Hello, good morning. Welcome to ETMarkets Morning, the show about money, economics and markets. I am Nikhil Agarwal. Let’s start with the headlines first.
– Section 144 imposed in Mumbai through January 7th
– Banks gross NPAs could rise to 9.5% in September 2022
– Draft e-commerce guideline, rules will be published together shortly
Let me now give you a brief overview of the state of the markets.
Asian stocks opened mostly higher on cautious trading after a mixed close on Wall Street and ahead of the year-end holidays. The MSCI index for Asia Pacific stocks outside of J -an rose 0.29 percent.
The US 10-year Treasury yield was held at 1.55%. The dollar and yen were at the lower end of their recent ranges in thin holiday trading Thursday after falling overnight as investors favored riskier currencies alongside stocks. Bitcoin extended its retreat in December and traded below $ 47,000.
That said, here’s what news is doing.
Thanks to sustained purchases by the domestic funds, the decline in the Indian stock market in the three months to December was limited to 3% despite sales by foreign investors. According to SEBI data, three-month cumulative net inflow of domestic mutual funds was at a record high of 53,718 billion.
PharmEasy, Bikaji Foods, and Tata Technologies are among the companies that have high demand for their stocks even though they are not publicly traded. These stocks change hands or are offered at a premium of at least 32% over their previous trades, traders said.
Non-bank lenders are better placed than they were before to withstand credit or liquidity constraints, as their c -ital positions are relatively robust, although some systemically insignificant NBFCs remain vulnerable. “The NBFC room performs differently,” says the Central Bank’s Financial Stability Report (FSR).
The Reserve Bank of India (RBI) predicts that banks’ non-performing loan growth will slow amid extreme macroeconomic stress as the recovery gains momentum, but warns of the precarious position of small and medium-sized businesses. Their status will only become clear in the new year, after the exceptional pandemic-related exemptions for them have subsided, said the central bank in its report on financial stability (FSR) published on Wednesday.
NOW Before I go, here’s a look at some of the stocks that are buzzing this morning …
Bajaj Housing Finance announced a new celebratory deal on Wednesday that will offer home loan customers with high creditworthiness as low as 6.65 percent.
Leading DTH service provider Dish TV’s annual general meeting is held on Thursday after previously being postponed twice due to an ongoing battle between the Subhash Chandra family-run promoters and its largest single shareholder, Yes Bank Ltd (YBL).
Bajaj Auto Ltd said Wednesday that it will be building an electric vehicle manufacturing facility in Akurdi, Pune, with an investment of Rs.300 billion.
Amara Raja Batteries announced on Wednesday that it would invest in InoBat Auto, a European technology developer and manufacturer of batteries for electromobility.
Also, check out over two dozen stock recommendations for today’s trading from top analysts on ETMarkets.com.
That’s it for now. Stay with us for all the market news throughout the day. Have fun investing!