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10 things you need to know before the opening bell on July 3

Updated : 2019-07-03 08:00:31

Indian benchmark indices are set for a positive start on Wednesday over hopes that the government could announce measures in the fiscal Budget to ease liquidity situation and boost the slowing economy. Finance minister Nirmala Sitharaman will present her first Union Budget in the Parliament on July 5. Meanwhile, Asian shares traded little changed after the US issued a list of European products that could face additional tariffs. The BSE Sensex and NSE’s Nifty 50 settled with gains in the previous session led by shares of IT and financial services companies. At 7.28 AM, the SGX Nifty futures traded 14.50 points, or 0.12 percent, higher at 11,957.50, suggesting a positive start for the Sensex and the Nifty 50.

1. Asia:  Markets in Asia remain subdued on Wednesday morning as initial enthusiasm over the latest U.S.-China trade truce was overtaken by fresh concerns over Washington's threat of tariffs on additional European goods. MSCI's broadest index of Asia-Pacific shares outside Japan was almost flat, while Japan's Nikkei was down 0.4 percent in early trade. The Nikkei slipped 0.24 percent in early trade, while South Korea's Kospi added 0.11 percent. (Image: Reuters)
1. Asia:  Markets in Asia remain subdued on Wednesday morning as initial enthusiasm over the latest U.S.-China trade truce was overtaken by fresh concerns over Washington's threat of tariffs on additional European goods. MSCI's broadest index of Asia-Pacific shares outside Japan was almost flat, while Japan's Nikkei was down 0.4 percent in early trade. The Nikkei slipped 0.24 percent in early trade, while South Korea's Kospi added 0.11 percent. (Image: Reuters)
2. US: U.S. stocks managed modest gains on Tuesday after holding near the unchanged mark for much of the session, with the S&P 500 gaining 0.29 percent to a record close of 2,972.98, with dividend-oriented utilities and real estate stocks leading the gains. The Dow Jones Industrial Average rose 69.25 points, or 0.26 percent, to 26,786.68, the S&P 500 gained 8.65 points, or 0.29 percent, to 2,972.98 and the Nasdaq Composite added 17.93 points, or 0.22 percent, to 8,109.09. (Image: Reuters)
2. US: U.S. stocks managed modest gains on Tuesday after holding near the unchanged mark for much of the session, with the S&P 500 gaining 0.29 percent to a record close of 2,972.98, with dividend-oriented utilities and real estate stocks leading the gains. The Dow Jones Industrial Average rose 69.25 points, or 0.26 percent, to 26,786.68, the S&P 500 gained 8.65 points, or 0.29 percent, to 2,972.98 and the Nasdaq Composite added 17.93 points, or 0.22 percent, to 8,109.09. (Image: Reuters)
3. Markets At Close On Tuesday: Indian equity indices reversed losses to end higher for the second straight day on Tuesday, with the Nifty ending above 11,900. The broader Nifty closed 0.38 percent higher at 11,910.3, while the benchmark Sensex settled 0.33 percent firmer at 39,816.48. The rupee closed at Rs 68.92 against the US dollar, 0.03 percent lower on Tuesday. Meanwhile, foreign institutional investors (FIIs) sold shares worth Rs 512 crore on a net basis in the cash market, while domestic institutional investors (DIIs) bought shares worth Rs 141 crore. (Image: Reuters)
3. Markets At Close On Tuesday: Indian equity indices reversed losses to end higher for the second straight day on Tuesday, with the Nifty ending above 11,900. The broader Nifty closed 0.38 percent higher at 11,910.3, while the benchmark Sensex settled 0.33 percent firmer at 39,816.48. The rupee closed at Rs 68.92 against the US dollar, 0.03 percent lower on Tuesday. Meanwhile, foreign institutional investors (FIIs) sold shares worth Rs 512 crore on a net basis in the cash market, while domestic institutional investors (DIIs) bought shares worth Rs 141 crore. (Image: Reuters)
4. Crude Oil: Oil prices edged higher on Wednesday, steadying after a more than 4% fall in the previous session, as extended output cuts by OPEC and its allies helped underpin prices despite growing concerns about weak demand. Brent crude futures for September delivery were trading up 48 cents, or 0.8 percent, at $62.88 a barrel by 0053 GMT. U.S. crude futures for August were up 37 cents, or 0.7 percent, at $56.62 a barrel. (Image: Reuters)
4. Crude Oil: Oil prices edged higher on Wednesday, steadying after a more than 4% fall in the previous session, as extended output cuts by OPEC and its allies helped underpin prices despite growing concerns about weak demand. Brent crude futures for September delivery were trading up 48 cents, or 0.8 percent, at $62.88 a barrel by 0053 GMT. U.S. crude futures for August were up 37 cents, or 0.7 percent, at $56.62 a barrel. (Image: Reuters)
5. Domestic IT Firms: Scaling up and the need to build digital capabilities will lead to faster consolidation among the mid-tier information technology companies in India, domestic ratings agency Crisil said. The IT companies' legacy businesses such as time and material contracts have become commoditised, posing significant growth and profitability challenges, it said, spelling out the reasons which will drive this consolidation. (stock image)
