Good Morning Business Today readers!
Republican presidential nominee Donald Trump now want US investors to 'get out' of the stock market. Take his advice on your own risk, suggest analysts. At home, it's the D-Day for Goods and Services Tax (GST) Bill, which is all set to be tabled in Rajya Sabha today. Other than that, public sector banks are once again in focus after RBI said top 10 corporate groups owed Rs 5.73 crore to state-owned banks and financial institutions at the end of March 2016.
Below is the wrap-up of these and more developments that you must know as you begin your trading day on Dalal Street:
1) D-Day for GST in the Rajya Sabha
The GST Bill is all set to be taken by Rajya Sabha today with India Inc hoping country's biggest indirect tax reform will finally see the light of the day. The government on Tuesday circulated to MPs the amendments it has proposed in the Constitution Amendment Bill to enable implementation of the tax.
2) Rs 5.73 lakh crore is the debt top 10 corporate owes to banks
Minister of State for Finance Santosh Kumar Gangwar informed this to Rajya Sabha in a written reply. "RBI had informed that gross outstanding credit for top ten corporate groups is Rs 5,73,682 crore as on March 2016," he said.
The Reserve Bank of India collects credit information from banks under the CRILC reporting system for borrowers with the credit exposure greater than Rs 5 crore.
3) All is not well with global markets
Overnight, Wall Street stocks fell, with each of the major indexes notching their worst day in about a month as economic data and weaker-than-expected auto sales spurred concerns about growth, while Asian markets also bowed lower in Wednesday's trade on worries the Bank of Japan may retreat from its massive bond-buying campaign.
4) Donald Trump
Donald Trump on Tuesday advised 401(k)-holders to get out of the stock market the way he did, as he feels euphoria in the market is only thanks to US Federal Reserve's easy money policies.
"Interest rates are artificially low and the only reason the stock market is where it is is because you get free money," said Trump in a Tuesday morning interview to FOX Business Network, adding the market would "go great" if he were elected.
5) Oil and gold update
Oil prices edged up on Wednesday, supported by a weaker dollar, but US crude futures remained below $40 per barrel and Brent was below $42 as ongoing fuel oversupply and stuttering economic growth weighed on markets.
Gold rose to a four-week high as European and US shares fell and the dollar hit its lowest in over a month after last week's soft US growth data dented expectations for a near-term interest rate hike.
(With inputs from agencies)