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Economy

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

Updated : 2020-07-29 08:52:39

The Indian market is likely to open higher on Wednesday amid a mixed trend in Asian peers as investors await the US Federal Reserve’s interest rate decision. At 8:25 am, the SGX Nifty was trading 58.50 points or 0.52 percent higher at 11,343.00, indicating a positive start for the Sensex and Nifty50.

 1. Asia:  Asian stock markets were mixed in Wednesday morning trade as investors await the US Federal Reserve’s interest rate decision. Mainland Chinese stocks rose while Hong Kong’s Hang Seng index eased. Japanese stocks also saw losses, while in South Korea, the Kospi was flat in morning trade. Overall, the MSCI Asia ex-Japan index traded about 0.3 percent lower. (Image: AP)
1. Asia: Asian stock markets were mixed in Wednesday morning trade as investors await the US Federal Reserve’s interest rate decision. Mainland Chinese stocks rose while Hong Kong’s Hang Seng index eased. Japanese stocks also saw losses, while in South Korea, the Kospi was flat in morning trade. Overall, the MSCI Asia ex-Japan index traded about 0.3 percent lower. (Image: AP)
 2. Wall Street:  US stocks fell on Tuesday as investors awaited progress on Washington's coronavirus aid plan, with the blue-chip Dow index weighed down by 3M and McDonald's shares after the companies posted quarterly profits that missed estimates. The Dow Jones Industrial Average ended 205.49 points, or 0.77 percent lower at 26,379.28 and the S&P 500 closed 20.97 points, or 0.65 percent lower at 3,218.44. The Nasdaq Composite declined 134.18 points, or 1.27 percent to end at 10,402.09. (Image: AP)
2. Wall Street: US stocks fell on Tuesday as investors awaited progress on Washington's coronavirus aid plan, with the blue-chip Dow index weighed down by 3M and McDonald's shares after the companies posted quarterly profits that missed estimates. The Dow Jones Industrial Average ended 205.49 points, or 0.77 percent lower at 26,379.28 and the S&P 500 closed 20.97 points, or 0.65 percent lower at 3,218.44. The Nasdaq Composite declined 134.18 points, or 1.27 percent to end at 10,402.09. (Image: AP)
 3. Crude oil:  Oil prices rose on Wednesday after an industry report showed that crude inventories in the United States increased against expectations, giving the market a boost amid record increases of coronavirus infections in the US and elsewhere. Brent crude was up by 24 cents, or 0.6 percent, at $43.46 a barrel, after dropping 0.4 percent on Tuesday. US oil gained 14 cents, or 0.3 percent, to $41.18 a barrel, having dropped 1.4 percent in the previous session. (Image: AP Photo)
3. Crude oil: Oil prices rose on Wednesday after an industry report showed that crude inventories in the United States increased against expectations, giving the market a boost amid record increases of coronavirus infections in the US and elsewhere. Brent crude was up by 24 cents, or 0.6 percent, at $43.46 a barrel, after dropping 0.4 percent on Tuesday. US oil gained 14 cents, or 0.3 percent, to $41.18 a barrel, having dropped 1.4 percent in the previous session. (Image: AP Photo)
 4. Rupee:  The rupee closed almost flat at 74.84 against the US currency on Tuesday despite steller gains in equity markets and stable oil prices. Analysts said month-end dollar demand from gold importers and forex outflows restricted gains in the local unit. At the interbank forex market, the rupee witnessed high volatility and touched an intra-day high of 74.71 and a low of 74.90 against the US dollar. The rupee finally closed at 74.84 against the US dollar, down by just 1 paisa over its last close of 74.83.
4. Rupee: The rupee closed almost flat at 74.84 against the US currency on Tuesday despite steller gains in equity markets and stable oil prices. Analysts said month-end dollar demand from gold importers and forex outflows restricted gains in the local unit. At the interbank forex market, the rupee witnessed high volatility and touched an intra-day high of 74.71 and a low of 74.90 against the US dollar. The rupee finally closed at 74.84 against the US dollar, down by just 1 paisa over its last close of 74.83.
 5. Market at close:  Indian benchmark indices, Sensex and Nifty, ended with robust gains of more than 1.5 percent on Tuesday led by broad-based buying amid strong global cues. The Sensex ended 558.22 points or 1.47 percent higher at 38,492.95 while the Nifty gained 168.75 points or 1.52 percent to settle at 11,300.55. Broader markets supported gains with Nifty Midcap and Nifty Smallcap indices up 0.89 percent and 1.36 percent, respectively.
