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10 things you need to know before the opening bell on September 20

Updated : 2019-09-20 07:49:09

Indian shares are likely to open higher on Friday after Reserve Bank of India governor Shaktikanta Das said there is room for more rate cuts. Global equities also edged up as economic stimulus around the world eased fears of economic deceleration. Moreover, hopes of a GST rate cut today to boost the ailing economy also support the shares. At 7:20 am, the SGX Nifty futures traded 0.18 percent, or 19.5 points, up at 10,724, indicating a higher start for the Sensex and the Nifty.

1. Asia: Asian share prices inched higher on Friday as economic stimulus around the world eased fears of economic deceleration while crude oil prices climbed on concerns that last weekend's attacks on Saudi Arabia's oil facilities still pose supply risks. MSCI's broadest index of Asia-Pacific shares outside Japan is on course to post its first weekly loss in five, although it rose 0.08 percent early on Friday. Japan's Nikkei rose 0.34 percent to come within striking distance of its year-to-date peak. (Image: AP)
1. Asia: Asian share prices inched higher on Friday as economic stimulus around the world eased fears of economic deceleration while crude oil prices climbed on concerns that last weekend's attacks on Saudi Arabia's oil facilities still pose supply risks. MSCI's broadest index of Asia-Pacific shares outside Japan is on course to post its first weekly loss in five, although it rose 0.08 percent early on Friday. Japan's Nikkei rose 0.34 percent to come within striking distance of its year-to-date peak. (Image: AP)
2. US: Wall Street ended mixed on Thursday, with a gain in Microsoft offsetting a dip in Apple, a day after the Federal Reserve cut interest rates as expected and left the door open for further monetary easing. The Dow Jones Industrial Average declined 0.19 percent to end at 27,094.79 points, while the Nasdaq Composite crept up 0.07 percent to 8,182.88. The S&P 500 stood at 3,006.79 points, up less than one point from Wednesday. (Image: AP)
2. US: Wall Street ended mixed on Thursday, with a gain in Microsoft offsetting a dip in Apple, a day after the Federal Reserve cut interest rates as expected and left the door open for further monetary easing. The Dow Jones Industrial Average declined 0.19 percent to end at 27,094.79 points, while the Nasdaq Composite crept up 0.07 percent to 8,182.88. The S&P 500 stood at 3,006.79 points, up less than one point from Wednesday. (Image: AP)
3. Markets At Close On Thursday: Indian shares ended lower, down over 1.2 percent on Thursday amid huge selling in all sectors, while investors laid off heavy bets after the US Federal Reserve delivered mixed signals about its next move. The Sensex ended 470 points lower at 36,093, while the broader Nifty50 index lost 136 points to end the day at 10,705. Meanwhile, foreign institutional investors sold Rs 893 crore in the cash market while domestic institutional investors bought Rs 646 crore. The rupee dropped 10 paise to close at 71.34 against the US dollar on Thursday as heavy selling in domestic equities, unabated foreign fund outflows and rising crude oil prices kept investors edgy. (Image: Reuters)
3. Markets At Close On Thursday: Indian shares ended lower, down over 1.2 percent on Thursday amid huge selling in all sectors, while investors laid off heavy bets after the US Federal Reserve delivered mixed signals about its next move. The Sensex ended 470 points lower at 36,093, while the broader Nifty50 index lost 136 points to end the day at 10,705. Meanwhile, foreign institutional investors sold Rs 893 crore in the cash market while domestic institutional investors bought Rs 646 crore. The rupee dropped 10 paise to close at 71.34 against the US dollar on Thursday as heavy selling in domestic equities, unabated foreign fund outflows and rising crude oil prices kept investors edgy. (Image: Reuters)
4. Crude Oil: Oil prices bounced back on continued worries about the stability of oil supply as tensions between Saudi Arabia and Iran showed little sign of abating after a weekend attack on Saudi oil installations. Brent crude futures added 0.81 percent to $64.92 per barrel while US WTI jumped 1.26 percent to $58.86 per barrel in the morning of Asian trading hours on Friday. (Image: AP)
4. Crude Oil: Oil prices bounced back on continued worries about the stability of oil supply as tensions between Saudi Arabia and Iran showed little sign of abating after a weekend attack on Saudi oil installations. Brent crude futures added 0.81 percent to $64.92 per barrel while US WTI jumped 1.26 percent to $58.86 per barrel in the morning of Asian trading hours on Friday. (Image: AP)
5. Finance Minister On MSME Sector: Union Finance Minister Nirmala Sitharaman announced that stressed MSMEs would not be categorised as non-performing assets (NPAs) till FY20 (March 31, 2020) end. To give credit, public sector banks will hold meetings with NBFCs and retail borrowers in 400 districts beginning next week to provide credit to borrowers, including homebuyers and farmers. During the public meetings, the credit will be provided for retail, agriculture, MSME and housing sector, among others. (Image: Reuters)
5. Finance Minister On MSME Sector: Union Finance Minister Nirmala Sitharaman announced that stressed MSMEs would not be categorised as non-performing assets (NPAs) till FY20 (March 31, 2020) end. To give credit, public sector banks will hold meetings with NBFCs and retail borrowers in 400 districts beginning next week to provide credit to borrowers, including homebuyers and farmers. During the public meetings, the credit will be provided for retail, agriculture, MSME and housing sector, among others. (Image: Reuters)
