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10 things you need to know before the opening bell on November 7

Updated : 2019-11-07 07:19:45

The Indian market is expected to open higher on Thursday as in a major booster for the real estate sector, the government on Wednesday announced a special window to provide priority debt financing for the completion of stalled housing projects in the affordable and middle-income housing sector. The government will invest Rs 10,000 crore in the Rs 25,000 crore alternative investment fund (AIF). Besides, at 7:05 am, the SGX Nifty, an indicator of the opening for the Sensex and the Nifty, was trading 13 points or 0.11 percent higher at 12,020.50, hinting at a positive start for the domestic market.

1. Asia: Asian shares paused near multi-month peaks on Thursday while bonds eked out a bounce as reports of delays in sealing a preliminary Sino-U.S. trade deal left investors frustrated at the lack of concrete progress. MSCI's broadest index of Asia-Pacific shares outside Japan was a shade lower, just off a six-month highs hit earlier in the week. Japan's Nikkei started in the red, having touched a 13-month top on Wednesday, while South Korean stocks were 0.3 percent down after hitting their highest since May. E-Mini futures for the S&P 500 were down a notch. (Image: Reuters)
1. Asia: Asian shares paused near multi-month peaks on Thursday while bonds eked out a bounce as reports of delays in sealing a preliminary Sino-U.S. trade deal left investors frustrated at the lack of concrete progress. MSCI's broadest index of Asia-Pacific shares outside Japan was a shade lower, just off a six-month highs hit earlier in the week. Japan's Nikkei started in the red, having touched a 13-month top on Wednesday, while South Korean stocks were 0.3 percent down after hitting their highest since May. E-Mini futures for the S&P 500 were down a notch. (Image: Reuters)
2. US: U.S. stocks ended little changed on Wednesday as a report the U.S.-China trade deal could be delayed until December was offset by gains in healthcare shares. The Nasdaq broke a three-day string of record closing highs, and the Dow barely snapped its two-day run of record highs. The Dow Jones Industrial Average fell 0.07 points to 27,492.56, the S&P 500 gained 2.16 points, or 0.07 percent, to 3,076.78 and the Nasdaq Composite dropped 24.05 points, or 0.29 percent, to 8,410.63. (Image: AP)
2. US: U.S. stocks ended little changed on Wednesday as a report the U.S.-China trade deal could be delayed until December was offset by gains in healthcare shares. The Nasdaq broke a three-day string of record closing highs, and the Dow barely snapped its two-day run of record highs. The Dow Jones Industrial Average fell 0.07 points to 27,492.56, the S&P 500 gained 2.16 points, or 0.07 percent, to 3,076.78 and the Nasdaq Composite dropped 24.05 points, or 0.29 percent, to 8,410.63. (Image: AP)
3. Markets At Close On Wednesday:  Indian shares closed Wednesday's trade with gains, but benchmark equity indices settled off intra-day highs. Trade sentiment turned positive on the back of the strong inflow of foreign funds and earnings optimism amid positive global cues, especially on the US-China trade war front. The Sensex ended the day 221 points higher at 40,469, while the broader Nifty50 index gained 43.85 points higher to end the day at 11,996. Meanwhile, foreign institutional investors bought 1,011 crores in the cash market while domestic institutional investors sold 1,117 crores. (Image: Reuters)
3. Markets At Close On Wednesday:  Indian shares closed Wednesday's trade with gains, but benchmark equity indices settled off intra-day highs. Trade sentiment turned positive on the back of the strong inflow of foreign funds and earnings optimism amid positive global cues, especially on the US-China trade war front. The Sensex ended the day 221 points higher at 40,469, while the broader Nifty50 index gained 43.85 points higher to end the day at 11,996. Meanwhile, foreign institutional investors bought 1,011 crores in the cash market while domestic institutional investors sold 1,117 crores. (Image: Reuters)
4. Crude Oil: Oil prices dropped more than $1 a barrel on Wednesday after a much larger-than-expected build in U.S. crude inventories and after Reuters reported that the signing of a U.S.-China trade deal could be delayed until December. Brent crude settled at $61.74 a barrel, losing $1.22 cents, or 1.94 percent. West Texas Intermediate crude settled at $56.35 a barrel, losing 88 cents, or 1.54 percent. (Image: Reuters)
4. Crude Oil: Oil prices dropped more than $1 a barrel on Wednesday after a much larger-than-expected build in U.S. crude inventories and after Reuters reported that the signing of a U.S.-China trade deal could be delayed until December. Brent crude settled at $61.74 a barrel, losing $1.22 cents, or 1.94 percent. West Texas Intermediate crude settled at $56.35 a barrel, losing 88 cents, or 1.54 percent. (Image: Reuters)
5. Currency: Snapping its three-session winning streak, the Indian rupee declined 28 paise on Wednesday to close at 70.97 against the US dollar. However, weakening of the US dollar vis-a-vis other currencies overseas and easing crude oil prices restricted the fall, forex brokers said. At the interbank foreign exchange market, the rupee opened at 70.80 and fell to 71.01 against the US dollar intra-day. The local unit finally settled at 70.97, down 28 paise over its previous closing. The Indian rupee had closed at 70.69 against the US dollar on Tuesday. (Image: Reuters)
5. Currency: Snapping its three-session winning streak, the Indian rupee declined 28 paise on Wednesday to close at 70.97 against the US dollar. However, weakening of the US dollar vis-a-vis other currencies overseas and easing crude oil prices restricted the fall, forex brokers said. At the interbank foreign exchange market, the rupee opened at 70.80 and fell to 71.01 against the US dollar intra-day. The local unit finally settled at 70.97, down 28 paise over its previous closing. The Indian rupee had closed at 70.69 against the US dollar on Tuesday. (Image: Reuters)