5. Domestic IT Firms: Scaling up and the need to build digital capabilities will lead to faster consolidation among the mid-tier information technology companies in India, domestic ratings agency Crisil said. The IT companies' legacy businesses such as time and material contracts have become commoditised, posing significant growth and profitability challenges, it said, spelling out the reasons which will drive this consolidation. (stock image)
6. Sugar Prices: Sugar prices are expected to remain stable or slightly higher at Rs 34-35 per kg in the coming months following the surplus situation even as the production is likely to fall during 2019-20, according to a report. India will have a supply glut and closing stock of about 13 million tonne of sugar for 2019-20, even if domestic consumption and exports are taken into account, according to Care Ratings report. (Image: Reuters)
6. Sugar Prices: Sugar prices are expected to remain stable or slightly higher at Rs 34-35 per kg in the coming months following the surplus situation even as the production is likely to fall during 2019-20, according to a report. India will have a supply glut and closing stock of about 13 million tonne of sugar for 2019-20, even if domestic consumption and exports are taken into account, according to Care Ratings report. (Image: Reuters)
7. Anti-Dumping Duties: The government may impose anti-dumping duty on imports of certain types of filament yarn from China, Korea, Taiwan and Thailand as the commerce ministry has started investigation into alleged dumping of the product following complaints from domestic players. The Directorate General of Trade Remedies (DGTR), under the commerce ministry, has initiated the probe as it has found
7. Anti-Dumping Duties: The government may impose anti-dumping duty on imports of certain types of filament yarn from China, Korea, Taiwan and Thailand as the commerce ministry has started investigation into alleged dumping of the product following complaints from domestic players. The Directorate General of Trade Remedies (DGTR), under the commerce ministry, has initiated the probe as it has found "sufficient evidence" of dumping of nylon multi-filament yarn from these countries. (Image: Reuters)
8. NBFC Refinance Window: The apex NBFC body Finance Industry Development Council (FIDC) Tuesday said they should be allowed to avail of refinance facility under the Mudra scheme and also setting up of a permanent refinance window at<br />RBI similar to the one that National Housing Bank (NHB) offers them to help meet their liquidity needs. The liquidity crisis has seen a massive 19 percent points drop in disbursement by NBFCs in the fourth quarter of FY19, according to industry data. The sector used to witness a 15 percent growth in loan disbursement earlier. (stock image)
8. NBFC Refinance Window: The apex NBFC body Finance Industry Development Council (FIDC) Tuesday said they should be allowed to avail of refinance facility under the Mudra scheme and also setting up of a permanent refinance window at
RBI similar to the one that National Housing Bank (NHB) offers them to help meet their liquidity needs. The liquidity crisis has seen a massive 19 percent points drop in disbursement by NBFCs in the fourth quarter of FY19, according to industry data. The sector used to witness a 15 percent growth in loan disbursement earlier. (stock image)
9. Tax Evasion: India has ratified the multilateral convention to implement OECD's project on checking tax evasion, and the provisions enshrined in the framework will come into effect from fiscal 2020-21 for bilateral tax treaties, the finance ministry said. The Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (BEPS) was signed by the Finance Minister Arun Jaitley in Paris on June 7, 2017. (stock image)
9. Tax Evasion: India has ratified the multilateral convention to implement OECD's project on checking tax evasion, and the provisions enshrined in the framework will come into effect from fiscal 2020-21 for bilateral tax treaties, the finance ministry said. The Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (BEPS) was signed by the Finance Minister Arun Jaitley in Paris on June 7, 2017. (stock image)
10. Monsoon Deficiency: Monsoon deficiency in June this year was the highest for the month since 2015, India Meteorological Department data revealed. The month ended with 33 percent deficiency which translates to around 67 percent of the Long Period Average (LPA). In 2018, June recorded rainfall with 95 percent of the LPA. The situation was better in 2017 which saw rainfall of 104 percent of the LPA. June 2016 recorded 89 percent of the LPA while June 2015 recorded 116 percent of rainfall, which falls under the
10. Monsoon Deficiency: Monsoon deficiency in June this year was the highest for the month since 2015, India Meteorological Department data revealed. The month ended with 33 percent deficiency which translates to around 67 percent of the Long Period Average (LPA). In 2018, June recorded rainfall with 95 percent of the LPA. The situation was better in 2017 which saw rainfall of 104 percent of the LPA. June 2016 recorded 89 percent of the LPA while June 2015 recorded 116 percent of rainfall, which falls under the "excess" category. Monsoon in June 2014 was 58 per cent of the LPA. (Image: AP)
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