Inflows into local stocks ahead of US job data report release that could find clues for further direction.“the local stocks today supported by weak dollar led market to open lower.dollar/rupee traded at Rs 73.66/$1 compared with Rs 73.62/$1 at open Friday versus Rs 73.75/$1 at close on Thursday.Dealers expect dollar/rupee to trade in Rs 73.50-73.80/$1 range today.
The bad bank-like structure was announced in the Union Budget, with the government saying that it would provide a “guarantee” to the entity. Details of the proposal are only now being fleshed out.The limited guarantee cover being offered by the government would mean that banks would have to make 80% provisions against outstanding dues of a stressed account before they are able to sell the loan to the NARCL. The high provisioning requirement could lead to fewer loans being sold.
Second wave of coronavirus infections stalled a nascent recovery for the automobile sector.Retail sales are not comparable with a year earlier as the nation was under a complete lockdown, stalling production and causing a washout for carmakers.Vehicle registrations a measure of sales at dealerships—fell 29% over the preceding month to 11.89 lakh units in April, according to data from 1,493 regional transport offices in 33 states and union territories.
The weekly bond auction and uptick in oil prices.The RBI is scheduled to auction four gilts worth Rs 32,000 crore later today. Adding to this, oil prices edged up in early Asian trade after a 1% dip in the previous session, as global economic recovery and easing travel curbs in the US and Europe buoyed the fuel demand.the 10-year benchmark 5.85%-2030 bonds traded at Rs 99.0375 or 5.9831% yield compared with Rs 99.0700 or 5.9785% yield at open on Friday