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10 things you need to know before the opening bell on May 20

Updated : 2020-05-20 08:04:36

The Indian market is likely to open flat or slightly higher on Wednesday following mixed trade in the global markets. At 7:24 am, the SGX Nifty traded 18 points higher at 8,919, indicating a flat-to-positive start for the Sensex and Nifty50.

1. Asia: Stocks in Asia Pacific were mixed in Wednesday morning trade as investors await the release of China’s benchmark lending rate. In Japan, the Nikkei 225 rose 0.42 percent while the Topix index gained 0.13 percent. South Korea’s Kospi was largely flat. Over in Australia, the S&P/ASX 200 declined 0.81 percent. Overall, the MSCI Asia ex-Japan index traded 0.18 percent lower. (Image: AP)
1. Asia: Stocks in Asia Pacific were mixed in Wednesday morning trade as investors await the release of China’s benchmark lending rate. In Japan, the Nikkei 225 rose 0.42 percent while the Topix index gained 0.13 percent. South Korea’s Kospi was largely flat. Over in Australia, the S&P/ASX 200 declined 0.81 percent. Overall, the MSCI Asia ex-Japan index traded 0.18 percent lower. (Image: AP)
2. US: U.S. stock futures ticked higher in overnight trading and pointed to modest gains at the open Wednesday, following a weak session that snapped a three-day winning streak for markets. Fueling the volatility is uncertainty around a possible coronavirus treatment and vaccine and how economies will fare in reopening, from a health perspective. Dow futures rose 0.3 percent, indicating a gain of 70 points. The S&P 500 and Nasdaq were also set to open higher with gains of 0.22 percent and 0.17 percent, respectively. (Image: Reuters)
2. US: U.S. stock futures ticked higher in overnight trading and pointed to modest gains at the open Wednesday, following a weak session that snapped a three-day winning streak for markets. Fueling the volatility is uncertainty around a possible coronavirus treatment and vaccine and how economies will fare in reopening, from a health perspective. Dow futures rose 0.3 percent, indicating a gain of 70 points. The S&P 500 and Nasdaq were also set to open higher with gains of 0.22 percent and 0.17 percent, respectively. (Image: Reuters)
3. Market At Close On Tuesday: Indian shares followed world markets higher on Tuesday, after three straight sessions of declines, spurred by gains in Bharti Airtel and positive data from an early trial of a potential COVID-19 vaccine. The Sensex ended 167 points higher at 30,196, while the Nifty rose 56 points to settle at 8,879. However, market breadth was in favour of declines with the advance-decline ratio at 3:4. (Image: AP)
3. Market At Close On Tuesday: Indian shares followed world markets higher on Tuesday, after three straight sessions of declines, spurred by gains in Bharti Airtel and positive data from an early trial of a potential COVID-19 vaccine. The Sensex ended 167 points higher at 30,196, while the Nifty rose 56 points to settle at 8,879. However, market breadth was in favour of declines with the advance-decline ratio at 3:4. (Image: AP)
4. Crude Oil: Oil prices rose on Tuesday amid signs that producers are cutting output as promised and on signs of increasing demand as more countries ease out of curbs imposed to counter the coronavirus pandemic. The front-month contract for West Texas Intermediate crude, which is set to expire on Tuesday, gained 68 cents, or 2.14 percent, to settle at $32.50 per barrel. The July contract, which was trading at vastly higher volumes, traded slightly higher at $31.89 per barrel. International benchmark Brent crude shed 16 cents, or 0.46 percent, to settle at $34.65 per barrel. (Image: Reuters)
4. Crude Oil: Oil prices rose on Tuesday amid signs that producers are cutting output as promised and on signs of increasing demand as more countries ease out of curbs imposed to counter the coronavirus pandemic. The front-month contract for West Texas Intermediate crude, which is set to expire on Tuesday, gained 68 cents, or 2.14 percent, to settle at $32.50 per barrel. The July contract, which was trading at vastly higher volumes, traded slightly higher at $31.89 per barrel. International benchmark Brent crude shed 16 cents, or 0.46 percent, to settle at $34.65 per barrel. (Image: Reuters)
5. Rupee Close: Indian rupee has ended near the day's high level at 75.64, amid buying seen in the domestic equity market. It opened 13 paise higher at 75.78 per dollar against previous close of 75.91 and traded in the range of 75.61-75.79. The dollar nursed losses against major currencies on Tuesday after encouraging data from the trial of a vaccine for COVID-19 reduced safe-haven demand for the greenback. (Image: Reuters)
5. Rupee Close: Indian rupee has ended near the day's high level at 75.64, amid buying seen in the domestic equity market. It opened 13 paise higher at 75.78 per dollar against previous close of 75.91 and traded in the range of 75.61-75.79. The dollar nursed losses against major currencies on Tuesday after encouraging data from the trial of a vaccine for COVID-19 reduced safe-haven demand for the greenback. (Image: Reuters)
