NSE's Nifty ended at 11,200, up 98.5 points or 0.89 per cent.
The domestic stock market ended around 1 per cent higher on Thursday after the Reserve Bank of India (RBI) decided to keep the benchmark repo rate unchanged at 4 per cent, and reverse repo rate at 3.35 per cent. Further, the central bank also announced measures to support NBFCs, HFCs, corporate debt market, and announced a relaxation on the loan-to-value (LTV) ratio for gold loans. READ MORE
The S&P BSE Sensex today ended 362 points or 0.96 per cent higher at 38,025 levels while NSE's Nifty ended at 11,200, up 98.5 points or 0.89 per cent. India VIX dropped nearly 2 per cent to 23.14 levels.
Infosys, HDFC Bank, TCS, and ICICI Bank were the major contributors to the Sensex's gains.
In the broader market, the S&P BSE MidCap index ended 0.77 per cent higher at 14,017 while the S&P BSE SmallCap index ended 1 per cent higher at 13,562 points.
On the sectoral front, barring Nifty PSU Bank index, all the other sectoral indices on the NSE ended in the green. The Nifty Bank gained over 0.6 per cent while Nifty Realty rallied over 1 per cent. The Nifty IT index gained 1.8 per cent to 18,189 levels.
Stocks slipped on Thursday as investors waited for signs of agreement on a US stimulus package, while the US dollar slumped to a two-year low on fears that the recovery in the world’s biggest economy was lagging others.
European stocks edged down in volatile trading, with Frankfurt gaining 0.2 per cent as investors digested a fresh batch of corporate earnings reports.
In commodities, oil prices slipped just below five-month highs, with support from a weak dollar and falling US crude inventories undermined by bearish sentiment about fuel demand.
Gold prices raced towards a record high as dismal US jobs data hammered the dollar and intensified worries about a recovery in the pandemic-ravaged global economy.
Market Closing Comment :: Vinod Nair, Head of Research at Geojit Financial Services
Indian benchmark indices came off highs but still closed out a volatile day with gains, following RBI commentary regarding interest rate outlook. Although expectations of a rate cut were there, RBI kept rates on hold, following a rise in inflation. However, it has indicated that monetary policy will remain accommodative until growth revives. We believe that if inflation remains under control, there will be further policy easing from the central bank. With this event out of the way, markets expected to turn focus back on earnings visibility and quality.
BSE Snapshot at Close
Stocks that supported Sensex's 360 pts-rally
Sectoral trends on NSE at Close
Sensex Heatmap at Close
>> Benchmark S&P BSE Sensex index settled the day at 38,025 level, rallying 362 points or 0.96 per cent. The index hit an intra-day high of 38,221.
>> The broader Nifty50, meanwhile, ended at the psychological level of 11,200, up 99 points or 0.89 per cent. The index hit an intra-day high of 11,257.
COMMENT ON RBI POLICY :: Niranjan Hiranandani, President, Assocham
A Positive step by Reserve Bank of India to pay heed to India Inc’s long pending demand of Onetime restructuring of loans without classifying them as NPAs, by setting up an expert committee steered by KV Kamath. Opening up the window for restructuring of loans to companies, individuals and MSME under mandated safeguards grants breather to the liquidity strapped industry. A flexible repayment scheme under the new resolution framework shall bring in the much-needed relief to resume operations smoothly.
Valuation drop, legal complications likely to hit HDIL's sale prospects
Real estate major HDIL may find good offers hard to come by, given the slump in the real estate sector, litigation woes, and arrest of its promoters. The Mumbai-based firm had earlier attracted attention from top players like Adani Properties, SunTeck Realty, and Suraksha Asset Reconstruction Company (owned by the Dilip Shanghvi family). READ MORE
INDEX GAINER:: Infosys surges 3%
MARKET CHECK:: BSE Healthcare index up 1%
Steel Strips Wheels bags manufacturing orders worth $2,09,000 for US market
Steel Strips Wheels Ltd (SSWL) said the orders are worth $2,09,000. It said similar orders are expected in times to come from other regular customers as the market remains normalcy.
"This will support further ramping up of production at Chennai steel wheels plant," it added. READ MORE
The outcome of MPC of RBI’s meeting was on expected lines. Additional special liquidity facility to NHB and NABARD to help the housing sector and agriculture/rural activities is welcome. However, raising of LTV on gold loans to 90% from 75% may have some delayed impact as lenders may be wary of lending upto 90% after Gold prices have already run up too much over the past few months.
