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.

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.

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
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