The domestic equity market in this coming week will be driven by a host of key developments like RBI monetary policy, macro-economic data release and corporate earnings, analysts said.
At the start of the week, the market will also take cues from July auto sales numbers which signal a recovery in the sector hit hard by COVID-19.
With most parts of the country in unlock phase, the automobile industry has performed better in July over the previous month in terms of sales and is now marching towards normalcy in terms of production as well.
“Going forward, markets would react to auto sales numbers. On the event front, they would also be keeping a close watch on the RBI monetary policy,” said Ajit Mishra, VP Research, Religare Broking.
On the macro data front, market participants will be keenly awaiting PMI manufacturing and services sector numbers that are scheduled to be released in the first half of the week.
On the earnings side, Bharti Airtel, Tata Steel, Lupin, Titan, Voltas Apollo Tyres, Canara Bank, Adani Power and M&M, among others, will announce their quarterly numbers during the week.
“We expect market volatility and stock-specific action to continue for a while. Investors would watch out for quarterly results for stock-specific action and development over US fiscal stimulus which could provide some cheer to the markets,” Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services Ltd, said.
The Monetary Policy Committee (MPC) of the Reserve Bank is scheduled to meet for three days beginning August 4 and will announce its decision on August 6.
Besides, COVID-19 cases trend and geopolitical developments on US-China ties front will remain key market drivers globally.
Meanwhile, the number of cases around the world linked to COVID-19 has crossed 1.8 crore and the death toll has topped 7 lakh.
In India, the death toll due the disease rose over 37,000 and the number of infections has crossed 17-lakh mark.
Investors will also track movement in Brent crude oil and rupee-dollar during the week.
During the last week, the Sensex fell 522.01 points or 1.36 per cent, while the Nifty declined 120.70 points or 1.07 per cent.PTI
Tamil Nadu went on a total shutdown
mode on Sunday with the government imposing intense curbs as part of its anti-coronavirus measures, leaving main roads deserted while most shops, barring pharmacies,remained closed.
Roads were virtually empty with no vehicles plying on account of the strict implementation of the curbs, with police making it clear that private vehicles will be allowed only for emergency purposes.
While announcing extension of the coronavirus-induced lockdown to August, Chief Minister K Palaniswami had said on July 30 that complete curbs will be in place on all five Sundays this month also, much like in July.
There will be no relaxations, he had said.
Subsequently, all kinds of shops, including those selling vegetables and groceries, commercial establishments, hotels and restaurants downed shutters on Sunday, while the roads were deserted in the absence of major vehicular movement.
In Chennai, police said no vehicle will be allowed to ply today except those meant for milk distribution, medical purpose, emergency and funeral cause.
Private vehicles meant for medical emergency and those belonging to the print and electronic media were exempted from the curbs.
Other vehicles plying without (valid) reasons will be detained and 193 traffic check posts have been set up across the city for this purpose, police said and requested people against venturing out of their homes “unnecessarily.”
As of August 1, Tamil Nadu’s cumulative COVID-19 cases stood at 2,51,738, with Chennai having a total of 1,00,877 of these infections.PTI
India’s COVID-19 tally reached 16,95,988 on Saturday with a record single-day increase of 57,118 cases, while the recoveries surged to 10,94,374, according to the Union Health Ministry data
The death toll due to COVID-19 climbed to 36,511 with 764 people succumbing to the disease in a day, the data updated at 8 am showed
At present, there are 5,65,103 active cases in the country
The recovery rate among COVID-19 patients was recorded at 64.53 per cent, while the fatality rate further dropped to 2.15 per cent, the data stated
This is the third consecutive day that COVID-19 cases have increased by more than 50,000. The total number of confirmed cases also includes foreigners
According to the ICMR, a cumulative total of 1,93,58,659 samples have been tested up to July 31 with 5, 25,689 being tested on Friday
Of the new 764 deaths reported, 265 are from Maharashtra, 97 from Tamil Nadu, 84 from Karnataka, 68 from Andhra Pradesh, 45 from West Bengal, 43 from Uttar Pradesh, 27 from Delhi, 23 from Gujarat, 16 from Punjab, 14 each from Bihar and Telangana, 12 from Jammu and Kashmir and 11 from Rajasthan
Ten fatalities have been reported from Madhya Pradesh, eight from Odisha, four each from Assam, Haryana and Uttarakhand, three each from Goa, Jharkhand, Kerala, two from Chhattisgarh while Andaman and Nicobar Islands, Chandigarh, Manipur and Puducherry recorded one fatality each.