Key provision of restructuring of loans to borrowers who were not in default on March 01 through recommendation of KV Kamath committee cannot have come sooner. The committee’s recommendations will enable ensuring prudent entry norms, clearly defined boundary conditions, specific binding 10 covenants, independent validation and strict post-implementation performance monitoring. Mention of outer limit of 2 years for the resolution and raising the provision limits to 20% for lenders not signing inter-creditor agreement will help speeden the resolution process and maintain the soundness of the banking system.
Overall the outcome of MPC meet this time around is prudent, to the point and meets the current requirements of the lending community though the borrowers may want something more. What will be crucial to watch is the challenges faced by the committee in making its recommendations considering the viewpoints of the parties involved and ensuring the success of the plan.
India must look beyond what rating agencies think, says Raghuram Rajan
Former Reserve Bank of India governor Raghuram Rajan said on Thursday that overly focusing on what sovereign rating agencies think can take one's eyes off what needs to be done for the economy. "It is also important to convince both domestic and international investors that after the crisis associated with the pandemic is over, we will return to fiscal responsibility over the medium term, and the government should do more to convince them of that," Rajan told the Global Markets Forum. READ MORE
HDFC Bank's delayed reports to draw in Indian regulator
Indian banks seeking to assess the credit worthiness of borrowers depend on data from credit bureaus like Experian, particularly at a time when soured debt is expected to surge due to the coronavirus pandemic. Lenders are obliged by the RBI to provide information on their borrowers to Experian and three other credit bureaus on a monthly basis. HDFC Bank has in recent weeks brought its information up to date, the people said. READ MORE
MARKET CHECK:: Top 5 gainers on the BSE at this hour
MARKET CHECK:: Sensex pares gains
Debt restructuring to help India Inc to tide over Covid crisis: CEOs
A host of Indian companies led by airlines, hotels, travel and tourism, real estate and media are expected to fall into a financial crisis, as their cash flows dried up due to the nationwide lockdown announced by the Indian government to contain the Coronavirus pandemic.
“We want to see immediate action by August end. Debt restructuring is important if the companies need to survive and do not lay off employees,” said the CEO of an airline asking not to be quoted. READ MORE
RUPEE CHECK:: Rupee ends at 74.93 / US dollar Vs Wednesday's close of 74.94
5 rate sensitive stocks that look bullish on the charts post RBI policy
The Reserve Bank of India (RBI) decided to keep the benchmark repo rate unchanged at 4 per cent on Thursday and the reverse repo rate at 3.35 per cent. In its outlook for the rest of the year, the RBI MPC noted that inflation was expected to remain elevated in the second quarter of 2020-21 and ease thereafter in the second half of the year. READ MORE
RBI extends debt restructuring for MSME, ups gold LTV ratio; bank stks gain
Rate sensitive stocks such as financials and realty counters soared in the afternoon session on Thursday after the Reserve Bank of India, in its second bi-monthly policy for financial year 2020-21 (FY21), kept repo rate unchanged at 4 per cent. Auto stocks, on the other hand, declined on profit booking. READ MORE
Pragmatic view taken by the RBI; still expect rate cuts going ahead
The repo rate call was a tough one to take considering that inflation is high and at the upper level of the band. Going strictly by the book, a rate hike or change in stance could have been called for. However, if one goes back to March 2020 and the subsequent announcements in April and May, it is clear that the MPC was going to wear the bifocals and also look at growth which is definitely in the negative zone. READ MORE
COMMENT ON RBI POLICY :: Lakshmi Iyer, CIO (Debt) & Head of Products, Kotak Mahindra AMC
Status quo was on expected lines. Today’s inaction in no way suggests a U-turn in interest rate trajectory. The MPC members have been mindful of the recent spike in CPI inflation, hence the inaction seems valid. Growth worries remaining, the accommodative bias suggests scope for further easing as inflation recedes in the second half of Fy21. We expect benign rate scenario to remain conducive for bonds
COMMENT:: Anuj Puri, Chairman, Anarock Property Consultants on RBI policy
Much along the expected lines, the RBI kept repo rate untouched at 4% and reverse repo rate at 3.35% amid a recent rise in retail consumer prices. The RBI was expected to do all it can to keep the inflation rates reined in for the duration. However, the RBI announced several additional measures that will go on to accelerate the economy, enhance liquidity, improve the flow of credit, and deepen digital payment facilities, among others. Commendably, its allotment of Rs 5,000 crore each to National Housing Bank and NABARD is a much-needed step for sectors including real estate reeling under the liquidity crisis. It will help infuse capital into the HFCs and eventually provide relief to developers battling liquidity issues in Covid-19 times.
