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10 things you need to know before the opening bell on April 23

Updated : 2020-04-23 07:53:10

Surge in Asian markets and a wild swing in oil prices will positively affect the Indian equity market on Thursday. Anticipation of another stimulus package will also repair investors sentiment today. At 7:18 am, the SGX Nifty traded 39 points higher at 9,208, indicating a positive start for the Sensex and the Nifty50.

1. Asia: Stocks in Asia traded higher on Thursday morning following an overnight rebound in oil prices that recouped some recent losses. Japan’s Nikkei 225 rose 0.88 percent in early trade while the Topix index gained 0.7 percent. South Korea’s Kospi also edged 0.55 percent higher. Meanwhile, shares in Australia advanced, with the S&P/ASX 200 0.96 percent higher. Overall, the MSCI Asia ex-Japan index traded 0.18 percent higher. (Image Source: Reuters)
1. Asia: Stocks in Asia traded higher on Thursday morning following an overnight rebound in oil prices that recouped some recent losses. Japan’s Nikkei 225 rose 0.88 percent in early trade while the Topix index gained 0.7 percent. South Korea’s Kospi also edged 0.55 percent higher. Meanwhile, shares in Australia advanced, with the S&P/ASX 200 0.96 percent higher. Overall, the MSCI Asia ex-Japan index traded 0.18 percent higher. (Image Source: Reuters)
2. US: Futures contracts tied to the major U.S. stock indexes drifted lower in the overnight session Wednesday evening as investors took a breather after the turbulence of the prior three regular sessions. Dow Jones Industrial Average futures dropped 81 points, implying an opening slip of about 85 points. S&P 500 and Nasdaq futures also pointed to mild opening losses on Thursday. (Image Source: Reuters)
2. US: Futures contracts tied to the major U.S. stock indexes drifted lower in the overnight session Wednesday evening as investors took a breather after the turbulence of the prior three regular sessions. Dow Jones Industrial Average futures dropped 81 points, implying an opening slip of about 85 points. S&P 500 and Nasdaq futures also pointed to mild opening losses on Thursday. (Image Source: Reuters)
3. Market At Close On Wednesday: Indian equity market shrugged off the weak global cues and ended higher supported by the gains in Reliance Industries. RIL alone contributed 100 bps to the benchmark indices today. Another reason for the market rally is Prime Minister Narendra Modi's Cabinet meeting. Investors' are anticipating one more economic relief package from the government, in the wake of novel coronavirus outbreak. At closing, the S&P BSE Sensex ended 743 points higher at 31,379 while the Nifty50 index closed at 9,195, up 206 points. (Image Source: Reuters)
3. Market At Close On Wednesday: Indian equity market shrugged off the weak global cues and ended higher supported by the gains in Reliance Industries. RIL alone contributed 100 bps to the benchmark indices today. Another reason for the market rally is Prime Minister Narendra Modi's Cabinet meeting. Investors' are anticipating one more economic relief package from the government, in the wake of novel coronavirus outbreak. At closing, the S&P BSE Sensex ended 743 points higher at 31,379 while the Nifty50 index closed at 9,195, up 206 points. (Image Source: Reuters)
4. Crude Oil: Oil jumped 40 percent at the high on Wednesday, recovering from early losses in a volatile overnight trading session that saw international benchmark Brent crude fall to its lowest level in more than 20 years. West Texas Intermediate for June delivery rose $2.21, or 19.1 percent, to settle at $13.78 per barrel. Brent crude settled $1.04, or 5.38 percent, higher at $20.37, after previously breaking below $16. (Image Source: Reuters)
4. Crude Oil: Oil jumped 40 percent at the high on Wednesday, recovering from early losses in a volatile overnight trading session that saw international benchmark Brent crude fall to its lowest level in more than 20 years. West Texas Intermediate for June delivery rose $2.21, or 19.1 percent, to settle at $13.78 per barrel. Brent crude settled $1.04, or 5.38 percent, higher at $20.37, after previously breaking below $16. (Image Source: Reuters)
5. Rupee: The Indian Rupee recovered from record lows to settle 15 paise higher at 76.68 against the US dollar following gains in domestic stocks and some weakness in the greenback against global currencies. The rupee opened weak at 76.86 at the interbank forex market and then fell further to an all-time low of 76.88 during the day. However, the rally in equity market supported the Indian currency to end higher later in the day. (Image Source: Reuters)
5. Rupee: The Indian Rupee recovered from record lows to settle 15 paise higher at 76.68 against the US dollar following gains in domestic stocks and some weakness in the greenback against global currencies. The rupee opened weak at 76.86 at the interbank forex market and then fell further to an all-time low of 76.88 during the day. However, the rally in equity market supported the Indian currency to end higher later in the day. (Image Source: Reuters)
6. Principal Economic Adviser Sanjeev Sanyal On Stimulus Package: Sanyal on Wednesday said more calibrated monetary and fiscal stimulus measures are on the anvil to deal with the economic fallout from COVID-19 and the consequent lockdown. He expressed hope that a significant part of the economy will be functioning, if not everything, by May 3. As far as internal economy is concerned, he said, it will be opened up in phases and efforts would be made to provide a cushion to the sectors hit hard by the lockdown through a series of measures from both fiscal and monetary sides. (Image Source: Reuters)
