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Economy

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

Updated : 2020-06-29 08:28:10

The Indian market is likely to open on a cautious note given the rise in coronavirus cases, resulting in an extension of the lockdown in some states in India. At 7:39 am, the SGX Nifty was trading 47 points lower at 10,285.20, indicating a lower start for the Sensex and Nifty50.

1. Asia: Stocks in Asia Pacific fell in Monday morning trade as the number of coronavirus cases globally continues to rise. In Japan, the Nikkei 225 slipped 1.5 percent while the Topix index fell 1.38 percent. South Korea’s Kospi also shed 0.98 percent. Meanwhile, Australia’s S&P/ASX 200 dropped 1.65 percent. Overall, the MSCI Asia ex-Japan index traded 0.31 percent lower. (Image: Reuters)
1. Asia: Stocks in Asia Pacific fell in Monday morning trade as the number of coronavirus cases globally continues to rise. In Japan, the Nikkei 225 slipped 1.5 percent while the Topix index fell 1.38 percent. South Korea’s Kospi also shed 0.98 percent. Meanwhile, Australia’s S&P/ASX 200 dropped 1.65 percent. Overall, the MSCI Asia ex-Japan index traded 0.31 percent lower. (Image: Reuters)
2. US: U.S. stock futures recovered from an earlier decline on Sunday night as coronavirus cases continue surging in the U.S., stoking concerns about the economic reopening and recovery. Dow Jones Industrial Average futures traded 65 points higher. S&P 500 futures and Nasdaq-100 futures also traded in positive territory. Earlier in the session, Dow futures had traded more than 100 points lower. (Image: AP)
2. US: U.S. stock futures recovered from an earlier decline on Sunday night as coronavirus cases continue surging in the U.S., stoking concerns about the economic reopening and recovery. Dow Jones Industrial Average futures traded 65 points higher. S&P 500 futures and Nasdaq-100 futures also traded in positive territory. Earlier in the session, Dow futures had traded more than 100 points lower. (Image: AP)
3. Market At Close On Friday: The Indian market ended higher for the second straight week on Friday led by the gains in Infosys and HDFC Bank. At close, the Sensex ended 329 points higher to 35,171 while the Nifty50 index ended at 10,383, up 94 points. Broader markets, midcap and smallcap indices underperformed the benchmark indices, trading 0.17 percent and 0.24 percent respectively. (image: Reuters)
3. Market At Close On Friday: The Indian market ended higher for the second straight week on Friday led by the gains in Infosys and HDFC Bank. At close, the Sensex ended 329 points higher to 35,171 while the Nifty50 index ended at 10,383, up 94 points. Broader markets, midcap and smallcap indices underperformed the benchmark indices, trading 0.17 percent and 0.24 percent respectively. (image: Reuters)
4. Crude Oil: Oil prices dipped on Friday, erasing earlier gains, as new coronavirus cases spiked in the United States and China, and on growing concerns about rising U.S. output ticking up while crude stockpiles sat at record highs. Brent crude futures were 14 cents lower at $40.9. West Texas Intermediate crude futures fell 23 cents, or 0.6 percent to settle at $38.49 per barrel. (Image: Reuters)
4. Crude Oil: Oil prices dipped on Friday, erasing earlier gains, as new coronavirus cases spiked in the United States and China, and on growing concerns about rising U.S. output ticking up while crude stockpiles sat at record highs. Brent crude futures were 14 cents lower at $40.9. West Texas Intermediate crude futures fell 23 cents, or 0.6 percent to settle at $38.49 per barrel. (Image: Reuters)
5. Rupee Close: The rupee pared initial gains to close flat at 75.65 against the US dollar on Friday as concerns about rising COVID-19 cases weighed on investor sentiment. Forex traders said risk appetite has waned amid spike in fresh coronavirus infections globally. The rupee opened on a strong note at the interbank forex market at 75.51 against the US dollar, but pared initial gains and settled at 75.65 against the US dollar, unchanged against its previous close. (Image: Reuters)
5. Rupee Close: The rupee pared initial gains to close flat at 75.65 against the US dollar on Friday as concerns about rising COVID-19 cases weighed on investor sentiment. Forex traders said risk appetite has waned amid spike in fresh coronavirus infections globally. The rupee opened on a strong note at the interbank forex market at 75.51 against the US dollar, but pared initial gains and settled at 75.65 against the US dollar, unchanged against its previous close. (Image: Reuters)
6. IRDAI Includes Home Care, Ayush Treatment Under COVID Heath Policy: In a bid to offer better health coverage amid rising COVID-19 cases, Insurance Regulatory and Development Authority (IRDAI) has issued guidelines for a standard COVID health policy. All general and health insurance companies will have to mandatorily offer this standard COVID health policy which will have i) Basic mandatory cover which would uniform across health and general insurance companies and ii) optional cover where premium would be specified separately to policy holders. (Image: Reuters)
6. IRDAI Includes Home Care, Ayush Treatment Under COVID Heath Policy: In a bid to offer better health coverage amid rising COVID-19 cases, Insurance Regulatory and Development Authority (IRDAI) has issued guidelines for a standard COVID health policy. All general and health insurance companies will have to mandatorily offer this standard COVID health policy which will have i) Basic mandatory cover which would uniform across health and general insurance companies and ii) optional cover where premium would be specified separately to policy holders. (Image: Reuters)