COMMENT:: Naveen Kulkarni, CIO, Axis Securities on RBI policy announcement
"RBI has maintained the rates unchanged which is in line with our expectation. At the current inflation, the CPI has been quite sticky around 6%, so further cut in interest rates was not warranted. RBI continues to maintain good liquidity in the system which is encouraging. The markets have reacted positively, especially the Bank Nifty which is reacting to the recasting and restructuring of loan profiles. The increase in LTV for gold is positive and also drives priority sector loans which will help growth. LTV for advances against Gold loans increased to 90% from 75% - positive for gold financiers. Overall, it is positive for the financial services system"
COMMENT:: Deepthi Mary Mathew, Economist, Geojit Fin Services on RBI policy
"RBI acted judiciously by keeping the rates unchanged. The surplus liquidity in the banking sector and the expectation of inflation rate to remain at the elevated levels in Q2FY21 guided RBI’s decision. One of the major announcements was with regard to raising LTV for gold from 75 per cent to 90 per cent. This would be beneficial to Indian households in the wake of rising gold prices."
The decisions were announced after the 24th bimonthly meeting of the RBI's six-member Monetary Policy Committee (MPC), headed by Governor Shaktikanta Das. Repo rate is the rate at which the RBI lends to commercial banks, and reverse repo is the rate at which it borrows from them. READ MORE
MARKET CHECK:: Most realty stocks gain, Nifty Realty index up 1.5%
Relief for MSMEs
It has been decided that stressed MSME borrowers will be made eligible for restructuring their debt under the existing framework, provided their accounts with the concerned lender were classified as standard as on March 1, 2020. This restructuring will have to be implemented by March 31, 2021: RBI
Corporate stress amid Covid-19
it has been decided to provide a window under the June 7th Prudential Framework to enable lenders to implement a resolution plan in respect of eligible corporate exposures - without change in ownership - as well as personal loans, while classifying such exposures as standard assets, subject to specified conditions: RBI
RBI on cheque payments
To enhance safety of cheque payments, it has been decided to introduce a mechanism of Positive Pay for all cheques of value ₹50,000 and above. This will cover approximately 20 per cent and 80 per cent of total cheques by volume and value, respectively. Operational guidelines in this regard will be issued separately
RBI on corporate bond market
As per RBI’s extant Basel III guidelines, if a bank holds a debt instrument directly, it would have to allocate lower capital, as compared to holding the same debt instrument through a Mutual Fund (MF)/Exchange Traded Fund (ETF). It has been decided to harmonise the differential treatment existing currently. This will result in substantial capital savings for banks and is expected to give a boost to the corporate bond market.
RBI on gold pledging
As per extant guidelines, loans sanctioned by banks against pledge of gold ornaments and jewellery for non-agricultural purposes should not exceed 75 per cent of the value of gold ornaments and jewellery.
With a view to mitigating the impact of COVID-19 on households, it has been decided to increase the permissible loan to value ratio (LTV) for such loans to 90 per cent. This relaxation shall be available till March 31, 2021.
RBI POLICY:: Resolution framework for Covid-19-related stress
The Reserve Bank is constituting an Expert Committee (Chairman: Shri K.V. Kamath) which shall make recommendations to the RBI on the required financial parameters, along with the sector specific benchmark ranges for such parameters, to be factored into resolution plans. The Expert Committee shall also undertake a process validation of resolution plans for borrowal accounts above a specified threshold.
The minutes of the MPC’s meeting will be published by August 20, 2020
RBI policy statement
All members of the MPC – Dr. Chetan Ghate, Dr. Pami Dua, Dr. Ravindra H. Dholakia, Dr. Mridul K. Saggar, Dr. Michael Debabrata Patra and Shri Shaktikanta Das – unanimously voted for keeping the policy repo rate unchanged and continue with the accommodative stance as long as necessary to revive growth and mitigate the impact of COVID-19 on the economy, while ensuring that inflation remains within the target going forward.
