need2know: Eight macro triggers that should matter for market today

Describing Indian economy to be in a period of "dense fog", Credit Suisse today said structural reforms including GST has introduced significant uncertainties related to growth, fiscal health, inflation, currency and the banking system in the country, for the near term. Japanese financial services major Nomura, on the oher hand says that India's GDP growth is expected to be around 7.1% this fiscal following a likely pick up in industrial production as firms resort to 'restocking' post GST especially ahead of the festive season.

Here’s a lowdown on eight macro triggers that are likely to impact the market on Thursday. This report was compiled from agency feeds.

Daily Fuel Price Revision Continues
The government doesn't plan to intervene to check fuel prices that have soared to the highest in three years, oil minister Dharmendra Pradhan said after shares of oil refiners tumbled on speculation that refining and marketing firms would have to sacrifice margins to cushion consumers. Pradhan remained non-committal on cutting excise duty to check price rise. "It's up to the finance ministry," he said, adding oil companies will continue to have pricing freedom. Stocks of Indian Oil, HPCL and BPCL fell 5-6% on price control concerns.

Anti-dumping Duty on Chemical From 4 Countries
The government has imposed an antidumping duty of up to $60.35 per tonne for five years on a chemical used in fertiliser industry from four countries -- Russia, Indonesia, Georgia and Iran.The move would help guard domestic players from below- cost imports of 'ammonium nitrate' from these countries. Deepak Fertilizers and Petrochemicals Corporation Ltd and Smartchem Technologies Ltd had jointly filed an application before the Directorate General of Antidumping and Allied Duties (DGAD) for initiation of the antidumping investigations.

Jaypee Told to Pay Rs 50 Lakh to 10 Buyers
The Supreme Court on Wednesday asked realty firm Jaiprakash Associates to pay Rs 50 lakh as an interim relief to 10 homebuyers of its Kalypso Court project along the Noida-Greater Noida Expressway. The builder has been asked to pay Rs 50 lakh to Developers Township Property Owners Welfare Society that represents 10 homebuyers in the case. Homebuyers are seeking compensation adequate enough to compensate for their loss caused on account of more than five years’ delay in delivery. The National Consumer Disputes Redressal Commission (NCDRC) in May last year had directed Jaiprakash Associates to pay 12% interest for the delay and to complete the project by July 21, 2016, failing which it will have to pay Rs 5,000 per day per home as a penalty till it hands over homes to the buyers.

Impose Service Charge, Get Taxed
The Union consumer affairs ministry has asked the Central Board of Direct Taxes (CBDT) to ask officials to take into account service charge collection by hotels and eateries while assessing their tax liabilities. The move comes in the wake of reports that many eateries are still collecting the charge. In a series of tweets, consumer affairs minister Ram Vilas Paswan said, "In view of seriousness of issue, Deptt. of Consumer Affairs has written to CBDT to consider inclusion of service charge while assessing tax." In another tweet, the minister said, "Complaints against those insisting (sic) payment of service charge compulsorily are being received through NCH (National Consumer Helpline) and are being reported in media."

India Lags Behind at Global Human Capital Index
India has been placed at a low 103 rank, the lowest among BRICS economies,on the WEF's Global Human Capital Index, which has been topped by Norway. India also ranks "among the lowest in the world" when it comes to the employment gender gap, but has fared well when it comes to development of skills needed for the future with a rank of 65 out of total 130 countries surveyed. India was ranked 105th on this list last year, while Finland was on the top which has pushed by Norway to second place this year. India is ranked lower than its BRICS peers, with Russia placed in 16th place, followed by China at 34th, Brazil at 77th and South Africa at 87th place. Among the South Asian countries, India was ranked lower than Sri Lanka and Nepal, although higher than neighbouring Bangladesh and Pakistan.


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FUNDAMENTALS
Rupee Up: The rupee snapped its two- session losing streak against the US dollar by recovering four paise to close at 64 on fresh selling of the American currency by exporters amid heavy foreign capital outflows.

Bonds Down: Government bonds (G-Secs) weakened on Wednesday on heavy selling pressure from banks and corporates. The 6.79% G-Secs maturing in 2027 fell to Rs 101.4325 from Rs 101.6425 yesterday, while its yield edged up to 6.59% from 6.56%.The 6.79% G-Secs maturing in 2029 dropped to Rs 99.34 from Rs 99.4675, while its yield moved up to 6.87% from 6.85%. The 6.68% G-Secs maturing in 2031 slid to Rs 99.85 from Rs 100.02, while its yield rose to 6.70% from 6.68%. The 7.72% G-Secs maturing in 2025, the 8.24% G-Secs maturing in 2027 and the 7.16% G-Secs maturing in 2023 were also quoted lower at Rs 105.20, Rs 108.45 and Rs 102.24 respectively.

Call Rates Up: The overnight call money rates finished higher at 5.85% from Tuesday's level of 5.80%. It resumed higher at 6.00% and moving in a range of 6.00% and 5.70%.

Liquidity: The Reserve Bank of India, under the Liquidity Adjustment Facility, purchased securities worth Rs 2135 crore in 3-bids at the overnight repo operation at a fixed rate of 6.00% as on Wednesday, while it sold securities worth Rs 16685 crore in 45-bids at the overnight reverse repo auction at a fixed rate of 5.75% as on September 12.