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10 things you need to know before the opening bell on May 15

Updated : 2020-05-15 08:14:04

The Indian market is likely to open flat with a positive bias on Friday in line with the global markets. The second tranche of relief measures by government could support gains in the market today. At 7:30 am, the SGX Nifty traded 26 points higher at 9,156, indicating a flat-to-positive start for the Sensex and Nifty50.

1. Asia: Stocks in Asia traded higher Friday morning, ahead of the release of Chinese economic data expected later in the day. In Japan, the Nikkei 225 rose 1.15 percent while the Topix index added 0.8 percent. South Korea’s Kospi advanced 0.26 percent. Shares in Australia also saw gains, with the S&P/ASX 200 up 1.12 percent. Overall, the MSCI Asia ex-Japan index traded 0.27 percent higher. (Image Source: Reuters)
1. Asia: Stocks in Asia traded higher Friday morning, ahead of the release of Chinese economic data expected later in the day. In Japan, the Nikkei 225 rose 1.15 percent while the Topix index added 0.8 percent. South Korea’s Kospi advanced 0.26 percent. Shares in Australia also saw gains, with the S&P/ASX 200 up 1.12 percent. Overall, the MSCI Asia ex-Japan index traded 0.27 percent higher. (Image Source: Reuters)
2. US: U.S. stock futures rose slightly on Thursday night following a sharp rally during the regular session as investors awaited several key data sets. Dow Jones Industrial Average futures gained 78 points, or 0.3 percent, while S&P 500 futures also traded 0.3 percent higher. Nasdaq 100 futures advanced 0.3 percent as well.  Despite those gains, however, Wall Street was headed for its biggest weekly decline since late March. The Dow and S&P 500 both ended Thursday’s session down more than 2 percent for the week. The Nasdaq had lost nearly 2 percent week to date. (Image Source: Reuters)
2. US: U.S. stock futures rose slightly on Thursday night following a sharp rally during the regular session as investors awaited several key data sets. Dow Jones Industrial Average futures gained 78 points, or 0.3 percent, while S&P 500 futures also traded 0.3 percent higher. Nasdaq 100 futures advanced 0.3 percent as well.  Despite those gains, however, Wall Street was headed for its biggest weekly decline since late March. The Dow and S&P 500 both ended Thursday’s session down more than 2 percent for the week. The Nasdaq had lost nearly 2 percent week to date. (Image Source: Reuters)
3. Market At Close On Thursday: Indian shares slid on Thursday as the first tranche of the wider Rs 20 lakh crore government stimulus failed to excite investors. Meanwhile, a dour outlook from the chief of the US Federal Reserve added to the weak sentiment. The Sensex ended 886 points lower at 31,123 while the Nifty fell 241 points to settle at 9,143. Banking and IT stocks fell the most, dragging the indices. Index heavyweights RIL, Infosys, HDFC, HDFC Bank, and ICICI Bank contributed the most to the losses. (Image Source: Reuters)
3. Market At Close On Thursday: Indian shares slid on Thursday as the first tranche of the wider Rs 20 lakh crore government stimulus failed to excite investors. Meanwhile, a dour outlook from the chief of the US Federal Reserve added to the weak sentiment. The Sensex ended 886 points lower at 31,123 while the Nifty fell 241 points to settle at 9,143. Banking and IT stocks fell the most, dragging the indices. Index heavyweights RIL, Infosys, HDFC, HDFC Bank, and ICICI Bank contributed the most to the losses. (Image Source: Reuters)
4. Crude Oil: Oil prices surged on Thursday after the International Energy Agency forecast lower global stockpiles in the second half of 2020, even as worries remain over a second surge in coronavirus infections in coming months. Crude prices have ticked up in the last two weeks as some countries relaxed coronavirus restrictions and lockdowns to allow factories and shops to reopen. West Texas Intermediate crude futures surged 8.98 percent, or $2.27, to settle at $27.56 per barrel, while Brent crude futures rose $1.94, or 6.65 percent, to settle at $31.13 per barrel. (Image Source: Reuters)
4. Crude Oil: Oil prices surged on Thursday after the International Energy Agency forecast lower global stockpiles in the second half of 2020, even as worries remain over a second surge in coronavirus infections in coming months. Crude prices have ticked up in the last two weeks as some countries relaxed coronavirus restrictions and lockdowns to allow factories and shops to reopen. West Texas Intermediate crude futures surged 8.98 percent, or $2.27, to settle at $27.56 per barrel, while Brent crude futures rose $1.94, or 6.65 percent, to settle at $31.13 per barrel. (Image Source: Reuters)
5. Rupee Close: The rupee weakened by as much as 14 paise - or 0.19 percent - to 75.60 against the US dollar in a volatile session on Thursday, amid weakness in domestic equity markets and strength in the dollar overseas. Concerns about the twin deficits - the trade deficit and the current account deficit - on account of the government's
5. Rupee Close: The rupee weakened by as much as 14 paise - or 0.19 percent - to 75.60 against the US dollar in a volatile session on Thursday, amid weakness in domestic equity markets and strength in the dollar overseas. Concerns about the twin deficits - the trade deficit and the current account deficit - on account of the government's "Atma Nirbhar Bharat" economic package to fight the coronavirus pandemic put pressure on the rupee, say analysts. (Image Source: Reuters)
6. FM Promises Food, Long-Term Schemes For Migrants: Finance Minister Nirmala Sitharaman on Thursday announced that the government will supply food to eight crore migrant workers in the country for the next two months. This along with promises of affordable housing and loans for street vendors. (Image Source: PTI)