Sensex heat map
MARKET CHECK:: Sensex trades 280 pts higher after RBI maintains status quo on policy rates
Most realty stocks hold gains
RBI Policy impact :: Banking stocks trade weak
Banks, auto stocks slip post RBI policy
RBI POLICY:: MPC voted unanimously in favour of status quo, says RBI Guv
RBI governor Shaktikanta Das
MARKET CHECK :: Ahead of RBI policy
Bank stocks trade mildly lower ahead of RBI policy outcome
Monetary policy: Here's why RBI may go for rate cut today
As the Reserve Bank of India’s (RBI’s) Monetary Policy Committee meets on Thursday to take a call on whether to cut or pause rates, Bank of America Merrill Lynch (BofA) has cited several reasons why the central bank might opt for a 25 basis points cut. Interestingly, a Business Standard poll of 10 economists and bond market participants on this question saw mixed results READ MORE
Birlasoft rallies 19%, hits 52-week high as Q1 net profit rises 35% YoY
Shares of Birlasoft advanced 19 per cent to hit a 52-week high of Rs 149.2 apiece on the BSE on Thursday after the company on Wednesday reported a 35 per cent year-on-year (YoY) rise in its net profit at Rs 56 crore for the quarter ended June (Q1FY20-21). On sequential basis, the numbers slipped 18.4 per cent. READ MORE
Eveready up 3% as India Ratings upgrades long term credit to 'IND BB+'
"The upgrade reflects EIIL’s improved liquidity position aided by deleveraging in 2HFY20, coupled with sustained profitability in FY20. The Positive Outlook reflects Ind-Ra’s expectations of a further improvement in EIIL’s business profile and its liquidity position in FY21, backed by the improving performance of its battery and flashlight segments, a possible resolution of the contingent liability issue and the possibility of a managerial/board representation by EIIL’s largest shareholder the Burman family," the agency said in a press release. READ MORE
Since the last MPC meet in June 2020, growth outlook has weakened and inflation pressures have risen mainly due to supply constraints. The RBI seems caught between the devil and the deep sea.
India's average CPI for last two quarters has come in above 6% and even for this quarter it is likely to be above that. The RBI has inflation targeting mandate of 4%+/- 2%. If CPI inflation goes beyond this range for three consecutive quarters, the RBI would be deemed to have missed the target.
A rate cut at this stage would risk CPI remaining above 6% in Sept quarter, This in the face of WPI which stubbornly remains in negative territory.
On the other hand, RBI faces pressure to cut rates to stimulate growth in the present uncertain times due to Covid-19. However give the fact that liquidity in the system is adequate and rate transmission is happening, rate reduction at this point of time may not serve any big purpose especially after 115 bps rate cut since March 2020.
Space for further rate cuts by the RBI is anyway limited as it may be near the end of the rate cutting cycle. RBI would also seek to protect the real returns for savers.
The RBI in its forthcoming meet may focus on unconventional tools to facilitate large Govt borrowings this fiscal. This could include OMOs, raising HTM limits for Banks from the current 20.5% of NDTL and conducting activities like Operation Twist that were conducted recently. This will help soften long term yields.
The RBI could also outside the MPC purview provide a one time restructuring of loans for some of the more stressed sectors.
So we think the RBI may maintain status quo on interest rates at its meet on Aug 06. If at all, a token rate cut of 10-15 bps may satisfy both camps of economists.
Rate sensitives end mixed ahead of RBI policy today
Commodity heatmap :: Gold hits fresh record high on MCX
Jefferies on Astral Polytechnik
Over FY20-23e, we expect Astral Polytechnik to post +12% sales CAGR, with +130bps margin expansion, aided by benefits from revamp in adhesives distribution and Rex, premium launches and solid industry opportunity. We acknowledge Astral as a quality franchise. Retain price target of Rs 1,065 (PE at 40x). Maintain Hold on stretched valuation (PE 52x/37x on FY21/22).
