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10 things you need to know before the opening bell on January 27

Updated : 2021-01-27 08:16:58

The Indian market is likely to open higher on Wednesday following gains in Asian peers after the International Monetary Fund (IMF) raised its growth forecast for the global economy this year. At 8:05 am, the SGX Nifty was trading 51.50 points or 0.37 percent higher at 14,132.50, indicating a positive start for the Sensex and Nifty50.

 1. Wall Street  | US stocks slipped from record levels at the close on Tuesday as investors digested a batch of corporate earnings results, while an expected policy announcement from the Federal Reserve on Wednesday helped to limit moves. The S&P 500 dipped 0.2 percent to close at 3,849.57 while the Dow Jones Industrial Average declined 22.90 points to finish its trading day at 30,937.10. The Nasdaq Composite fell 0.1 percent to close at 13,626.06.
1. Wall Street | US stocks slipped from record levels at the close on Tuesday as investors digested a batch of corporate earnings results, while an expected policy announcement from the Federal Reserve on Wednesday helped to limit moves. The S&P 500 dipped 0.2 percent to close at 3,849.57 while the Dow Jones Industrial Average declined 22.90 points to finish its trading day at 30,937.10. The Nasdaq Composite fell 0.1 percent to close at 13,626.06.
 2. Asian Markets  | Asian stocks were mixed in Wednesday morning trade as the International Monetary Fund (IMF) raised its growth forecast for the global economy this year. The Nikkei 225 in Japan rose 0.63 percent while the Topix index gained 0.61 percent. South Korea’s Kospi also advanced 0.78 percent. Shares in Australia dipped, with the S&P/ASX 200 declining 0.4 percent. MSCI’s broadest index of Asia-Pacific shares outside Japan traded 0.14 percent higher.
2. Asian Markets | Asian stocks were mixed in Wednesday morning trade as the International Monetary Fund (IMF) raised its growth forecast for the global economy this year. The Nikkei 225 in Japan rose 0.63 percent while the Topix index gained 0.61 percent. South Korea’s Kospi also advanced 0.78 percent. Shares in Australia dipped, with the S&P/ASX 200 declining 0.4 percent. MSCI’s broadest index of Asia-Pacific shares outside Japan traded 0.14 percent higher.
 3. Indian Market  | The Indian market was closed on Tuesday for Republic Day. The benchmark indices fell a percent on Monday dragged by losses in IT, auto and FMCG sectors. The Sensex ended 531 points lower at 48,347 while the Nifty lost 133 points to settle at 14,239. Broader markets were also lower with the midcap and smallcap indices down around 1 percent each.
3. Indian Market | The Indian market was closed on Tuesday for Republic Day. The benchmark indices fell a percent on Monday dragged by losses in IT, auto and FMCG sectors. The Sensex ended 531 points lower at 48,347 while the Nifty lost 133 points to settle at 14,239. Broader markets were also lower with the midcap and smallcap indices down around 1 percent each.
 4. Rupee  | The rupee rose by 3 paise to settle at 72.94 (provisional) against the US dollar on Monday, extending its gains for the fifth straight session despite heavy selling in the domestic equity market. At the interbank forex market, the rupee opened at 72.95 against the American currency, and hit an intra-day high of 72.89 and a low of 72.96 in day trade. It finally finished at 72.94, higher by 3 paise over its last close. On Friday, the rupee had settled at 72.97 against the American currency.
4. Rupee | The rupee rose by 3 paise to settle at 72.94 (provisional) against the US dollar on Monday, extending its gains for the fifth straight session despite heavy selling in the domestic equity market. At the interbank forex market, the rupee opened at 72.95 against the American currency, and hit an intra-day high of 72.89 and a low of 72.96 in day trade. It finally finished at 72.94, higher by 3 paise over its last close. On Friday, the rupee had settled at 72.97 against the American currency.
 5. Crude Oil  | Oil prices climbed on Wednesday after industry data showed U.S. crude stockpiles fell unexpectedly last week and China, the world's second-biggest oil user, reported its lowest daily rise in COVID-19 cases, bolstering hopes of a pick-up in demand. US West Texas Intermediate (WTI) crude futures rose 10 cents, or 0.2 percent, to $52.71 a barrel, reversing some of Tuesday's loss. Brent crude futures climbed 11 cents, or 0.2 percent, to $56.02 a barrel, adding to a small gain on Tuesday.