6. Principal Economic Adviser Sanjeev Sanyal On Stimulus Package: Sanyal on Wednesday said more calibrated monetary and fiscal stimulus measures are on the anvil to deal with the economic fallout from COVID-19 and the consequent lockdown. He expressed hope that a significant part of the economy will be functioning, if not everything, by May 3. As far as internal economy is concerned, he said, it will be opened up in phases and efforts would be made to provide a cushion to the sectors hit hard by the lockdown through a series of measures from both fiscal and monetary sides. (Image Source: Reuters)
7. Wheat Procurement Target At 40.7 Million Tonnes For 2020-21: The Centre on Wednesday set the wheat procurement target at 40.7 million tonnes for the 2020-21 marketing year (April-March) as the country is expected to harvest a record 106.21 million tonnes of the grain this year. Harvesting of wheat, the main rabi crop, is underway amid COVID-19 lockdown situation. Already, farmers have harvested the crop in around 67 per cent of the total area under cultivation so far.
7. Wheat Procurement Target At 40.7 Million Tonnes For 2020-21: The Centre on Wednesday set the wheat procurement target at 40.7 million tonnes for the 2020-21 marketing year (April-March) as the country is expected to harvest a record 106.21 million tonnes of the grain this year. Harvesting of wheat, the main rabi crop, is underway amid COVID-19 lockdown situation. Already, farmers have harvested the crop in around 67 per cent of the total area under cultivation so far. "The central government has given approval for procurement of 40.7 million tonnes of wheat and 11.29 million tonnes of rice in the 2020-21 rabi season," Food Minister Ram Vilas Paswan said in his tweet. (Image Source: Reuters)
8. Indian Railways Set To Lose Rs 25,000 Crore: Indian Railways is set to suffer losses of around Rs 25,000 crore due to the coronavirus pandemic and nationwide lockdown, according to data by Credit Suisse. The loss comes mainly due to falling in freight movements despite the diversion of some road-based transportation to rail in addition to the total stopping of passenger services. As per the data, despite only a limited number of lockdown days, March saw total rail goods movement that in general constitutes a third of the freight movement in the country, fall 14 percent in terms of year on year tonnage and 19 percent when it comes to tonne-kilometre (YoY). (Image Source: Reuters)
8. Indian Railways Set To Lose Rs 25,000 Crore: Indian Railways is set to suffer losses of around Rs 25,000 crore due to the coronavirus pandemic and nationwide lockdown, according to data by Credit Suisse. The loss comes mainly due to falling in freight movements despite the diversion of some road-based transportation to rail in addition to the total stopping of passenger services. As per the data, despite only a limited number of lockdown days, March saw total rail goods movement that in general constitutes a third of the freight movement in the country, fall 14 percent in terms of year on year tonnage and 19 percent when it comes to tonne-kilometre (YoY). (Image Source: Reuters)
9. US President Suspends Issuing Green Cards For 60 Days: President Donald Trump has said that he will halt issuing of new Green Cards or legal permanent residency for the next 60 days as part of his executive order to temporarily suspend immigration into the US. However, the move will not have any impact on those entering the country on a temporary basis, Trump said on Tuesday. Many have interpreted that those on non-immigrant work visas like H-1B issued mainly to foreign technology professionals will not be impacted. Seasonal immigrant workers for agricultural purposes too will not be impacted. (Image Source: AP)
9. US President Suspends Issuing Green Cards For 60 Days: President Donald Trump has said that he will halt issuing of new Green Cards or legal permanent residency for the next 60 days as part of his executive order to temporarily suspend immigration into the US. However, the move will not have any impact on those entering the country on a temporary basis, Trump said on Tuesday. Many have interpreted that those on non-immigrant work visas like H-1B issued mainly to foreign technology professionals will not be impacted. Seasonal immigrant workers for agricultural purposes too will not be impacted. (Image Source: AP)
10. Global Remittances To drop By 20%, Says World Bank: Remittances sent home by migrants from low- and middle-income countries are expected to drop around 20 percent this year amid the global economic slowdown caused by the novel coronavirus. the World Bank said Wednesday. The flow of remittances to poorer countries in Europe and Central Asia is expected to drop 27.5 percent, followed by sub-Saharan Africa with 23.1 percent, South Asia at 22.1 percent, the Middle East and North Africa at 19.6 percent, Latin America and the Caribbean with 19.3 percent and East Asia and the Pacific with 13 percent. (Image Source: AP)
10. Global Remittances To drop By 20%, Says World Bank: Remittances sent home by migrants from low- and middle-income countries are expected to drop around 20 percent this year amid the global economic slowdown caused by the novel coronavirus. the World Bank said Wednesday. The flow of remittances to poorer countries in Europe and Central Asia is expected to drop 27.5 percent, followed by sub-Saharan Africa with 23.1 percent, South Asia at 22.1 percent, the Middle East and North Africa at 19.6 percent, Latin America and the Caribbean with 19.3 percent and East Asia and the Pacific with 13 percent. (Image Source: AP)
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