6. FM Promises Food, Long-Term Schemes For Migrants: Finance Minister Nirmala Sitharaman on Thursday announced that the government will supply food to eight crore migrant workers in the country for the next two months. This along with promises of affordable housing and loans for street vendors. (Image Source: PTI)
7. Fiscal Deficit To Balloon To 7.9% in FY21: With the government's Rs 20 lakh crore stimulus package, the country's fiscal deficit is likely to be more than double to 7.9 percent in the current financial year, according to an SBI research report. The report had earlier estimated the fiscal deficit to be 3.5 percent of GDP this fiscal. The government has announced a cumulative package of Rs 20 lakh crore.
7. Fiscal Deficit To Balloon To 7.9% in FY21: With the government's Rs 20 lakh crore stimulus package, the country's fiscal deficit is likely to be more than double to 7.9 percent in the current financial year, according to an SBI research report. The report had earlier estimated the fiscal deficit to be 3.5 percent of GDP this fiscal. The government has announced a cumulative package of Rs 20 lakh crore. "After taking into account cash outflow of these measures as well as the previous and the recent excise duty hike and DA freeze (amounting to around 0.8 per cent of GDP), we now revise our baseline fiscal deficit (excluding extra budgetary resources (EBR)) to 7.9 percent of the revised GDP in FY21 from 3.5 percent earlier," said the SBI Ecowrap report. (Image Source: Reuters)
8. Power Sector Relief: Finance minister Nirmala Sitharaman has announced a one-time emergency fund of Rs 90,000 crore to help state-owned distribution companies (discoms) pay their dues to power generating companies (gencos) and transmission companies (transcos). The one-time fund will be provided by PFC and REC on certain conditions like introduction of digital payments for consumers, liquidation of state government's dues towards discoms, and reduction in financial and technical losses on account of electricity supply. RK Singh, Minister for Power and Renewable energy, clarified that the cost of rebate on account of deferment of fixed charges for the commercial and industrial consumers will be borne by the PSUs like NTPC, DVC, and Power Grid for the period of the lockdown. (Image Source: Reuters)
8. Power Sector Relief: Finance minister Nirmala Sitharaman has announced a one-time emergency fund of Rs 90,000 crore to help state-owned distribution companies (discoms) pay their dues to power generating companies (gencos) and transmission companies (transcos). The one-time fund will be provided by PFC and REC on certain conditions like introduction of digital payments for consumers, liquidation of state government's dues towards discoms, and reduction in financial and technical losses on account of electricity supply. RK Singh, Minister for Power and Renewable energy, clarified that the cost of rebate on account of deferment of fixed charges for the commercial and industrial consumers will be borne by the PSUs like NTPC, DVC, and Power Grid for the period of the lockdown. (Image Source: Reuters)
9. Half Of Dine-In Restaurants Revenue To Be Eaten Up in FY21, Says CRISIL: The COVID-19 pandemic is likely to cut 40-50 percent revenue of the country's organised dine-in restaurants this financial year, according to a report. Slow recovery should begin from June, Crisil Research said in a report. Given low demand and social distancing norms, restaurants will operate at 25-30 percent of their monthly service levels in the first 45 days after lifting of the lockdown, it said.
9. Half Of Dine-In Restaurants Revenue To Be Eaten Up in FY21, Says CRISIL: The COVID-19 pandemic is likely to cut 40-50 percent revenue of the country's organised dine-in restaurants this financial year, according to a report. Slow recovery should begin from June, Crisil Research said in a report. Given low demand and social distancing norms, restaurants will operate at 25-30 percent of their monthly service levels in the first 45 days after lifting of the lockdown, it said. "The organised sector has seen a 90 percent reduction in sales since the lockdown. Dine-in is not operational and online orders have declined 50-70 percent," Crisil Research Director Rahul Prithiani said. (Representational Image)
10. Private Sector To Have Major Job/Salary Cuts: The organised private sector in India is planning to have major job cuts/layoffs due to the coronavirus pandemic and lockdown that have significantly impacted the economic activities, says a report. According to the latest results of MyHiringClub.com and Sarkari-Naukri.info Layoff Survey 2020, 68 percent of the employers surveyed have either started the layoff process or are planning to. The online survey covered 1,124 companies across 11 industry sectors in 25 major cities. The survey was conducted between May 1 to May 10, 2020. Among the surveyed organizations, 73 percent said they have plans to decrease the salary of employees, 57 percent said this layoff is temporary, while 21 percent said they are doing permanent layoffs for at least 2 years. (Representational Image)
10. Private Sector To Have Major Job/Salary Cuts: The organised private sector in India is planning to have major job cuts/layoffs due to the coronavirus pandemic and lockdown that have significantly impacted the economic activities, says a report. According to the latest results of MyHiringClub.com and Sarkari-Naukri.info Layoff Survey 2020, 68 percent of the employers surveyed have either started the layoff process or are planning to. The online survey covered 1,124 companies across 11 industry sectors in 25 major cities. The survey was conducted between May 1 to May 10, 2020. Among the surveyed organizations, 73 percent said they have plans to decrease the salary of employees, 57 percent said this layoff is temporary, while 21 percent said they are doing permanent layoffs for at least 2 years. (Representational Image)
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