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10 things you need to know before the opening bell on September 22

Updated : 2020-09-22 08:09:37

The Indian market may trade volatile on Tuesday as investors remain cautious following losses in Asian and US markets amid weak global cues. However, at 8 am, the SGX Nifty was trading 60 points or 0.53 percent higher at 11,286, indicating a positive start for the Sensex and Nifty50.

1. Asia: Stocks in Asia-Pacific slipped in Tuesday morning trade, as Hong Kong-listed shares of HSBC and Standard Chartered continued to see declines following a Monday drop. South Korea’s Kospi led losses among the region’s major markets as it declined 1.4 percent. Mainland Chinese stocks also saw losses, with the Shanghai composite down 0.94 percent while the Shenzhen component dipped 0.582 percent. The S&P/ASX 200 in Australia slipped 0.81 percent. Overall, the MSCI Asia ex-Japan index traded 0.51 percent lower. Markets in Japan are closed on Tuesday for a holiday, reported CNBC International. (Image: Reuters)
1. Asia: Stocks in Asia-Pacific slipped in Tuesday morning trade, as Hong Kong-listed shares of HSBC and Standard Chartered continued to see declines following a Monday drop. South Korea’s Kospi led losses among the region’s major markets as it declined 1.4 percent. Mainland Chinese stocks also saw losses, with the Shanghai composite down 0.94 percent while the Shenzhen component dipped 0.582 percent. The S&P/ASX 200 in Australia slipped 0.81 percent. Overall, the MSCI Asia ex-Japan index traded 0.51 percent lower. Markets in Japan are closed on Tuesday for a holiday, reported CNBC International. (Image: Reuters)
2. US: Stock futures rose slightly in overnight trading on Monday following a steep sell-off on Wall Street. Futures on the Dow Jones Industrial Average rose about 100 points. The S&P 500 futures gained 0.4 percent and the Nasdaq 100 futures were up 0.5 percent. Investors grew more anxious about the pandemic as the U.K. is reportedly considering another national lockdown as daily new infections rise, reported CNBC International. (Image: AP)
2. US: Stock futures rose slightly in overnight trading on Monday following a steep sell-off on Wall Street. Futures on the Dow Jones Industrial Average rose about 100 points. The S&P 500 futures gained 0.4 percent and the Nasdaq 100 futures were up 0.5 percent. Investors grew more anxious about the pandemic as the U.K. is reportedly considering another national lockdown as daily new infections rise, reported CNBC International. (Image: AP)
3. Market At Close On Monday: Indian benchmark indices ended over 2 percent lower on Monday, recording the biggest single-day fall this month mirroring sell-off in global markets on rising coronavirus cases across the globe. On the domestic front, all key sectoral indices traded with deep cuts dragging the benchmarks lower. The Sensex ended 811 points lower at 38,034 while the Nifty lost 254 points to settle at 11,250. Nifty Small-cap100 and Nifty Mid-cap100 were also trading with heavy losses, down 4 percent each. IndusInd Bank, Tata Motors, Hindalco, Tata Steel and JSW Steel were the top losers on the Nifty50 index down between 6 percent and 8.5 percent while only 3 stocks - Kotak Bank, Infosys, and TCS were in the green, up 0.25-1 percent. (Image: Reuters)
3. Market At Close On Monday: Indian benchmark indices ended over 2 percent lower on Monday, recording the biggest single-day fall this month mirroring sell-off in global markets on rising coronavirus cases across the globe. On the domestic front, all key sectoral indices traded with deep cuts dragging the benchmarks lower. The Sensex ended 811 points lower at 38,034 while the Nifty lost 254 points to settle at 11,250. Nifty Small-cap100 and Nifty Mid-cap100 were also trading with heavy losses, down 4 percent each. IndusInd Bank, Tata Motors, Hindalco, Tata Steel and JSW Steel were the top losers on the Nifty50 index down between 6 percent and 8.5 percent while only 3 stocks - Kotak Bank, Infosys, and TCS were in the green, up 0.25-1 percent. (Image: Reuters)
