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10 things you need to know before the opening bell on September 16

Updated : 2019-09-16 08:00:54

Indian shares are set to open lower on Monday as crude oil prices surged following the drone attacks in Saudi Aramco, the largest oil producer in the world. The event will raise concerns about the global oil supply and likely will further increase tensions across the Persian Gulf amid an escalating crisis between the United States and Iran. At 7:35 am, the SGX Nifty Futures traded higher by 0.90 percent, or 102 points, at 11,008, indicating a positive start for the Sensex and the Nifty.

1. Asia: Stocks in the Asia-Pacific were subdued in the Monday morning trade as oil prices  surged following drone attacks over the weekend that hit major oil production facilities in Saudi Arabia. Australia's ASX200 slipped 0.16 percent, South Kora's KOSPI traded flat. Overall, the MSCI Asia ex-Japan index traded largely unchanged. Markets in Japan are closed on Monday for a holiday. (Image: Reuters)
1. Asia: Stocks in the Asia-Pacific were subdued in the Monday morning trade as oil prices  surged following drone attacks over the weekend that hit major oil production facilities in Saudi Arabia. Australia's ASX200 slipped 0.16 percent, South Kora's KOSPI traded flat. Overall, the MSCI Asia ex-Japan index traded largely unchanged. Markets in Japan are closed on Monday for a holiday. (Image: Reuters)
2. US: The S&P 500 ended the day down slightly on Friday but less than 1 percent below its all-time high as a drop in Apple stock countered cooling US-China trade tensions. Market participants now look to the US Federal Reserve, which is widely expected to cut interest rates by 25 basis points at the conclusion of its monetary policy meeting next week, reported Reuters. The Dow Jones Industrial Average rose 37.07 points, or 0.14 percent, to 27,219.52, the S&P 500 lost 2.18 points, or 0.07 percent, to 3,007.39 and the Nasdaq Composite dropped 17.75 points, or 0.22 percent, to 8,176.71. (Image: Reuters)
2. US: The S&P 500 ended the day down slightly on Friday but less than 1 percent below its all-time high as a drop in Apple stock countered cooling US-China trade tensions. Market participants now look to the US Federal Reserve, which is widely expected to cut interest rates by 25 basis points at the conclusion of its monetary policy meeting next week, reported Reuters. The Dow Jones Industrial Average rose 37.07 points, or 0.14 percent, to 27,219.52, the S&P 500 lost 2.18 points, or 0.07 percent, to 3,007.39 and the Nasdaq Composite dropped 17.75 points, or 0.22 percent, to 8,176.71. (Image: Reuters)
3. Markets at close on Friday: Indian shares ended higher on Friday, tracking gains in Asian peers, led by oil and gas, banking, and auto stocks. The Sensex ended 281 points higher at 37,385, while the broader Nifty50 index added 93 points to end the day at 11,076. Both indices rose around 1 percent each for the week. Meanwhile, foreign institutional investors sold Rs 405 crore in the cash market while domestic institutional investors sold Rs 210 crore. (Image: Reuters)
3. Markets at close on Friday: Indian shares ended higher on Friday, tracking gains in Asian peers, led by oil and gas, banking, and auto stocks. The Sensex ended 281 points higher at 37,385, while the broader Nifty50 index added 93 points to end the day at 11,076. Both indices rose around 1 percent each for the week. Meanwhile, foreign institutional investors sold Rs 405 crore in the cash market while domestic institutional investors sold Rs 210 crore. (Image: Reuters)
4. Crude oil:  Crude prices spiked in the morning of Asian trading hours after drone strikes on crucial production facilities in Saudi Arabia. International benchmark Brent crude futures skyrocketed 12.75 percent to $67.90 per barrel, while US crude futures jumped 11.18 percent to $60.98 per barrel. (Image: AP)
4. Crude oil:  Crude prices spiked in the morning of Asian trading hours after drone strikes on crucial production facilities in Saudi Arabia. International benchmark Brent crude futures skyrocketed 12.75 percent to $67.90 per barrel, while US crude futures jumped 11.18 percent to $60.98 per barrel. (Image: AP)
5. Currency: The rupee marched higher for the seventh straight session on Friday to close at 70.92 per US dollar, up 22 paise, as softening crude oil prices and easing US-China trade tensions bolstered investor sentiment. Robust buying in domestic equities and a weakening dollar also propped up the domestic unit, forex traders said. (Image: Reuters)
5. Currency: The rupee marched higher for the seventh straight session on Friday to close at 70.92 per US dollar, up 22 paise, as softening crude oil prices and easing US-China trade tensions bolstered investor sentiment. Robust buying in domestic equities and a weakening dollar also propped up the domestic unit, forex traders said. (Image: Reuters)
6. FM unveils relief measures: Union finance minister Nirmala Sitharaman on Saturday unveiled a third set of relief measures to combat the economic slowdown in the country. India's trade deficit for August came in at $13.4 billion which translates to a 25 percent drop the year ago level. With this backdrop, Sitharaman announced eleven steps to boost exports including revised priority sector lending (PSL) norms for exporters which will release an additional funding of Rs 36,000 crore to Rs 68,000 crore to them. (Image: Reuters)
6. FM unveils relief measures: Union finance minister Nirmala Sitharaman on Saturday unveiled a third set of relief measures to combat the economic slowdown in the country. India's trade deficit for August came in at $13.4 billion which translates to a 25 percent drop the year ago level. With this backdrop, Sitharaman announced eleven steps to boost exports including revised priority sector lending (PSL) norms for exporters which will release an additional funding of Rs 36,000 crore to Rs 68,000 crore to them. (Image: Reuters)