The White House and its GOP allies appear to be retreating from their opposition to a USD 600-per-week supplemental unemployment benefit that has propped up the economy and family budgets but expired Friday.
President Donald Trump is eager to extend the benefit, undercutting his GOP allies on Capitol Hill who have spent considerable effort devising an alternative that could unite Republicans.
The unemployment insurance is a principal element as talks continue on a COVID-19 relief bill, which is expected to grow considerably from a 1 trillion-plus GOP draft released this week.
Top Democrats announced a meeting with administration representatives for Saturday morning after Thursday night talks at the Capitol failed to produce a breakthrough.
The two sides took their case to the media Friday morning, with White House chief of staff Mark Meadows speaking to reporters on short notice at the exact moment House Speaker Nancy Pelosi appeared at her weekly news conference.
Meadows accused Democrats of refusing to negotiate, saying Trump has instructed him to be aggressive and forward-leaning in trying to extend the supplemental jobless benefit.
Democrats have made zero offers over the last three days, said Meadows, an inexperienced negotiator and former tea party lawmaker. He said Democrats are willing to play politics” and are acting like they hold all the cards.
The White House on Thursday offered a one-week extension of the 600 weekly unemployment benefit, top Democrats said, but Pelosi rejected it, saying it needs to be addressed as part of a far more sweeping bill that would deliver aid to state and local governments, help for the poor and funding for schools and colleges to address the pandemic.
Without action, the unemployment benefit ran out Friday and both the House and Senate have left Washington.
“Clearly they did not understand the gravity of the situation, Pelosi said. She said a short-term extension only makes sense if the two sides are close to a deal.
Why don’t we just get the job done? she asked.
An aide familiar with the talks said Pelosi rejected an administration offer of a four-month extension of the benefit at 400 per week, combined with additional provisions for particularly hard-hit businesses and a shield against lawsuits for businesses, schools and other entities that reopen as the pandemic continues to rage.
The aide wasn’t supposed to divulge contents of the talks and spoke to The Associated Press on condition of anonymity.
Pelosi, brimming with confidence, offered a tutorial on negotiating Friday.
There are two things to remember. One is the person you’re negotiating with has to want something for the American people, Pelosi said. And they have to know you will walk if you don’t get a good enough agreement.
Republicans in the Senate had been fighting to trim back the 600 jobless benefit in the next coronavirus package, but their resolve weakened as the expiration of the popular benefit neared and as Trump undercut their position by signaling he wants to keep the full 600 benefit for now.
We want a temporary extension of enhanced unemployment benefits,” Trump said at the White House on Thursday. This will provide a critical bridge for Americans who lost their jobs to the pandemic through no fault of their own.
On Friday, Trump took to Twitter to explicitly endorse extending the 600 payment and to criticize top Senate Democrat Chuck Schumer.
Very disappointed in @SenSchumer for blocking the temporary extension of the 600 unemployment benefits. The Do Nothing Democrats are more interested in playing politics than in helping our deserving people, Trump tweeted.
There continues to be agreement among Washington’s top power players that Congress must pass further relief in the coming days and weeks.
Do we want to continue to come to an agreement? Absolutely,” Schumer said.
But it’s got to meet the gravity of the problem. Democrats hold a strong negotiating hand exploiting GOP divisions over whether more aid is even needed and they are expected to deliver a necessary trove of votes.
Both sides say the talks have not produced much progress, but they could be nearing a critical phase over the weekend and into next week. The pending COVID-19 rescue bill, the fifth since the pandemic has struck, is likely the last one before the November election.
Republicans controlling the Senate have kept the relief measure on pause in a strategy aimed at reducing its price tag. But as the pandemic has worsened in past weeks and as fractures inside the GOP have eroded the party’s negotiating position Republicans have displayed some greater flexibility.
