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10 things you need to know before the opening bell on October 29

Updated : 2020-10-29 07:46:37

The Indian stock market is expected to open lower on Thursday tracking global markets. At 7:40 am, the SGX Nifty traded 46 points lower at 11,673.50, indicating a negative start for the Sensex and Nifty50.

1. Asia: Shares in Asia-Pacific fell in morning trade on Thursday following an overnight plunge on Wall Street as coronavirus cases continue to surge in the West. Shares in South Korea led losses among the region’s major markets, as the Kospi fell 1.78 percent as shares of chipmaker SK Hynix fell about 2 percent. Meanwhile, Australia’s S&P/ASX 200 dropped 1.24 percent. Over in Japan, the Nikkei 225 declined 0.8 percent while the Topix index shed 0.47 percent. MSCI’s broadest index of Asia-Pacific shares outside Japan traded 0.43 percent lower, reported CNBC International. (Image: AP)
1. Asia: Shares in Asia-Pacific fell in morning trade on Thursday following an overnight plunge on Wall Street as coronavirus cases continue to surge in the West. Shares in South Korea led losses among the region’s major markets, as the Kospi fell 1.78 percent as shares of chipmaker SK Hynix fell about 2 percent. Meanwhile, Australia’s S&P/ASX 200 dropped 1.24 percent. Over in Japan, the Nikkei 225 declined 0.8 percent while the Topix index shed 0.47 percent. MSCI’s broadest index of Asia-Pacific shares outside Japan traded 0.43 percent lower, reported CNBC International. (Image: AP)
2. US: U.S. stock futures climbed on Wednesday night after the worst day for the market in several months. Futures tied to the Dow Jones Industrial Average gained about 220 points, or 0.8 percent. Those for the S&P 500 and the Nasdaq 100 rose about 0.7 percent and 0.6 percent, respectively. The move in futures comes after a sharp sell-off during Wednesday’s session that extended Wall Street’s losing streak. The Dow lost 934 points, or 3.4 percent, for its fourth-straight negative day and worst loss since June 11. The S&P 500 also saw its worst day since June 11, falling 3.5 percent for its third-straight negative session, reported CNBC International. (Image: AP)
2. US: U.S. stock futures climbed on Wednesday night after the worst day for the market in several months. Futures tied to the Dow Jones Industrial Average gained about 220 points, or 0.8 percent. Those for the S&P 500 and the Nasdaq 100 rose about 0.7 percent and 0.6 percent, respectively. The move in futures comes after a sharp sell-off during Wednesday’s session that extended Wall Street’s losing streak. The Dow lost 934 points, or 3.4 percent, for its fourth-straight negative day and worst loss since June 11. The S&P 500 also saw its worst day since June 11, falling 3.5 percent for its third-straight negative session, reported CNBC International. (Image: AP)
3. Closing Bell On Wednesday: Indian shares ended around 1.5 percent lower on Wednesday following in selloff in the global markets, dragged by losses in all key sectors but mainly banks and financials. Shares around the world tumbled on Wednesday as coronavirus infections grew rapidly in Europe and the United States, igniting fears of possible strict lockdown measures that could damage already fragile economic recoveries. The Sensex ended 600 points lower at 39,922 while the Nifty fell 160 points lower at 11,730. Broader markets were also lower for the day with the Nifty Midcap and Nifty Smallcap indices down 1 percent each. (Image: Reuters)
3. Closing Bell On Wednesday: Indian shares ended around 1.5 percent lower on Wednesday following in selloff in the global markets, dragged by losses in all key sectors but mainly banks and financials. Shares around the world tumbled on Wednesday as coronavirus infections grew rapidly in Europe and the United States, igniting fears of possible strict lockdown measures that could damage already fragile economic recoveries. The Sensex ended 600 points lower at 39,922 while the Nifty fell 160 points lower at 11,730. Broader markets were also lower for the day with the Nifty Midcap and Nifty Smallcap indices down 1 percent each. (Image: Reuters)
4. Crude Oil: Oil prices fell over 5% to a three-week low on Wednesday as surging coronavirus infections in the United States and Europe are leading to renewed lockdowns, fanning fears that the unsteady economic recovery will deteriorate. Brent futures fell $2.12, or 5.15 percent, to $39.08 a barrel, while U.S. West Texas Intermediate (WTI) crude settled 5.5 percent, or $2.18, lower at $37.39 per barrel, its lowest level in three weeks. That puts both benchmarks on track for their lowest closes since Oct. 2, reported CNBC International. (Image: Reuters)
4. Crude Oil: Oil prices fell over 5% to a three-week low on Wednesday as surging coronavirus infections in the United States and Europe are leading to renewed lockdowns, fanning fears that the unsteady economic recovery will deteriorate. Brent futures fell $2.12, or 5.15 percent, to $39.08 a barrel, while U.S. West Texas Intermediate (WTI) crude settled 5.5 percent, or $2.18, lower at $37.39 per barrel, its lowest level in three weeks. That puts both benchmarks on track for their lowest closes since Oct. 2, reported CNBC International. (Image: Reuters)
5. Rupee: Indian rupee closed lower by 16 paise against US dollar at 73.87, amid selling seen in the domestic equity market. The local currency benchmark opened flat at 73.70 per dollar against Tuesday's close of 73.71 and trade in the range of 73.64-73.93. (Image: Reuters)
5. Rupee: Indian rupee closed lower by 16 paise against US dollar at 73.87, amid selling seen in the domestic equity market. The local currency benchmark opened flat at 73.70 per dollar against Tuesday's close of 73.71 and trade in the range of 73.64-73.93. (Image: Reuters)
6. Fiscal, Monetary Policy Measures: In what could give a leg up to Prime Minister Narendra Modi’s clarion call to make India self-reliant or Atma Nirbhar, the government is considering to come up with more “calibrated fiscal and monetary policy measures to accelerate growth” to help economy recover from the impact of the pandemic. According to sources, the government is also evaluating impact of currency on trade growth and may consider intervention measures only once it studies the impact on exim trade of the country. “India has a silver lining lying in the current account surplus, which is giving a cushion to the government to expand exports, reduce imports and stimulate the economy,” sources added. The Prime Minister discussed the current economic scenario with finance minister Nirmala Sitharaman and senior bureaucrats on Tuesday, assessed the impact of two stimulus packages already announced and considered the contours of a third stimulus that will be required to build on the gains so far, sources said. (File Photo: IANS)
