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10 things you need to know before the opening bell on May 21

Updated : 2020-05-21 08:05:21

The Indian market is likely to open lower on Thursday tracking global markets that are trading mixed but mostly in lower range. At 7:25 am, the SGX Nifty traded 27 points lower at 9,058, indicating a negative start for the Sensex and Nifty50.

1. Asia: Stocks in Asia Pacific were mixed on Wednesday as China’s benchmark lending rate was left unchanged. In Japan, the Nikkei 225 rose 0.79 percent to close at 20,595.15 while the Topix index gained 0.58 percent to end its trading day at 1,494.69. South Korea’s Kospi ended its trading day 0.46 percent higher at 1,989.64. Hong Kong’s Hang Seng index dipped 0.1 percent, as of its final hour of trading. Over in Australia, the S&P/ASX 200 gained 0.24 percent to close at 5,573. Overall, the MSCI Asia ex-Japan index was slightly higher. (Image: Reuters)
1. Asia: Stocks in Asia Pacific were mixed on Wednesday as China’s benchmark lending rate was left unchanged. In Japan, the Nikkei 225 rose 0.79 percent to close at 20,595.15 while the Topix index gained 0.58 percent to end its trading day at 1,494.69. South Korea’s Kospi ended its trading day 0.46 percent higher at 1,989.64. Hong Kong’s Hang Seng index dipped 0.1 percent, as of its final hour of trading. Over in Australia, the S&P/ASX 200 gained 0.24 percent to close at 5,573. Overall, the MSCI Asia ex-Japan index was slightly higher. (Image: Reuters)
2. Wall Street: Futures contracts tied to the major U.S. stock indexes dipped in the overnight session Wednesday evening as investors took a breather from Wall Street’s robust gains so far this week. Dow Jones Industrial Average futures shed 63 points, indicating an opening loss of about 50 points. S&P 500 and Nasdaq-100 futures also pointed to slight weakness at Thursday’s open. The overnight moves Wednesday evening promised to add to sharp rallies in the major stock indexes so far this week. (Image: AP)
2. Wall Street: Futures contracts tied to the major U.S. stock indexes dipped in the overnight session Wednesday evening as investors took a breather from Wall Street’s robust gains so far this week. Dow Jones Industrial Average futures shed 63 points, indicating an opening loss of about 50 points. S&P 500 and Nasdaq-100 futures also pointed to slight weakness at Thursday’s open. The overnight moves Wednesday evening promised to add to sharp rallies in the major stock indexes so far this week. (Image: AP)
3. Market At Close On Wednesday: Indian shares rose on Wednesday after the country’s finance minister suggested she would not rule out further stimulus measures to aid an economic recovery, following poor reaction to an already announced package. The BSE Sensex ended 622 points higher at 30,818 while the Nifty rose 187 points to settle at 9,066. Gains were led by banking stocks and index heavyweights like RIL, L&T, and ITC.  (Image: Reuters)
3. Market At Close On Wednesday: Indian shares rose on Wednesday after the country’s finance minister suggested she would not rule out further stimulus measures to aid an economic recovery, following poor reaction to an already announced package. The BSE Sensex ended 622 points higher at 30,818 while the Nifty rose 187 points to settle at 9,066. Gains were led by banking stocks and index heavyweights like RIL, L&T, and ITC.  (Image: Reuters)
4. Crude Oil: Oil prices firmed on Wednesday on signs of improving demand and a drawdown in U.S. crude inventories, but worries over the economic fallout from the coronavirus pandemic and weak refining margins capped gains. West Texas Intermediate July crude futures gained $1.53, or 4.79 percent, to settle at $33.49 per barrel. Brent crude futures rose $1.10, or 3.2 percent, to settle at $35.75 per barrel. (Image: Reuters)
4. Crude Oil: Oil prices firmed on Wednesday on signs of improving demand and a drawdown in U.S. crude inventories, but worries over the economic fallout from the coronavirus pandemic and weak refining margins capped gains. West Texas Intermediate July crude futures gained $1.53, or 4.79 percent, to settle at $33.49 per barrel. Brent crude futures rose $1.10, or 3.2 percent, to settle at $35.75 per barrel. (Image: Reuters)
5. Rupee Close: The rupee depreciated by 14 paise to 75.80 (provisional) against the US dollar on Wednesday as headwinds due to US-China trade tiff and worries over the second wave of coronavirus infection weighed on investor sentiment. Forex traders said positive domestic equities supported the local unit, while sustained foreign fund outflows, US-China trade tiff and concerns over coronavirus pandemic weighed on the local unit. At the interbank foreign exchange, the rupee opened at 75.60, but pared the initial gains to finally close at 75.80, registering a fall of 14 paise over its previous close. (Image: Reuters)
5. Rupee Close: The rupee depreciated by 14 paise to 75.80 (provisional) against the US dollar on Wednesday as headwinds due to US-China trade tiff and worries over the second wave of coronavirus infection weighed on investor sentiment. Forex traders said positive domestic equities supported the local unit, while sustained foreign fund outflows, US-China trade tiff and concerns over coronavirus pandemic weighed on the local unit. At the interbank foreign exchange, the rupee opened at 75.60, but pared the initial gains to finally close at 75.80, registering a fall of 14 paise over its previous close. (Image: Reuters)