The Democrats are playing for Nov. 3, and we’re playing for the good of the people. It is a disgrace that they are not negotiating, Trump said Friday.
I think it’s a bad political game. I think it hurts them. Also at issue in the negotiations is an almost 1 trillion Democratic demand for funding for state and local governments, a second 1,200 direct payment to most American adults, more than 100 billion to help schools reopen and a liability shield measure that is essential to Senate Majority Leader Mitch McConnell, R-Ky.
Maharashtra Chief Minister Uddhav Thackeray has said that he deplored attempts to question the efficiency of the Mumbai Police in handling the probe into the death of Bollywood actor Sushant Singh Rajput.
He said the state police were capable of probing the case, an assertion which comes in the backdrop of growing clamour for a CBI probe in the actor’s death here in June.
Speaking on Friday, Thackeray lashed out at Leader of Opposition Devendra Fadnavis, saying the BJP politician had doubted the credibility of the Mumbai police in handling the case despite being a chief minister for five years.
“The opposition can even bring Interpol or followers of the Namaste Trump event into the inquiry. Devendra Fadnavis should understand that it is the same police whom he has worked with in the last five years,” Thackeray said at an event organised by a Marathi news channel.
Earlier in the day, Fadnavis said the Enforcement Directorate (ED) should register an Enforcement Case Information Report (ECIR) in connection with the money laundering angle in death case of Rajput.
There is a “huge public sentiment” about handing over the case to the CBI, but the Uddhav Thackeray-led Maha Vikas Aghadi (MVA) government in the state has been reluctant to do so, the former BJP chief minister said.
Thackeray said the Mumbai police have been “corona warriors” and many personnel in the force have died due to the infection.
To question their efficiency is an insult to them and “I condemn this,” he added.
Thackeray said if anyone has any proof related to the case, he/she can bring it to the Mumbai police.
“We will interrogate and punish the guilty. However, please don’t use this case as a Maharashtra versus Bihar issue. This is the most deplorable thing to do,” he said.
Maharashtra Home Minister Anil Deshmukh had recently said that the Mumbai Police are capable of handling the matter and that there was no need for a CBI probe into the case.
The Mumbai police have recorded the statements of Bollywood personalities, including Sanjay Leela Bhansali, film critic Rajeev Masand, actress Sanjana Sanghi, the actor’s girlfriend Rhea Chakraborty, casting director Shanoo Sharma, filmmaker Mukesh Chhabra, and Aditya Chopra of Yash Raj Films.
The police have so far recorded statements of around 40 people, including those of Rajput’s family and his cook.
Rajput, 34, was found hanging at his apartment in suburban Bandra on June 14.
A Bihar police team is probing a separate ‘abetment to suicide’ case on the basis of a complaint filed by the late actor’s father in Patna.
Speaking at the event, the CM said he wasn’t bothered about the stability of his government as long as he enjoys support of the people of the state and Shiv Sainiks.
“The BJP says our government is against the mandate.
Then is destabilising democratically-elected governments a mandate?” he asked.
Thackeray, who is also the Shiv Sena president, said his party and the BJP have “divorced” now so the national party need not bother about what his outfit does.
“We were in a relationship with the BJP for 30 years, but they did not trust us. But those with whom we had political differences for 30 years trusted us,” Thackeray said, referring to the NCP and the Congress, who are part of the Shiv Sena-led government.
Game of Thrones star Sophie Turner and her husband, musician Joe Jonas, have become parents to their first child together.
According to TMZ, Turner gave birth to the baby girl last Wednesday at a hospital in Los Angeles.
Sophie Turner and Joe Jonas are delighted to announce the birth of their baby, a representative of the couple said in a statement.
They have named their daughter Willa.
Jonas, 30, and Turner, 24 got married in Las Vegas in May 2019, having a second bigger ceremony in France later in the year. News of Turner’s pregnancy broke in February.
North Korea leader Kim Jong Un said his country’s hard-won nuclear weapons were a solid security guarantee and a reliable, effective deterrent that could prevent a second Korean War, state media reported Tuesday.
