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10 things you need to know before the opening bell on June 23

Updated : 2020-06-23 08:16:53

The Indian market is likely to open in the green on Tuesday as the SGX Nifty, an early indicator of the opening for Nifty50, traded 47 points higher at 10,352, at 8:10 am, hinting at a positive start for the domestic market. IT companies, however, will be in focus as US President Donald Trump on Tuesday issued a presidential proclamation, temporarily blocking those entering the country on H-1B visas.

1. Asia: Stocks in Asia Pacific edged higher in Tuesday morning trade following gains on Wall Street that saw the Nasdaq Composite touching a record closing high. South Korea’s Kospi led gains among the region’s major markets as it jumped 1.2 percent in early trade. Over in Japan, the Nikkei 225 rose 0.86 percent in early trade while the Topix index added 0.61 percent. Meanwhile, the S&P/ASX 200 in Australia advanced 0.47 percent. Overall, the MSCI Asia ex-Japan index traded 0.38 percent higher. (Image: Reuters)
1. Asia: Stocks in Asia Pacific edged higher in Tuesday morning trade following gains on Wall Street that saw the Nasdaq Composite touching a record closing high. South Korea’s Kospi led gains among the region’s major markets as it jumped 1.2 percent in early trade. Over in Japan, the Nikkei 225 rose 0.86 percent in early trade while the Topix index added 0.61 percent. Meanwhile, the S&P/ASX 200 in Australia advanced 0.47 percent. Overall, the MSCI Asia ex-Japan index traded 0.38 percent higher. (Image: Reuters)
2. US: U.S. stock futures rose slightly in overnight trading, as investors continue to weigh improving economic data against the prospect of new business shutdowns after a resurgence in coronavirus cases.  Dow futures rose 85 points, indicating a gain of 0.35 percent at the open on Tuesday. The S&P 500 and Nasdaq-100 were also set to open slightly higher, with gains of 0.3 percent and 0.25 percent, respectively. On Monday, the Dow Jones Industrial Average rose 153 points, or 0.6 percent. The S&P 500 also registered a gain, climbing 0.7 percent. (Image: AP)
2. US: U.S. stock futures rose slightly in overnight trading, as investors continue to weigh improving economic data against the prospect of new business shutdowns after a resurgence in coronavirus cases.  Dow futures rose 85 points, indicating a gain of 0.35 percent at the open on Tuesday. The S&P 500 and Nasdaq-100 were also set to open slightly higher, with gains of 0.3 percent and 0.25 percent, respectively. On Monday, the Dow Jones Industrial Average rose 153 points, or 0.6 percent. The S&P 500 also registered a gain, climbing 0.7 percent. (Image: AP)
3. Market At Close On Monday: The Indian equity benchmark indices, Sensex and Nifty, ended at over three-month highs as gains in financials, metals, pharma and auto stocks outweigh the impact of a record surge in domestic coronavirus cases. The Sensex ended 179.59 points or 0.52 percent higher at 34,911.32 while the Nifty gained 66.80 points or 0.65 percent to settle at 10,311.20. Broader markets, Nifty Midcap and Nifty smallcap, gained 1.59 percent and 2.31 percent, respectively. However, last hour profit booking dragged indices to end off day's high. (Image: Reuters)
3. Market At Close On Monday: The Indian equity benchmark indices, Sensex and Nifty, ended at over three-month highs as gains in financials, metals, pharma and auto stocks outweigh the impact of a record surge in domestic coronavirus cases. The Sensex ended 179.59 points or 0.52 percent higher at 34,911.32 while the Nifty gained 66.80 points or 0.65 percent to settle at 10,311.20. Broader markets, Nifty Midcap and Nifty smallcap, gained 1.59 percent and 2.31 percent, respectively. However, last hour profit booking dragged indices to end off day's high. (Image: Reuters)
4. Crude Oil: Oil rose more than 1 percent on Monday on tighter supplies from major producers and as coronavirus lockdowns continued to ease, but gains were capped by worries that a worldwide rise in new infections might stall a fuel demand recovery. Brent crude settled 89 cents, or 2.11 percent, higher at $43.08 per barrel. The West Texas Intermediate crude contract for August, the day’s more active contract, gained 71 cents, or 1.79 percent, to settle at $40.46 per barrel. (image: AP)
4. Crude Oil: Oil rose more than 1 percent on Monday on tighter supplies from major producers and as coronavirus lockdowns continued to ease, but gains were capped by worries that a worldwide rise in new infections might stall a fuel demand recovery. Brent crude settled 89 cents, or 2.11 percent, higher at $43.08 per barrel. The West Texas Intermediate crude contract for August, the day’s more active contract, gained 71 cents, or 1.79 percent, to settle at $40.46 per barrel. (image: AP)
5. Rupee Close: The Indian currency appreciated 17 paise on Monday to end at 76.03 against the US dollar in line with positive equity markets amid sustained foreign fund inflows. Weak US dollar against major global currencies also aided the rupee’s upward movement, forex dealers said. At the interbank foreign exchange market, the rupee opened strong at 76.16 and it further rushed to touch a high of 75.98 during the trade. The rupee finally settled at 76.03 against the US dollar, registering a rise of 17 paise over its previous close of 76.20. (Image: Reuters)
5. Rupee Close: The Indian currency appreciated 17 paise on Monday to end at 76.03 against the US dollar in line with positive equity markets amid sustained foreign fund inflows. Weak US dollar against major global currencies also aided the rupee’s upward movement, forex dealers said. At the interbank foreign exchange market, the rupee opened strong at 76.16 and it further rushed to touch a high of 75.98 during the trade. The rupee finally settled at 76.03 against the US dollar, registering a rise of 17 paise over its previous close of 76.20. (Image: Reuters)
