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

Updated : 2020-07-30 08:07:53

The Indian market is expected to open marginally higher on Thursday following global markets. At 7:58 am, the SGX Nifty traded 22 points higher at 11,236, indicating a positive start for the Sensex and the Nifty50.

1. Asia: Stocks in Asia Pacific traded higher Thursday morning after the U.S. Federal Reserve left interest rates unchanged, reported CNBC International. In Japan, the Nikkei 225 rose 0.42 percent in early trade while the Topix index added 0.31 percent. South Korea’s Kospi also advanced 0.67 percent. Over in Australia, the S&P/ASX 200 gained 0.69 percent. Overall, the MSCI Asia ex-Japan index traded 0.25 percent higher. In a widely expected move, the Fed on Wednesday kept its benchmark overnight lending rate near zero.  (Image: Reuters)
1. Asia: Stocks in Asia Pacific traded higher Thursday morning after the U.S. Federal Reserve left interest rates unchanged, reported CNBC International. In Japan, the Nikkei 225 rose 0.42 percent in early trade while the Topix index added 0.31 percent. South Korea’s Kospi also advanced 0.67 percent. Over in Australia, the S&P/ASX 200 gained 0.69 percent. Overall, the MSCI Asia ex-Japan index traded 0.25 percent higher. In a widely expected move, the Fed on Wednesday kept its benchmark overnight lending rate near zero.  (Image: Reuters)
2. US: Stocks rose on Wednesday as tech shares led the way and as the Federal Reserve kept interest rates unchanged, reported CNBC International. The Dow Jones Industrial Average gained 160.29 points, or 0.6 percent, to close at 26,539.57. The S&P 500 climbed 1.3 percent to 3,258.44. The Nasdaq Composite advanced 1.4 percent to 10,542.94. Facebook and Amazon each rose more than 1% along with Apple and Alphabet. (Image: AP)
2. US: Stocks rose on Wednesday as tech shares led the way and as the Federal Reserve kept interest rates unchanged, reported CNBC International. The Dow Jones Industrial Average gained 160.29 points, or 0.6 percent, to close at 26,539.57. The S&P 500 climbed 1.3 percent to 3,258.44. The Nasdaq Composite advanced 1.4 percent to 10,542.94. Facebook and Amazon each rose more than 1% along with Apple and Alphabet. (Image: AP)
3. Crude Oil: Oil prices inched up on Wednesday after a steep drop in U.S. crude inventories, but another record day for coronavirus cases worldwide kept gains in check, reported CNBC International. Brent crude futures gained 45 cents to $43.67 a barrel. West Texas Intermediate crude futures were up 23 cents to $41.27. U.S. crude oil inventories fell by 10.6 million barrels last week to 526 million barrels, the Energy Information Administration said, in their largest drawdown since December. Net U.S. crude imports fell 1 million barrels per day to 1.9 million bpd, the EIA said. (Image: Reuters)
3. Crude Oil: Oil prices inched up on Wednesday after a steep drop in U.S. crude inventories, but another record day for coronavirus cases worldwide kept gains in check, reported CNBC International. Brent crude futures gained 45 cents to $43.67 a barrel. West Texas Intermediate crude futures were up 23 cents to $41.27. U.S. crude oil inventories fell by 10.6 million barrels last week to 526 million barrels, the Energy Information Administration said, in their largest drawdown since December. Net U.S. crude imports fell 1 million barrels per day to 1.9 million bpd, the EIA said. (Image: Reuters)
4. Market At Close On Wednesday: Indian shares ended lower on Wednesday as investors booked profits in index heavyweight Reliance Industries after an eight-day rally, while the IT sector added to the losses. The Sensex ended 422 points lower at 38,071 while the Nifty lost 98 points to settle at 11,203. M&M, HCL Tech and Hero Moto were the other top losers on the Nifty50 index, down over 2 percent each. Meanwhile, Dr Reddy's, Tata Steel, IndusInd Bank, Grasim, and Bharti Infratel were the top gainers on the index. (Image: Reuters)
4. Market At Close On Wednesday: Indian shares ended lower on Wednesday as investors booked profits in index heavyweight Reliance Industries after an eight-day rally, while the IT sector added to the losses. The Sensex ended 422 points lower at 38,071 while the Nifty lost 98 points to settle at 11,203. M&M, HCL Tech and Hero Moto were the other top losers on the Nifty50 index, down over 2 percent each. Meanwhile, Dr Reddy's, Tata Steel, IndusInd Bank, Grasim, and Bharti Infratel were the top gainers on the index. (Image: Reuters)
5. Rupee Close: The Indian currency ended marginally higher at 74.79 per dollar, amid selling seen in the domestic equity market. It opened flat at 74.83 per dollar against Tuesday's close of 74.83 and traded in the range of 74.73-74.89. The dollar languished near two-year lows as the US struggled to contain its coronavirus pandemic, dashing hopes for a quick economic recovery. (Image: Reuters)
5. Rupee Close: The Indian currency ended marginally higher at 74.79 per dollar, amid selling seen in the domestic equity market. It opened flat at 74.83 per dollar against Tuesday's close of 74.83 and traded in the range of 74.73-74.89. The dollar languished near two-year lows as the US struggled to contain its coronavirus pandemic, dashing hopes for a quick economic recovery. (Image: Reuters)
6. Govt To Take Any Steps To Support Banking System, Says PM Modi: Prime Minister Narendra Modi on Wednesday held a meeting with top bankers and said his government is firmly behind the banking system and is ready to take any steps necessary to support and promote its growth. Reviewing schemes like emergency credit line for MSME, additional KCC cards, liquidity window for NBFC and MFI, he added “while significant progress has been made in most schemes, banks need to be proactive and actively engage with the intended beneficiaries to ensure that the credit support reaches them in a timely manner during this period of crisis.” (Image: PTI)
