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10 things you need to know before the opening bell on November 8

Updated : 2019-11-08 07:18:29

The Indian market is expected to open in the red on Friday as SGX Nifty, an indicator of opening for the Sensex and the Nifty, was trading 50.50 points or 0.42 percent lower at 12,008 at 7:00 AM, hinting at a weak start for the domestic market. Asia shares, however, were trading higher, following the Dow, which closed at a record high on optimism over US-China trade talks.

1. Asia: Shares in Asia traded higher Friday morning after the Dow Jones Industrial Average closed overnight at a record high amid renewed optimism on the U.S.-China trade front. In Japan, the Nikkei 225 gained 0.95 percent in early trade as shares of index heavyweight and conglomerate Softbank Group jumped 3.79%. South Korea’s Kospi advanced 0.43 percent while, shares in Australia edged higher, with the S&P/ASX 200 gaining 0.15 percent. Overall, the MSCI Asia ex-Japan index traded 0.25 percent higher. (Image: AP)
1. Asia: Shares in Asia traded higher Friday morning after the Dow Jones Industrial Average closed overnight at a record high amid renewed optimism on the U.S.-China trade front. In Japan, the Nikkei 225 gained 0.95 percent in early trade as shares of index heavyweight and conglomerate Softbank Group jumped 3.79%. South Korea’s Kospi advanced 0.43 percent while, shares in Australia edged higher, with the S&P/ASX 200 gaining 0.15 percent. Overall, the MSCI Asia ex-Japan index traded 0.25 percent higher. (Image: AP)
2. US: The Dow and S&P 500 notched record closing highs on Thursday as the latest signs of progress in U.S.-China trade relations relieved investors, but a report raising fresh worries about the outlook for a deal limited the day's gains. The Dow Jones Industrial Average rose 182.24 points, or 0.66 percent, to 27,674.8, the S&P 500 gained 8.4 points, or 0.27 percent, to 3,085.18 and the Nasdaq Composite added 23.89 points, or 0.28 percent, to 8,434.52. (Image: Reuters)
2. US: The Dow and S&P 500 notched record closing highs on Thursday as the latest signs of progress in U.S.-China trade relations relieved investors, but a report raising fresh worries about the outlook for a deal limited the day's gains. The Dow Jones Industrial Average rose 182.24 points, or 0.66 percent, to 27,674.8, the S&P 500 gained 8.4 points, or 0.27 percent, to 3,085.18 and the Nasdaq Composite added 23.89 points, or 0.28 percent, to 8,434.52. (Image: Reuters)
3. Markets At Close On Thursday:  Indian shares ended higher on Thursday with BSE Sensex at record closing high and Nifty above 12,000-mark for the first time since June 4 as sentiment was lifted post government's boost to the realty sector and positive developments in US-China trade deal. The Sensex ended the day 184 points higher to end at record closing high of 40,654 while, the broader Nifty50 index added 46 points to end the day at 12,012. Meanwhile, foreign institutional investors bought 927 crores in the cash market while domestic institutional investors sold 636 crores. (Image: Reuters)
3. Markets At Close On Thursday:  Indian shares ended higher on Thursday with BSE Sensex at record closing high and Nifty above 12,000-mark for the first time since June 4 as sentiment was lifted post government's boost to the realty sector and positive developments in US-China trade deal. The Sensex ended the day 184 points higher to end at record closing high of 40,654 while, the broader Nifty50 index added 46 points to end the day at 12,012. Meanwhile, foreign institutional investors bought 927 crores in the cash market while domestic institutional investors sold 636 crores. (Image: Reuters)
4. Crude Oil: U.S. crude oil futures fell on Friday amid fading hopes that a deal to end the lingering trade war between Washington and Beijing would be signed any time soon, the gloom compounded by rising crude inventories in the United States. U.S. West Texas Intermediate (WTI) crude was down 15 cents, or 0.2 percent, at $57 a barrel by 0032 GMT. Brent crude, the global benchmark, was yet to trade after gaining 0.9 percent in the previous session. (Image: Reuters)
4. Crude Oil: U.S. crude oil futures fell on Friday amid fading hopes that a deal to end the lingering trade war between Washington and Beijing would be signed any time soon, the gloom compounded by rising crude inventories in the United States. U.S. West Texas Intermediate (WTI) crude was down 15 cents, or 0.2 percent, at $57 a barrel by 0032 GMT. Brent crude, the global benchmark, was yet to trade after gaining 0.9 percent in the previous session. (Image: Reuters)
5. Currency: The rupee pared its initial losses to settle flat at 70.97 against the US dollar on Thursday after the US-China trade deal hopes enthused investor sentiments. Sustained foreign fund inflows supported the domestic unit though the gains were capped by hardening crude oil prices that breached the USD 62 per barrel mark, forex brokers said. At the interbank foreign exchange market, the rupee had opened weak at 71.10 against the US dollar. During the day, the domestic unit fluctuated between a high of 70.88 and a low of 71.11. The rupee finally settled at 70.97, unchanged from its previous close. (Image: Reuters)
5. Currency: The rupee pared its initial losses to settle flat at 70.97 against the US dollar on Thursday after the US-China trade deal hopes enthused investor sentiments. Sustained foreign fund inflows supported the domestic unit though the gains were capped by hardening crude oil prices that breached the USD 62 per barrel mark, forex brokers said. At the interbank foreign exchange market, the rupee had opened weak at 71.10 against the US dollar. During the day, the domestic unit fluctuated between a high of 70.88 and a low of 71.11. The rupee finally settled at 70.97, unchanged from its previous close. (Image: Reuters)
6. SEBI To Mutual Funds: Regulator Sebi has asked mutual fund houses to inform valuation agencies and credit rating agencies immediately about any changes in terms of investments, including the extension in the maturity of a money market or debt security, along-with reasons for such changes. A money market fund, in market parlance, is an open-ended mutual fund that invests in short-term debt securities like treasury bills and commercial paper. Debt security fund invests in fixed income securities like bonds and treasury bills.