6. Cabinet Oks Rs 3 Lakh Crore MSME Package: The union cabinet on Wednesday cleared Rs 3 lakh crore micro, small and medium enterprise (MSME) funding scheme to mitigate the economic distress being faced by the small businesses in the light of the COVID-19 pandemic. Under the Scheme, 100 percent guarantee coverage will be provided by National Credit Guarantee Trustee Company Limited (NCGTC) for additional funding of up to Rs 3 lakh crore to eligible MSMEs and interested MUDRA borrowers, in the form of a Guaranteed Emergency Credit Line (GECL) facility. For this purpose, corpus of Rs 41,600 crore shall be provided by the government of India spread over the current and the next three financial years. (Representational Image)
6. Cabinet Oks Rs 3 Lakh Crore MSME Package: The union cabinet on Wednesday cleared Rs 3 lakh crore micro, small and medium enterprise (MSME) funding scheme to mitigate the economic distress being faced by the small businesses in the light of the COVID-19 pandemic. Under the Scheme, 100 percent guarantee coverage will be provided by National Credit Guarantee Trustee Company Limited (NCGTC) for additional funding of up to Rs 3 lakh crore to eligible MSMEs and interested MUDRA borrowers, in the form of a Guaranteed Emergency Credit Line (GECL) facility. For this purpose, corpus of Rs 41,600 crore shall be provided by the government of India spread over the current and the next three financial years. (Representational Image)
7. Government Approves Methodology For Commercial Mining, Sale Of Coal: The government on Wednesday approved a methodology for commercial mining of coal on revenue sharing basis. The decision was taken during the meeting of the Cabinet Committee on Economic Affairs (CCEA) under the chairmanship of Prime Minister Narendra Modi. The CCEA
7. Government Approves Methodology For Commercial Mining, Sale Of Coal: The government on Wednesday approved a methodology for commercial mining of coal on revenue sharing basis. The decision was taken during the meeting of the Cabinet Committee on Economic Affairs (CCEA) under the chairmanship of Prime Minister Narendra Modi. The CCEA "has approved the methodology for auction of coal and lignite mines/blocks for sale of coal/lignite on revenue sharing basis and increasing the tenure of coking coal linkage", an official release said. (Image: Reuters)
8. India, Bangladesh Sign Pact To Operationalize 5 More Ports Of Call: India and Bangladesh on Wednesday signed an agreement to operationalise five new ports of call and two new protocol routes to boost the bilateral trade. India and Bangladesh during Standing Committee on the Protocol and Shipping Secretary-level talks in October 2018 and December 2019 had decided to extend protocol routes, include new routes and increase ports of call.
8. India, Bangladesh Sign Pact To Operationalize 5 More Ports Of Call: India and Bangladesh on Wednesday signed an agreement to operationalise five new ports of call and two new protocol routes to boost the bilateral trade. India and Bangladesh during Standing Committee on the Protocol and Shipping Secretary-level talks in October 2018 and December 2019 had decided to extend protocol routes, include new routes and increase ports of call. "These decisions have been made effective with the signing of 2nd Addendum to the Protocol today...The number of Indo Bangladesh Protocol (IBP) routes are being increased from 8 to 10 and new locations are also added to the existing routes," it said. Ports of call are intermediate stops for a ship on its scheduled journey for taking on supplies or fuel. (Image:AP)
9. Fitch Ratings Over NBFIs: Fitch Ratings on Wednesday said support measures announced by the government for non-banking finance companies seek to ease borrower strain and boost funding conditions for NBFIs, but successful implementation will be the key. In a statement Fitch said, NBFIs will continue to face considerable risks to their asset quality and liquidity even as the economy reopens gradually and banks - the major source of incremental NBFI funding - will remain cautious in the face of looming asset quality pressure. The government last week announced a Rs 75,000 crore support package for NBFIs.  (Image: Reuters)
9. Fitch Ratings Over NBFIs: Fitch Ratings on Wednesday said support measures announced by the government for non-banking finance companies seek to ease borrower strain and boost funding conditions for NBFIs, but successful implementation will be the key. In a statement Fitch said, NBFIs will continue to face considerable risks to their asset quality and liquidity even as the economy reopens gradually and banks - the major source of incremental NBFI funding - will remain cautious in the face of looming asset quality pressure. The government last week announced a Rs 75,000 crore support package for NBFIs.  (Image: Reuters)
10. Credit Suisse On Stimulus Package: The government's Rs 20 lakh crore fiscal stimulus package lacks major near-term support for the economy and may not be adequate to restore the country's growth, Credit Suisse Wealth Management said in a report.
10. Credit Suisse On Stimulus Package: The government's Rs 20 lakh crore fiscal stimulus package lacks major near-term support for the economy and may not be adequate to restore the country's growth, Credit Suisse Wealth Management said in a report. "India's response to the COVID-19 crisis lacks major or innovative near-term fiscal support, and fails to provide the much-needed impetus to stimulate growth and kick-start economic growth," Credit Suisse Wealth Management's Head (India Equity Research), Jitendra Gohil, said in India Market Outlook and Strategy report. Of the Rs 20 lakh crore package announced, actual fiscal spending of around Rs 2 lakh crore (only 1 percent of GDP) shows fiscal caution in the government measures, he said. (Image: Reuters)
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