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10 things you need to know before the opening bell on May 18

Updated : 2020-05-18 08:03:05

The Indian market is likely to open marginally higher on Monday looking at the slew of measures announced by Finance Minister Nirmala Sitharaman to boost the economy amid the coronavirus-led disruption. At 7:25 am, the SGX Nifty was trading 36.50 points or 0.40 percent higher at 9,086.50, indicating a slightly higher start for the Sensex and Nifty50.

1. Asia:  Stocks in Asia were little changed in Monday morning trade as U.S. Federal Reserve Chairman Jerome Powell said the economy stateside may need a coronavirus vaccine to fully recover. Japan’s Nikkei 225 added 0.13 percent in early trade while the Topix index gained 0.18 percent. South Korea’s Kospi, on the other hand, dipped fractionally. Meanwhile in Australia, the S&P/ASX 200 jumped 1.1 percent. Overall, the MSCI Asia ex-Japan index traded 0.08 percent higher. (Image Source: Reuters)
1. Asia:  Stocks in Asia were little changed in Monday morning trade as U.S. Federal Reserve Chairman Jerome Powell said the economy stateside may need a coronavirus vaccine to fully recover. Japan’s Nikkei 225 added 0.13 percent in early trade while the Topix index gained 0.18 percent. South Korea’s Kospi, on the other hand, dipped fractionally. Meanwhile in Australia, the S&P/ASX 200 jumped 1.1 percent. Overall, the MSCI Asia ex-Japan index traded 0.08 percent higher. (Image Source: Reuters)
2. US: Futures contracts tied to the major U.S. stock indexes rose at the start of the overnight session Sunday evening as investors pored over comments on the state of the American economy from Federal Reserve Chairman Jerome Powell in light of last week’s market losses. Dow Jones Industrial Average futures climbed 214 points, implying an opening gain of 0.5 percent. S&P 500 and Nasdaq futures also rose and pointed to modest advances of 0.5 percent and 0.35 percent, respectively, at Monday’s open. (Image Source: AP)
2. US: Futures contracts tied to the major U.S. stock indexes rose at the start of the overnight session Sunday evening as investors pored over comments on the state of the American economy from Federal Reserve Chairman Jerome Powell in light of last week’s market losses. Dow Jones Industrial Average futures climbed 214 points, implying an opening gain of 0.5 percent. S&P 500 and Nasdaq futures also rose and pointed to modest advances of 0.5 percent and 0.35 percent, respectively, at Monday’s open. (Image Source: AP)
3. Market At Close On Friday: The benchmark indices Sensex and Nifty ended marginally lower after paring most of intraday losses on Friday. At close, the Sensex ended 25.16 points or 0.08 percent lower at 31,097.73 while Nifty closed at 9,136.85, down 5.90 points or 0.06 percent. About 1,068 shares advanced, 1,208 shares declined, and 176 shares remained unchanged. (Image Source: Reuters)
3. Market At Close On Friday: The benchmark indices Sensex and Nifty ended marginally lower after paring most of intraday losses on Friday. At close, the Sensex ended 25.16 points or 0.08 percent lower at 31,097.73 while Nifty closed at 9,136.85, down 5.90 points or 0.06 percent. About 1,068 shares advanced, 1,208 shares declined, and 176 shares remained unchanged. (Image Source: Reuters)
4. Crude Oil: Oil prices rose on Friday, posting their third week of gains, as data showed demand for crude picking up in China after the easing of curbs to stem the coronavirus outbreak, boosting hopes that the global supply overhang may start to fade. Brent crude was up $1.14, or 3.66 percent, to trade at $32.27 per barrel, while West Texas Intermediate settled up 5.9 percent to trade at $29.52 per barrel, having jumped 9 percent in the previous session. (Image Source: Reuters)
4. Crude Oil: Oil prices rose on Friday, posting their third week of gains, as data showed demand for crude picking up in China after the easing of curbs to stem the coronavirus outbreak, boosting hopes that the global supply overhang may start to fade. Brent crude was up $1.14, or 3.66 percent, to trade at $32.27 per barrel, while West Texas Intermediate settled up 5.9 percent to trade at $29.52 per barrel, having jumped 9 percent in the previous session. (Image Source: Reuters)
5. Rupee Close: The rupee pared initial gains and provisionally settled 2 paise lower at 75.58 against the US dollar on Friday as investors awaited fresh cues from further announcements on the fiscal stimulus package. Forex traders said the local currency was trading in a narrow range amid rising risk-aversion in the broader financial markets. At the interbank foreign exchange, the rupee opened at 75.51, but pared initial gains, and finally settled for the day at 75.58 - lower by just 2 paise over its previous close. (Image Source: Reuters)
5. Rupee Close: The rupee pared initial gains and provisionally settled 2 paise lower at 75.58 against the US dollar on Friday as investors awaited fresh cues from further announcements on the fiscal stimulus package. Forex traders said the local currency was trading in a narrow range amid rising risk-aversion in the broader financial markets. At the interbank foreign exchange, the rupee opened at 75.51, but pared initial gains, and finally settled for the day at 75.58 - lower by just 2 paise over its previous close. (Image Source: Reuters)
