Supreme Court on loan moratorium today; RIL looks to sell 15% in the retail business | Top News

1. Sensex gains 200 points
Nifty nears 11,350

- Tata Motors, Bharti Airtel, Reliance off to a flat start

- Tata Motors is up by 2.67% and SBI is up by 2.05%

- Reliance Industries was up 2.05%

- Both ICICI Bank, IndusInd Bank & Axis Bank see a comeback

- Respite for SBI after huge fall in the last 2 trading sessions

- Metal stocks like Tata Steel, Hindalco & NALCO hold up higher with NALCO being one of the top movers in the F&O

- Top gainers- Tata Motors, RBL Bank, LIC Housing, IDFC First

- Top losers- Bharat Forge, Escorts, Max Financial Services, Concor

The Wallstreet gave a great handover today, although we are not moving in line with them.

2. . After a big infusion of ₹9500 crores from Silver Lake for Reliance Retail. It seems that they are looking to sell another 15% stake in the retail business to PEs, SWFs. The 15% stake is going to be valued at ₹63K crore and after JIO it is retail where the series of fund infusion is in the pipeline.

ET Now's Nikunj reports, for JIO, Facebook came first and then the series of fundraising and in the retail platform the investors who came on the JIO platform they are now coming on the Reliance platform.

It controls more than 30% in India's telecom market and more than 30% of the retail market. They went and acquired future retail but because they have raised fund there would be no large debt services challenges for them. 

4. The Supreme Court is going to hear the Interest Waiver of Morarotoium day. This is keenly awaited after the Apex Court had ordered that banks not recognized bad loans until further notice. 

Is the Apex Court going to allow interest waiver?

What is this going to mean for the health of the banks? 

ET Now's Abhimanyu Sharma reports, the top court will continue hearing on a batch of a petition seeking a waiver of interest on loans during the moratorium period which has already ended on 31st August. The top court has analyzed whether the Union government can help borrowers under the disaster management act. The last week top court has asked to declare accounts as NPAs till further orders while centre and RBI have asked to decide on relief on borrowers. The court has observed that any relief for borrowers can not be left to banks and sector-wise effect of COVID pandemic needs to be seen in order to ensure that customised relief was given to various sectors. Centre and RBI have opposed any waiver of interest on loans during the moratorium. They had stated that fears over mass NPAs if the loan moratorium is not extended were misplaced since accounts need a minimum of 90 days default while the court has asked centre and RBI to be more empathetic to the concerns raised by borrowers. 

5. On this segment of The Market, ET NOW chats with Morgan Housel. Morgan Housel says that investing is not difficult, but it definitely is not easy. He says that it is tough to master the emotional side of investing. Society has not mastered the art of understanding the Greed & Fear Cycle at all and is still as susceptible to boom and bust cycles as earlier. 

The Central Bank policy is helping market recover from crashes but investors must constantly deal with is uncertainty & volatility. The bull run enjoyed over a decade had to face with a lot of volatility in 2020. Catch the exclusive chat here 

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