies are expected to come down as food and energy inflation moderates. WPI inflation in food articles in November was 1.07 per cent against 8.33 per cent in the previous month.
The Nikkei share average rose 2.6% to close at 15,195.77 points, more than recouping Tuesday's losses.
The situation in Greece worsened with banks closed for a 2nd week.
From the peak of $3.67 trillion in January, India's market cap has eroded by $676 billion amid rising bond yields and a record-breaking sell-off by overseas investors.
The Bank of Japan's action has nullified the effects of the end of the US' quantitative easing programme but the dependence of foreign institutional investors remains a concern
India's exports are unlikely to get an immediate boost from a depreciating rupee, which touched an all-time low on Monday, driven by rising commodity prices. The rupee fell to 76.97 against the dollar earlier in the day, settling 1.05 per cent weaker than the previous close. Oil prices soared to their highest since 2008 on Monday at $139 per barrel, after the US and European allies explored a Russian oil import ban, while delays in the potential return of Iranian crude oil to global markets increased supply fears.
Nifty ends above 8,400; TCS, HDFC surge 2%, Bajaj Auto dips 2%.
Global gold demand has seen a year-on-year decline of 8 per cent during the April-June period to 948.4 tonnes and going ahead further monetary tightening and continued dollar strength may pose headwinds, says a report. According to the WGC Gold Demand Trends Q2 2022 report, the total gold demand during the second quarter of 2021 stood at 1,031.8 tonnes. The year-on-year demand was affected by increase in gold electronic traded funds (ETFs) outflow, decline in Central banks buying and lower demand from the technology segment, the report said.
Unless there is a sharp uptick in oil prices, Fed may push back rate hike
What might be useful is targeted assistance to those sectors and individuals that are disproportionately affected, suggests Mihir S Sharma.
Reliance chairman Mukesh Ambani has moved 2 ranks ahead this year on the most powerful list.
No stock on BSE Sensex ended in red while only 3 stocks in the broader Nifty50 index settled the day negative
The overall breadth was negative as 1,658 stocks declined while 1,048 stocks advanced.
Sitharaman, a newcomer on the Forbes most powerful women list, is ranked 34th. The Forbes 2019 list of 'The World's 100 Most Powerful Women' has been topped by German Chancellor Angela Merkel, followed by President of the European Central Bank Christine Lagarde in the second spot and Speaker of the US House of Representatives Nancy Pelosi, ranked third. Also on the list is Bangladesh Prime Minister Sheikh Hasina (29).
The silver lining is that a pick-up in the US economy could help emerging market exports.
However, the central bank is yet to implement the government directive, which was issued after a decision of the empowered Group of Ministers, director general of the export promotion council for EOUs and SEZs L B Singhal said at an Assocham function in Chennai.
Accommodative monetary policy has driven a bull market in stocks in recent years, but the Bank of England is expected to raise interest rates early next year and the U.S. Federal Reserve not long after, tempering future gains.
The markets stayed on edge last week due to the endless saga of Greece's problems.
Analysts expect the central bank to remain watchful of inflation.
The 50-share NSE Nifty shed some ground to settle at 8,699.40 points, up 40.30 points, or 0.47 per cent
Participants are keenly awaiting the rollovers to the next series ahead of the expiry of June F&O.
Spot gold was bid up at $1268.30 in early European trading and silver also moved up at $17.42 an ounce.
Indian policymakers are almost alone, alongside the United States, in seeking a hard and multi-sectoral global decoupling from China in the expectation that it will boost their economies, observes Mihir S Sharma.
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