6. FM Nirmala Sitharaman's 5th Tranche Of Measures To Boost Economy: Finance Minister Nirmala Sitharaman announced the fifth and final tranche of measures under Prime Minister Narendra Modi’s ambitious Atmanirbhar Bharat Abhiyan outlining India’s massive Rs 20 lakh crore economic package on May 17. The measures announced on Sunday include MGNREGA, health and education, business and COVID-19, de-criminalisation of Companies Act, ease of doing business, public sector enterprise related matters and resources related to states. (Image Source: Reuters)
6. FM Nirmala Sitharaman's 5th Tranche Of Measures To Boost Economy: Finance Minister Nirmala Sitharaman announced the fifth and final tranche of measures under Prime Minister Narendra Modi’s ambitious Atmanirbhar Bharat Abhiyan outlining India’s massive Rs 20 lakh crore economic package on May 17. The measures announced on Sunday include MGNREGA, health and education, business and COVID-19, de-criminalisation of Companies Act, ease of doing business, public sector enterprise related matters and resources related to states. (Image Source: Reuters)
7. Centre Relaxes State Borrowing Norms: An increase in state borrowing limits will not impact the Centre’s FRBM law and no amendment is required for the same, government officials told CNBC-TV18. Officials mentioned that the hike in the borrowing limit may need amendments only to state FRBM Act, depending on how much additional borrowing the states opt for after factoring in revenues and other grants of the 15th Finance Commission. (Image Source: Reuters)
7. Centre Relaxes State Borrowing Norms: An increase in state borrowing limits will not impact the Centre’s FRBM law and no amendment is required for the same, government officials told CNBC-TV18. Officials mentioned that the hike in the borrowing limit may need amendments only to state FRBM Act, depending on how much additional borrowing the states opt for after factoring in revenues and other grants of the 15th Finance Commission. (Image Source: Reuters)
8. Government Identifies Champion Sectors In This Pandemic: The government has identified
8. Government Identifies Champion Sectors In This Pandemic: The government has identified "champion sectors" including leather, gems and jewellery, renewable energy, pharma and textiles, to provide hand-holding for investors with a focus on improving India's manufacturing capabilities, a top official said. Asserting that India must regain its rightful place in manufacturing, Secretary in the Department for Promotion of Industry and Internal Trade (DPIIT) Guruprasad Mohapatra said the whole world not only India has ceded the manufacturing space to a particular geography, in an apparent reference to China. "We have identified a few champion sectors," the DPIIT Secretary said, adding that these include leather, gems and jewellery, solar, renewables, pharmaceutical and textiles. (Image Source: Reuters)
9. ecommerce Industry Looks To Restart In Metros: As the country looks to open up several activities starting May 18, barring in containment zones, the e-commerce industry is hoping to restart deliveries of all products in metro cities where they have so far been allowed to deliver only essentials supplies as the cities were classified as red zones. However, the industry will now have to wait for states to issue guidelines and specify if e-commerce for non-essential products will be allowed in red zones. “The government seems to have created a negative list of a few prohibited activities and said that other activities will be allowed outside containment zones. This could apply to ecommerce as well. However, we will now have to wait for state governments to issue guidelines,” said an industry member, requesting anonymity. (Image Source: Reuters)
9. ecommerce Industry Looks To Restart In Metros: As the country looks to open up several activities starting May 18, barring in containment zones, the e-commerce industry is hoping to restart deliveries of all products in metro cities where they have so far been allowed to deliver only essentials supplies as the cities were classified as red zones. However, the industry will now have to wait for states to issue guidelines and specify if e-commerce for non-essential products will be allowed in red zones. “The government seems to have created a negative list of a few prohibited activities and said that other activities will be allowed outside containment zones. This could apply to ecommerce as well. However, we will now have to wait for state governments to issue guidelines,” said an industry member, requesting anonymity. (Image Source: Reuters)
10. COVID-19 Could Cost 135 Million Jobs: Following the COVID-19-induced economic disruptions, up to 135 million jobs could be lost and 120 million people might be pushed back into poverty in India, all of which will have a hit on consumer income, spending and savings, says a report. According to a new report by international management consulting firm Arthur D Little, the worst of COVID-19's impact will be felt by India's most vulnerable in terms of job loss, poverty increase and reduced per-capita income, which in turn will result in a steep decline in the Gross Domestic Product (GDP). (Image Source: Reuters)
10. COVID-19 Could Cost 135 Million Jobs: Following the COVID-19-induced economic disruptions, up to 135 million jobs could be lost and 120 million people might be pushed back into poverty in India, all of which will have a hit on consumer income, spending and savings, says a report. According to a new report by international management consulting firm Arthur D Little, the worst of COVID-19's impact will be felt by India's most vulnerable in terms of job loss, poverty increase and reduced per-capita income, which in turn will result in a steep decline in the Gross Domestic Product (GDP). (Image Source: Reuters)
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