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10 things you need to know before the opening bell on January 30

Updated : 2020-01-30 08:16:41

The Indian market is likely to open lower on Thursday following Asian shares that traded weak as the US Fed kept interest rates on hold and investors remained worried about the ongoing coronavirus outbreak. At 7:44 am, the SGX Nifty was trading 3 points or 0.02 percent lower at 12,130, hinting at a weak start for the Sensex and the Nifty50.

1. Asia: Stocks in Asia dipped in Thursday morning trade as the U.S. Federal Reserve kept interest rates on hold and investors continued to watch for developments on the ongoing coronavirus outbreak. The Nikkei 225 in Japan slipped 0.3 percent as shares of index heavyweight and conglomerate Softbank Group shed 1.04 percent. The Topix index also declined by 0.36 percent. In South Korea, the Kospi was flat. Meanwhile, stocks in Australia recovered from an earlier dip with the S&P/ASX 200 slightly higher. Markets in China remain closed on Thursday for a holiday. (Image: Reuters)
1. Asia: Stocks in Asia dipped in Thursday morning trade as the U.S. Federal Reserve kept interest rates on hold and investors continued to watch for developments on the ongoing coronavirus outbreak. The Nikkei 225 in Japan slipped 0.3 percent as shares of index heavyweight and conglomerate Softbank Group shed 1.04 percent. The Topix index also declined by 0.36 percent. In South Korea, the Kospi was flat. Meanwhile, stocks in Australia recovered from an earlier dip with the S&P/ASX 200 slightly higher. Markets in China remain closed on Thursday for a holiday. (Image: Reuters)
2. US: The S&P 500 ended slightly lower on Wednesday, as an initial boost from the likes of Apple, Boeing and General Electric following their quarterly results faded in the wake of a policy announcement from the Federal Reserve. The Dow Jones Industrial Average rose 11.6 points, or 0.04 percent, to 28,734.45, the S&P 500 lost 2.84 points, or 0.09 percent, to 3,273.4 and the Nasdaq Composite added 5.48 points, or 0.06 percent, to 9,275.16. (Image: AP)
2. US: The S&P 500 ended slightly lower on Wednesday, as an initial boost from the likes of Apple, Boeing and General Electric following their quarterly results faded in the wake of a policy announcement from the Federal Reserve. The Dow Jones Industrial Average rose 11.6 points, or 0.04 percent, to 28,734.45, the S&P 500 lost 2.84 points, or 0.09 percent, to 3,273.4 and the Nasdaq Composite added 5.48 points, or 0.06 percent, to 9,275.16. (Image: AP)
3. Markets At Close On Wednesday: Indian markets ended higher on Wednesday, snapping 2 sessions of losses on the back of strong Q3 earnings. The Sensex ended 232 points higher at 41,198, while the Nifty50 index settled 74 points higher at 12,129.  Meanwhile, foreign institutional investors sold Rs 1,014 crore in the cash market while the domestic institutional investors bought Rs 1,521 crore. (Image: Reuters)
3. Markets At Close On Wednesday: Indian markets ended higher on Wednesday, snapping 2 sessions of losses on the back of strong Q3 earnings. The Sensex ended 232 points higher at 41,198, while the Nifty50 index settled 74 points higher at 12,129.  Meanwhile, foreign institutional investors sold Rs 1,014 crore in the cash market while the domestic institutional investors bought Rs 1,521 crore. (Image: Reuters)
4. Crude Oil: Oil fell on Wednesday as worries about the impact of the coronavirus outbreak on demand and a larger-than-expected build in U.S. inventory weighed on prices, although losses were offset by talk that OPEC could extend oil output cuts. Brent crude gained 30 cents to settle at $59.81 per barrel. U.S. West Texas Intermediate crude slid 15 cents, or 0.3 percent, to settle at $53.33 per barrel, for its sixth negative session in 7 trading days. (Image: Reuters)
4. Crude Oil: Oil fell on Wednesday as worries about the impact of the coronavirus outbreak on demand and a larger-than-expected build in U.S. inventory weighed on prices, although losses were offset by talk that OPEC could extend oil output cuts. Brent crude gained 30 cents to settle at $59.81 per barrel. U.S. West Texas Intermediate crude slid 15 cents, or 0.3 percent, to settle at $53.33 per barrel, for its sixth negative session in 7 trading days. (Image: Reuters)
5. Rupee Close: The rupee on Wednesday appreciated by 7 paise to settle at 71.24 against the US dollar following gains in the domestic equity market.  Forex traders said rupee consolidated in a narrow range as market participants are assessing the economic implications of the coronavirus outbreak and awaiting cues from the Union Budget. At the interbank foreign exchange market, the local currency opened at 71.23. During the day, the local unit saw a high of 71.17 and a low of 71.29. The domestic unit finally settled at 71.24, up 7 paise from its previous close. (Image: Reuters)
5. Rupee Close: The rupee on Wednesday appreciated by 7 paise to settle at 71.24 against the US dollar following gains in the domestic equity market.  Forex traders said rupee consolidated in a narrow range as market participants are assessing the economic implications of the coronavirus outbreak and awaiting cues from the Union Budget. At the interbank foreign exchange market, the local currency opened at 71.23. During the day, the local unit saw a high of 71.17 and a low of 71.29. The domestic unit finally settled at 71.24, up 7 paise from its previous close. (Image: Reuters)
6. Government On Winding Up Companies: In a move that will help lessen the burden on the National Company Law Tribunal (NCLT), the government has notified the rules for winding up of companies under the companies law. The Corporate Affairs Ministry has notified the Companies (Winding Up) Rules, 2020, which would be effective from April 1. Petitions for winding up of companies are subject to various conditions, including thresholds on turnover and paid-up capital. Akila Agrawal, Partner & Head (M&A) at law firm Cyril Amarchand Mangaldas, said the rules seek to inter-alia reduce the burden of the NCLT by enabling summary procedures for liquidation to be filed with the central government. (Image: Reuters)
