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10 things you need to know before the opening bell on February 12

Updated : 2020-02-12 07:57:49

The Indian market is likely to open in the green for the second consecutive day on Wednesday supported by the gains in the global markets. Asian and US markets edged higher amidst a slowdown in the spread of coronavirus. At 7:07 am, the SGX Nifty was trading 29 points or 0.24 percent higher at 12,156, indicating a positive opening for the Sensex and Nifty50.

1. Asia: Asian shares nudged higher on Wednesday amid hopes the worst of the coronavirus in China may have passed, although prevailing uncertainty about the outbreak has kept investors wary. MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.1 percent. Australian shares were up 0.27 percent, while Japan's Nikkei stock index rose 0.45 percent. (Image: Reuters)
1. Asia: Asian shares nudged higher on Wednesday amid hopes the worst of the coronavirus in China may have passed, although prevailing uncertainty about the outbreak has kept investors wary. MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.1 percent. Australian shares were up 0.27 percent, while Japan's Nikkei stock index rose 0.45 percent. (Image: Reuters)
2. US: S&P 500 and the Nasdaq inched to their second consecutive record closing highs on Tuesday as Chinese officials said the deadly coronavirus epidemic could be contained by April. But the Dow closed flat, and the S&P 500 and the Nasdaq pared their gains after the Federal Trade Commission (FTC) issued orders to large tech companies to provide information on mergers that were too small to report to antitrust regulators. The Dow Jones Industrial Average was flat, the S&P 500 gained 5.66 points, or 0.17 percent, to 3,357.75 and the Nasdaq Composite added 10.55 points, or 0.11 percent, to 9,638.94. (Image: AP)
2. US: S&P 500 and the Nasdaq inched to their second consecutive record closing highs on Tuesday as Chinese officials said the deadly coronavirus epidemic could be contained by April. But the Dow closed flat, and the S&P 500 and the Nasdaq pared their gains after the Federal Trade Commission (FTC) issued orders to large tech companies to provide information on mergers that were too small to report to antitrust regulators. The Dow Jones Industrial Average was flat, the S&P 500 gained 5.66 points, or 0.17 percent, to 3,357.75 and the Nasdaq Composite added 10.55 points, or 0.11 percent, to 9,638.94. (Image: AP)
3. Market At Close On Tuesday: Indian shares ended higher on Tuesday, in line with global peers, led by gains in banks, auto, and metal stocks. The rise in index heavyweights Reliance Industries, ICICI Bank, HDFC, and Maruti also lifted the indices. The BSE Sensex ended 236 points higher at 41,216, while the Nifty50 index settled 76 points higher at 12,108.  Meanwhile, foreign institutional investors sold Rs 209 crore in the cash market while the domestic institutional investors bought Rs 345 crore. (Image: Reuters)
3. Market At Close On Tuesday: Indian shares ended higher on Tuesday, in line with global peers, led by gains in banks, auto, and metal stocks. The rise in index heavyweights Reliance Industries, ICICI Bank, HDFC, and Maruti also lifted the indices. The BSE Sensex ended 236 points higher at 41,216, while the Nifty50 index settled 76 points higher at 12,108.  Meanwhile, foreign institutional investors sold Rs 209 crore in the cash market while the domestic institutional investors bought Rs 345 crore. (Image: Reuters)
4. Crude Oil: Oil prices rose about 1% on Tuesday, up from 13-month lows as the number of new coronavirus cases slowed in China, easing some concern over the potential for lengthy oil demand destruction. Brent crude settled at $54.01 a barrel, up 74 cents, or 1.4 percent, having dropped on Monday to its lowest since January last year at $53.11. U.S. West Texas Intermediate crude settled at $49.94 a barrel, up 37 cents, or 0.8 percent. (Image: Reuters)
4. Crude Oil: Oil prices rose about 1% on Tuesday, up from 13-month lows as the number of new coronavirus cases slowed in China, easing some concern over the potential for lengthy oil demand destruction. Brent crude settled at $54.01 a barrel, up 74 cents, or 1.4 percent, having dropped on Monday to its lowest since January last year at $53.11. U.S. West Texas Intermediate crude settled at $49.94 a barrel, up 37 cents, or 0.8 percent. (Image: Reuters)
5. Rupee Close: The Indian rupee settled unchanged at 71.28 against the US dollar on Tuesday ahead of the release of key domestic macroeconomic data. Forex traders said the rupee continued to consolidate in a narrow range ahead of inflation and industrial production figures scheduled to be released on Wednesday. At the interbank foreign exchange market, the local currency opened on a positive note at 71.23. During the day, it saw a high of 71.19 and a low of 71.33. (Image: Reuters)
5. Rupee Close: The Indian rupee settled unchanged at 71.28 against the US dollar on Tuesday ahead of the release of key domestic macroeconomic data. Forex traders said the rupee continued to consolidate in a narrow range ahead of inflation and industrial production figures scheduled to be released on Wednesday. At the interbank foreign exchange market, the local currency opened on a positive note at 71.23. During the day, it saw a high of 71.19 and a low of 71.33. (Image: Reuters)
6. IL&FS Resolution: The government has approached the National Company Law Appellate Tribunal seeking additional 270 days to complete the resolution process of 105 IL&FS group companies. The Ministry of Corporate Affairs (MCA) has also requested the appellate tribunal to release 55 other entities from the moratorium, so that they can discharge their debt obligations. Certain protection and reliefs were granted to the 55 entities through an order passed by the National Company Law Appellate Tribunal (NCLAT) on October 15, 2018. In addition to the 55 entities, the ministry has also asked the NCLAT to release nine companies from the scope and operation of the October 2018 order, according to an affidavit filed by the ministry with the appellate tribunal. (Image: Reuters)
