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10 things you need to know before the opening bell on September 25

Updated : 2019-09-25 07:38:57

The Indian market is likely to remain weak, tracking global shares, which were trading lower after the US lawmakers called for an impeachment inquiry into President Donald Trump, raising the prospects of prolonged political uncertainty in the world's largest economy. At 7:37 am, the SGX Nifty futures traded 0.26 percent or 30 points lower at 11,602, indicating a negative start for Sensex and Nifty.

1. Asia: Asian stocks fell on Wednesday after the US lawmakers called for an impeachment inquiry into President Donald Trump, increasing the prospects of prolonged political uncertainty in the world's largest economy, reported Reuters. MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.2 percent, Japan's Nikkei fell 0.55 percent, while Australian shares fell 0.66 percent. (Image: Reuters)
1. Asia: Asian stocks fell on Wednesday after the US lawmakers called for an impeachment inquiry into President Donald Trump, increasing the prospects of prolonged political uncertainty in the world's largest economy, reported Reuters. MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.2 percent, Japan's Nikkei fell 0.55 percent, while Australian shares fell 0.66 percent. (Image: Reuters)
2. US: A gauge of global stocks fell for a third day on Tuesday as a push by some Democrats for the impeachment of US President Donald Trump gained momentum, and the British pound strengthened after the UK Supreme Court ruled Prime Minister Boris Johnson's decision to suspend parliament was unlawful, reported Reuters. The Dow Jones Industrial Average fell 137.61 points, or 0.51 percent, to 26,812.38, the S&P 500 lost 24.81 points, or 0.83 percent, to 2,966.97 and the Nasdaq Composite dropped 118.84 points, or 1.46 percent, to 7,993.63. (Image: AP)
2. US: A gauge of global stocks fell for a third day on Tuesday as a push by some Democrats for the impeachment of US President Donald Trump gained momentum, and the British pound strengthened after the UK Supreme Court ruled Prime Minister Boris Johnson's decision to suspend parliament was unlawful, reported Reuters. The Dow Jones Industrial Average fell 137.61 points, or 0.51 percent, to 26,812.38, the S&P 500 lost 24.81 points, or 0.83 percent, to 2,966.97 and the Nasdaq Composite dropped 118.84 points, or 1.46 percent, to 7,993.63. (Image: AP)
3. Markets at close on Tuesday: Indian shares ended on a flat note on Tuesday as investors scrambled to book profits after a stellar two-day rally. The Sensex ended 7 points higher at 39,097, while the broader Nifty50 index lost 12 points to end the day at 11,588. Meanwhile, foreign institutional investors (FIIs) sold Rs 828 crore in the cash market and domestic institutional investors (DIIs) bought Rs 473 crore. The rupee was quoted 8 paise lower at 71.02 against the US dollar in intra-day trade. (Image: Reuters)
3. Markets at close on Tuesday: Indian shares ended on a flat note on Tuesday as investors scrambled to book profits after a stellar two-day rally. The Sensex ended 7 points higher at 39,097, while the broader Nifty50 index lost 12 points to end the day at 11,588. Meanwhile, foreign institutional investors (FIIs) sold Rs 828 crore in the cash market and domestic institutional investors (DIIs) bought Rs 473 crore. The rupee was quoted 8 paise lower at 71.02 against the US dollar in intra-day trade. (Image: Reuters)
4. Crude Oil: US crude futures dipped 0.73 percent to $56.87 a barrel as Trump sharpened his criticism of China's trade policies in a speech at the United Nations, dealing a blow to hopes for a resolution to the US-China trade war. (Image: Reuters)
4. Crude Oil: US crude futures dipped 0.73 percent to $56.87 a barrel as Trump sharpened his criticism of China's trade policies in a speech at the United Nations, dealing a blow to hopes for a resolution to the US-China trade war. (Image: Reuters)
5. RBI Governor On Corporate Tax Cut: Describing the government's move to slash corporate tax rate as a bold measure, RBI Governor Shaktikanta Das on Tuesday said it has made India a very attractive destination for foreign investment.
5. RBI Governor On Corporate Tax Cut: Describing the government's move to slash corporate tax rate as a bold measure, RBI Governor Shaktikanta Das on Tuesday said it has made India a very attractive destination for foreign investment. "It is a very bold measure, and it is a highly positive step. India's corporate tax now becomes very competitive compared to other emerging market economies in ASEAN and other parts of Asia. So far as international investors are concerned, so far as FDI is concerned, I think India stands definitely in a very competitive position and would be able to attract higher investments," Das said. With regard to domestic investors, he said, they now have more cash so they'll be able to undertake more capital expenditure. (Image: Reuters)
6. Ravi Shankar Prasad On FDI: India must aspire to be the largest FDI recipient globally and
6. Ravi Shankar Prasad On FDI: India must aspire to be the largest FDI recipient globally and "has everything going for it", given its vibrant digital profile, huge market and investor-friendly policies to woo foreign companies, including Apple, Union Minister Ravi Shankar Prasad said on Tuesday. Sending a strong signal to potential investors, Prasad said the government remains "accessible and open", as he instructed officers to have an investor-friendly attitude in dealing with companies. Given the recent announcements on tax relief for manufacturing, India has the same tax regime as Vietnam and Thailand. (Image: IANS)
7. Nitin Gadkari On 59-Minute Loan Scheme: The government is reviewing the ambitious 59-minute loan scheme to make it more effective, MSME Minister Nitin Gadkari said here on Tuesday. The minister also said a policy was being formulated to reduce imports by increasing use of technology for benefit of micro, small and medium enterprises (MSMEs), which are considered as the backbone of India's economy.
