Demonetisation has hit grey markets hard, with interest rates for grey market loans having fallen to historic lows from 30% to below 5%, since most money lent was black in 500 and 1000 notes. In addition, investors of real-estate, who have been buying land with black money, are especially struggling to sell land in light of the government promise to crack down on 'benami' properties. 

Tata Global Beverages - which owns Tetley teas and has a joint venture with Starbucks in India - released results showing a 48% increase in Q2 profits. The stock is up 5% on the heels of the announcement. However, that news was overshadowed with the announcement that TGBL has ousted Cyrus Mistry as its Chairman - the first Tata group company to fire him since Tata Sons removed him from the board. Mistry is currently still Chairman at Tata Steel, Tata Motors and India Hotels. 

Interest rates in India are set to go down, SBI Chief Arundhati Roy has said, now that bank accounts are full of funds post-demonetization. Banks have parked more than Rs 80,000 crore with the RBI in the past few days through various liquidity operations windows. Home loans are likely to become a lot cheaper over the next six months with interest rate cuts, likely dropping to 7-7.5%. 

Stock in spotlight: Investors have turned bullish on housing loan companies like CanFin Homes, which tops the gainers screener today. These stocks are rising on the heels of the SBI Chief's statement that interest rates are set to drop, which will make home loans more affordable and boost housing loan firms.  

Photo of the day: A cricket game in progress in Srinagar, Kashmir Guardian/Saqib Majeed