• SENSEX
    NIFTY 50
Economy

10 things you need to know before the opening bell on May 26

Updated : 2020-05-26 07:47:20

The Indian stock market is expected to open higher on Tuesday following the positive trend in the global markets especially after American biotech firm Novavax said it started the first human study of its experimental coronavirus vaccine. At 7:20 am, the SGX Nifty traded 48 points higher at 9,154, indicating a positive start for the Sensex and Nifty50.

1. Asia: Stocks in Asia Pacific traded higher Tuesday morning after American biotech firm Novavax said Monday it started the first human study of its experimental coronavirus vaccine. In Japan, the Nikkei 225 rose 0.98 percent. The Topix index also gained 0.8 percent . The moves came after Japan’s Prime Minister Shinzo Abe announced Monday that the state of emergency will be lifted in the last five of the country’s 47 prefactures, according to state broadcaster NHK. South Korea’s Kospi also gained 0.42 percent. Meanwhile, shares in Australia edged higher, with the S&P/ASX 200 up 0.25 percent . Overall, the MSCI Asia ex-Japan index traded 0.11 percent higher. (Image Source: Reuters)
1. Asia: Stocks in Asia Pacific traded higher Tuesday morning after American biotech firm Novavax said Monday it started the first human study of its experimental coronavirus vaccine. In Japan, the Nikkei 225 rose 0.98 percent. The Topix index also gained 0.8 percent . The moves came after Japan’s Prime Minister Shinzo Abe announced Monday that the state of emergency will be lifted in the last five of the country’s 47 prefactures, according to state broadcaster NHK. South Korea’s Kospi also gained 0.42 percent.
Meanwhile, shares in Australia edged higher, with the S&P/ASX 200 up 0.25 percent .
Overall, the MSCI Asia ex-Japan index traded 0.11 percent higher. (Image Source: Reuters)
2. US: Stock futures traded higher on Monday to begin a holiday-shortened week, as optimism about a potential coronavirus vaccine built. Futures on the Dow Jones Industrial Average jumped about 230 points. The S&P 500 futures rose 1.1 percent and the Nasdaq 100 futures climbed 1.0 percent. Trading volumes remained thin in overnight action. U.S. markets were closed Monday in observance of Memorial Day. The moves in stock futures followed a solid week for Wall Street that saw the 30-stock Dow rise 3.3 percent , posting its best weekly performance since April. The S&P 500 and Nasdaq also climbed more than 3 percent last week.  (Image Source: Reuters)
2. US: Stock futures traded higher on Monday to begin a holiday-shortened week, as optimism about a potential coronavirus vaccine built. Futures on the Dow Jones Industrial Average jumped about 230 points. The S&P 500 futures rose 1.1 percent and the Nasdaq 100 futures climbed 1.0 percent. Trading volumes remained thin in overnight action. U.S. markets were closed Monday in observance of Memorial Day. The moves in stock futures followed a solid week for Wall Street that saw the 30-stock Dow rise 3.3 percent , posting its best weekly performance since April. The S&P 500 and Nasdaq also climbed more than 3 percent last week.  (Image Source: Reuters)
3. Market At Close On Friday: Indian shares tumbled on Friday, with banks and financial stocks leading the fall after Reserve Bank of India (RBI) announcements failed to impress investors. The Sensex ended 260 points lower at 30,672, while the Nifty50 fell 67 points to settle at 9,039.  (Image Source: Reuters)
3. Market At Close On Friday: Indian shares tumbled on Friday, with banks and financial stocks leading the fall after Reserve Bank of India (RBI) announcements failed to impress investors. The Sensex ended 260 points lower at 30,672, while the Nifty50 fell 67 points to settle at 9,039.  (Image Source: Reuters)
4. Crude Oil: Oil prices eased on Monday on concerns over rising tensions between the United States and China over Beijing’s plans to impose security laws on Hong Kong and the possibility of sanctions from Washington. Brent was down 19 cents, or 0.5 percent, at $34.94 a barrel by 0152 GMT. U.S. oil was down by 6 cents, or 0.2 percent, at $33.19 a barrel. Both contracts have risen for the past four weeks, although prices are still down around 45 percent so far this year. (Image Source: Reuters)
4. Crude Oil: Oil prices eased on Monday on concerns over rising tensions between the United States and China over Beijing’s plans to impose security laws on Hong Kong and the possibility of sanctions from Washington. Brent was down 19 cents, or 0.5 percent, at $34.94 a barrel by 0152 GMT. U.S. oil was down by 6 cents, or 0.2 percent, at $33.19 a barrel. Both contracts have risen for the past four weeks, although prices are still down around 45 percent so far this year. (Image Source: Reuters)
5. Rupee Close: Rupee closed at 75.86 against US Dollar. It traded between 75.62 and 75.98. US Dollar index surged 0.35 percent to close at 99.72 with greenback’s strength. Goldman Sachs reported that India’s GDP could soar up to 20 percent in the 3rd quarter of 2020-2021. Weak domestic market and rising tension between the US and China forced Rupee to drop so low. Forex investors were not cheered with the RBI’s announcement of cutting interest rates, an extension of loan repayment and benefitting the corporate for providing support to the economy. (Image Source: Reuters)
5. Rupee Close: Rupee closed at 75.86 against US Dollar. It traded between 75.62 and 75.98. US Dollar index surged 0.35 percent to close at 99.72 with greenback’s strength. Goldman Sachs reported that India’s GDP could soar up to 20 percent in the 3rd quarter of 2020-2021. Weak domestic market and rising tension between the US and China forced Rupee to drop so low. Forex investors were not cheered with the RBI’s announcement of cutting interest rates, an extension of loan repayment and benefitting the corporate for providing support to the economy. (Image Source: Reuters)
6. Finance Ministry Not Considering Imposing Levy To Boost Revenues: As GST Council is expected to meet next month, the Finance Ministry has ruled out any tinkering with the tax structure at the moment. Sources in the Finance Ministry told CNBC-TV18,
6. Finance Ministry Not Considering Imposing Levy To Boost Revenues: As GST Council is expected to meet next month, the Finance Ministry has ruled out any tinkering with the tax structure at the moment. Sources in the Finance Ministry told CNBC-TV18, "Tinkering with the taxes or cess would not be a prudent option at all. Any such measure would further dampen the consumers’ sentiments and could weaken markets’ strength, especially when the Government is endeavouring its best to boost consumption." Centre has also ruled out the option of introducing any fresh cesses to meet with the current revenue challenges. (Image Source: Reuters)
7. Anand Mahindra On Medical Crisis: Mahindra Group Chairman Anand Mahindra on Monday said lockdown extensions are not just economically disastrous but also create another medical crisis. While acknowledging that choices are not easy for policy makers, he said a lockdown extension will not help.
7. Anand Mahindra On Medical Crisis: Mahindra Group Chairman Anand Mahindra on Monday said lockdown extensions are not just economically disastrous but also create another medical crisis. While acknowledging that choices are not easy for policy makers, he said a lockdown extension will not help. "Lockdown extensions aren't just economically disastrous, as I had tweeted earlier, but also create another medical crisis," Mahindra said in a tweet. He said, "The numbers (coronavirus cases) will continue to rise & the focus must be on rapid expansion of field hospital beds with oxygen lines".
He further said, "The army has enormous expertise in this". (Image Source: Reuters)