6. Government On Winding Up Companies: In a move that will help lessen the burden on the National Company Law Tribunal (NCLT), the government has notified the rules for winding up of companies under the companies law. The Corporate Affairs Ministry has notified the Companies (Winding Up) Rules, 2020, which would be effective from April 1. Petitions for winding up of companies are subject to various conditions, including thresholds on turnover and paid-up capital. Akila Agrawal, Partner & Head (M&A) at law firm Cyril Amarchand Mangaldas, said the rules seek to inter-alia reduce the burden of the NCLT by enabling summary procedures for liquidation to be filed with the central government. (Image: Reuters)
7. FICCI Survey On India's GDP Growth: Industry body Ficci on Wednesday said its Economic Outlook Survey has projected the country's annual median GDP growth for 2019-20 at 5 percent, in line with the projections made by the National Statistical Organisation (NSO). The survey has put the median growth forecast for agriculture and allied activities at 2.6 percent for 2019-20, the industry and services sector at 3.5 percent and 7.2 percent, respectively, during the current year.
7. FICCI Survey On India's GDP Growth: Industry body Ficci on Wednesday said its Economic Outlook Survey has projected the country's annual median GDP growth for 2019-20 at 5 percent, in line with the projections made by the National Statistical Organisation (NSO). The survey has put the median growth forecast for agriculture and allied activities at 2.6 percent for 2019-20, the industry and services sector at 3.5 percent and 7.2 percent, respectively, during the current year. "Growth is likely to improve to 5.5 percent in 2020-21 as per the projections," the survey said. Further, as per the survey, the economic growth has been pegged at 4.7 percent for the third quarter of 2019-20. The survey was conducted during December and January 2019-20 amongst economists belonging to the industry, banking and financial services sector, Ficci said.
8. Natural Gas Could Be Included In GST: Ahead of the Union Budget, the Oil Ministry has made a renewed pitch for the inclusion of natural gas in the ambit of GST to promote the use of the environment-friendly fuel by reducing the multiplicity of taxes and improving the business climate.
8. Natural Gas Could Be Included In GST: Ahead of the Union Budget, the Oil Ministry has made a renewed pitch for the inclusion of natural gas in the ambit of GST to promote the use of the environment-friendly fuel by reducing the multiplicity of taxes and improving the business climate. "Currently natural gas is taxed under the VAT regime with VAT ranging from 3 percent to 20 percent across states," the ministry said in a booklet it brought out to promote the use of the fuel in automobiles, household kitchens, and industries. If brought under GST, natural gas will attract a uniform rate of tax at the consumption point anywhere in the country after doing away with current rates of excise duty and VAT.  (Image: Reuters)
9. SIMA On Textile Products Duty: Southern India Mills' Association Wednesday said the new Remission of Duties or Taxes on Export Product benefit would refund all embedded/ blocked duties and taxes and cover all textile products like fibres, yarn, fabrics and garments across the value chain to have a level playing field globally and remain competitive. In a statement, SIMA Chairman Ashwin Chadran thanked the Duty Drawback Committee and the Government for considering the inputs given by the textiles and clothing industry and enhancing the rates marginally across the value chain. (Image: Reuters)
9. SIMA On Textile Products Duty: Southern India Mills' Association Wednesday said the new Remission of Duties or Taxes on Export Product benefit would refund all embedded/ blocked duties and taxes and cover all textile products like fibres, yarn, fabrics and garments across the value chain to have a level playing field globally and remain competitive. In a statement, SIMA Chairman Ashwin Chadran thanked the Duty Drawback Committee and the Government for considering the inputs given by the textiles and clothing industry and enhancing the rates marginally across the value chain. (Image: Reuters)
10. Duty-Free Shops Could Face Restriction: Restricting the sale of liquor and cigarettes at duty-free shops at Indian airports may force the retailers to renegotiate existing contracts with the aerodromes, an industry source said. Liquor imports account for almost 50 percent of the overall duty-free sales of USD 450 million. At present, an arriving international passenger is allowed to buy two litres of liquor and one carton of 100 cigarette sticks from duty-free shops. The commerce ministry, has, however, proposed to reduce it to one litre and prohibit cigarette sales completely as part of recommendations to the finance ministry ahead of the Union Budget. (Image: Reuters)
10. Duty-Free Shops Could Face Restriction: Restricting the sale of liquor and cigarettes at duty-free shops at Indian airports may force the retailers to renegotiate existing contracts with the aerodromes, an industry source said. Liquor imports account for almost 50 percent of the overall duty-free sales of USD 450 million. At present, an arriving international passenger is allowed to buy two litres of liquor and one carton of 100 cigarette sticks from duty-free shops. The commerce ministry, has, however, proposed to reduce it to one litre and prohibit cigarette sales completely as part of recommendations to the finance ministry ahead of the Union Budget. (Image: Reuters)
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