Market Morning Brief: What you must know as trading begins on Dalal Street

Our flamboyant businessman Vijay Mallya stepped down as Chairman of United Spirits, while RBI revised strategic debt restructuring (SDR)norms asking banks to to make 15 per cent provisions against the loans value.

By Aprajita Sharma  
Friday, February 26, 2016

Good Morning dear Business Today readers!

As we await the review of yearly performance of our economy, you must also know what latest panned out overnight that may move your market on Friday. Our flamboyant businessman Vijay Mallya stepped down as Chairman of United Spirits, while RBI revised strategic debt restructuring (SDR)norms asking banks to to make 15 per cent provisions against the loans value. Overseas, Wall Street posted solid gains and Asian markets are also off to a positive start, indicating a higher opening for Dalal Street as well.

Below is the wrap-up of these and more such significant updates that you must know before playing the bourses:

 

  1. G20 meet kicks off in Shanghai: Investors will keenly follow a meeting of Group of 20 nations as global finance ministers and central bankers gather in Shanghai for a two-day meet starting Friday. Amid shaky economic conditions and recent market turbulence, investors will look for words of reassurance from policymakers, if not actual policy stimulus.
  2. Wall Street and Asian market update: Wall Street posted smart gains on Thursday as a 3-per cent jump in oil prices reduced fears that banks could be hit by debt defaults and investors saw opportunities after weeks of volatility. Following this, Asian markets also started off on a firmer note. China's Shanghai Composite gained 0.78 per cent after a 6-per cent fall on Thursday, while Hong Kong's Hang Seng index added 1.78 per cent. Japan's Nikkei also notched up 0.95 per cent.
  3. Oil dips, gold gains: Crude oil prices did advanced 3 per cent on Thursday but dipped today with brent trading below $35 as reports of a meeting by oil producers to freeze output failed to convince traders that enough effort was being made to rein in ballooning global oversupply. Gold, on the other hand, remained little changed above $1,230 an ounce as safe-haven gains were capped by an overnight rebound in global equities and oil prices, although technical signals for prices were bullish.
  4. Vijay Mallya steps down from Diageo-owned firm: In a sweetheart deal, flamboyant businessman Vijay Mallya quit as Chairman of United Spirits after its new majority owner Diageo agreed to pay Rs 515 crore and absolve him of all liabilities over alleged financial lapses at the company founded by his family.
  5. RBI revises SDR norms: The Reserve Bank asked banks going in for strategic debt restructuring (SDR) scheme to make sufficient provisions to the tune of 15 per cent of the loans value, to tide over possible loss in the value of the equity they acquire in lieu of debt and residual loans.

 

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