Wall Street fell as the FOMC minutes showed the Fed caught between a
solid domestic environment and global deflationary environment. The
minutes indicate that the time for policy tightening is drawing closer
but give no clear nod to September rate hike. The U.S. July CPI proved
softer than forecast. In Europe the Stoxx-600 was down 1.8 per cent even
as the German & Dutch parliaments approved the Greek bailout plan
and the deal was formally signed by Eurogroup ministers.
Data showed that U.S. crude inventories rose and sent WTI crude down more than 5 per cent lower to hit a low of $40.61/bbl. In Asian yesterday, the highlight was once again China. The CSI-300 overcame early weakness, to actually end higher by 1.6 per cent. Most other major Asian stock indices closed in the red yesterday.
For Indian markets Wednesday was a day of consolidation with the Nifty managing a comfortable close above its 200 day moving average (8461). 8300-8600 stays the range for the Nifty.
We have seen Nifty & Bank Nifty shedding open interest over the last few days. Rupee showed some signs of stability at 65 per dollar. Pharma and tech did the best on Wednesday while banks saw some selling. No specific news flow was there in pharma except the INR depreciation which should help most. Same story was for the IT stocks as well.
The RBI has given in-principle approval to 11 payments banks against the 41 applications it received. Payment banks will be allowed to distribute financial products such as mutual funds, insurance etc. It would also be allowed to act a business correspondent for other banks. It would be allowed to issue ATM/debit cards & provide payment and remittance related services.
Data showed that U.S. crude inventories rose and sent WTI crude down more than 5 per cent lower to hit a low of $40.61/bbl. In Asian yesterday, the highlight was once again China. The CSI-300 overcame early weakness, to actually end higher by 1.6 per cent. Most other major Asian stock indices closed in the red yesterday.
For Indian markets Wednesday was a day of consolidation with the Nifty managing a comfortable close above its 200 day moving average (8461). 8300-8600 stays the range for the Nifty.
We have seen Nifty & Bank Nifty shedding open interest over the last few days. Rupee showed some signs of stability at 65 per dollar. Pharma and tech did the best on Wednesday while banks saw some selling. No specific news flow was there in pharma except the INR depreciation which should help most. Same story was for the IT stocks as well.
The RBI has given in-principle approval to 11 payments banks against the 41 applications it received. Payment banks will be allowed to distribute financial products such as mutual funds, insurance etc. It would also be allowed to act a business correspondent for other banks. It would be allowed to issue ATM/debit cards & provide payment and remittance related services.
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