7. Chinese Imports Remain Stranded At Ports: Chinese-origin imports continue to remain stranded at various ports across India as senior custom officials confirmed that a sudden red alert from the revenue intelligence agencies against Chinese imports after 100 percent inspection is being conducted on inbound packages. Partial clearance of consignments stopped in Chennai and Delhi late on June 26 after the 100 percent inspection diktat came in. Highly placed sources further added that the import embargo is also leading to situation where consignments meant for central public sector undertakings, or PSUs, are held as well. (Image: Reuters)
7. Chinese Imports Remain Stranded At Ports: Chinese-origin imports continue to remain stranded at various ports across India as senior custom officials confirmed that a sudden red alert from the revenue intelligence agencies against Chinese imports after 100 percent inspection is being conducted on inbound packages. Partial clearance of consignments stopped in Chennai and Delhi late on June 26 after the 100 percent inspection diktat came in. Highly placed sources further added that the import embargo is also leading to situation where consignments meant for central public sector undertakings, or PSUs, are held as well. (Image: Reuters)
8. RBI Extends Enhanced Borrowing Limit Under MSF: Amid the ongoing economic woes created by the coronavirus pandemic, the Reserve Bank has decided to extend the enhanced borrowing facility provided to the banks to meet their liquidity shortages till September 30. The RBI, as a temporary measure, had increased the borrowing limit of scheduled banks under the marginal standing facility (MSF) scheme from 2 percent to 3 percent of their Net Demand and Time Liabilities (NDTL) with effect from March 27, 2020. Under the MSF, banks can borrow overnight funds at their discretion by dipping into the Statutory Liquidity Ratio (SLR). This relaxation, which was granted till June 30, 2020, has now been extended till September 30. (Image: Reuters)
8. RBI Extends Enhanced Borrowing Limit Under MSF: Amid the ongoing economic woes created by the coronavirus pandemic, the Reserve Bank has decided to extend the enhanced borrowing facility provided to the banks to meet their liquidity shortages till September 30. The RBI, as a temporary measure, had increased the borrowing limit of scheduled banks under the marginal standing facility (MSF) scheme from 2 percent to 3 percent of their Net Demand and Time Liabilities (NDTL) with effect from March 27, 2020. Under the MSF, banks can borrow overnight funds at their discretion by dipping into the Statutory Liquidity Ratio (SLR). This relaxation, which was granted till June 30, 2020, has now been extended till September 30. (Image: Reuters)
9. RBI Considering One-Time Loan Recast For Borrowers: The Reserve Bank of India (RBI) is considering a one-time restructuring scheme for borrowers impacted due to the COVID-19 pandemic, senior officials in the know told CNBC-TV18 on the condition of anonymity. The banking regulator may provide certain relaxations to banks implementing the restructuring for COVID-19 specific defaults under its June 7 circular, said a person in the know. While the special one-time loan recast proposal under consideration by RBI is still work-in-progress, it intends to put safeguards in place to avoid any misuse of the scheme. (Image: Reuters)
9. RBI Considering One-Time Loan Recast For Borrowers: The Reserve Bank of India (RBI) is considering a one-time restructuring scheme for borrowers impacted due to the COVID-19 pandemic, senior officials in the know told CNBC-TV18 on the condition of anonymity. The banking regulator may provide certain relaxations to banks implementing the restructuring for COVID-19 specific defaults under its June 7 circular, said a person in the know. While the special one-time loan recast proposal under consideration by RBI is still work-in-progress, it intends to put safeguards in place to avoid any misuse of the scheme. (Image: Reuters)
10. Investment Manager Can Manage Multiple InvITs: An investment manager is allowed to manage multiple emerging investment vehicles -- InvITs -- markets regulator Sebi has said. However, transactions between two or more InvITs (infrastructure investment trusts) with a common investment manager or sponsor will deemed to be related party transactions for each of such trusts, the regulator added. It, further, said if investment managers of InvITs are different but associates, the transactions between them will also be treated as related party transactions. (Image: Reuters)
10. Investment Manager Can Manage Multiple InvITs: An investment manager is allowed to manage multiple emerging investment vehicles -- InvITs -- markets regulator Sebi has said. However, transactions between two or more InvITs (infrastructure investment trusts) with a common investment manager or sponsor will deemed to be related party transactions for each of such trusts, the regulator added. It, further, said if investment managers of InvITs are different but associates, the transactions between them will also be treated as related party transactions. (Image: Reuters)
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