6. Govt To Take Any Steps To Support Banking System, Says PM Modi: Prime Minister Narendra Modi on Wednesday held a meeting with top bankers and said his government is firmly behind the banking system and is ready to take any steps necessary to support and promote its growth. Reviewing schemes like emergency credit line for MSME, additional KCC cards, liquidity window for NBFC and MFI, he added “while significant progress has been made in most schemes, banks need to be proactive and actively engage with the intended beneficiaries to ensure that the credit support reaches them in a timely manner during this period of crisis.” (Image: PTI)
7. Govt Discusses Monitoring System On Engineering Goods: The Narendra Modi government has sought feedback from industry associations on establishing an import monitoring mechanism for engineering goods. Currently, such a system exists for steel imports where companies have to intimate the government about inbound consignments from countries at least 15 days in advance. Multiple sources have told CNBC-TV18 that the government is internally discussing a proposal for a similar import monitoring system on four categories of engineering goods. “At least 50 percent of imports from China happen through chapter 84 and 85 goods and hence the government wants to monitor inbound shipments in these categories,” said a member of an industry association who was aware of the proposal. (Image: Reuters)
7. Govt Discusses Monitoring System On Engineering Goods: The Narendra Modi government has sought feedback from industry associations on establishing an import monitoring mechanism for engineering goods. Currently, such a system exists for steel imports where companies have to intimate the government about inbound consignments from countries at least 15 days in advance. Multiple sources have told CNBC-TV18 that the government is internally discussing a proposal for a similar import monitoring system on four categories of engineering goods. “At least 50 percent of imports from China happen through chapter 84 and 85 goods and hence the government wants to monitor inbound shipments in these categories,” said a member of an industry association who was aware of the proposal. (Image: Reuters)
8. India Should Consider Opening IBC In Next 2-3 Months, Says Viral Acharya: Former RBI deputy governor Viral Acharya on Wednesday said the suspension of the bankruptcy code for a whole year could be a
8. India Should Consider Opening IBC In Next 2-3 Months, Says Viral Acharya: Former RBI deputy governor Viral Acharya on Wednesday said the suspension of the bankruptcy code for a whole year could be a "potential problem" for the country. Speaking at the Entrepreneur India Awards 2020, the former deputy governor said if debt burdens keep rising due to the pandemic and financial restructuring is not allowed via the bankruptcy code, it would impact the clean up process for Indian banks."I am personally not in favour of the suspension of the bankruptcy code for fresh cases for a whole year, I think that’s too long," he said. Instead, Acharya suggested the suspension could have been for a maximum of three months. He added that financial engineering is a necessity for firms to ensure the “right hand side of the balance sheet is always rightly positioned for the left hand side” of their balance sheets. (Image: Reuters)
9. Retail NPAs Could Double Due To Salary Cuts, Say Experts: The RBI's financial stability report indicates that the NPA picture for the system as a whole in the worst-case scenario of an 8.9 percent GDP contraction, will mean NPLs of 14.7-15 percent. But for public sector banks, even the base case with a contraction of 4-5 percent in GDP can mean NPA of 14-15 percent. Speaking about NPAs, Krishnan Sitaraman, Senior Director of Crisil Ratings said, “It is too early for us to take a call because we don’t have a sense of what kind of restructuring mechanism will be announced the next fiscal and how the economic growth will pan out. But we do expect NPAs to remain at elevated levels, maybe 12-13 percent, but that is an initial estimate at this point in time.” He further added that retail NPAs could double due to salary cuts and disturbance in cash flows. (Image: Reuters)
9. Retail NPAs Could Double Due To Salary Cuts, Say Experts: The RBI's financial stability report indicates that the NPA picture for the system as a whole in the worst-case scenario of an 8.9 percent GDP contraction, will mean NPLs of 14.7-15 percent. But for public sector banks, even the base case with a contraction of 4-5 percent in GDP can mean NPA of 14-15 percent. Speaking about NPAs, Krishnan Sitaraman, Senior Director of Crisil Ratings said, “It is too early for us to take a call because we don’t have a sense of what kind of restructuring mechanism will be announced the next fiscal and how the economic growth will pan out. But we do expect NPAs to remain at elevated levels, maybe 12-13 percent, but that is an initial estimate at this point in time.” He further added that retail NPAs could double due to salary cuts and disturbance in cash flows. (Image: Reuters)
10. Indian Aviation Industry At Breaking Point, Warns CAPA: Indian aviation industry is at its breaking point due to massive losses on account of COVID-19, aviation consultancy firm CAPA India has warned.
10. Indian Aviation Industry At Breaking Point, Warns CAPA: Indian aviation industry is at its breaking point due to massive losses on account of COVID-19, aviation consultancy firm CAPA India has warned. "The record quarterly loss of $380 million posted by IndiGo in 1QFY2021 is consistent with CAPA India's earlier projection of a consolidated industry loss of $1.50-1.75 billion. With Q2 largely a washout due to poor demand, the industry is at a breaking point," CAPA India wrote on Twitter. It further added that most airlines in India do not have the holding power to survive and multiple airline failures could set back air connectivity in India by 3-5 years.(Representational Image)
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