5. Crude Oil | Oil prices climbed on Wednesday after industry data showed U.S. crude stockpiles fell unexpectedly last week and China, the world's second-biggest oil user, reported its lowest daily rise in COVID-19 cases, bolstering hopes of a pick-up in demand. US West Texas Intermediate (WTI) crude futures rose 10 cents, or 0.2 percent, to $52.71 a barrel, reversing some of Tuesday's loss. Brent crude futures climbed 11 cents, or 0.2 percent, to $56.02 a barrel, adding to a small gain on Tuesday.
 6. India To Grow By 11.5% in FY22: IMF  | India’s growth forecast for FY22 was revised significantly in IMF’s latest World Economic Outlook report. India’s economy is now seen growing by 11.5 percent in FY22, 270 bps higher than the October forecast, and by 6.8 percent in FY23, lower by 120 basis points compared to the October forecast. The upward revision in India’s FY22 forecast reflects carryover from a stronger-than-expected recovery in FY21, IMF said.
6. India To Grow By 11.5% in FY22: IMF | India’s growth forecast for FY22 was revised significantly in IMF’s latest World Economic Outlook report. India’s economy is now seen growing by 11.5 percent in FY22, 270 bps higher than the October forecast, and by 6.8 percent in FY23, lower by 120 basis points compared to the October forecast. The upward revision in India’s FY22 forecast reflects carryover from a stronger-than-expected recovery in FY21, IMF said.
 7. India's GDP To Contract 8% in FY21: FICCI  | India's gross domestic product (GDP) is expected to contract by 8 percent in 2020-21, according to the latest round of FICCI's Economic Outlook Survey. The survey was conducted in January.
7. India's GDP To Contract 8% in FY21: FICCI | India's gross domestic product (GDP) is expected to contract by 8 percent in 2020-21, according to the latest round of FICCI's Economic Outlook Survey. The survey was conducted in January.
 8. China Industrial Profits Surge 20.1% YoY In Dec  |  Profits at China's industrial firms surged 20.1% year-on-year in December to 707.11 billion yuan ($109.40 billion), official data showed on Wednesday. The rebound followed a 15.5% gain in November and marked the eighth month of growth in a row, according to data from National Bureau of Statistics.
8. China Industrial Profits Surge 20.1% YoY In Dec |  Profits at China's industrial firms surged 20.1% year-on-year in December to 707.11 billion yuan ($109.40 billion), official data showed on Wednesday. The rebound followed a 15.5% gain in November and marked the eighth month of growth in a row, according to data from National Bureau of Statistics.
 9. Reserve Bank of India  | The RBI on January 25 said it is examining if there is a need to introduce central bank digital currency (CBDC) in the country and, if yes, how to operationalise it. “Nevertheless, the RBI is exploring the possibility as to whether there is a need for a digital version of fiat currency and in case there is, then how to operationalise it,” the RBI said, releasing a booklet of payment systems in India.
9. Reserve Bank of India | The RBI on January 25 said it is examining if there is a need to introduce central bank digital currency (CBDC) in the country and, if yes, how to operationalise it. “Nevertheless, the RBI is exploring the possibility as to whether there is a need for a digital version of fiat currency and in case there is, then how to operationalise it,” the RBI said, releasing a booklet of payment systems in India.
 10. Overseas Investment  | Overseas investment by domestic firms fell by over 42 per cent to USD 1.45 billion in December 2020, according to Reserve Bank data. In the year-ago period, companies in India had invested USD 2.51 billion in their foreign firms (joint ventures / wholly-owned units). Of the total FDI investment by the Indian companies during the month under review, USD 775.41 million was in the form of equity infusion and USD 382.91 million was in the form of loan.
10. Overseas Investment | Overseas investment by domestic firms fell by over 42 per cent to USD 1.45 billion in December 2020, according to Reserve Bank data. In the year-ago period, companies in India had invested USD 2.51 billion in their foreign firms (joint ventures / wholly-owned units). Of the total FDI investment by the Indian companies during the month under review, USD 775.41 million was in the form of equity infusion and USD 382.91 million was in the form of loan.
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