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10 things you need to know before the opening bell on January 29

Updated : 2020-01-29 08:17:22

Indian equity markets are likely to open in the green on Wednesday following global markets that rose on the back of strong earnings from giants like Apple Inc. However, broader confidence was capped later by the rising concerns about the economic impact of coronavirus. At 7:15 am, the SGX Nifty was trading 26 points or 0.22 percent higher at 12,094 indicating at a positive start for the Sensex and Nifty50.

1. Asia: Asian shares rose on Wednesday as better-than-expected Apple Inc earnings drove some regional tech gains although broader confidence was capped by worries about the economic impact of China's virus outbreak. MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.2 percent, ending four days of losses. Australian shares rose 0.41 percent, while Japan's Nikkei stock index rose 0.27 percent. (Image: AP)
1. Asia: Asian shares rose on Wednesday as better-than-expected Apple Inc earnings drove some regional tech gains although broader confidence was capped by worries about the economic impact of China's virus outbreak. MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.2 percent, ending four days of losses. Australian shares rose 0.41 percent, while Japan's Nikkei stock index rose 0.27 percent. (Image: AP)
2. US: US stocks rebounded on Tuesday, as the S&P 500 bounced back from its worst day in nearly four months, led by a climb in Apple and other names hit by exposure concerns to the coronavirus outbreak in China that sparked a recent sell-off. The Dow Jones Industrial Average rose 186.3 points, or 0.65 percent, to 28,722.1, the S&P 500 gained 32.6 points, or 1.01 percent, to 3,276.23 and the Nasdaq Composite added 130.37 points, or 1.43 percent, to 9,269.68. (Image: AP)
2. US: US stocks rebounded on Tuesday, as the S&P 500 bounced back from its worst day in nearly four months, led by a climb in Apple and other names hit by exposure concerns to the coronavirus outbreak in China that sparked a recent sell-off. The Dow Jones Industrial Average rose 186.3 points, or 0.65 percent, to 28,722.1, the S&P 500 gained 32.6 points, or 1.01 percent, to 3,276.23 and the Nasdaq Composite added 130.37 points, or 1.43 percent, to 9,269.68. (Image: AP)
3. Markets At Close On Tuesday: Indian shares ended lower on Tuesday, following the global sell-off as investors remained cautious about the ongoing coronavirus fears. Index heavyweights like Reliance Industries, ICICI Bank, Bharti Airtel, and ITC contributed the most to the losses. The Sensex ended 188 points lower at 40,967, while the Nifty50 index settled 63 points lower at 12,056. Meanwhile, foreign institutional investors sold Rs 1,358 crore in the cash market while the domestic institutional investors bought Rs 712 crore. (Image: Reuters)
3. Markets At Close On Tuesday: Indian shares ended lower on Tuesday, following the global sell-off as investors remained cautious about the ongoing coronavirus fears. Index heavyweights like Reliance Industries, ICICI Bank, Bharti Airtel, and ITC contributed the most to the losses. The Sensex ended 188 points lower at 40,967, while the Nifty50 index settled 63 points lower at 12,056. Meanwhile, foreign institutional investors sold Rs 1,358 crore in the cash market while the domestic institutional investors bought Rs 712 crore. (Image: Reuters)
4. Crude Oil: Oil prices rose for a second day on Wednesday, standing on firmer ground after a five-day fall on talk OPEC could extend oil cuts if a new coronavirus hurts demand, while data showing a decline in US stockpiles helped steady prices. Brent crude rose 33 cents, or 0.6 percent, to $59.84 a barrel by 0103 GMT, while US crude was up 31 cents, or 0.6 percent, at $53.79 a barrel. (Image: Reuters)
4. Crude Oil: Oil prices rose for a second day on Wednesday, standing on firmer ground after a five-day fall on talk OPEC could extend oil cuts if a new coronavirus hurts demand, while data showing a decline in US stockpiles helped steady prices. Brent crude rose 33 cents, or 0.6 percent, to $59.84 a barrel by 0103 GMT, while US crude was up 31 cents, or 0.6 percent, at $53.79 a barrel. (Image: Reuters)
5. Rupee Close: The Indian rupee on Tuesday appreciated by 10 paise to end at 71.33 against the US dollar as crude prices eased following concerns that oil demand will be hit amid rapid spread of coronavirus from China to other countries. Forex traders said the rupee is trading in a narrow range amid intensifying coronavirus scare. Moreover, heavy selling in domestic equities and strengthening of the American currency weighed on the domestic unit. However, easing crude oil prices supported the rupee. (Image for representational purpose)
5. Rupee Close: The Indian rupee on Tuesday appreciated by 10 paise to end at 71.33 against the US dollar as crude prices eased following concerns that oil demand will be hit amid rapid spread of coronavirus from China to other countries. Forex traders said the rupee is trading in a narrow range amid intensifying coronavirus scare. Moreover, heavy selling in domestic equities and strengthening of the American currency weighed on the domestic unit. However, easing crude oil prices supported the rupee. (Image for representational purpose)
6. Government's New Measures For Banks: The managing directors and chief executives of public sector banks will no longer bear personal responsibility apropos compliance with various prescribed timelines. It is one of a slew of decisions that the Union government has taken to protect commercial decisions taken by banks. Finance minister Nirmala Sitharaman has repeatedly assured bankers that adequate measures would be taken to protect honest commercial decisions taken by them and distinction would be made between genuine commercial failures and culpability. (Image: Reuters)