Kim’s comments before war veterans marking the 67th anniversary of the end of the 1950-53 Korean War again show he has no intention of abandoning his weapons as prospects dim for resuming diplomacy with the United States.
North Korea has previously ratcheted up fiery rhetoric or conducted weapons tests to wrest outside concessions. But some experts say Pyongyang will likely avoid serious talks with Washington before the US presidential elections in November as there is a chance for a US leadership change.
Kim said in his speech Monday his country has tried to become a nuclear state with an absolute might to prevent another war and that it has now built such a deterrent, according to the Korean Central News Agency.
Now, we’ve changed to a country which can defend itself reliably and unwaveringly against high-intensity pressures and military threats and blackmailing by imperialistic reactionaries and hostile forces, Kim said.
There won’t any war on this land again and our national security and future will be guaranteed firmly and permanently because of our reliable, effective self-defensive nuclear deterrent, Kim said.
Kim’s speech followed recent remarks by both North Korean and U.S. officials suggesting they were reluctant to engage in a new round of diplomacy on the North’s nuclear program anytime soon.
US Secretary of State Mike Pompeo had said President Donald Trump would only want to engage with Kim if there were real prospects of progress. Kim’s sister and senior ruling party official, Kim Yo Jong, said a new summit would be unpractical for North Korea and that Pyongyang won’t gift Trump a high-level meeting that he can boast as a foreign policy achievement.
Kim Jong Un and Trump met three times since Kim in 2018 abruptly reached out to Washington and Seoul for talks after expressing his intent to deal away his advancing nuclear arsenals.
Many experts were skeptical of Kim’s disarmament commitment and said he only aimed to weaken US-led sanctions and perfect his nuclear program.
The nuclear diplomacy remains largely stalled since a second Kim-Trump meeting in February 2019 in Vietnam collapsed without reaching any agreement because Trump Kim rejected Kim’s proposal to get extensive sanctions relief in return for a limited denuclearization step.
Kim entered this year with a vow to bolster his nuclear program and threatened to unveil a new strategic weapon.
He also said he would no longer be bound by a self-imposed moratorium on nuclear and long-range missile tests. Kim hasn’t performed such high-profile weapons tests, which some analysts say could completely derail diplomacy with the United States. PTI
Congress general secretary Priyanka Gandhi Vadra on Tuesday took a veiled dig at the BSP, alleging that the whip issued by it to its MLAs in Rajasthan is a clean chit to those who “murdered” democracy and the Constitution.
The BSP on Sunday issued a whip to six MLAs, who had left the party to join the Congress last year, to vote against the ruling party in the state in case of a trust motion in the Assembly.
“Undeclared spokespersons of the BJP have issued a whip in support of the BJP. But, this is not a whip but a clean chit to those who murder democracy and the Constitution,” she said in a tweet in Hindi.
While the BSP MLAs have claimed that they have joined the Congress of their own will, the BSP has been claiming that since theirs is a national party, the local unit cannot merge on its own.
The Congress government in Rajasthan led by Ashok Gehlot is facing a crisis after 19 of its rebel MLAs including Sachin Pilot revolted against it.
Gehlot is now keen to prove his majority on the floor of the House and is now demanding a session of the Vidhan Sabha. PTI
The Uttar Pradesh government told the Supreme Court Tuesday it would file a status report detailing the steps taken by the authorities on encounter killings of gangster Vikas Dubey and his associates.
A bench headed by Chief Justice S A Bobde said it may consider appointing a committee headed by a former judge to probe the encounters of Dubey and his aides as also the killing of eight Uttar Pradesh policemen by the gangster.
Solicitor General Tushar Mehta, appearing for Uttar Pradesh, told the bench that he would file the status report by July 16.
The apex court said it would hear on July 20 the pleas seeking court-monitored probe into the encounters of Dubey and his associates.
Eight policemen, including DSP Devendra Mishra, were ambushed in Bikru village in Chaubeypur area of Kanpur when they were going to arrest Dubey and fell to bullets fired from rooftops shortly after midnight on July 3.
Dubey was killed in an encounter on the morning of July 10 when a police vehicle carrying him from Ujjain to Kanpur met with an accident and he tried to escape from the spot in Bhauti area, the police had said.
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