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10 things you need to know before the opening bell on February 24

Updated : 2020-02-24 08:07:42

Indian equity markets are set to open negatively on Monday after shares in South Korea plunged as the country raised coronavirus alert to the "highest level". At 7:30 am, the SGX Nifty was trading 86 points, or 0.71 percent, lower at 11,948.50, indicating a poor start for the Sensex and the Nifty50.

1. Asia: Stocks in South Korea plunged in Monday morning trade after the country raised its coronavirus alert to the “highest level” following a recent spike in cases throughout the country. The Kospi was down more than 2 percent in early trade. Meanwhile, shares in Australia fell in morning trade, with the S&P/ASX 200 down more than 1.8 percent as almost all the sectors declined. Overall, the MSCI Asia ex-Japan traded about 0.7 percent lower. Markets in Japan are closed on Monday for a holiday. (Image: Reuters)
1. Asia: Stocks in South Korea plunged in Monday morning trade after the country raised its coronavirus alert to the “highest level” following a recent spike in cases throughout the country. The Kospi was down more than 2 percent in early trade. Meanwhile, shares in Australia fell in morning trade, with the S&P/ASX 200 down more than 1.8 percent as almost all the sectors declined. Overall, the MSCI Asia ex-Japan traded about 0.7 percent lower. Markets in Japan are closed on Monday for a holiday. (Image: Reuters)
2. US: US stocks sold off and the Nasdaq had its worst daily percentage decline in about three weeks on Friday as a spike in new coronavirus cases and data showing a stall in US business activity in February fueled investors' fears about economic growth. The Dow Jones Industrial Average fell 227.57 points, or 0.78 percent, to 28,992.41, the S&P 500 lost 35.48 points, or 1.05 percent, to 3,337.75 and the Nasdaq Composite dropped 174.38 points, or 1.79 percent, to 9,576.59. (Image: AP)
2. US: US stocks sold off and the Nasdaq had its worst daily percentage decline in about three weeks on Friday as a spike in new coronavirus cases and data showing a stall in US business activity in February fueled investors' fears about economic growth. The Dow Jones Industrial Average fell 227.57 points, or 0.78 percent, to 28,992.41, the S&P 500 lost 35.48 points, or 1.05 percent, to 3,337.75 and the Nasdaq Composite dropped 174.38 points, or 1.79 percent, to 9,576.59. (Image: AP)
3. Market At Close On Thursday: Indian shares ended Thursday's choppy session lower with the Nifty settling below the 12,100 level dragged by losses in index heavyweights Reliance Industries, TCS, HDFC Bank and HUL amid tepid global cues and rising crude oil prices. The Sensex closed at 41,170.12, down 152.88 points or 0.37 percent while the Nifty50 closed at 12,080.85, down 45.05 points or 0.37 percent. The foreign institutional investors bought Rs 1,495 crore in the cash market while the domestic institutional investors sold Rs 700 crore. (Image: Reuters)
3. Market At Close On Thursday: Indian shares ended Thursday's choppy session lower with the Nifty settling below the 12,100 level dragged by losses in index heavyweights Reliance Industries, TCS, HDFC Bank and HUL amid tepid global cues and rising crude oil prices. The Sensex closed at 41,170.12, down 152.88 points or 0.37 percent while the Nifty50 closed at 12,080.85, down 45.05 points or 0.37 percent. The foreign institutional investors bought Rs 1,495 crore in the cash market while the domestic institutional investors sold Rs 700 crore. (Image: Reuters)
4. Crude Oil: Oil prices fell nearly 1 percent on Friday on renewed concerns about crude demand being pinched by the economic impact of the coronavirus outbreak while leading producers appeared to be in no rush to curb output. Brent crude was down 1.4 percent, at $58.46 a barrel, while U.S. crude dropped 0.9 percent, at $53.38 a barrel. (Image: Reuters)