7. RBI proposal for small banks: The Reserve Bank of India (RBI) on Friday proposed a minimum equity capital of Rs 200 crore to set up a small finance bank (SFB) under the 'on tap' licence regime to expand the banking services through high technology-low cost operations. Releasing the draft guidelines for 'on tap' licensing of SFBs in the private sector, the RBI said existing non-banking financial companies (NBFCs), micro finance institutions and local area banks in the private sector, which are controlled by residents, can opt for conversion into small finance banks. It further said proposals from public sector entities and large industrial house/business groups, and autonomous boards/bodies will not be entertained. (Image: Reuters)
7. RBI proposal for small banks: The Reserve Bank of India (RBI) on Friday proposed a minimum equity capital of Rs 200 crore to set up a small finance bank (SFB) under the 'on tap' licence regime to expand the banking services through high technology-low cost operations. Releasing the draft guidelines for 'on tap' licensing of SFBs in the private sector, the RBI said existing non-banking financial companies (NBFCs), micro finance institutions and local area banks in the private sector, which are controlled by residents, can opt for conversion into small finance banks. It further said proposals from public sector entities and large industrial house/business groups, and autonomous boards/bodies will not be entertained. (Image: Reuters)
8. Realty sector welcomes stimulus: The government's decision to set up a Rs 20,000 crore stressed assets fund for those residential projects that are non-NPA and not under National Company Law Tribunal (NCLT) will provide relief to lakhs of homebuyers, but it should have done more to boost housing demand, property developers and consultants said on Saturday. They rued that the government has not adequately addressed the issue of demand slowdown and lower sales. Builders were also hoping for an increase in the price cap of affordable housing to beyond Rs 45 lakh. To provide relief to aggrieved homebuyers, the government will set up a special window to provide last mile funding for housing projects which are non-NPA and non-NCLT in the affordable and middle income category. In the fund, Rs 10,000 crore will be contributed by the central government and roughly the same amount will come from outside investors. (Representational Image)
8. Realty sector welcomes stimulus: The government's decision to set up a Rs 20,000 crore stressed assets fund for those residential projects that are non-NPA and not under National Company Law Tribunal (NCLT) will provide relief to lakhs of homebuyers, but it should have done more to boost housing demand, property developers and consultants said on Saturday. They rued that the government has not adequately addressed the issue of demand slowdown and lower sales. Builders were also hoping for an increase in the price cap of affordable housing to beyond Rs 45 lakh. To provide relief to aggrieved homebuyers, the government will set up a special window to provide last mile funding for housing projects which are non-NPA and non-NCLT in the affordable and middle income category. In the fund, Rs 10,000 crore will be contributed by the central government and roughly the same amount will come from outside investors. (Representational Image)
9. Government on State Trading Corporation: The government is considering measures to improve the financial health of State Trading Corporation (STC), a public sector unit under the commerce ministry, according to reports. The measures, which are under consideration, include provision of adequate time for STC to repay bank loans and sale of immovable assets.
9. Government on State Trading Corporation: The government is considering measures to improve the financial health of State Trading Corporation (STC), a public sector unit under the commerce ministry, according to reports. The measures, which are under consideration, include provision of adequate time for STC to repay bank loans and sale of immovable assets. "The steps have been discussed among commerce ministry, finance ministry and banks," people aware of the development have been quoted as saying. As per the proposal, STC could be given a five-year time for repayment of Rs 500 crore. Besides, banks would be asked to withdraw cases filed by them in the NCLT to recover their dues. (Image: Reuters)
10. Exporters on export incentives: Incentives announced by the government will help in boosting the country's exports at a time when there are signs of worsening global economic conditions and it will help in boosting outbound shipments, according to exporters. Federation of Indian Export Organisations (FIEO) said the new measures announced for the sector in form of incentives and refund of taxes will not only go a long way in enhancing the growth prospects in the short-term but will also give it a much needed boost in the medium-term and long-term. FIEO president Sharad Kumar Saraf said the new scheme of Remission of Duties or Taxes on Export Products (RoDTEP) with revenue burden of up to Rs 50,000 crore for the government, looks attractive as it will neutralise all duties and levies suffered by the export products. (Image: Reuters)
10. Exporters on export incentives: Incentives announced by the government will help in boosting the country's exports at a time when there are signs of worsening global economic conditions and it will help in boosting outbound shipments, according to exporters. Federation of Indian Export Organisations (FIEO) said the new measures announced for the sector in form of incentives and refund of taxes will not only go a long way in enhancing the growth prospects in the short-term but will also give it a much needed boost in the medium-term and long-term. FIEO president Sharad Kumar Saraf said the new scheme of Remission of Duties or Taxes on Export Products (RoDTEP) with revenue burden of up to Rs 50,000 crore for the government, looks attractive as it will neutralise all duties and levies suffered by the export products. (Image: Reuters)
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