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10 things you need to know before the opening bell on October 30

Updated : 2019-10-30 07:38:13

The Indian market is likely to open flat today. The SGX Nifty was trading 8 points or 0.07 percent higher at 11,814 at 7:00 AM, indicating a flat start for the Sensex and the Nifty. We bring to you 10 vital things to know which could move the market today.

1. Asia: Stocks in Asia declined in Wednesday morning trade ahead of the US Federal Reserve’s interest rate decision, set to be announced later stateside. The Nikkei 225 in Japan slipped 0.28 percent in early trade while the Topix index was just above the flatline. South Korea’s Kospi also traded down 0.35 percent as shares of Samsung Electronics fell 1.17 percent ahead of the industry heavyweight’s earnings release. Meanwhile, Australian shares declined as the S&P/ASX 200 slipped 0.5 percent. (Image: Reuters)
1. Asia: Stocks in Asia declined in Wednesday morning trade ahead of the US Federal Reserve’s interest rate decision, set to be announced later stateside. The Nikkei 225 in Japan slipped 0.28 percent in early trade while the Topix index was just above the flatline. South Korea’s Kospi also traded down 0.35 percent as shares of Samsung Electronics fell 1.17 percent ahead of the industry heavyweight’s earnings release. Meanwhile, Australian shares declined as the S&P/ASX 200 slipped 0.5 percent. (Image: Reuters)
2. US: The S&P 500 edged lower to snap a four-session win streak on Tuesday and it retreated from a record high as investors grappled with a flood of earnings and the latest update on a potential trade deal between the United States and China. The Dow Jones Industrial Average fell 20.04 points, or 0.07 percent, to 27,070.68, the S&P 500 lost 2.54 points, or 0.08 percent, to 3,036.88 and the Nasdaq Composite dropped 49.14 points, or 0.59 percent, to 8,276.85. (Image: Reuters)
2. US: The S&P 500 edged lower to snap a four-session win streak on Tuesday and it retreated from a record high as investors grappled with a flood of earnings and the latest update on a potential trade deal between the United States and China. The Dow Jones Industrial Average fell 20.04 points, or 0.07 percent, to 27,070.68, the S&P 500 lost 2.54 points, or 0.08 percent, to 3,036.88 and the Nasdaq Composite dropped 49.14 points, or 0.59 percent, to 8,276.85. (Image: Reuters)
3. Markets at close on Tuesday: Indian shares extended gains on Tuesday led by the strong buying in auto and metal index. Nifty Auto remained the outperformer of the day, rallying 4.40 percent followed by Nifty Metal which rose 3.95 percent. At 3:30 pm, the Sensex closed higher by 590.45 points or 1.50 percent at 39,840.65 while Nifty50 closed at 11,790.35, higher by 163.20 points or 1.40 percent. Meanwhile, foreign institutional investors bought 877 crores in the cash market while domestic institutional investors bought 145 crores. (Image: Reuters)
3. Markets at close on Tuesday: Indian shares extended gains on Tuesday led by the strong buying in auto and metal index. Nifty Auto remained the outperformer of the day, rallying 4.40 percent followed by Nifty Metal which rose 3.95 percent. At 3:30 pm, the Sensex closed higher by 590.45 points or 1.50 percent at 39,840.65 while Nifty50 closed at 11,790.35, higher by 163.20 points or 1.40 percent. Meanwhile, foreign institutional investors bought 877 crores in the cash market while domestic institutional investors bought 145 crores. (Image: Reuters)
4. Crude oil:  Oil prices were little changed, with Brent crude futures up 0.02 percent at $61.60 a barrel. US West Texas Intermediate (WTI) crude lost 0.13 percent to $55.47 per barrel.  (Image: Reuters)
4. Crude oil:  Oil prices were little changed, with Brent crude futures up 0.02 percent at $61.60 a barrel. US West Texas Intermediate (WTI) crude lost 0.13 percent to $55.47 per barrel.  (Image: Reuters)
5. Currency: The rupee pared some of its early gains to close with a marginal rise of 6 paise at 70.84 against the US dollar on Tuesday as foreign fund inflows and lower crude oil prices rendered some support. However, a stronger dollar against key global currencies kept the rupee movement under check through the session. The dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.08 percent to 97.84. (Image: Reuters)
5. Currency: The rupee pared some of its early gains to close with a marginal rise of 6 paise at 70.84 against the US dollar on Tuesday as foreign fund inflows and lower crude oil prices rendered some support. However, a stronger dollar against key global currencies kept the rupee movement under check through the session. The dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.08 percent to 97.84. (Image: Reuters)
6. PM Narendra Modi on India-Saudi Arabia relations: India and Saudi Arabia are moving from a purely buyer-seller relationship towards a closer strategic partnership that will include the resource-rich kingdom's investments in downstream oil and gas projects in the country, Modi has said. India imports around 18 percent of its crude oil from the West Asian kingdom, making it the second-largest source of crude oil for the country. Modi said that stable oil prices are crucial for the growth of the global economy, and praised the kingdom's role as an important and reliable source of India's energy requirements. (Image: Reuters)