6. IL&FS Resolution: The government has approached the National Company Law Appellate Tribunal seeking additional 270 days to complete the resolution process of 105 IL&FS group companies. The Ministry of Corporate Affairs (MCA) has also requested the appellate tribunal to release 55 other entities from the moratorium, so that they can discharge their debt obligations. Certain protection and reliefs were granted to the 55 entities through an order passed by the National Company Law Appellate Tribunal (NCLAT) on October 15, 2018. In addition to the 55 entities, the ministry has also asked the NCLAT to release nine companies from the scope and operation of the October 2018 order, according to an affidavit filed by the ministry with the appellate tribunal. (Image: Reuters)
7. Franklin Templeton On Budget Proposals: The proposed changes in Dividend Distribution Tax (DDT) and the new income tax system announced in the budget will not have any adverse impact on the mutual fund industry that showed resilience and maintained robust growth amid economic headwinds, a senior mutual fund official said. Budget 2020 has proposed to make dividend income from mutual funds taxable in the hands of the recipient instead levying on companies and MFs, and withdrawn certain exemptions to get the benefit of lower tax slabs.
7. Franklin Templeton On Budget Proposals: The proposed changes in Dividend Distribution Tax (DDT) and the new income tax system announced in the budget will not have any adverse impact on the mutual fund industry that showed resilience and maintained robust growth amid economic headwinds, a senior mutual fund
official said. Budget 2020 has proposed to make dividend income from mutual funds taxable in the hands of the recipient instead levying on companies and MFs, and withdrawn certain exemptions to get the benefit of lower tax slabs. "Both DDT and new income tax proposals will not have any adverse impact on the mutual fund industry," Franklin Templeton India director (sales) Peshotan Dastoor told PTI in an interview. (Image: Reuters)
8. Moody's On Port Operators: Coronavirus outbreak in China is expected to have a minimal impact on the Indian ports its rates due to low China-related throughput they handle, ratings agency Moody's Investors Service said on Tuesday. The agency, however, said the outbreak is a
8. Moody's On Port Operators: Coronavirus outbreak in China is expected to have a minimal impact on the Indian ports its rates due to low China-related throughput they handle, ratings agency Moody's Investors Service said on Tuesday. The agency, however, said the outbreak is a "credit negative" for port operators in Asia Pacific. Over 800 people have died since the oubreak last month in China. The World Health Organisation (WHO) has declared it as a global emergency. The rating agency said the share of China-linked container cargo is less than 5 percent by volume for the Indian ports it rates. Additionally, manufacturers will likely seek alternative sources of supply for components to the extent that supply chain disruptions in China persist, it said. 9Image: Reuters)
9. Ind-Ra On Mid-Term Impact By Coronavirus: India Ratings and Research (Ind-Ra) on Tuesday said coronavirus outbreak could disrupt supply chains and impact credits in the medium term. The ratings agency, however, said supply chains of Indian companies are unlikely to be materially affected in the near term if the outbreak remains contained in Hubei province. On the other hand, if it spreads over the next three to four months, sectors like pharmaceuticals, textiles and automobiles could face supply disruptions for critical raw materials, Ind-Ra said in a statement.
9. Ind-Ra On Mid-Term Impact By Coronavirus: India Ratings and Research (Ind-Ra) on Tuesday said coronavirus outbreak could disrupt supply chains and impact credits in the medium term. The ratings agency, however, said supply chains of Indian companies are unlikely to be materially affected in the near term if the outbreak remains contained in Hubei province. On the other hand, if it spreads over the next three to four months, sectors like pharmaceuticals, textiles and automobiles could face supply disruptions for critical raw materials, Ind-Ra said in a statement. "In case the virus is transmitted over the next three to four months, the extent of supply chain disruptions globally could be higher than that during the 2003 SARS outbreak," it said. (Image: Reuters)
10. Six Bank CEOs Under Investigation:  As many as half a dozen CEOs of banks are under the investigation of the Central Bureau of Investigation and Enforcement Directorate, the government has informed Parliament. However, no arrest has been made in the above case, Minister of State for Finance Anurag Singh Thakur said in a written reply in the Lok Sabha.
10. Six Bank CEOs Under Investigation:  As many as half a dozen CEOs of banks are under the investigation of the Central Bureau of Investigation and Enforcement Directorate, the government has informed Parliament. However, no arrest has been made in the above case, Minister of State for Finance Anurag Singh Thakur said in a written reply in the Lok Sabha. "As per the extant guidelines on Public Interest Disclosure and Protection of Informers Resolution (PIDPI), Central Vigilance Commission (CVC) has been given powers to act on complaints from whistleblowers," he said. (Image: Reuters)
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