4. Crude Oil: Oil prices fell nearly 1 percent on Friday on renewed concerns about crude demand being pinched by the economic impact of the coronavirus outbreak while leading producers appeared to be in no rush to curb output. Brent crude was down 1.4 percent, at $58.46 a barrel, while U.S. crude dropped 0.9 percent, at $53.38 a barrel. (Image: Reuters)
5. Rupee Close: The rupee on Thursday declined by 10 paise to settle at a more than one-month low of 71.64 against the US dollar lower by 10 paise amid heavy selling in domestic equities and strengthening of the American currency in the overseas market. Forex traders said investor sentiments remained fragile amid coronavirus fears and sustained foreign fund outflows. At the interbank foreign exchange market, the local currency opened at 71.75. During the day, it lost ground and touched a low of 71.80 and finally settled 10 paise lower at 71.64 against the US currency, a level not seen since January 8. (Image: Reuters)
5. Rupee Close: The rupee on Thursday declined by 10 paise to settle at a more than one-month low of 71.64 against the US dollar lower by 10 paise amid heavy selling in domestic equities and strengthening of the American currency in the overseas market. Forex traders said investor sentiments remained fragile amid coronavirus fears and sustained foreign fund outflows. At the interbank foreign exchange market, the local currency opened at 71.75. During the day, it lost ground and touched a low of 71.80 and finally settled 10 paise lower at 71.64 against the US currency, a level not seen since January 8. (Image: Reuters)
6. Coronavirus May Drag Global GDP: The cascading effect of coronavirus epidemic might cause a drag of about a percentage point on global GDP growth if the containment is delayed beyond June, a report said on Thursday. According to the report by Dun & Bradstreet, the outbreak of coronavirus is already having a considerable impact on the Chinese economy, and its implications will increase for global businesses with operations or suppliers in the region. Typically, there is a slowdown in the Chinese business activity during late-January on account of the Lunar New Year holidays. This is generally factored into the inventory planning by global businesses, hence, the impact on them has so far been muted, the report said. (Image: AP)
6. Coronavirus May Drag Global GDP: The cascading effect of coronavirus epidemic might cause a drag of about a percentage point on global GDP growth if the containment is delayed beyond June, a report said on Thursday. According to the report by Dun & Bradstreet, the outbreak of coronavirus is already having a considerable impact on the Chinese economy, and its implications will increase for global businesses with operations or suppliers in the region. Typically, there is a slowdown in the Chinese business activity during late-January on account of the Lunar New Year holidays. This is generally factored into the inventory planning by global businesses, hence, the impact on them has so far been muted, the report said. (Image: AP)
7. Governor On Reviewing Monetary Policy Framework: The Reserve Bank of India is reviewing the retail inflation targeting framework behind monetary policy decision as well as its effectiveness and also plans to hold stakeholders consultations including with the government in June, governor Shaktikanta Das said. In a bid to keep inflation under specified level, the government in 2016 had decided to set up Monetary Policy Committee headed by the RBI governor entrusted with the task of fixing the benchmark policy rate (repo rate). The six-member panel, which had its first meeting in October 2016, was given the mandate to maintain annual inflation at 4 percent until March 31, 2021, with an upper tolerance of 6 percent and lower tolerance of 2 percent.