6. Shaktikanta Das On Repo Rate Cut: The government has limited fiscal space to support growth, but low inflation can help the monetary authority ease policy rates further and help boost the economy that has badly lost its momentum, governor Shaktikanta Das said Thursday. Government measures to boost growth are more on the administrative side and it has been fiscally prudent in its moves, Das said, adding there can be more such off-balance- sheet measures from New Delhi in the offing. (Image: Reuters)
6. Shaktikanta Das On Repo Rate Cut: The government has limited fiscal space to support growth, but low inflation can help the monetary authority ease policy rates further and help boost the economy that has badly lost its momentum, governor Shaktikanta Das said Thursday. Government measures to boost growth are more on the administrative side and it has been fiscally prudent in its moves, Das said, adding there can be more such off-balance- sheet measures from New Delhi in the offing. (Image: Reuters)
7. RBI Governor Warns Banks: Banks will have to take more haircuts while resolving the stressed loans extended to non- banking lenders who are found wanting on the corporate governance front, Reserve Bank governor Shaktikanta Das warned Thursday. On the government move to have merge 10 banks to four larger ones, Das said the amalgamations ought to be non- disruptive and affirmed the central bank's support to ensure the same is achieved. (Image: Reuters)
7. RBI Governor Warns Banks: Banks will have to take more haircuts while resolving the stressed loans extended to non- banking lenders who are found wanting on the corporate governance front, Reserve Bank governor Shaktikanta Das warned Thursday. On the government move to have merge 10 banks to four larger ones, Das said the amalgamations ought to be non- disruptive and affirmed the central bank's support to ensure the same is achieved. (Image: Reuters)
8. GST Council Meeting: Amid the clamour for a rate cut by various industries, the all-powerful GST Council will hold a crucial meeting on Friday to decide on tax moderation, keeping in mind the revenue position and the need to boost sagging economic growth. The argument propagated has been to boost the consumption and domestic demand by reducing Goods and Services Tax (GST) rates further. However, many of the states are of the view that it would not be tax prudent to allow GST rate reduction at this stage, as the compensation cess fund, which is utilised to compensate the states under the GST Act in case the revenue is below the targeted growth rate, has turned negative. (Stock Image)
8. GST Council Meeting: Amid the clamour for a rate cut by various industries, the all-powerful GST Council will hold a crucial meeting on Friday to decide on tax moderation, keeping in mind the revenue position and the need to boost sagging economic growth. The argument propagated has been to boost the consumption and domestic demand by reducing Goods and Services Tax (GST) rates further. However, many of the states are of the view that it would not be tax prudent to allow GST rate reduction at this stage, as the compensation cess fund, which is utilised to compensate the states under the GST Act in case the revenue is below the targeted growth rate, has turned negative. (Stock Image)
9. RBI Governor On Oil Crisis: Reserve Bank governor Shaktikanta Das Thursday expressed the hope that the ongoing crisis in Saudi Arabia that has spiked crude prices to multi-year highs will have limited impact on inflation and fiscal numbers. Addressing the Bloomberg India economic summit, Das said he expects the Saudi crisis to have only limited impact on inflation and the fiscal numbers given the lower subsidy outgo.<br />He, however, was quick to add that the developments emanating from drone strikes on Saudi oil facilities are still playing out. (Image: Reuters)
9. RBI Governor On Oil Crisis: Reserve Bank governor Shaktikanta Das Thursday expressed the hope that the ongoing crisis in Saudi Arabia that has spiked crude prices to multi-year highs will have limited impact on inflation and fiscal numbers. Addressing the Bloomberg India economic summit, Das said he expects the Saudi crisis to have only limited impact on inflation and the fiscal numbers given the lower subsidy outgo.
He, however, was quick to add that the developments emanating from drone strikes on Saudi oil facilities are still playing out. (Image: Reuters)
10. SEBI Sets Up New Committee: Capital market regulator Sebi on Thursday set up a high-level panel to suggest possible structures and regulations for creating 'social stock exchanges' to facilitate listing and fund-raising by social enterprises as well as voluntary organisations. Securities and Exchange Board of India (Sebi) said in a statement it has decided to constitute a 15-member working group under the chairmanship of Ishaat Hussain (Director at SBI Foundation and former Finance Director at Tata Sons). The working group will examine and make recommendations with respect to possible structures and mechanisms within the securities market domain to facilitate the raising of funds by social enterprises and voluntary organizations, Sebi said. (Image: Reuters)
10. SEBI Sets Up New Committee: Capital market regulator Sebi on Thursday set up a high-level panel to suggest possible structures and regulations for creating 'social stock exchanges' to facilitate listing and fund-raising by social enterprises as well as voluntary organisations. Securities and Exchange Board of India (Sebi) said in a statement it has decided to constitute a 15-member working group under the chairmanship of Ishaat Hussain (Director at SBI Foundation and former Finance Director at Tata Sons). The working group will examine and make recommendations with respect to possible structures and mechanisms within the securities market domain to facilitate the raising of funds by social enterprises and voluntary organizations, Sebi said. (Image: Reuters)
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