Stock specific activity to remain in focus amid consolidation in benchmark indices... - ICICI Securities
As per media sources, Indian customs authorities could soon start inspecting all import consignments from China at ports and airports across the country and the 100% check of imports from China could lead to delay in the release of consignments, a non-tariff barrier possibly aimed at curbing imports from the country. However, the Government of India has denied the development.
As per media sources, the Power Ministry has proposed a 20-25% BCD on solar modules for the first year, followed by 40% in subsequent years. As for solar cells, the ministry proposes 10-15% duty in the first year, which would increase to 30-40% in subsequent years.
Sugar production in the country during the 2020-2021 sugar season is expected to be 30.5 million tonnes, after accounting for the 1.5 million tonnes reduction of output due to diversion of cane juice and B-molasses to ethanol, according to the Indian Sugar Mills' Association (ISMA).
The US government has extended the ban on H1B visa till December 2020. The ban is temporary and does not impact existing visa status.
According to media sources, contract manufacturers have seen a surge in interest for local outsourcing of electronic goods by key brands post Indo-China border tension.
Brent Crude prices closed higher at US$ 41.5/barrel as compared to previous week's closing price of US$ 39.7/barrel. Gold prices ended higher at $ 1773/ounce as compare to previous week's closing price of $ 1753/ounce. Bond yields ended higher at 5.92% as against previous week's closing price of 5.85%.
US Markets: The US markets ended flat to negative amid rising cases of coronavirus. The number of US citizens filing new claims for unemployment benefits continued to remain near the record highs. Initial claims for state unemployment benefits came at a seasonally adjusted 1.5 million for the week ended June 20, 2020 vs identical number of cases in the prior week. As per the US Commerce Department, US GDP contracted 5% in Q1 (Jan-Mar) and was the sharpest quarterly decline since 8.4% decline in Q4 of 2008 and the economists expect an even greater decline of 30% in Q2 quarter (due to shutdown related to pandemic)
European Markets: The European markets flat as the second wave of coronavirus grows. As per S&P, Eurozone GDP is likely expected to decline 7.8% in FY21 and rebound 5.5% in FY22.