7. Governor On Reviewing Monetary Policy Framework: The Reserve Bank of India is reviewing the retail inflation targeting framework behind monetary policy decision as well as its effectiveness and also plans to hold stakeholders consultations including with the government in June, governor Shaktikanta Das said. In a bid to keep inflation under specified level, the government in 2016 had decided to set up Monetary Policy Committee headed by the RBI governor entrusted with the task of fixing the benchmark policy rate (repo rate). The six-member panel, which had its first meeting in October 2016, was given the mandate to maintain annual inflation at 4 percent until March 31, 2021, with an upper tolerance of 6 percent and lower tolerance of 2 percent. "The monetary policy framework is in operation for three and a half years. We have initiated a process of internal review of how the monetary policy framework has worked," Das told PTI in an interview. (Image: AP)
8. ICRA Revises Domestic Pharma Outlook: Rating agency Icra on Thursday said it has revised its outlook on the Indian pharmaceutical industry to negative from stable due to ongoing lockouts in parts of China following the outbreak of coronavirus. The domestic drug industry is highly dependent on imports, with more than 60 percent of its active pharmaceutical ingredients (API) requirement being shipped from overseas locations, especially China. In some specific active pharmaceutical ingredients (APIs), like cephalosporins, azithromycin and penicillin, the dependence is as high as 80 to 90 percent, ICRA said in a statement. The situation is more alarming in case of intermediates of stages prior to APIs and key starting materials (KSMs) which are the building blocks for drugs, wherein, in some cases, China is the exclusive supplier, the rating agency said. (Image: Reuters)
8. ICRA Revises Domestic Pharma Outlook: Rating agency Icra on Thursday said it has revised its outlook on the Indian pharmaceutical industry to negative from stable due to ongoing lockouts in parts of China following the outbreak of coronavirus. The domestic drug industry is highly dependent on imports, with more than 60 percent of its active pharmaceutical ingredients (API) requirement being shipped from overseas locations, especially China. In some specific active pharmaceutical ingredients (APIs), like cephalosporins, azithromycin and penicillin, the dependence is as high as 80 to 90 percent, ICRA said in a statement. The situation is more alarming in case of intermediates of stages prior to APIs and key starting materials (KSMs) which are the building blocks for drugs, wherein, in some cases, China is the exclusive supplier, the rating agency said. (Image: Reuters)
9. Sebi On Bundling Of Mutual Fund Schemes: Sebi should allow bundling of mutual fund schemes with other financial products like loans as it can help in creating financial discipline in low-income households, an industry body has suggested to the markets regulator. Bundling, in market parlance, is a marketing method that comprises firms selling several products as a single combined unit mostly for a lower price than they would charge customers to purchase each item separately.
9. Sebi On Bundling Of Mutual Fund Schemes: Sebi should allow bundling of mutual fund schemes with other financial products like loans as it can help in creating financial discipline in low-income households, an industry body has suggested to the markets regulator. Bundling, in market parlance, is a marketing method that comprises firms selling several products as a single combined unit mostly for a lower price than they would charge customers to purchase each item separately. "Mutual fund products mainly through systematic investment plans (SIP) route should be available to investors along with other financial products like insurance and loans. This will help benefit all the parties concerned and create financial discipline in low-income households," FIA Global CEO Seema Prem said. (Image: Reuters)
10. Telecom Department On AGR Relief: Senior officials of the telecom department and other key ministries met on Sunday to discuss urgent relief measures that can be extended to the telecom industry, which is battling an unprecedented crisis on account of massive statutory dues it owes the government. The meeting, held at the Department of Telecom, lasted for over an hour and is said to have deliberated on options before the government to provide much-needed lifeline to the AGR-hit industry. Telecom czar and Chairman of Bharti Airtel Sunil Mittal had last week made an appeal to the government for cut in levies and taxes to pull the sector out of what he had described as an
10. Telecom Department On AGR Relief: Senior officials of the telecom department and other key ministries met on Sunday to discuss urgent relief measures that can be extended to the telecom industry, which is battling an unprecedented crisis on account of massive statutory dues it owes the government. The meeting, held at the Department of Telecom, lasted for over an hour and is said to have deliberated on options before the government to provide much-needed lifeline to the AGR-hit industry. Telecom czar and Chairman of Bharti Airtel Sunil Mittal had last week made an appeal to the government for cut in levies and taxes to pull the sector out of what he had described as an "unprecedented crisis". Telecom department officials remained tightlipped after a high-level government meeting on Sunday, where officials from NITI Aayog and Finance Ministry are said to have been present. (Image: Reuters)
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