6. Fiscal, Monetary Policy Measures: In what could give a leg up to Prime Minister Narendra Modi’s clarion call to make India self-reliant or Atma Nirbhar, the government is considering to come up with more “calibrated fiscal and monetary policy measures to accelerate growth” to help economy recover from the impact of the pandemic. According to sources, the government is also evaluating impact of currency on trade growth and may consider intervention measures only once it studies the impact on exim trade of the country. “India has a silver lining lying in the current account surplus, which is giving a cushion to the government to expand exports, reduce imports and stimulate the economy,” sources added. The Prime Minister discussed the current economic scenario with finance minister Nirmala Sitharaman and senior bureaucrats on Tuesday, assessed the impact of two stimulus packages already announced and considered the contours of a third stimulus that will be required to build on the gains so far, sources said. (File Photo: IANS)
7. IBA Chairman On Credit Growth: The RBI has directed banks to follow a government directive to identify small borrowers with loans under two crores and credit their account with the
7. IBA Chairman On Credit Growth: The RBI has directed banks to follow a government directive to identify small borrowers with loans under two crores and credit their account with the "interest" on interest amount and submit the bill to the government for reimbursement. Talking about that, Rajkiran Rai G, Managing Director & CEO at Union Bank of India and also the chairman of Indian Banks' Association spoke to CNBC-TV18 and said, “the directions and guidelines are very clear, we have built logic and we are getting it audited now. So the numbers are ready, account identification is ready. We are depending on credit bureaus actually to look at the outstanding numbers so that they don’t cross Rs 2 crore outstanding. By this weekend most of the banks will be ready with their numbers and after that audit, we will be able to stick to these November 5th guidelines of crediting the borrowers.” (Image: Reuters)
8. Real Estate Showing Signs Of Revival: The Indian real estate sector seems to be getting back on feet after a long dry spell. Low home loan interest rates and discounted prices are piquing consumer interest while the re-opening of offices and an overall revival of business activity is aiding a revival in the office real estate market. The partial return of migrant construction labour has also led to a pickup in launches by developers. These signs of recovery in the sector coincide with the overall recovery in macro-economic indicators. Auto sales, freight revenue and power consumption have recovered smartly in the period leading up to mid-October, while the manufacturing PMI is at multi-month highs. (Image: Reuters)
8. Real Estate Showing Signs Of Revival: The Indian real estate sector seems to be getting back on feet after a long dry spell. Low home loan interest rates and discounted prices are piquing consumer interest while the re-opening of offices and an overall revival of business activity is aiding a revival in the office real estate market. The partial return of migrant construction labour has also led to a pickup in launches by developers. These signs of recovery in the sector coincide with the overall recovery in macro-economic indicators. Auto sales, freight revenue and power consumption have recovered smartly in the period leading up to mid-October, while the manufacturing PMI is at multi-month highs. (Image: Reuters)
9. SEA On Edible Oil Import: Edible oils trade body SEA on Wednesday urged the government not to tamper with the import duties or encourage PSUs to import edible oils at concessional duties in a move to contain domestic prices. Mumbai-based Solvent Extractors Association of India (SEA), in a representation made to the PMO and concerned ministries, stated that any policy change to bring down edible oil prices by lowering import duty would send a wrong signal to oilseed farmers. The SEA said that edible oil prices had moved up globally in line with other commodities due to the massive infusion of liquidity in the economies by various governments. (stock image)
9. SEA On Edible Oil Import: Edible oils trade body SEA on Wednesday urged the government not to tamper with the import duties or encourage PSUs to import edible oils at concessional duties in a move to contain domestic prices. Mumbai-based Solvent Extractors Association of India (SEA), in a representation made to the PMO and concerned ministries, stated that any policy change to bring down edible oil prices by lowering import duty would send a wrong signal to oilseed farmers. The SEA said that edible oil prices had moved up globally in line with other commodities due to the massive infusion of liquidity in the economies by various governments. (stock image)
10. IFSCA On Depository Receipts: The International Financial Services Centres Authority (IFSCA) on Wednesday issued the regulatory framework for listing depository receipts. The framework provides for the listing of Depository Receipts (DRs) by companies listed in FATF-compliant jurisdictions, including India, IFSCA said in a statement. According to the statement, the framework enables the eligible listed companies to raise capital through issuance and listing of DRs on the stock exchanges in the GIFT IFSC. (stock image)
10. IFSCA On Depository Receipts: The International Financial Services Centres Authority (IFSCA) on Wednesday issued the regulatory framework for listing depository receipts. The framework provides for the listing of Depository Receipts (DRs) by companies listed in FATF-compliant jurisdictions, including India, IFSCA said in a statement. According to the statement, the framework enables the eligible listed companies to raise capital through issuance and listing of DRs on the stock exchanges in the GIFT IFSC. (stock image)
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