8. City Gas Operators Seek Tax Relief: Pummeled by evaporating demand and fall in business due to the lockdown, city gas operators such as Adani Gas, GAIL and Torrent Gas have sought tax relief and loan restructuring to tide over difficult times. Natural Gas Society (NGS), which represents CNG and piped natural gas retailers in the country, has written to the Oil Secretary Tarun Kapoor seeking government support in expansion of the city gas distribution (CGD) business and the share of natural gas in the country's energy basket.
8. City Gas Operators Seek Tax Relief: Pummeled by evaporating demand and fall in business due to the lockdown, city gas operators such as Adani Gas, GAIL and Torrent Gas have sought tax relief and loan restructuring to tide over difficult times. Natural Gas Society (NGS), which represents CNG and piped natural gas retailers in the country, has written to the Oil Secretary Tarun Kapoor seeking government support in expansion of the city gas distribution (CGD) business and the share of natural gas in the country's energy basket. "The CGD sector has been among the worst hit during the current lockdown with consumption reduced by over 80 per cent and now, the further extension of the lockdown, this will only bring additional hardship to the industry," it wrote. (Image Source: PTI)
9. World Has Deployed Nearly $9 Trillion, Says IMF: With the COVID-19 pandemic spreading, and the
9. World Has Deployed Nearly $9 Trillion, Says IMF: With the COVID-19 pandemic spreading, and the "Great Lockdown" continuing, countries around the world have deployed over $9 trillion to help people and firms get through the COVID-19 crisis, IMF said on Monday. A blog published by the International Monetary Fund (IMF) shows that the total global fiscal support now stands at $9 trillion, which is higher by over $1 trillion compared to its estimates published last month. The direct budget support is currently estimated at $4.4 trillion globally, and additional public sector loans and equity injections, guarantees, and other quasi-fiscal operations amount to another $4.6 trillion. (Image Source: Reuters)
10. Office Space Demand May Fall 5-15%: Office space demand may fall by 5-15 percent as corporates look to adapt to work from home (WFH) policy, but offices will not lose their importance as remote working poses various challenges like data privacy and staff productivity, according to top officials of eight property consultants. This minimal impact on office demand in the medium term could get compensated from additional space that corporates might need to maintain social distancing among staff and control the spread of the coronavirus disease, they said. (Image Source: Reuters)
10. Office Space Demand May Fall 5-15%: Office space demand may fall by 5-15 percent as corporates look to adapt to work from home (WFH) policy, but offices will not lose their importance as remote working poses various challenges like data privacy and staff productivity, according to top officials of eight property consultants. This minimal impact on office demand in the medium term could get compensated from additional space that corporates might need to maintain social distancing among staff and control the spread of the coronavirus disease, they said. (Image Source: Reuters)
Live TV

recommended for you

Ask Our Experts CNBC TV18

Advertisement