6. The government on Wednesday approved a Rs 25,000 crore fund to help complete over 1,600 stalled housing projects, including ones that have been declared bad loans or admitted for insolvency proceedings, as it looks to boost growth by steering consumption in real estate and associated sectors. Finance Minister Nirmala Sitharaman said the Alternative Investment Fund (AIF) will comprise Rs 10,000 crore coming from the government and the remaining being provided by state insurer LIC and the country's largest lender SBI. In all, 4.58 lakh housing units are being targeted to be completed with a view to generate employment as well as revive demand of cement, iron and steel industries. (File Photo: IANS)
6. The government on Wednesday approved a Rs 25,000 crore fund to help complete over 1,600 stalled housing projects, including ones that have been declared bad loans or admitted for insolvency proceedings, as it looks to boost growth by steering consumption in real estate and associated sectors. Finance Minister Nirmala Sitharaman said the Alternative Investment Fund (AIF) will comprise Rs 10,000 crore coming from the government and the remaining being provided by state insurer LIC and the country's largest lender SBI. In all, 4.58 lakh housing units are being targeted to be completed with a view to generate employment as well as revive demand of cement, iron and steel industries. (File Photo: IANS)
7. Petroleum Minister On Oil Import: The government is on track to meet the target of cutting India's oil import dependence by 10 percent by 2020, Petroleum Minister Dharmendra Pradhan said on Wednesday. Speaking at the 'Urja Sangam' conference in March 2015, Prime Minister Narendra Modi had said that India needs to bring down its oil import dependence from 77 percent in 2013-14, to 67 percent by 2022, when India will celebrate its 75th year of independence. Further, the dependence can be cut to half by 2030, he had said. But with consumption growing at a brisk pace and domestic output remaining stagnant, India's oil import dependence has risen from 82.9 percent in 2017-18, to 83.7 percent in 2018-19, according to the oil ministry's Petroleum Planning and Analysis Cell (PPAC). (Image: Reuters)
7. Petroleum Minister On Oil Import: The government is on track to meet the target of cutting India's oil import dependence by 10 percent by 2020, Petroleum Minister Dharmendra Pradhan said on Wednesday. Speaking at the 'Urja Sangam' conference in March 2015, Prime Minister Narendra Modi had said that India needs to bring down its oil import dependence from 77 percent in 2013-14, to 67 percent by 2022, when India will celebrate its 75th year of independence. Further, the dependence can be cut to half by 2030, he had said. But with consumption growing at a brisk pace and domestic output remaining stagnant, India's oil import dependence has risen from 82.9 percent in 2017-18, to 83.7 percent in 2018-19, according to the oil ministry's Petroleum Planning and Analysis Cell (PPAC). (Image: Reuters)
8. CRISIL Report On Road Development: Road developers are looking at a massive plunge in their revenue growth to the tune of 50 percent during the current and next fiscals mainly due to the delays in awarding new projects, says a report. The report by Crisil also notes that the delay in issuing the 'appointed date'-- the starting date of the project-by the NHAI will also impact revenue growth which is likely to halve in fiscals 2020 and 2021 to 15 percent, compared to 30 percent in FY2019. The report is based on an analysis of 75 companies it rates in this sector. (Image: AP Photo)
8. CRISIL Report On Road Development: Road developers are looking at a massive plunge in their revenue growth to the tune of 50 percent during the current and next fiscals mainly due to the delays in awarding new projects, says a report. The report by Crisil also notes that the delay in issuing the 'appointed date'-- the starting date of the project-by the NHAI will also impact revenue growth which is likely to halve in fiscals 2020 and 2021 to 15 percent, compared to 30 percent in FY2019. The report is based on an analysis of 75 companies it rates in this sector. (Image: AP Photo)
9. IMF To Be More Transparent On Fiscal Numbers: Delhi needs to become more<br />
9. IMF To Be More Transparent On Fiscal Numbers: Delhi needs to become more
"transparent" on the fiscal numbers as it is a "laggard" among the G20 peers on this front, a senior official from the International Monetary Fund said here on Wednesday. The government has been missing its budgeted fiscal targets for the past few years and there is a need for a "credible fiscal consolidation" which is more ambitious as well, the official said, adding this is more so as government has not addressed how it will make up for the massive Rs 1.45 lakh crore tax giveaways in the form of corporate tax cuts. The= comments come amid allegations of the budget math not adding up with some pointing to a Rs 1.7 lakh crore hole in the estimates, and also over 100 economists questioning the official data computation. (Image: Reuters)
10. Banks On One-Time Loan For Realty Sector: Lenders unanimously have called<br />for a one-time restructuring mechanism to save the tens of hundreds of stalled realty projects with an additional funding option to help such projects get completed. The demand made on Wednesday came ahead of the government later in the evening approving setting up of a Rs 25,000-crore bailout fund to finance as many as 1,600 stalled housing projects.
10. Banks On One-Time Loan For Realty Sector: Lenders unanimously have called
for a one-time restructuring mechanism to save the tens of hundreds of stalled realty projects with an additional funding option to help such projects get completed. The demand made on Wednesday came ahead of the government later in the evening approving setting up of a Rs 25,000-crore bailout fund to finance as many as 1,600 stalled housing projects. "Personally, I believe we can overcome this crisis of confidence if we are allowed to carry out a one-time restructuring of certain real estate loans, particularly those stalled projects where approvals have been delayed," HDFC Chairman Deepak Parekh said while addressing the India mortgage conclave here earlier in the day. (Image: Reuters)
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