NSE Filing Puts India IPO Market Back in Focus

NSE Filing Puts India IPO Market Back in Focus Good morning... I’m Rajesh Mascarenhas, Bloomberg’s Equity Capital Markets reporter in Mumbai, bringing you confirmation that the National Stock Exchange has at last filed for what may be one of the largest IPOs in India’s history. And that wasn’t the only news to break overnight. At the G7 summit in France, US President Trump praised PM Modi and said that Washington and New Delhi are “very close” to finalizing a long-awaited trade agreement. The UK government also issued a statement announcing that a separate, £4.8 billion trade deal with India would enter into force on July 15. Then Trump signed the interim deal to end the war with Iran and reopen the Strait of Hormuz. So far, so positive. But weighing against that, US Treasuries sold off, the dollar rallied and stocks fell after Federal Reserve Chairman Kevin Warsh vowed to restore price stability following his first policy meeting since taking the helm of the US central bank. That may temper confidence in India’s markets after the Nifty 50’s close above the psychologically important 24,000 mark on Wednesday and the rupee’s rally to a six-week high. Traders say much of the recent move has come from short covering on optimism over peace talks in the Middle East. A revival in foreign buying could be the key catalyst needed for further gains. In today’s newsletter, we write about: [Image text:] Stock of the nation