6. SEBI Allows MFs To Make Additional Investments In Government Bonds: Markets regulator Sebi has permitted mutual funds to make additional investment in government securities and treasury bills for corporate bond, banking and public sector undertaking, and credit risk funds, industry sources said. In a letter to Amfi, Sebi said asset management companies (AMCs) can invest an additional 15 percent of assets under management (AUM) of corporate bond, banking and PSU and credit risk funds in government securities and treasury bills. It, further, said that such additional investment in government securities and treasury bills is optional for mutual funds. (Image: Reuters)
6. SEBI Allows MFs To Make Additional Investments In Government Bonds: Markets regulator Sebi has permitted mutual funds to make additional investment in government securities and treasury bills for corporate bond, banking and public sector undertaking, and credit risk funds, industry sources said. In a letter to Amfi, Sebi said asset management companies (AMCs) can invest an additional 15 percent of assets under management (AUM) of corporate bond, banking and PSU and credit risk funds in government securities and treasury bills. It, further, said that such additional investment in government securities and treasury bills is optional for mutual funds. (Image: Reuters)
7. Government To Revise Criteria For Classifying 'Medium' Enterprises Under MSME: Days after changing the definition of MSMEs, the government has decided to further revise the criteria for medium units by enhancing the investment and turnover limits to up to Rs 50 crore and Rs 200 crore respectively.
7. Government To Revise Criteria For Classifying 'Medium' Enterprises Under MSME: Days after changing the definition of MSMEs, the government has decided to further revise the criteria for medium units by enhancing the investment and turnover limits to up to Rs 50 crore and Rs 200 crore respectively. "We have taken a decision to raise the up to Rs 20 crore investment (criteria) to up to 50 crore and turnover (limit) to up to Rs 200 crore. So we will issue an order for that," Gadkari said. The minister for MSME and Road Transport and Highways, Gadkari, said he feels the criteria should be based on investment "or" turnover instead of investment and turnover both as announced, adding that the government "will rectify the same". (Image: PTI)
8. Industrial Hubs Face Labour Availability Issues: A day after the Delhi government announced relaxations during the extended lockdown, the industrial hubs in the city resumed functioning on Tuesday but faced issues of labour availability and disruptions in supply chain. Nearly 300 out of around 1,100 units in Mayapuri Industrial Area opened on Tuesday, following the relaxations announced by Chief Minister Arvind Kejriwal on Monday. The situation will not improve until all the links in the chain, including raw materials, manufacturing, transport, labour and the market are restored, said RK Gupta, general secretary of Mayapuri Rewari Line Industrial Welfare Association. (Image: Reuters)
8. Industrial Hubs Face Labour Availability Issues: A day after the Delhi government announced relaxations during the extended lockdown, the industrial hubs in the city resumed functioning on Tuesday but faced issues of labour availability and disruptions in supply chain. Nearly 300 out of around 1,100 units in Mayapuri Industrial Area opened on Tuesday, following the relaxations announced by Chief Minister Arvind Kejriwal on Monday. The situation will not improve until all the links in the chain, including raw materials, manufacturing, transport, labour and the market are restored, said RK Gupta, general secretary of Mayapuri Rewari Line Industrial Welfare Association. (Image: Reuters)
9. Rishi Sunak Warns UK Headed For Severe Recession: UK Chancellor Rishi Sunak on Tuesday warned that Britain's economy was headed for a
9. Rishi Sunak Warns UK Headed For Severe Recession: UK Chancellor Rishi Sunak on Tuesday warned that Britain's economy was headed for a "severe recession" and that any recovery from the coronavirus lockdown impact is unlikely to be swift. The Indian-origin finance minister, who is leading the UK government's economic response to the pandemic and related business slowdown, told the House of Lords Economic Committee that despite his best efforts, more jobs will be lost. "This lockdown is having a very significant impact on our economy. We are likely to face a severe recession, the likes of which we haven't seen, and of course that will have an impact on employment," said Sunak. (Image: Reuters)
10. Cab Drivers Face Issue As They Resume Work: Cab drivers faced a number of challenges -- right from trouble starting their cars to finding fewer passengers to ferry -- as they resumed work in various cities after nearly two months of lockdown. A senior industry executive, who did not wish to be named, said the demand currently remains low for cab aggregators.
10. Cab Drivers Face Issue As They Resume Work: Cab drivers faced a number of challenges -- right from trouble starting their cars to finding fewer passengers to ferry -- as they resumed work in various cities after nearly two months of lockdown. A senior industry executive, who did not wish to be named, said the demand currently remains low for cab aggregators. "There are no airport or corporate trips, people aren't making any leisure trips and only few people are commuting. So, the volumes are low. It should pick up as more offices open and people resume work," he said. Another executive noted that the number of drivers logging on could also be impacted as many of them have travelled back to their home states amid the lockdown. (Image: AP)
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