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News I read on 17th July

1) Credit rating agency ICRA on Thursday sharply revised its forecast on the contraction in the Indian Economy to 9.5 percent for 2020-21 from its earlier assessment of five percent.
Ref: Business Standard

2) With India’s economic growth sputtering, RBI was expected to maintain a rate-cutting cycle, but an uptick in near-term inflation could give the central bank’s Monetary Policy Committee reason to pause for now.
Ref: Reuters

3) Wall Street’s main indexes fell on Thursday with the S&P 500 slipping from a five-week high as concerns about the economic toll from rising coronavirus cases nationwide were amplified by data showing elevated levels of unemployment claims.
Ref: Reuters

4) S&P BSE IT index hit an all-time high of 17,531, rallying nearly 6 percent on the BSE, after sector majors, Infosys and Wipro reported better-than-expected earnings for the quarter ended June 2020 (Q1FY21).
Ref: Business Standard 

5) Talks about selling a 20% stake in Reliance Industries Ltd's oil-to-chemical business to Saudi Aramco have stalled over the valuation.
Ref: Livemint 

6) India and the US are inching closer towards a limited trade deal with a flurry of high-level meetings on both sides at a time India is looking for greater trade and strategic ties with the Western countries including the European Union and Britain amid its rising tension with China.
Ref: Livemint

7) OPEC fears its record oil cuts will fail to rebalance the market and solve the worst glut in history if a second wave of the COVID-19 pandemic undermines an economic recovery later this year
Ref: Reuters 

8) Gold prices edged lower in India, trading in a narrow range amid mix global cues, the prices in India have remained rangebound since hitting a record high of ₹49,348 per 10 gram last week.
Ref: Livemint 

9) Global economic activity is picking up after an unprecedented decline this year due to the coronavirus pandemic, but a second major wave of infections could trigger more disruptions, as per IMF.
Ref: Business Standard

On Thursday, NIFTY closed 121.75 Points higher at 10,739.95

VIX dropped by 3.53% and closed at 25.36, the usual safe range for VIX is between 12 to 20.

SGX Nifty trading 93.35 points higher at 08:00 am, Indian Time

By Kundan Kishore
Please comment important news you read today. Also, in case, if you find any news difficult to understand or comprehend - please comment and ask questions over the news blog.
I will try to answer and others will also help you comprehend the news.