6. SEBI To Mutual Funds: Regulator Sebi has asked mutual fund houses to inform valuation agencies and credit rating agencies immediately about any changes in terms of investments, including the extension in the maturity of a money market or debt security, along-with reasons for such changes. A money market fund, in market parlance, is an open-ended mutual fund that invests in short-term debt securities like treasury bills and commercial paper. Debt security fund invests in fixed income securities like bonds and treasury bills. "Any changes to the terms of investment, including the extension in the maturity of a money market or debt security, shall be reported to valuation agencies and Sebi registered Credit Rating Agencies (CRAs) immediately, along-with reasons for such changes," the regulator said in a circular issued on Wednesday. (Image: Reuters)
7. Telecom: The communications ministry has started examining whether the Supreme Court's ruling on the definition of telecom revenue may apply to any company that utilizes radio waves and has a telecom license, throwing up the possibility of statutory dues swelling beyond Rs 3 lakh crore, according to a source. A DoT official privy to the development said instructions have gone to the licensing wing to carefully examine the implication of the apex court's recent ruling for all such companies. The Department of Telecommunications (DoT) will take a week or so to arrive at a definitive conclusion on the matter, the source added. (Image: Reuters)
7. Telecom: The communications ministry has started examining whether the Supreme Court's ruling on the definition of telecom revenue may apply to any company that utilizes radio waves and has a telecom license, throwing up the possibility of statutory dues swelling beyond Rs 3 lakh crore, according to a source. A DoT official privy to the development said instructions have gone to the licensing wing to carefully examine the implication of the apex court's recent ruling for all such companies. The Department of Telecommunications (DoT) will take a week or so to arrive at a definitive conclusion on the matter, the source added. (Image: Reuters)
8. ICRA on Realty Booster Deal: India Rating and Research said that with stalled projects coming on stream, the demand-supply imbalance is likely to worsen. If overall housing demand does not witness a recovery, pricing pressure in the sector is likely to be exacerbated, said ICRA.
8. ICRA on Realty Booster Deal: India Rating and Research said that with stalled projects coming on stream, the demand-supply imbalance is likely to worsen. If overall housing demand does not witness a recovery, pricing pressure in the sector is likely to be exacerbated, said ICRA. "While the revisions in eligibility criteria appreciably expand the project coverage under the fund, especially given the large number of stressed projects which have been referred to NCLT or classified as NPA already, our initial concerns on the adequacy of the fund, the efficacy and timeliness of implementation, and demand risks for the unsold inventory associated with these projects, remain," said Shubham Jain, Senior Vice President and Group Head at ICRA. As per ICRA estimates, around Rs 35,000-45,000 crore would be required to fund the completion of the revised quantum of 4.58 lakh eligible dwelling units. (Image: Shutterstock)
9. SEBI Advises MFs: Sebi on Thursday directed mutual funds to create segregated portfolios of unrated debt in case of default as the watchdog seeks to curb instances of distressed assets impacting investor returns.  The directive comes against the backdrop of liquidity woes in the NBFC sector raising concerns about mutual fund investment in such stressed companies. Sebi in a circular said it has decided
9. SEBI Advises MFs: Sebi on Thursday directed mutual funds to create segregated portfolios of unrated debt in case of default as the watchdog seeks to curb instances of distressed assets impacting investor returns.  The directive comes against the backdrop of liquidity woes in the NBFC sector raising concerns about mutual fund investment in such stressed companies. Sebi in a circular said it has decided "to permit the creation of a segregated portfolio of unrated debt or money market instruments by mutual fund schemes of an issuer that does not have any outstanding rated debt or money market instruments". This is allowed provided that a segregated portfolio of such unrated debt or money market instruments may be created only in case of actual default of either the interest or principal amount. (Image: Reuters)
10. Government Imposes Duty On Optical Fibre: The government may impose a provisional safeguard duty of 25 percent on imports of single-mode optical fiber, used for signal transmission, based on a Commerce Ministry investigation that found a sudden and significant surge in the imports of the fiber. The Directorate General of Trade Remedies (DGTR), the ministry's investigation arm, initiated the probe in September following a complaint from the domestic industry. The preliminary findings concluded that the product is being imported in increased quantities and may cause serious damage to the domestic industry, DGTR said.
10. Government Imposes Duty On Optical Fibre: The government may impose a provisional safeguard duty of 25 percent on imports of single-mode optical fiber, used for signal transmission, based on a Commerce Ministry investigation that found a sudden and significant surge in the imports of the fiber. The Directorate General of Trade Remedies (DGTR), the ministry's investigation arm, initiated the probe in September following a complaint from the domestic industry. The preliminary findings concluded that the product is being imported in increased quantities and may cause serious damage to the domestic industry, DGTR said. "Existing critical circumstances justify the immediate imposition of provisional safeguard duty in order to save the domestic industry manufacturing like or directly competitive products," it said. (Stock Image)
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