Apollo Tyres slips 4% as Co reports net loss of Rs 135 cr for June quarter
Net sales during the quarter under review declined to Rs 2,828 crore, from Rs 4,272 crore in the year-ago period, Apollo Tyres said in a statement. "While the first half of the first quarter was almost a complete washout, our performance has been excellent since the markets opened up, especially in the replacement market," the company said. READ MORE
Alkem Lab jumps 4.5% as it launches Favipiravir drug to treat Covid-19
"The cases of Covid-19 is increasing significantly across the globe. India too is affected with around 50,000 new cases being added on a daily basis. In this backdrop, Alkem Laboratories has launched Favipiravir under the brand name 'Alfluenza' in India for the management of mild to moderate cases of Covid-19. Favipiravir is approved by DCGI (Drug Controller General of India) for restricted emergency use in India," it said in a statement READ MORE
RBI policy expectation :: Centrum Broking
For RBI MPC, this policy will be a tough one given they have conflicting growth- inflation data points to look upon. After delivering 115 bps cut in repo rate and 155 bps rate cut in reverse repo since the onset of covid-19 in March, we expect MPC to opt for further 25 bps rate cut on Aug 6, thereby taking the repo and reverse repo rate to 3.75% and 3.10% respectively.
This is because the slack in the economy still warrants a cut in the policy rate despite inflation inching up to uncomfortable 6%. Inflation pickup is largely due to supply disruptions rather than demand pick up. Amidst the mounting growth concerns and easing inflation expectations for H2FY21, RBI should focus on reviving growth and therefore opt for further rate cut of another 25bps.
Barring rate decision, markets will be keenly watching the other important announcements regarding the end date of moratoriums or any decision regarding potential restructuring norms.
MARKET CHECK:: Top 5 gainers on the BSE at this hour
Adani Gas declines 4% after Q1 net profit falls 42% YoY to Rs 46 crore
At 09:34 AM, the stock was trading over 2 per cent lower at Rs 155.25 on the BSE against Wednesday's close of Rs 158.55. In comparison, the benchmark S&P BSE Sensex was trading 222 points or 0.59 per cent higher at 37,886. The stock had hit a high of Rs 194.55 on February 20, 2020, while its 52-week low level stands at Rs 76.70, hit on March 25. READ MORE
Rupee opens stronger at 74.82 per US dollar vs Wednesday's close of 74.94
HDFC launches Rs 14,000 crore QIP at floor price of Rs 1,838; stock up 1.5%
Shares of HDFC gained 1.5 per cent to quote at Rs 1,804.85 on the BSE on Thursday after the mortage lender announced launch of its Rs 14,000 crore-Qualified Institutional Placement (QIP). The equity shares opened for subscription on Wednesday with a floor price of Rs 1,838.94 per share, which is at a 3.5 per cent premium of Wednesday's close of Rs 1,776.9 per share. READ MORE
RBI may not cut lending rate; announce other measures to boost growth
Although opinions are divided on the rate cut, experts believe loan restructuring is more essential at this juncture to combat the impact of Covid-19. READ MORE
Edelweiss on Godrej Properties
Nomura on Kansai Nerolac
Nomura on Cadila Healthcare
Lupin trades flat ahead of June quarter result
YES Securities on Narayana Hrudayala
We raise our FY22 estimates (~+9%) and retain Reduce mostly due to lack of comfort on valuation as we reckon hospital players should trade at a discount to branded pharma companies especially those with sizable India revenues. Key risk to our EBIDTA/EPS estimates is faster than expected 27% growth in hospitals revenues assumed in FY22.
YES Securities on Tata Consumer
We retain our BUY rating despite the recent up move as we believe it is a solid medium to long term story with improving visibility of higher growth rates and better execution coupled with multiple margin levers driving higher return ratios. We increase our SOTP-based target price to Rs 490 from Rs 460 earlier given a 13% and 9% upgrade to our EPS estimates for FY21 and FY22 respectively, implying 44x P/E
Adani Gas trades over 1% lower as Q1 PBT dips 49% YoY
DLF gains 1.65% post June quarter nos
Sectoral gainers and losers on the NSE
Gainers and losers on the S&P BSE Sensex
At 09:16 am, the S&P BSE Sensex was trading 115 points or 0.3 per cent higher at 37,778 while NSE's Nifty was ruling 84 points or 0.76 per cent higher at 11,186.
SENSEX DURING PRE-OPEN
BROKERAGE VIEW :: Motilal Oswal Financial Services on Blue Star
CMP: Rs 484 | TP: Rs 460 (-5%) | Reco: Neutral
>> Blue Star’s (BLSTR) FY20 Annual Report highlights the company’s focus on improving working capital, enhancing manufacturing facilities, deepening its reach, consolidating global presence in key markets like the Middle East, and increasing R&D/ad-spend.
