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Economy

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

Updated : 2020-06-24 07:56:35

The Indian market is likely to open on a cautious note on Wednesday amid mixed global cues. At 7:52 am, the SGX Nifty was trading 23.50 points lower at 10,456.50, indicating a negative start for the Sensex and Nifty50.

1. Asia: Stocks in Asia Pacific mostly edged higher Wednesday morning as the coronavirus situation stateside continues to be watched, with White House health advisor Dr. Anthony Fauci warning Tuesday that parts of the U.S. are beginning to see a “disturbing surge” of Covid-19 cases. In Japan, the Nikkei 225 rose 0.25 percent while the Topix index shed 0.15 percent. Over in South Korea, the Kospi rose 0.88 percent. Australia’s S&P/ASX 200 added 0.35 percent. Overall, the MSCI Asia-ex Japan index traded 0.19 percent higher. (Image: Reuters)
1. Asia: Stocks in Asia Pacific mostly edged higher Wednesday morning as the coronavirus situation stateside continues to be watched, with White House health advisor Dr. Anthony Fauci warning Tuesday that parts of the U.S. are beginning to see a “disturbing surge” of Covid-19 cases. In Japan, the Nikkei 225 rose 0.25 percent while the Topix index shed 0.15 percent. Over in South Korea, the Kospi rose 0.88 percent. Australia’s S&P/ASX 200 added 0.35 percent. Overall, the MSCI Asia-ex Japan index traded 0.19 percent higher. (Image: Reuters)
2. US: Futures contracts tied to the major U.S. stock indexes edged higher Tuesday evening as Wall Street looked to add to healthy gains clinched earlier in the week. Dow Jones Industrial Average futures added 45 points, suggesting an open gain of 43 points when regular trading resumes on Wednesday. S&P 500 futures pointed to a gain of 0.15 percent while Nasdaq-100 futures indicated an opening advance of about 0.2 percent.  The overnight moves Tuesday evening followed a largely positive day on Wall Street during the regular session. (image: AP)
2. US: Futures contracts tied to the major U.S. stock indexes edged higher Tuesday evening as Wall Street looked to add to healthy gains clinched earlier in the week. Dow Jones Industrial Average futures added 45 points, suggesting an open gain of 43 points when regular trading resumes on Wednesday. S&P 500 futures pointed to a gain of 0.15 percent while Nasdaq-100 futures indicated an opening advance of about 0.2 percent.  The overnight moves Tuesday evening followed a largely positive day on Wall Street during the regular session. (image: AP)
3. Market At Close On Tuesday: The Indian benchmark indices, Sensex and Nifty, ended with robust gains on Tuesday led by broad-based buying across sectors on the back of increased inflows from global investors. The Sensex surged 519.11 points or 1.49 percent to end at 35,430.43 while the Nifty closed at 10,482.10, up 170.90 points or 1.66 percent. Broader markets also supported the rally with the Nifty Midcap and Nifty smallcap indices gaining over 1.5 percent each. (Image: Reuters)
3. Market At Close On Tuesday: The Indian benchmark indices, Sensex and Nifty, ended with robust gains on Tuesday led by broad-based buying across sectors on the back of increased inflows from global investors. The Sensex surged 519.11 points or 1.49 percent to end at 35,430.43 while the Nifty closed at 10,482.10, up 170.90 points or 1.66 percent. Broader markets also supported the rally with the Nifty Midcap and Nifty smallcap indices gaining over 1.5 percent each. (Image: Reuters)
4. Crude Oil: Oil prices fell on Tuesday as a rising number of Covid-19 cases sparked demand fears, although losses were capped after U.S. President Donald Trump soothed jangled nerves over U.S.-China trade.Brent futures fell 45 cents, or 1 percent, to settle at $42.63 per barrel. West Texas Intermediate crude settled 36 cents, or 0.88 percent, lower at $40.37 per barrel. On Monday, the contract settled at its highest level since early March. (image: Reuters)
4. Crude Oil: Oil prices fell on Tuesday as a rising number of Covid-19 cases sparked demand fears, although losses were capped after U.S. President Donald Trump soothed jangled nerves over U.S.-China trade.Brent futures fell 45 cents, or 1 percent, to settle at $42.63 per barrel. West Texas Intermediate crude settled 36 cents, or 0.88 percent, lower at $40.37 per barrel. On Monday, the contract settled at its highest level since early March. (image: Reuters)
5. Rupee Close: The Indian currency appreciated 37 paise to end stronger on Tuesday amidst positive equity markets, foreign fund inflows and weakened US dollar. It ended at 75.64 against the US dollar as compared to Monday's close of 76.04. The rupee is down 6 percent currently against the US currency so far this year. (Image: Reuters)
5. Rupee Close: The Indian currency appreciated 37 paise to end stronger on Tuesday amidst positive equity markets, foreign fund inflows and weakened US dollar. It ended at 75.64 against the US dollar as compared to Monday's close of 76.04. The rupee is down 6 percent currently against the US currency so far this year. (Image: Reuters)
6. India Plans To Resume International Flights For Approved Categories of Passengers : India may soon allow airlines from the US, France, UK, Germany among others to operate flights to and from India for approved categories of passengers. This is expected to be done by establishing
