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Economic Times
32 minutes ago
- Economic Times
VRRR auction draws robust response amid surplus liquidity in the system
Live Events (You can now subscribe to our (You can now subscribe to our ETMarkets WhatsApp channel The Reserve Bank of India (RBI) received significantly higher responses for the variable rate reverse repo operation (VRRR) auction on the back of more than ₹4 lakh crore surplus liquidity in the banking seven-day VRRR operation, seeking to absorb liquidity from the banking system, received bids for ₹1.70 lakh crore, higher than the notified amount of ₹1 lakh crore. The RBI accepted the notified amount at a weighted average rate of 5.44%. This amount will be reversed on July the previous 7-day VRRR auction , the RBI received bids for ₹84,975 crore, lower than the notified amount of ₹1 lakh crore, and the cut-off weighted average rate was 5.45%. Banking system liquidity stood at a sharp surplus of ₹4.04 lakh crore on July 3-the highest since May 19, 2022. Of the surplus, banks have parked ₹3.27 lakh crore in the standing deposit facility (SDF) wherein the RBI offers 5.25%.Further infusion of liquidity will come after the impact of the CRR cut, which would release ₹2.5 lakh crore of primary liquidity starting September until December 2025."The focus of the VRRR is on transmission, the intent will be to make sure that the treps rate does not fall below the SDF rate, rather than getting the call rate to repo. VRRR does not remove liquidity, but increases the cost of liquidity, thus pushing up overnight rates," said Gaura Sengupta, chief economist of IDFC First Bank Treps stands for Treasury Bills Repurchase. On Friday, the treps rate stood at 5.18%, while the call rate was at 5.29%, CCIL data showed. The focus of the VRRR is to bring overnight rates (treps and call rate) within the liquidity adjustment facility (LAF) corridor. LAF corridor stands between 5.25% to 5.75%, with the midpoint of 5.50% as the repo rate
Time of India
33 minutes ago
- Time of India
Wall Street Week Ahead: Investors eye tariff deadline as US stocks rally
Live Events (You can now subscribe to our (You can now subscribe to our ETMarkets WhatsApp channel Investors will be keeping a close eye on tariff headlines out of Washington next week, as a temporary suspension of punitive import levies is set to expire. If that Wednesday deadline passes without an increase in trade tensions , it could prove positive for the markets. Negotiators from more than a dozen major U.S. trading partners are rushing to reach agreements with U.S. President Donald Trump's administration by July 9 to avoid even higher tariffs, and Trump and his team have kept up the pressure in recent Wednesday, Trump announced a deal with Vietnam that he says will impose a lower-than-promised 20% tariff on many Vietnamese exports. While the administration has teased a forthcoming deal with India, talks with Japan, the sixth-largest U.S. trading partner and closest ally in Asia, appeared to hit roadblocks. Investors have shifted from panicking about tariffs to relief buying, recently lifting the U.S. stock market back to record highs, with corporate earnings and the U.S. economy holding up better than many had expected through a period of dramatic policy S&P 500 has risen about 26% from April 8, when stocks bottomed following Trump's draconian April 2 tariff much of the rally has been driven by retail market participants and corporate share buybacks , even as institutional investors have been more the S&P 500 making new highs, equity positioning is far below February levels as investors remain underweight stocks, according to Deutsche Bank estimates."This has definitely been a junkier rally, a more speculative rally," Lisa Shalett, chief investment officer at Morgan Stanley Wealth Management."In the last week or so, it's been driven a lot more, I think, by retail than it has been by institutions. Institutional positioning is really just average," she said. While many factors are keeping investors cautious, including worries about U.S. economic growth and lofty stock market valuations, getting past the tariff deadline without a major escalation in tensions would be one less thing to worry about in the near term, analysts said."I think that there may be some threats and saber-rattling, but I don't really think that any of that now poses a major danger to the market," said Irene Tunkel, chief U.S. equities strategist, BCA investors don't expect the tariff deadline to put an end to trade tensions for good."I don't view it necessarily as a hard deadline," said Julian McManus, portfolio manager at Janus Henderson Investors."The 90-day pause itself was instituted because the markets were falling apart, and I think policymakers needed breathing room and time to try and negotiate these deals or find some kind of off ramp," he cautious approach to boosting equity exposure now is reminiscent of their behavior immediately after the pandemic market drop of March 2020, when allocations to stocks recovered more slowly than major market indexes, Deutsche Bank strategist Parag Thatte, said."It does mean that there is room for exposures to keep rising, which is a positive for equities all else equal," Thatte a roller-coaster first half, the S&P 500 is entering a historically strong period. Over the past 20 years, July has been the strongest month for the benchmark index with an average return of 2.5%, according to a Reuters analysis of LSEG data. Investors will also be keeping an eye on economic data - especially inflation numbers - and second quarter results in coming weeks for clues to the health of the U.S. economy, and the Federal Reserve interest rate outlook."We're right at the point where institutions are going to have to decide one way or the other, do they believe the rally or not," Morgan Stanley's Shalett St Week Ahead runs every Friday. For the daily stock market report.
Time of India
33 minutes ago
- Time of India
D-Street turns cautious ahead of US trade deal deadline
Indian benchmark indices snapped two consecutive weeks of gains Friday, with volatility ahead of the July 9 India-US trade deal deadline, profit booking, and regulatory action on Jane Street kept D-Street momentum subdued. NSE's Nifty rose 55.7 points or 0.2% to close at 25,461. BSE's Sensex rose 193.42 points or 0.23% to end at 83,432.89. Both indices have declined about 0.7% this week. "On Friday, investor sentiment was cautious amid regulatory developments and global uncertainty," said Vikram Kasat, head of advisory at PL Capital. " Sebi 's interim action against US-based quant fund Jane Street weighed on broader confidence, while concerns over a possible US tariff announcement ahead of the July 9 deadline kept risk appetite muted." The US President had announced a 90-day pause on the imposition of import tariffs, and India indicated hopes to strike a trade deal before the end of this deadline. Despite this, Kasat said, the India VIX stayed near nine-month lows signalling subdued volatility. The Nifty Volatility Index or VIX- the fear gauge of the market, fell 0.6% to 12.3 levels on Friday. Live Events
