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

Updated : 2020-07-24 08:12:48

The Indian market is likely to open lower on Friday following weakness in Asian peers amid tensions between the US and China and an overnight fall in US markets. At 8 am, the SGX Nifty traded 58 points lower at 11,162, indicating a negative start for the Sensex and the Nifty50.

1. Asia: Asia Pacific markets fell in early trade on Friday, as investor sentiment takes a hit over worsening U.S.-China tensions and a sell-off in U.S. markets overnight. Australia’s S&P/ASX 200 tumbled 0.92 percent, with losses seen in the heavily weighted financials sector and oil stocks. Over in South Korea, the Kospi fell 0.52 percent. Markets in Japan are closed for a holiday on Friday, reported CNBC International. (Image: Reuters)
1. Asia: Asia Pacific markets fell in early trade on Friday, as investor sentiment takes a hit over worsening U.S.-China tensions and a sell-off in U.S. markets overnight. Australia’s S&P/ASX 200 tumbled 0.92 percent, with losses seen in the heavily weighted financials sector and oil stocks. Over in South Korea, the Kospi fell 0.52 percent. Markets in Japan are closed for a holiday on Friday, reported CNBC International. (Image: Reuters)
2. US: Stocks fell in volatile trading on Thursday as Microsoft and Apple led the broader market lower and traders pored through disappointing unemployment data, reported CNBC International. The Dow Jones Industrial Average dropped 353.51 points, or 1.3 percent, to 26,652.33. The S&P 500 slid 1.2 percent, or 40.36 points, to 3,235.66, snapping a four-day winning streak. The Nasdaq Composite fell 2.2 percent, or 244.71 points, to 10,461.42 as the sell-off in major technology companies deepened. (Image: AP)
2. US: Stocks fell in volatile trading on Thursday as Microsoft and Apple led the broader market lower and traders pored through disappointing unemployment data, reported CNBC International. The Dow Jones Industrial Average dropped 353.51 points, or 1.3 percent, to 26,652.33. The S&P 500 slid 1.2 percent, or 40.36 points, to 3,235.66, snapping a four-day winning streak. The Nasdaq Composite fell 2.2 percent, or 244.71 points, to 10,461.42 as the sell-off in major technology companies deepened. (Image: AP)
3. Market At Close On Thursday: Indian indices ended higher on Thursday led by gains in financials and index heavyweight Reliance Industries, which became the first Indian company to cross market capitalisation of Rs 13 lakh crore. The Sensex ended 269 points higher at 38,140 while the Nifty rose 83 points to settle at 11,215. Broader markets were also positive for the day with the Nifty Midcap and Nifty Smallcap indices adding 1 percent each. (Image: Reuters)
3. Market At Close On Thursday: Indian indices ended higher on Thursday led by gains in financials and index heavyweight Reliance Industries, which became the first Indian company to cross market capitalisation of Rs 13 lakh crore. The Sensex ended 269 points higher at 38,140 while the Nifty rose 83 points to settle at 11,215. Broader markets were also positive for the day with the Nifty Midcap and Nifty Smallcap indices adding 1 percent each. (Image: Reuters)
4. Crude Oil: Oil prices fell 2 percent on Thursday on a surge in coronavirus cases that triggered fears of a hit to demand and the latest diplomatic spat between the United States and China, outweighing the benefit of a weaker dollar, reported CNBC International. Brent futures fell $1.01, or 2.3 percent, to $43.28 a barrel, while West Texas Intermediate crude settled 1.98 percent, or 83 cents, lower at $41.07 per barrel. Both benchmarks earlier traded close to four-month highs hit a few days ago. (Image: Reuters)
4. Crude Oil: Oil prices fell 2 percent on Thursday on a surge in coronavirus cases that triggered fears of a hit to demand and the latest diplomatic spat between the United States and China, outweighing the benefit of a weaker dollar, reported CNBC International. Brent futures fell $1.01, or 2.3 percent, to $43.28 a barrel, while West Texas Intermediate crude settled 1.98 percent, or 83 cents, lower at $41.07 per barrel. Both benchmarks earlier traded close to four-month highs hit a few days ago. (Image: Reuters)
5. Rupee Close: The Indian currency ended unchanged on Thursday amidst positive equity market, however, the rupee failed to sustain its intraday gains due to rising tensions between the US and China, according to analysts.. The rupee ended at 74.75 against the US dollar as compared to Wednesday's close of 74.76. (Image: Reuters)
5. Rupee Close: The Indian currency ended unchanged on Thursday amidst positive equity market, however, the rupee failed to sustain its intraday gains due to rising tensions between the US and China, according to analysts.. The rupee ended at 74.75 against the US dollar as compared to Wednesday's close of 74.76. (Image: Reuters)
6. FM Sitharaman Reviews Performance Of Stressed Housing Projects Fund: Finance Minister Nirmala Sitharaman reviewed the performance of Special Window for Affordable and Mid Income Housing (SWAMIH) with Secretaries of Ministries of Finance and senior management team of the State Bank of India, SBI Capital Markets Limited and SBICAPS Ventures. The fund has so far approved 81 projects with an investment of Rs 8,767 crore. Amongst these projects, investments in 18 projects have been given final clearance and disbursement is at various stages across 7 residential projects. Applications from 353 stressed projects are under examination for provision of assistance. (Image: PTI)
6. FM Sitharaman Reviews Performance Of Stressed Housing Projects Fund: Finance Minister Nirmala Sitharaman reviewed the performance of Special Window for Affordable and Mid Income Housing (SWAMIH) with Secretaries of Ministries of Finance and senior management team of the State Bank of India, SBI Capital Markets Limited and SBICAPS Ventures. The fund has so far approved 81 projects with an investment of Rs 8,767 crore. Amongst these projects, investments in 18 projects have been given final clearance and disbursement is at various stages across 7 residential projects. Applications from 353 stressed projects are under examination for provision of assistance. (Image: PTI)