6. India Plans To Resume International Flights For Approved Categories of Passengers : India may soon allow airlines from the US, France, UK, Germany among others to operate flights to and from India for approved categories of passengers. This is expected to be done by establishing "individual bilateral bubbles" or special air corridors with each of these countries. This can be seen as the first step in resumption of scheduled international commercial flight operations, which have been suspended since March 23. Recently, Australia and New Zealand have been in discussions for creating a travel bubble between the two countries. (Image: Reuters)
7. Finance Ministry On Govt, RBI Policy Measures: The Finance Ministry on Tuesday cited
7. Finance Ministry On Govt, RBI Policy Measures: The Finance Ministry on Tuesday cited "green shoots" of recovery in agriculture, manufacturing and services sectors, and said the prompt policy measures taken by the government and RBI have helped reinvigorate the economy with minimal damage. Stating that agricultural sector remains the foundation of the Indian economy, the ministry said that a normal monsoon, as has been forecast, should support the rebooting of economy. (File Photo: IANS)
8. Chinese Consignments To Be Held At Chennai Ports: Customs officials in Chennai have instructed all authorities handling import consignments originating from China not to clear them until further notice. The Chennai Commissionerate has issued instructions internally to port terminals, the airport, and all container freight stations (CFSes) to hold all cargo from China, even those shipments which have been cleared with an OOC. According to sources, GV Krishna Rao, Chief Commissioner of the CGST and Central Excise of Tamil Nadu and Pondicherry informed importers that the cargo will be subject to re-examination due to intelligence inputs received by the excise authorities. (image: Reuters)
8. Chinese Consignments To Be Held At Chennai Ports: Customs officials in Chennai have instructed all authorities handling import consignments originating from China not to clear them until further notice. The Chennai Commissionerate has issued instructions internally to port terminals, the airport, and all container freight stations (CFSes) to hold all cargo from China, even those shipments which have been cleared with an OOC. According to sources, GV Krishna Rao, Chief Commissioner of the CGST and Central Excise of Tamil Nadu and Pondicherry informed importers that the cargo will be subject to re-examination due to intelligence inputs received by the excise authorities. (image: Reuters)
9. SEBI Offers Relief To Stressed Companies: The market regulator has eased preferential allotment rules for fund-raising by stressed companies, and also granted eligible companies exemption from making an open offer. In a late-night notification, the Securities and Exchange Board of India (SEBI) said that listed companies that meet the eligibility criteria will be allowed relaxations in raising funds via the preferential allotment route, under the newly inserted Regulation 164. To put simply, companies now raise funds through the preferential allotment route even if their share price has fallen sharply over the recent period. (Image: Reuters)
9. SEBI Offers Relief To Stressed Companies: The market regulator has eased preferential allotment rules for fund-raising by stressed companies, and also granted eligible companies exemption from making an open offer. In a late-night notification, the Securities and Exchange Board of India (SEBI) said that listed companies that meet the eligibility criteria will be allowed relaxations in raising funds via the preferential allotment route, under the newly inserted Regulation 164. To put simply, companies now raise funds through the preferential allotment route even if their share price has fallen sharply over the recent period. (Image: Reuters)
10. Government Mulls Customs Duty On Solar Equipment: The government is considering basic customs duty of around 20 percent on solar energy equipment to provide an edge to domestic manufacturers and discourage imports, particularly from China. However, solar energy developers are of the view that basic customs duty (BCD) on solar equipment will be counterproductive for the segment in view of India's ambitious target of having 100 GW of solar energy by 2022. At present, 15 percent SGD (safeguard duty) is applicable on solar cells. This would be zero or nil from July 30, 2020. (image: Reuters)
10. Government Mulls Customs Duty On Solar Equipment: The government is considering basic customs duty of around 20 percent on solar energy equipment to provide an edge to domestic manufacturers and discourage imports, particularly from China. However, solar energy developers are of the view that basic customs duty (BCD) on solar equipment will be counterproductive for the segment in view of India's ambitious target of having 100 GW of solar energy by 2022. At present, 15 percent SGD (safeguard duty) is applicable on solar cells. This would be zero or nil from July 30, 2020. (image: Reuters)
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