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10 things you need to know before the opening bell on June 4

Updated : 2019-06-04 07:11:07

Indian shares are expected to open lower on Tuesday amid a consolidation after a record rally in the previous session. Indian benchmark indices BSE Sensex and NSE’s Nifty 50 surged 1.4 percent to hit their new record highs on Monday after a decline in Q4 GDP growth increased the prospects of a 50 basis point interest rate cut by the Reserve Bank of India in the fiscal year 2019-20. A CNBC-TV18 poll expects the central bank to cut repo rate by 25 basis points to 5.75 percent. In global markets, Asian shares traded mixed after a heavy selloff in technology stocks in the US overnight. At 7.05 Am, the SGX Nifty futures traded 37 points, or 0.31 percent, lower at 12,081, indicating a negative start for the Sensex and the Nifty 50.

1. Asia: MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.15 percent. Stocks in Asia traded cautiously on Tuesday morning amid ongoing global trade tensions. Japan's Nikkei was flat, trading 0.11 percent lower while Topix trading down, by 0.04 percent. (Image: Reuters)
1. Asia: MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.15 percent. Stocks in Asia traded cautiously on Tuesday morning amid ongoing global trade tensions. Japan's Nikkei was flat, trading 0.11 percent lower while Topix trading down, by 0.04 percent. (Image: Reuters)
2. US: The Dow Jones Industrial Average rose 4.74 points, or 0.02 percent, to 24,819.78, the S&P 500 lost 7.61 points, or 0.28 percent, to 2,744.45 and the Nasdaq Composite dropped 120.13 points, or 1.61 percent, to 7,333.02. (Image: AP)
2. US: The Dow Jones Industrial Average rose 4.74 points, or 0.02 percent, to 24,819.78, the S&P 500 lost 7.61 points, or 0.28 percent, to 2,744.45 and the Nasdaq Composite dropped 120.13 points, or 1.61 percent, to 7,333.02. (Image: AP)
3. Markets At Close On Monday: Indian shares ended at record closing highs on Monday amid rate-cut hopes and fall in crude oil prices. Auto, metal, and FMCG stocks led the gains. Sensex gained as much as 595 points to hit a record high of 40,309 while Nifty rose 193 points to hit a fresh high of 12,103. Meanwhile, foreign institutional investors (FIIs) bought shares worth Rs 3,069 crore on a net basis in the cash market, while domestic institutional investors (DIIs) sold shares worth Rs 463 crore. (Image: Reuters)
3. Markets At Close On Monday: Indian shares ended at record closing highs on Monday amid rate-cut hopes and fall in crude oil prices. Auto, metal, and FMCG stocks led the gains. Sensex gained as much as 595 points to hit a record high of 40,309 while Nifty rose 193 points to hit a fresh high of 12,103. Meanwhile, foreign institutional investors (FIIs) bought shares worth Rs 3,069 crore on a net basis in the cash market, while domestic institutional investors (DIIs) sold shares worth Rs 463 crore. (Image: Reuters)
4. Crude Oil: Front-month Brent crude futures, the international benchmark for oil prices, were at $60.88 at 0038 GMT. That was 40 cents, or 0.7 percent, below last session's close. US West Texas Intermediate (WTI) crude futures were at $52.94 per barrel, down 31 cents, or 0.6 percent. (Image: Reuters)
4. Crude Oil: Front-month Brent crude futures, the international benchmark for oil prices, were at $60.88 at 0038 GMT. That was 40 cents, or 0.7 percent, below last session's close. US West Texas Intermediate (WTI) crude futures were at $52.94 per barrel, down 31 cents, or 0.6 percent. (Image: Reuters)
5. Rupee & Dollar Index: The Indian rupee closed at 69.25, down 0.60 percent against the US dollar from its previous close. While, the dollar index, which tracks the U.S. currency against a basket of six other major currencies, rose 0.03 percent to 97.1700. (Image: Reuters)
5. Rupee & Dollar Index: The Indian rupee closed at 69.25, down 0.60 percent against the US dollar from its previous close. While, the dollar index, which tracks the U.S. currency against a basket of six other major currencies, rose 0.03 percent to 97.1700. (Image: Reuters)
6. RBI On Bank Fraud Data: Over 6,800 cases of bank fraud involving an unprecedented Rs 71,500 crore have been reported in 2018-19, the Reserve Bank of India has said. A total of 5,916 such cases were reported by banks in 2017-18 involving Rs 41,167.03 crore, it said. The data assumes significance as banks are grappling with high-profile fraud cases involving absconding billionaire Nirav Modi and liquor baron Vijay Mallya among others. (Image: Reuters)
6. RBI On Bank Fraud Data: Over 6,800 cases of bank fraud involving an unprecedented Rs 71,500 crore have been reported in 2018-19, the Reserve Bank of India has said. A total of 5,916 such cases were reported by banks in 2017-18 involving Rs 41,167.03 crore, it said. The data assumes significance as banks are grappling with high-profile fraud cases involving absconding billionaire Nirav Modi and liquor baron Vijay Mallya among others. (Image: Reuters)