6. PM Narendra Modi on India-Saudi Arabia relations: India and Saudi Arabia are moving from a purely buyer-seller relationship towards a closer strategic partnership that will include the resource-rich kingdom's investments in downstream oil and gas projects in the country, Modi has said. India imports around 18 percent of its crude oil from the West Asian kingdom, making it the second-largest source of crude oil for the country. Modi said that stable oil prices are crucial for the growth of the global economy, and praised the kingdom's role as an important and reliable source of India's energy requirements. (Image: Reuters)
7. RBI slaps fine on Bandhan Bank: The Reserve Bank of India (RBI) on Tuesday imposed a penalty of Rs 1 crore on Bandhan Bank for not bringing down the promoter shareholding to 40 percent. Bandhan MFI had obtained in-principle universal banking license from the central bank in 2014 and started full-fledged operations as a bank from August 2015. The RBI imposed the penalty on account of failure to pare the shareholding of Bandhan Financial Holdings Ltd to 40 percent of its paid-up voting capital within three years from the commencement of the business of the bank, the lender said in a BSE filing. (Image: Reuters)
7. RBI slaps fine on Bandhan Bank: The Reserve Bank of India (RBI) on Tuesday imposed a penalty of Rs 1 crore on Bandhan Bank for not bringing down the promoter shareholding to 40 percent. Bandhan MFI had obtained in-principle universal banking license from the central bank in 2014 and started full-fledged operations as a bank from August 2015. The RBI imposed the penalty on account of failure to pare the shareholding of Bandhan Financial Holdings Ltd to 40 percent of its paid-up voting capital within three years from the commencement of the business of the bank, the lender said in a BSE filing. (Image: Reuters)
8. Government on spectrum payment: The Ministry of Finance is unlikely to approve the telecom industry's demand for a two-year moratorium on payment for spectrum bought in previous auctions, reported the <em>Business Standard</em>, citing an official in the know. The government's decision comes as unpleasant news for the industry that is already suffering from severe monetary stress. According to the ministry official cited in the report, such a proposal may not be entertained at a time when the country is reeling under severe financial constraints. (Image: Reuters)
8. Government on spectrum payment: The Ministry of Finance is unlikely to approve the telecom industry's demand for a two-year moratorium on payment for spectrum bought in previous auctions, reported the Business Standard, citing an official in the know. The government's decision comes as unpleasant news for the industry that is already suffering from severe monetary stress. According to the ministry official cited in the report, such a proposal may not be entertained at a time when the country is reeling under severe financial constraints. (Image: Reuters)
9. Finance ministry on asset monetization: The finance ministry has written to all ministries asking them to seek details of the land parcel from central public sector enterprises (CPSEs) under their administrative control for monetization, according to people aware of the matter. The exercise is part of the government's efforts to meet disinvestment target of Rs 1.05 lakh crore for the current financial year. The Department of Investment and Public Asset Management (DIPAM) has already empanelled 11 consultancy firms for monetising land and properties of CPSEs, public sector undertakings (PSUs) and other government organisations. The list of empanelled firms includes RITES Ltd, Bostan Consulting Group, Anarock Property Consultants Pvt Ltd, Cushman & Wakefield and Feedback Infra Pvt Ltd. (Image: IANS)
9. Finance ministry on asset monetization: The finance ministry has written to all ministries asking them to seek details of the land parcel from central public sector enterprises (CPSEs) under their administrative control for monetization, according to people aware of the matter. The exercise is part of the government's efforts to meet disinvestment target of Rs 1.05 lakh crore for the current financial year. The Department of Investment and Public Asset Management (DIPAM) has already empanelled 11 consultancy firms for monetising land and properties of CPSEs, public sector undertakings (PSUs) and other government organisations. The list of empanelled firms includes RITES Ltd, Bostan Consulting Group, Anarock Property Consultants Pvt Ltd, Cushman & Wakefield and Feedback Infra Pvt Ltd. (Image: IANS)
10. DBS on consumption: Amid speculation of an income tax cut, Singaporean bank DBS on Tuesday said confidence on the jobs front is necessary to achieve the move's long-term objective of pushing consumption spending. The government had last month announced a ten percentage point cut in corporate taxes, to get Indian levies at par with others, to spur investments. With an eye on pushing up the sagging personal consumption, which is blamed as one of the key culprits for economic growth sliding to a six-year low, the government is mulling to cut the income tax, according to reports. (Image: Reuters)
10. DBS on consumption: Amid speculation of an income tax cut, Singaporean bank DBS on Tuesday said confidence on the jobs front is necessary to achieve the move's long-term objective of pushing consumption spending. The government had last month announced a ten percentage point cut in corporate taxes, to get Indian levies at par with others, to spur investments. With an eye on pushing up the sagging personal consumption, which is blamed as one of the key culprits for economic growth sliding to a six-year low, the government is mulling to cut the income tax, according to reports. (Image: Reuters)
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