5. Market at close: Indian benchmark indices, Sensex and Nifty, ended with robust gains of more than 1.5 percent on Tuesday led by broad-based buying amid strong global cues. The Sensex ended 558.22 points or 1.47 percent higher at 38,492.95 while the Nifty gained 168.75 points or 1.52 percent to settle at 11,300.55. Broader markets supported gains with Nifty Midcap and Nifty Smallcap indices up 0.89 percent and 1.36 percent, respectively.
 6. Commodity:  Gold prices steadied on Wednesday as worries over rising cases of COVID-19 and expectations of possible inflation from more stimulus measures underpinned the metal, while investors awaited the US Federal Reserve's meeting outcome later in the day. Spot gold was little changed at $1,957.84 per ounce. Prices hit an all-time of $1,980.57 on Tuesday before retreating after investors booked profits and the dollar regained some ground. US gold futures rose 0.5 percent to $1,954.50.
6. Commodity: Gold prices steadied on Wednesday as worries over rising cases of COVID-19 and expectations of possible inflation from more stimulus measures underpinned the metal, while investors awaited the US Federal Reserve's meeting outcome later in the day. Spot gold was little changed at $1,957.84 per ounce. Prices hit an all-time of $1,980.57 on Tuesday before retreating after investors booked profits and the dollar regained some ground. US gold futures rose 0.5 percent to $1,954.50.
 7. PM Modi to meet chiefs of banks, NBFCs:  Prime Minister Narendra Modi will be chairing a high-level meeting with heads of various banks and non-bank financial institutions (NBFCs) today to take stock of the economic situation. The topics on agenda include credit products & efficient models for delivery, financial empowerment through technology, prudential practices for stability and sustainability of the financial sector.
7. PM Modi to meet chiefs of banks, NBFCs: Prime Minister Narendra Modi will be chairing a high-level meeting with heads of various banks and non-bank financial institutions (NBFCs) today to take stock of the economic situation. The topics on agenda include credit products & efficient models for delivery, financial empowerment through technology, prudential practices for stability and sustainability of the financial sector.
 8. Indian Railways:  Indian Railways has witnessed a 21 percent on-year fall in freight loading during the April-June period of the current financial year. However, the situation has shown a slight improvement in July. The pace of contraction in freight loading has slowed down from 35.3 percent in April, 21.3 percent in May to 8 percent in June. While the freight loading was down 6.7 percent during the period between July 1 and July 27, there was a growth of 0.03 percent on July 27 with 3.13 MT of freight loaded as compared to 3.12 MT on the same date a year ago.
8. Indian Railways: Indian Railways has witnessed a 21 percent on-year fall in freight loading during the April-June period of the current financial year. However, the situation has shown a slight improvement in July. The pace of contraction in freight loading has slowed down from 35.3 percent in April, 21.3 percent in May to 8 percent in June. While the freight loading was down 6.7 percent during the period between July 1 and July 27, there was a growth of 0.03 percent on July 27 with 3.13 MT of freight loaded as compared to 3.12 MT on the same date a year ago.
 9. Indian refiners:  Indian refiners are cutting crude processing and shutting units for maintenance as local fuel demand falls and global refining margins are weak, officials at the companies said. Fuel demand had been rising since May from historic lows in April, when a nation-wide lockdown to stem the spread of the novel coronavirus was enforced. In July, however, local demand growth has slowed because of high fuel prices, renewed lockdown in parts of the country and as monsoon rains hit transport, industrial and construction activity, Reuters reported.
9. Indian refiners: Indian refiners are cutting crude processing and shutting units for maintenance as local fuel demand falls and global refining margins are weak, officials at the companies said. Fuel demand had been rising since May from historic lows in April, when a nation-wide lockdown to stem the spread of the novel coronavirus was enforced. In July, however, local demand growth has slowed because of high fuel prices, renewed lockdown in parts of the country and as monsoon rains hit transport, industrial and construction activity, Reuters reported.
 10. Govt amends draft DAP for defence products:  The government issued an amended draft Defence Acquisition Procedure (DAP) on Tuesday, wherein it elaborated on how to use
10. Govt amends draft DAP for defence products: The government issued an amended draft Defence Acquisition Procedure (DAP) on Tuesday, wherein it elaborated on how to use "leasing" method to get various defence products and on the procedure to procure information and communication technology (ICT) systems for the armed forces.
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