7. President Kovind Rejects States' Ordinances To Suspend Majority Of Labour Laws: RSS-affiliate Bharatiya Mazdoor Sangh (BMS) on Thursday said President Ram Nath Kovind has rejected ordinances proposed by Uttar Pradesh, Madhya Pradesh and Gujarat to suspend majority of labour laws. Labour is concurrent subject and states can change or make new laws as per their requirements but those need to ratified by the President of India. During the coronavirus-induced lockdowns, the three states had proposed suspension of labour laws and had sent proposals to the central government for approval.
7. President Kovind Rejects States' Ordinances To Suspend Majority Of Labour Laws: RSS-affiliate Bharatiya Mazdoor Sangh (BMS) on Thursday said President Ram Nath Kovind has rejected ordinances proposed by Uttar Pradesh, Madhya Pradesh and Gujarat to suspend majority of labour laws. Labour is concurrent subject and states can change or make new laws as per their requirements but those need to ratified by the President of India. During the coronavirus-induced lockdowns, the three states had proposed suspension of labour laws and had sent proposals to the central government for approval. "Uttar Pradesh, Gujarat and Madhya Pradesh had brought proposals in the form of ordinance to suspend majority of labour laws in their states. The President of India has rejected those proposals. We commend this decision of central government," BMS Zonal Secretary Pawan Kumar told PTI. (Image: Reuters)
8. Govt Restricts Public Procurement From China: Amid the border row with China, the government on Thursday imposed restrictions on public procurement from China and other countries with common border. The Government of India amended the General Financial Rules 2017 to enable imposition of restrictions on bidders from countries which share a land border with India on grounds of defence of India, or matters directly or indirectly related thereto including national security, an official statement said. The Department of Expenditure has, under the said Rules, issued a detailed order on public procurement to strengthen the defence of India and national security, it said. 9Image: Reuters)
8. Govt Restricts Public Procurement From China: Amid the border row with China, the government on Thursday imposed restrictions on public procurement from China and other countries with common border. The Government of India amended the General Financial Rules 2017 to enable imposition of restrictions on bidders from countries which share a land border with India on grounds of defence of India, or matters directly or indirectly related thereto including national security, an official statement said. The Department of Expenditure has, under the said Rules, issued a detailed order on public procurement to strengthen the defence of India and national security, it said. 9Image: Reuters)
9. Uday Kotak To Look For Investment Opportunities In Banking Sector: Betting big on the ‘risk management’ function across banking, Uday Kotak, managing director & CEO of Kotak Mahindra Bank, on Thursday, said risk management will play a big differentiator for banks and that will help bankers create an edge for themselves in the industry. The banker also said he will look for investment opportunities in the sector. Talking about a more inclusive eco-system, Kotak said, “This is an era of coopetition. Banks and fintech will continue to co-operate in some areas while competing in the others, however digital players will emerge ahead.” Speaking at the second day of Global Fintech Fest 2020, that held in virtual mode, he also stressed that policy supervision, regulation and governance have to be ownership neutral and have to be the same for both public sector and private banks. (Image: IANS)
9. Uday Kotak To Look For Investment Opportunities In Banking Sector: Betting big on the ‘risk management’ function across banking, Uday Kotak, managing director & CEO of Kotak Mahindra Bank, on Thursday, said risk management will play a big differentiator for banks and that will help bankers create an edge for themselves in the industry. The banker also said he will look for investment opportunities in the sector. Talking about a more inclusive eco-system, Kotak said, “This is an era of coopetition. Banks and fintech will continue to co-operate in some areas while competing in the others, however digital players will emerge ahead.” Speaking at the second day of Global Fintech Fest 2020, that held in virtual mode, he also stressed that policy supervision, regulation and governance have to be ownership neutral and have to be the same for both public sector and private banks. (Image: IANS)
10. DEA Secretary On Govt Budget Targets: The government is unlikely to meet the Budget targets for 2020-21 due to the COVID-19 crisis but contraction in economic growth may not be as severe as being pointed out by the outside world, Economic Affairs Secretary Tarun Bajaj said. He said the government on a regular basis is monitoring 14-15 parameters which can give early signs of where the economy is heading. This includes E-way Bill, power consumptions, GST collections etc and every parameter is showing promising result, he said. (Image: Reuters)
10. DEA Secretary On Govt Budget Targets: The government is unlikely to meet the Budget targets for 2020-21 due to the COVID-19 crisis but contraction in economic growth may not be as severe as being pointed out by the outside world, Economic Affairs Secretary Tarun Bajaj said. He said the government on a regular basis is monitoring 14-15 parameters which can give early signs of where the economy is heading. This includes E-way Bill, power consumptions, GST collections etc and every parameter is showing promising result, he said. (Image: Reuters)
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