Harsh Indian Summer Switches on Aircon, Drinks and Power Stocks

Good morning...

I’m Ashutosh Joshi in Mumbai and, boy, hasn’t it been hot lately! Here’s what’s moving markets mid-week.

Caution has returned to the market, with the benchmark Nifty edging below 24,000 Tuesday and the rupee facing headwinds again. A revised bad-loan rule for banks and Maruti’s earnings miss have hit sentiment, while the deadlock in the Persian Gulf remains far from resolved. Stocks in Asia were under pressure after the Wall Street Journal reported that President Donald Trump told his aides to prepare for an extended blockade of Iran. Concern over a sharp rise in domestic fuel prices is building: India’s major airlines warned of a potential suspension in services unless the government lowers jet fuel prices, while rising temperatures are compounding inflation risks and worsening the human toll. The shock decision by the UAE to quit OPEC blindsided its partners of six decades. Airtel Africa could raise up to $2 billion in an IPO. Still to come today: earnings from Nifty member Bajaj Finance, Adani Power and Vedanta.

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