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10 things you need to know before the opening bell on October 28

Updated : 2020-10-28 07:44:55

The Indian share market is expected to open lower on Wednesday as sentiment in global markets remained bleak. At 7:25 am, the SGX Nifty traded 53 points lower at 11,847.80, indicating a negative start for the Sensex and the Nifty50.

1. Asia: Stocks in Asia-Pacific slipped in Wednesday morning trade as coronavirus infections continue to rise stateside. In Japan, the Nikkei 225 shed 0.53 percent while the Topix index declined 0.74 percent. South Korea’s Kospi also traded 0.39 percent lower. Shares in Australia were lower, as the S&P/ASX 200 dipped fractionally. MSCI’s broadest index of Asia-Pacific shares outside Japan traded 0.19 percent lower. Investor sentiment on Wednesday will likely be impacted by the rising number of Covid-19 cases in the U.S. reported CNBC International. (Image: Reuters)
1. Asia: Stocks in Asia-Pacific slipped in Wednesday morning trade as coronavirus infections continue to rise stateside. In Japan, the Nikkei 225 shed 0.53 percent while the Topix index declined 0.74 percent. South Korea’s Kospi also traded 0.39 percent lower. Shares in Australia were lower, as the S&P/ASX 200 dipped fractionally. MSCI’s broadest index of Asia-Pacific shares outside Japan traded 0.19 percent lower. Investor sentiment on Wednesday will likely be impacted by the rising number of Covid-19 cases in the U.S. reported CNBC International. (Image: Reuters)
2. US: U.S. stock futures fell on Tuesday night following a mixed session in which traders weighed a recent uptick in coronavirus infections. Dow Jones Industrial Average futures traded 118 points lower, or 0.4 percent. S&P 500 slid 0.5% and Nasdaq 100 futures dipped 0.4 percent. Tuesday’s divergent market action came as names that would benefit from people staying at home — such as Amazon and Zoom Video — rose broadly while stocks dependent on the economy reopening declined, reported CNBC International. (Image: AP)
2. US: U.S. stock futures fell on Tuesday night following a mixed session in which traders weighed a recent uptick in coronavirus infections. Dow Jones Industrial Average futures traded 118 points lower, or 0.4 percent. S&P 500 slid 0.5% and Nasdaq 100 futures dipped 0.4 percent. Tuesday’s divergent market action came as names that would benefit from people staying at home — such as Amazon and Zoom Video — rose broadly while stocks dependent on the economy reopening declined, reported CNBC International. (Image: AP)
3. Closing Bell On Tuesday: The Indian equity markets ended higher after heavy buying interest in banks, FMCG, auto and pharma stocks. Broader markets also supported the rally as midcaps surged higher. At closing, the Sensex ended 376 points higher to 40,522.10 while the Nifty50 index ended at 11,889.40, up 122 points. Broader markets outperformed the benchmarks, with Nifty Midcap100 and Nifty Smallcap100 indexes closing 1.21 percent and 0.2 percent higher respectively. (Image: Reuters)
3. Closing Bell On Tuesday: The Indian equity markets ended higher after heavy buying interest in banks, FMCG, auto and pharma stocks. Broader markets also supported the rally as midcaps surged higher. At closing, the Sensex ended 376 points higher to 40,522.10 while the Nifty50 index ended at 11,889.40, up 122 points. Broader markets outperformed the benchmarks, with Nifty Midcap100 and Nifty Smallcap100 indexes closing 1.21 percent and 0.2 percent higher respectively. (Image: Reuters)
4. Crude Oil: Crude rebounded on Tuesday as companies shut down some U.S. Gulf of Mexico oil production ahead of an approaching storm, although surging coronavirus infections and rising Libyan supply limited gains. Brent crude was up 58 cents, or 1.4 percent, at $41.03 per barrel. U.S. oil gained $1.01, or 2.6 percent, to settle at $39.57 per barrel. Both contracts fell more than 3 percent on Monday, reported CNBC International. (Image: Reuters)
4. Crude Oil: Crude rebounded on Tuesday as companies shut down some U.S. Gulf of Mexico oil production ahead of an approaching storm, although surging coronavirus infections and rising Libyan supply limited gains. Brent crude was up 58 cents, or 1.4 percent, at $41.03 per barrel. U.S. oil gained $1.01, or 2.6 percent, to settle at $39.57 per barrel. Both contracts fell more than 3 percent on Monday, reported CNBC International. (Image: Reuters)
5. Rupee Close: The rupee pared early losses and settled 13 paise higher at 73.71 against the US dollar on Tuesday, tracking positive domestic equities. At the interbank forex market, the domestic unit opened on a weak note at 73.94 against the greenback, but soon recovered the lost ground and finally closed at 73.71, registering a gain of 13 paise over its previous close of 73.84 against the US currency. (Image: Reuters)
5. Rupee Close: The rupee pared early losses and settled 13 paise higher at 73.71 against the US dollar on Tuesday, tracking positive domestic equities. At the interbank forex market, the domestic unit opened on a weak note at 73.94 against the greenback, but soon recovered the lost ground and finally closed at 73.71, registering a gain of 13 paise over its previous close of 73.84 against the US currency. (Image: Reuters)
6. PM Modi To Review Aatmanirbhar Bharat Package: Prime Minister Narendra Modi will review the performance Rs 20 lakh crore Aatmanirbhar Bharat package with the finance minister and other top government officials. The Aatmanirbhar Bharat package was announced as the second tranche of the stimulus for the economy. Post this, the government will formulate which areas need more support. There are still issues related to the COVID impact which need to be addressed that will be discussed in the review which will set the future course of action for the upcoming stimulus measures. (Image: Reuters)
6. PM Modi To Review Aatmanirbhar Bharat Package: Prime Minister Narendra Modi will review the performance Rs 20 lakh crore Aatmanirbhar Bharat package with the finance minister and other top government officials. The Aatmanirbhar Bharat package was announced as the second tranche of the stimulus for the economy. Post this, the government will formulate which areas need more support. There are still issues related to the COVID impact which need to be addressed that will be discussed in the review which will set the future course of action for the upcoming stimulus measures. (Image: Reuters)