>> FY20 revenue grew 2.4% YoY while Adj. PAT declined 21.4% YoY. The company reported 18.4% decline at EBITDA level. The company is maintaining high liquidity due to the disruption in operations during Mar’20. While gross debt has increased by Rs 100 crore to Rs 450 crore, Net debt has reduced to Rs 160 crore in FY20 (v/s Rs 240 crore YoY).
>> Over FY20-22E, we expect revenue/EBITDA/PAT to grow 3.6%/10.3%/10.7%. FY21E is expected to be a washout year. However, we note that margin volatility in the case of BLSTR poses a challenge to our earnings forecast, thereby leading to sharp earnings downgrade. Our SOTP-based TP stands at Rs 460/share and we maintain Neutral.
BROKERAGE VIEW :: Motilal Oswal Financial Services on Avenue Supermarts
>> We value DMart at an FY22E EV/EBITDA multiple of 42x, maintaining TP of INR2,000. The recent price correction, expectation of swift recovery post COVID-19, and continued cost/price competitiveness should hold the company in good stead.
>> However, a) the growing scale of online retailers, including the prominence of deeppocket players such as Amazon and Reliance Retail, and b) the potential moderation in growth and the return profile may restrict a re-rating. Thus, we value DMart at a 35% discount to the three-year average EV/EBITDA multiple of 65x, implying 7% downside. We upgrade from SELL to NEUTRAL.
>> Tata Consumer Products’ (TCP) 1QFY21 results were robust (ahead of expectations), mainly led by improvement in standalone (S/A) performance. S/A EBITDA grew 40% YoY due to better realizations, favorable commodity costs and lower discretionary expenditure. Strong operating performance was witnessed across businesses (barring Tata Coffee S/A).
>> Factoring in the better-than-expected performance and margin expansion in India Food and Beverage (F&B) segment, we have increased our earnings estimates for FY21/FY22E by 30%/22% to arrive at an SOTP-based TP of Rs 560/share.
BROKERAGE VIEW :: Motilal Oswal Financial Services on Cadila Healthcare
CMP: Rs 396 | TP: Rs 460 (+16%) | Reco: Buy
>> CDH delivered in-line performance for 1QFY21. The decline in domestic formulation (DF) and consumer healthcare was more than offset by lower operating cost. This resulted in 20%/26% YoY EBITDA/PAT growth v/s 4% YoY revenue growth. CDH is progressing well to build.
>> We have raised our earnings estimates for FY21/FY22E by 10%/9% to reflect better operating leverage/growth outlook for DF. We continue to value CDH at 21x 12M forward earnings to arrive at TP of INR460. We remain positive on CDH due to robust ANDA pipeline (including injectables/transdermals), renewed strategy in DF and completion of remediation measures at Moraiya.
BROKERAGE VIEW :: Citi on Hind Zinc
Maintains 'Buy', Target price: Rs 240
>> Co has largely moved in tandem with Zinc LME
>> A bullish view on silver and strong dividend yield expectations augur well
>> Expect 8% dividend yield with likely upside
>> Raise FY21-23 EBITDA estimates by 9-18%
BROKERAGE VIEW :: Nomura on Cadila Health
Maintains 'Neutral', Target price: Rs 370
>> Q1 EBITDA ahead of estimates on lower costs
>> Have concerns about near-term growth outlook
>> Most prominent headwind is that gAsacol HD faces competition in H2FY22
Nifty needs to hold 11,100 for further upside: CapitalVia Global Research
As per weekly options data, a handful of put writing on lower strikes ranging from 11,000 to 11,200 have been witnessed which shows Nifty would face firm support in the sub 11,000 zone. 11,000 will act as support as maximum put OI is placed here. We can witness short-covering move along with the addition of fresh position only if the Nifty breaches the level of 11,200. Therefore, traders should try to create a long position keeping a close eye on 11,000. READ MORE
FII/FPI & DII trading activity on NSE, BSE and MSEI
Oil prices struggle to hold five-month high amid pandemic worries
>> Oil prices were unchanged on Thursday, struggling to hold onto five-month highs reached in the previous session, as fuel demand worries caused by a second wave of coronavirus infections outweighed declines in the US dollar.
>> US West Texas Intermediate (WTI) crude CLc1 futures were down 3 cents, or 0.1%, at $42.16 a barrel, while Brent crude LCOc1 futures rose 6 cents to $45.23.
RBI governor Shaktikanta Das to announce policy rate decision at 12 pm