7. Fitch Downgrades Private Banks: Global rating agency Fitch said it has downgraded two leading private sector lenders ICICI Bank and Axis Bank as the banking sector of the country remains under stress. Fitch said it took the rating action after lowering its midpoint for India's operating environment to 'bb+' from 'bbb-' following a review of the banking sector's performance, particularly in the last three years, the regulatory framework for the sector, and the outlook in the near term.
7. Fitch Downgrades Private Banks: Global rating agency Fitch said it has downgraded two leading private sector lenders ICICI Bank and Axis Bank as the banking sector of the country remains under stress. Fitch said it took the rating action after lowering its midpoint for India's operating environment to 'bb+' from 'bbb-' following a review of the banking sector's performance, particularly in the last three years, the regulatory framework for the sector, and the outlook in the near term. "We expect the performance of India's banking sector to be below average over the next one to two years despite our expectations of high economic growth and improving business prospects," it said. (Image: Reuters)
8. Finance Secretary Subhash Chandra Garg On Economic Factors: Declining global oil prices, stable rupee and falling interest rate are sure signs of high growth in coming months, said Finance Secretary Subhash Chandra Garg. India's growth rate has declined to 5-year low of 5.8 per cent in the fourth quarter of the previous fiscal and 6.8 per cent for the full financial year 2018-19.
8. Finance Secretary Subhash Chandra Garg On Economic Factors: Declining global oil prices, stable rupee and falling interest rate are sure signs of high growth in coming months, said Finance Secretary Subhash Chandra Garg. India's growth rate has declined to 5-year low of 5.8 per cent in the fourth quarter of the previous fiscal and 6.8 per cent for the full financial year 2018-19. "Turn around in demand and financing conditions beginning well. PMI manufacturing is at 52.7. Crude is moving towards 60 dollars. Govt bond yield has gone below 7%. Spread for NBFCs/HFCs over Govt bond is narrowing. Rupee is firmly below 70. Sure signs of coming high growth," he said in a tweet. (Image: PTI)
9. Microfinance Industry Growth: The microfinance industry's gross loan portfolio (GLP) stood at Rs 1,87,386 crore at the end of March, up 38 per cent year-on-year, said a MFIN report. The total number of microfinance accounts was 9.33 crore at the end of March 2019, showing a growth of 21.9 percent, said Microfinance Institutions Network (MFIN), an RBI-recognised self-regulatory organisation and industry association of the microfinance industry. Non-Banking Finance Company-Microfinance Institutions (NBFC-MFIs) hold the largest share of portfolio in micro-credit with the total loan outstanding of Rs 68,868 crore, which is 36.8 per cent of total micro-credit universe. (Image: Reuters)
9. Microfinance Industry Growth: The microfinance industry's gross loan portfolio (GLP) stood at Rs 1,87,386 crore at the end of March, up 38 per cent year-on-year, said a MFIN report. The total number of microfinance accounts was 9.33 crore at the end of March 2019, showing a growth of 21.9 percent, said Microfinance Institutions Network (MFIN), an RBI-recognised self-regulatory organisation and industry association of the microfinance industry. Non-Banking Finance Company-Microfinance Institutions (NBFC-MFIs) hold the largest share of portfolio in micro-credit with the total loan outstanding of Rs 68,868 crore, which is 36.8 per cent of total micro-credit universe. (Image: Reuters)
10. RBI MPC Meeting Begins: The Monetary Policy Committee headed by RBI Governor Shaktikanta Das started deliberations on the second bi-monthly policy review of the current fiscal, amid expectations of a 25 basis points cut in lending rate to boost the slowing economy. The central bank has slashed the short-term lending rate (repo rate) by 25 basis points (0.25 percentage points) each in its last two policy reviews.
10. RBI MPC Meeting Begins: The Monetary Policy Committee headed by RBI Governor Shaktikanta Das started deliberations on the second bi-monthly policy review of the current fiscal, amid expectations of a 25 basis points cut in lending rate to boost the slowing economy. The central bank has slashed the short-term lending rate (repo rate) by 25 basis points (0.25 percentage points) each in its last two policy reviews. "The Monetary Policy Committee (MPC) will meet during June 3, 4 and 6, 2019 for the second bi-monthly Monetary Policy Statement for 2019-20. The resolution of the MPC will be placed on the website at 11.45 AM on June 6, 2019," the RBI said on Monday. The upcoming policy review will be RBI's first after the results of 2019 Lok Sabha elections. (Image: Reuters)
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