6. Government's New Measures For Banks: The managing directors and chief executives of public sector banks will no longer bear personal responsibility apropos compliance with various prescribed timelines. It is one of a slew of decisions that the Union government has taken to protect commercial decisions taken by banks. Finance minister Nirmala Sitharaman has repeatedly assured bankers that adequate measures would be taken to protect honest commercial decisions taken by them and distinction would be made between genuine commercial failures and culpability. (Image: Reuters)
7. Icra On Pharmaceuticals Industry: The growth trajectory for the Indian pharmaceutical industry is likely to remain at 10-13 percent in 2020-21 despite challenges, according to rating agency Icra. The expected growth in the next financial year is on the back of healthy demand from the domestic market given increasing spend on healthcare along with improving access, Icra said in a statement. This along with abatement in pricing pressure for the US market, new launches and market share gains for existing products and consolidation benefits will drive growth in 2020-21, it added.
7. Icra On Pharmaceuticals Industry: The growth trajectory for the Indian pharmaceutical industry is likely to remain at 10-13 percent in 2020-21 despite challenges, according to rating agency Icra. The expected growth in the next financial year is on the back of healthy demand from the domestic market given increasing spend on healthcare along with improving access, Icra said in a statement. This along with abatement in pricing pressure for the US market, new launches and market share gains for existing products and consolidation benefits will drive growth in 2020-21, it added. "The Indian pharmaceutical industry's growth remained stable at 12.2 percent during H1 FY2020 led by a rebound in domestic growth in Q2 FY2020 to 14.2 percent supported by seasonal factors and stable growth in chronic therapies," Gaurav Jain, Icra vice-president and co-head, said. (Image: Reuters)
8. IRDAI On Merged Banks: Group health insurance policies of customers of the public sector banks slated to be merged with other public sector banks (PSBs) will continue to be serviced by insurer companies till the end of the policy period, Irdai said on Tuesday. The government has announced to merge 10 PSBs into four with an aim to have fewer but bigger banks from April 2021.
8. IRDAI On Merged Banks: Group health insurance policies of customers of the public sector banks slated to be merged with other public sector banks (PSBs) will continue to be serviced by insurer companies till the end of the policy period, Irdai said on Tuesday. The government has announced to merge 10 PSBs into four with an aim to have fewer but bigger banks from April 2021. "Upon merger of these PSBs, the underlying group health insurance policies of the customers of the merged banks shall continue to be serviced by the respective insurance companies which issued the policies till the end of the policy period," the insurance regulator said in a circular. The insurance companies shall make suitable arrangements with the acquiring banks in this regard, it added. (Image: Reuters)
9. Government On Mobile Phones Export: The government is likely to restore 2 percent additional duty incentive on mobile phones export with effect from January 1, a person aware of the development said. This duty benefit, which will help boost exports, is expected to continue until March 31, 2020. A notification in this regard is likely to be issued soon. The Directorate General of Foreign Trade (DGFT) on December 7 had reduced export incentive from 4 percent to 2 percent.
9. Government On Mobile Phones Export: The government is likely to restore 2 percent additional duty incentive on mobile phones export with effect from January 1, a person aware of the development said. This duty benefit, which will help boost exports, is expected to continue until March 31, 2020. A notification in this regard is likely to be issued soon. The Directorate General of Foreign Trade (DGFT) on December 7 had reduced export incentive from 4 percent to 2 percent. "There is a proposal to give 2 percent additional export incentive on mobile phones until March 31. It will be effective from January 1, 2020 onward. The order is likely to be issued in this regard within a week," a person aware of the development told PTI. (Image: Reuters)
10. India To Eliminate Trade-Distorting Subsidy: India has pitched for the elimination of trade-distorting subsidies on agriculture and ensuring differential treatment to developing countries by the World Trade Organization members, the commerce ministry said on Tuesday. Quoting commerce minister Piyush Goyal, it said that during his participation in an informal ministerial gathering in Davos last week, he also made a case for working out a permanent solution for public stockholding for food security purposes. During his intervention at the gathering, he said the current challenges throw up some key priorities for the forthcoming ministerial meeting of WTO members in June in Nur-Sultan, Kazakhstan. On the WTO's appellate body for dispute settlement, he said early restoration of the full strength of the body will help in realizing the objectives of the WTO. (Image: AP)
10. India To Eliminate Trade-Distorting Subsidy: India has pitched for the elimination of trade-distorting subsidies on agriculture and ensuring differential treatment to developing countries by the World Trade Organization members, the commerce ministry said on Tuesday. Quoting commerce minister Piyush Goyal, it said that during his participation in an informal ministerial gathering in Davos last week, he also made a case for working out a permanent solution for public stockholding for food security purposes. During his intervention at the gathering, he said the current challenges throw up some key priorities for the forthcoming ministerial meeting of WTO members in June in Nur-Sultan, Kazakhstan. On the WTO's appellate body for dispute settlement, he said early restoration of the full strength of the body will help in realizing the objectives of the WTO. (Image: AP)
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