7. Nitin Gadkari On 59-Minute Loan Scheme: The government is reviewing the ambitious 59-minute loan scheme to make it more effective, MSME Minister Nitin Gadkari said here on Tuesday. The minister also said a policy was being formulated to reduce imports by increasing use of technology for benefit of micro, small and medium enterprises (MSMEs), which are considered as the backbone of India's economy. "The 59-minute loan scheme is being reviewed so that there is full disbursement of the loans sanctioned," Gadkari told reporters on the sidelines of a CII event. The comment assumes significance amid banks expressing concern that small business owners are not enthused with the 59-minute loan scheme. Lack of awareness among MSMEs about the scheme is believed to be one of the reasons behind the tepid response. (Getty Image)
marginally higher than the earlier estimate, while the floor will be irrelevant. On a bottom-up basis, credit cost is set to rise to 4.6 percent for the system for the period H2FY19 and
FY20," an India Rating report said. (Image: Reuters)" data-original="https://images.cnbctv18.com/wp-content/uploads/2018/04/2018-04-05T130427Z_1_LYNXNPEE340XN_RTROPTP_3_INDIA-BANKS-BADLOANS.jpg" > 8. Banks Credit Cost Spikes: With a slower pace of resolution of bad loans, banks are staring at a spike in their credit cost, which is set to rise in the range of 1.9-4.6 percent for the second half of the current fiscal, said a report. In its earlier assessment, India Rating had estimated the system-wide credit cost floor at 1.9 percent and capped it at 4.4 percent for the second half of FY19 and whole of FY20. marginally higher than the earlier estimate, while the floor will be irrelevant. On a bottom-up basis, credit cost is set to rise to 4.6 percent for the system for the period H2FY19 and
FY20," an India Rating report said. (Image: Reuters)" title="8. Banks Credit Cost Spikes: With a slower pace of resolution of bad loans, banks are staring at a spike in their credit cost, which is set to rise in the range of 1.9-4.6 percent for the second half of the current fiscal, said a report. In its earlier assessment, India Rating had estimated the system-wide credit cost floor at 1.9 percent and capped it at 4.4 percent for the second half of FY19 and whole of FY20. "Given that the pace of resolutions has slowed down significantly since then, credit cost is expected to be
marginally higher than the earlier estimate, while the floor will be irrelevant. On a bottom-up basis, credit cost is set to rise to 4.6 percent for the system for the period H2FY19 and
FY20," an India Rating report said. (Image: Reuters)">
8. Banks Credit Cost Spikes: With a slower pace of resolution of bad loans, banks are staring at a spike in their credit cost, which is set to rise in the range of 1.9-4.6 percent for the second half of the current fiscal, said a report. In its earlier assessment, India Rating had estimated the system-wide credit cost floor at 1.9 percent and capped it at 4.4 percent for the second half of FY19 and whole of FY20. "Given that the pace of resolutions has slowed down significantly since then, credit cost is expected to be
marginally higher than the earlier estimate, while the floor will be irrelevant. On a bottom-up basis, credit cost is set to rise to 4.6 percent for the system for the period H2FY19 and
FY20," an India Rating report said. (Image: Reuters)
9. National Depositories Body Raises Concerns: Following the Rs 1,000 withdrawal<br />limit set by the Reserve Bank for the customers of the crippled Punjab & Maharashtra Cooperative Bank (PMC), the All-India Bank Depositors Association (AIBDA) on Tuesday raised concerns over the protection of the interest of depositors. While welcoming the preventive measures adopted by the RBI to stop the erosion of deposit-values within PMC Bank, the association said,
9. National Depositories Body Raises Concerns: Following the Rs 1,000 withdrawal
limit set by the Reserve Bank for the customers of the crippled Punjab & Maharashtra Cooperative Bank (PMC), the All-India Bank Depositors Association (AIBDA) on Tuesday raised concerns over the protection of the interest of depositors. While welcoming the preventive measures adopted by the RBI to stop the erosion of deposit-values within PMC Bank, the association said, "We continue to be seriously concerned about the protection of interest of bank depositors - the safety and security of their deposits within PMC and in general." (Image: Reuters)
10. SBI Study On Senior Citizen Schemes: In view of the declining interest scenario, the government should consider exempting interest earned by senior citizens under SCSS from income tax as the fiscal cost would be minimal, a SBI study said. Under the Senior Citizens Savings Scheme (SCSS), a senior citizen can deposit up to Rs 15 lakh and the current interest rate is 8.6 percent. The tenure of this scheme is five years with the option to extend it for three more years. However, the interest on SCSS is fully taxable, which is a major drawback of this scheme (the interest amount for Rs 1 lakh deposit for 5 years is around Rs 51,000 which is taxable).
10. SBI Study On Senior Citizen Schemes: In view of the declining interest scenario, the government should consider exempting interest earned by senior citizens under SCSS from income tax as the fiscal cost would be minimal, a SBI study said. Under the Senior Citizens Savings Scheme (SCSS), a senior citizen can deposit up to Rs 15 lakh and the current interest rate is 8.6 percent. The tenure of this scheme is five years with the option to extend it for three more years. However, the interest on SCSS is fully taxable, which is a major drawback of this scheme (the interest amount for Rs 1 lakh deposit for 5 years is around Rs 51,000 which is taxable). "It will be fair if such amount is given full tax rebate as the revenue foregone by the government could be only Rs 3,092 crore, that will have the minimal 2 bps impact on government fiscal deficit," said the SBI Ecowrap report. (Image: Reuters)
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