7. Finance Minister On India's Growth Forecast: With pick-up in demand and manufacturing, union finance minister Nirmala Sitharaman said on Tuesday that she expects India to become one of the fastest-growing economies by FY22. However, she expects a near-zero percent growth in the third and fourth quarters of FY21 with steady and sustainable growth. Speaking at the India Energy Forum, she highlighted that the government’s top priority is to generate employment and asset creation by way of big infrastructure push and public spending. (Image: PTI)
7. Finance Minister On India's Growth Forecast: With pick-up in demand and manufacturing, union finance minister Nirmala Sitharaman said on Tuesday that she expects India to become one of the fastest-growing economies by FY22. However, she expects a near-zero percent growth in the third and fourth quarters of FY21 with steady and sustainable growth. Speaking at the India Energy Forum, she highlighted that the government’s top priority is to generate employment and asset creation by way of big infrastructure push and public spending. (Image: PTI)
8. Govt May Extend ECLGS Beyond October: The government may extend the MSME loan scheme, ECLGS (Emergency Credit Line Guarantee Scheme), beyond October to achieve Rs 3 lakh crore of guaranteed loans to businesses. The decision will be taken in terms of either modifying or extending the scheme. Around Rs 1.93 lakh crore of loans has been sanctioned and more than 75 percent disbursement has happened but it has fallen short of reaching lending aim by over Rs 1 lakh crore. The government is looking at various options and is aiming to fully expend unutilised amount under the scheme. The scheme, most likely, will be extended till December. (Image: Reuters)
8. Govt May Extend ECLGS Beyond October: The government may extend the MSME loan scheme, ECLGS (Emergency Credit Line Guarantee Scheme), beyond October to achieve Rs 3 lakh crore of guaranteed loans to businesses. The decision will be taken in terms of either modifying or extending the scheme. Around Rs 1.93 lakh crore of loans has been sanctioned and more than 75 percent disbursement has happened but it has fallen short of reaching lending aim by over Rs 1 lakh crore. The government is looking at various options and is aiming to fully expend unutilised amount under the scheme. The scheme, most likely, will be extended till December. (Image: Reuters)
9. RBI On Interest Waiver Scheme: The Reserve Bank on Tuesday asked all lending institutions, including non-banking financial companies, to implement the waiver of interest on interest for loans up to Rs 2 crore for the six months moratorium period beginning March 1, 2020. On October 23, the government had announced the scheme for grant of ex-gratia payment of difference between compound interest and simple interest for six months to borrowers in specified loan accounts. The scheme mandates ex-gratia payment to certain categories of borrowers by way of crediting the difference between simple interest and compound interest for the period between March 1, 2020 to August 31, 2020 by respective lending institutions. The government had asked the lending institutions to complete the exercise of crediting the amount in the accounts of borrowers by November 5. (Image: Reutes)
9. RBI On Interest Waiver Scheme: The Reserve Bank on Tuesday asked all lending institutions, including non-banking financial companies, to implement the waiver of interest on interest for loans up to Rs 2 crore for the six months moratorium period beginning March 1, 2020. On October 23, the government had announced the scheme for grant of ex-gratia payment of difference between compound interest and simple interest for six months to borrowers in specified loan accounts. The scheme mandates ex-gratia payment to certain categories of borrowers by way of crediting the difference between simple interest and compound interest for the period between March 1, 2020 to August 31, 2020 by respective lending institutions. The government had asked the lending institutions to complete the exercise of crediting the amount in the accounts of borrowers by November 5. (Image: Reutes)
10. Centre To SC On Interest On Interest Case: The Centre has informed the Supreme Court that lenders have been directed to credit in the accounts of eligible borrowers by November 5 the difference between compound interest and simple interest collected on loans of up to Rs 2 crore during the RBI’s loan moratorium scheme. The Ministry of Finance has said that after crediting this amount, the lending institutions would claim reimbursement from the Central government. In an affidavit filed in the apex court, the government has said that the ministry has issued a scheme as per which lending institutions would credit this amount in the accounts of borrowers for the 6-month loan moratorium period which was announced following the COVID-19 pandemic situation. Under the scheme, all lending institutions (as defined under clause 3 of the scheme) shall credit the difference between compound interest and simple interest in the respective accounts of eligible borrowers for the period between March 1, 2020 to August 31, 2020, the affidavit said. (stock image)
10. Centre To SC On Interest On Interest Case: The Centre has informed the Supreme Court that lenders have been directed to credit in the accounts of eligible borrowers by November 5 the difference between compound interest and simple interest collected on loans of up to Rs 2 crore during the RBI’s loan moratorium scheme. The Ministry of Finance has said that after crediting this amount, the lending institutions would claim reimbursement from the Central government. In an affidavit filed in the apex court, the government has said that the ministry has issued a scheme as per which lending institutions would credit this amount in the accounts of borrowers for the 6-month loan moratorium period which was announced following the COVID-19 pandemic situation. Under the scheme, all lending institutions (as defined under clause 3 of the scheme) shall credit the difference between compound interest and simple interest in the respective accounts of eligible borrowers for the period between March 1, 2020 to August 31, 2020, the affidavit said. (stock image)
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