6. Protect Strategic Interests But Calibrate Curbs, Says Ex-Bureaucrats: Former bureaucrats who have dealt with China as government servants have called for oversight and restrictions in allowing commercial presence of companies from the neighbouring nation in Indian strategic sectors. But their warning is followed by an advice to calibrate any proposed economic action against Chinese investments and imports. Jayant Dasgupta, who has rubbed shoulders with trade diplomats from China in Geneva based WTO agrees.
6. Protect Strategic Interests But Calibrate Curbs, Says Ex-Bureaucrats: Former bureaucrats who have dealt with China as government servants have called for oversight and restrictions in allowing commercial presence of companies from the neighbouring nation in Indian strategic sectors. But their warning is followed by an advice to calibrate any proposed economic action against Chinese investments and imports. Jayant Dasgupta, who has rubbed shoulders with trade diplomats from China in Geneva based WTO agrees. "Security concerns should come up as a top priority,” Dasgupta told CNBC-Tv18. He was India’s ambassador to WTO. (Image: Reuters)
7. Donald Trump Signs Proclamation Suspending Entry Of Workers On H-1B Visas: Suspending the entry of certain foreign workers into the United States, President Donald Trump on Tuesday issued a presidential proclamation, temporarily blocking those entering the country on H-1B visas, L visas, H-2B seasonal worker visas and J visas. The proclamation comes into effect on June 24 and will expire on December 31.
7. Donald Trump Signs Proclamation Suspending Entry Of Workers On H-1B Visas: Suspending the entry of certain foreign workers into the United States, President Donald Trump on Tuesday issued a presidential proclamation, temporarily blocking those entering the country on H-1B visas, L visas, H-2B seasonal worker visas and J visas. The proclamation comes into effect on June 24 and will expire on December 31. "The entry of additional workers through the H-1B, H-2B, J, and L nonimmigrant visa programs, therefore, presents a significant threat to employment opportunities for Americans affected by the extraordinary economic disruptions caused by the COVID-19 outbreak," read the order. The visa suspension order would apply to those who do not have an effective non-immigrant visa on the effective date of this proclamation. The order would apply to those who are outside the US on the date the proclamation takes effect. (Image:AP)
8. Exports Are Improving But Still Down, Says Piyush Goyal: India's exports are showing signs of improvement as the contraction in outbound shipments in June so far has come down to about 10-12 percent as compared with 60 percent in April, Commerce and Industry Minister Piyush Goyal said on Monday. Declining for the third straight month, India's exports dipped 36.47 perent in May to USD 19.05 billion.
8. Exports Are Improving But Still Down, Says Piyush Goyal: India's exports are showing signs of improvement as the contraction in outbound shipments in June so far has come down to about 10-12 percent as compared with 60 percent in April, Commerce and Industry Minister Piyush Goyal said on Monday. Declining for the third straight month, India's exports dipped 36.47 perent in May to USD 19.05 billion. "Currently we are about 10-12 percent down in June. So in a sense, we have reached up to 88-90 percent of the level of exports that we had in June 2019 in the current month in the first two weeks. I am awaiting the data for third week (of June)," Goyal said at a CII function. The minister said that the focus is on sustainable growth and not on giving "handout" for exports. (Image:PTI)
9. Moody's Predict India's GDP Contracting 3.1% In 2020: India's GDP will contract 3.1 percent in 2020, according to Moody's Global Macro Outlook report for June, which notes that that the global economy has started showing signs of life, but the
9. Moody's Predict India's GDP Contracting 3.1% In 2020: India's GDP will contract 3.1 percent in 2020, according to Moody's Global Macro Outlook report for June, which notes that that the global economy has started showing signs of life, but the "recovery will be long and bumpy". The report says that the effects of lockdowns will be larger than previously estimated. "Q2 2020 will go down in history as the worst quarter for the global economy since WW-II," says Moody's. The silver lining for India is that the GDP is seen bouncing back to 6.9 percent in 2021 as a gradual recovery is predicted to start from the second half of this year. (Image: Reuters)
10. Fitch Revises Outlook For 9 Indian Banks: Fitch Ratings has revised the outlook on the Long-Term Issuer Default Ratings (IDR) of nine Indian banks to Negative from Stable. This is on account of the impact of the escalating coronavirus pandemic on India's economy. This follows Fitch's India outlook rating revision on the 'BBB-' rating to Negative from Stable on June 18. The banks include Export-Import Bank of India (EXIM), State Bank of India, Bank of Baroda, Bank of Baroda (New Zealand), Bank of India, Canara Bank, Punjab National Bank, ICICI Bank and Axis Bank. At the same time, Fitch has affirmed IDBI Bank’s IDR while maintaining the outlook at Negative. (Image: Reuters)
10. Fitch Revises Outlook For 9 Indian Banks: Fitch Ratings has revised the outlook on the Long-Term Issuer Default Ratings (IDR) of nine Indian banks to Negative from Stable. This is on account of the impact of the escalating coronavirus pandemic on India's economy. This follows Fitch's India outlook rating revision on the 'BBB-' rating to Negative from Stable on June 18. The banks include Export-Import Bank of India (EXIM), State Bank of India, Bank of Baroda, Bank of Baroda (New Zealand), Bank of India, Canara Bank, Punjab National Bank, ICICI Bank and Axis Bank. At the same time, Fitch has affirmed IDBI Bank’s IDR while maintaining the outlook at Negative. (Image: Reuters)
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