4. Crude Oil: Oil prices plunged more than 4 percent on Monday, weakening as rising coronavirus cases stoked worries about global demand and a potential return of Libyan production bolstered oversupply fears. Brent crude was down $2, or 4.6 percent, at $41.15 a barrel. West Texas Intermediate crude fell $1.80, or 4.38 percent, to settle at $39.31 a barrel. Both contracts were set for their biggest daily drops in two weeks. Prices pulled back amid mounting concerns that an increase in coronavirus cases could cut demand, reported CNBC International. (Image: Reuters)
4. Crude Oil: Oil prices plunged more than 4 percent on Monday, weakening as rising coronavirus cases stoked worries about global demand and a potential return of Libyan production bolstered oversupply fears. Brent crude was down $2, or 4.6 percent, at $41.15 a barrel. West Texas Intermediate crude fell $1.80, or 4.38 percent, to settle at $39.31 a barrel. Both contracts were set for their biggest daily drops in two weeks. Prices pulled back amid mounting concerns that an increase in coronavirus cases could cut demand, reported CNBC International. (Image: Reuters)
5. Rupee Close: The Indian currency settled higher on Monday despite the stock market reporting significant losses. The rupee ended 7 paise higher to 73.38 as against the US dollar as compared to Friday's close of 73.45. (Image: Reuters)
5. Rupee Close: The Indian currency settled higher on Monday despite the stock market reporting significant losses. The rupee ended 7 paise higher to 73.38 as against the US dollar as compared to Friday's close of 73.45. (Image: Reuters)
6. Govt Hikes MSP Of Rabi Crops: The government on Monday announced an increase in the Minimum Support Prices (MSPs) for all mandated Rabi crops for marketing season 2021-22. The decision was taken at a meeting of the Cabinet Committee on Economic Affairs (CCEA) chaired by Prime Minister Narendra Modi and was announced by Agriculture Minister Narendra Singh Tomar in Lok Sabha. Tomar said that the CCEA has approved increasing MSP of six rabi crops. Wheat MSP has been increased by Rs 50 per quintal to Rs 1,975 per quintal and that for barley has been hiked by Rs 75 per quintal to Rs 1,600 per quintal. The highest increase in MSP has been announced for lentil by Rs 300 per quintal followed by gram and rapeseed & mustard by Rs 225 per quintal each and safflower Rs 112 per quintal. (Image: Reuters)
6. Govt Hikes MSP Of Rabi Crops: The government on Monday announced an increase in the Minimum Support Prices (MSPs) for all mandated Rabi crops for marketing season 2021-22. The decision was taken at a meeting of the Cabinet Committee on Economic Affairs (CCEA) chaired by Prime Minister Narendra Modi and was announced by Agriculture Minister Narendra Singh Tomar in Lok Sabha. Tomar said that the CCEA has approved increasing MSP of six rabi crops. Wheat MSP has been increased by Rs 50 per quintal to Rs 1,975 per quintal and that for barley has been hiked by Rs 75 per quintal to Rs 1,600 per quintal. The highest increase in MSP has been announced for lentil by Rs 300 per quintal followed by gram and rapeseed & mustard by Rs 225 per quintal each and safflower Rs 112 per quintal. (Image: Reuters)
7. Govt To Introduce Bill On Inland Waterways Transportation: In a bid to roll out one of Prime Minister Narendra Modi's pet projects, i.e. to promote transportation via inland waterways so that logistics costs can reduce, the government plans to introduce a new Inland Vessels Bill, 2020. People in the know have told CNBC-TV18 reliably that a draft cabinet note has been circulated for the introduction of this bill which eventually will repeal the existing Inland Vessels Act, 1917. The objective here is to promote Inland Water Transport (lWT) by replacing, the often-described as archaic, lnland Vessels Act, 1917. The changes will aim to facilitate economical, safe transportation and trade on inland waterways, strengthening procedures governing inland vessels, sources added. (Image: AP)
7. Govt To Introduce Bill On Inland Waterways Transportation: In a bid to roll out one of Prime Minister Narendra Modi's pet projects, i.e. to promote transportation via inland waterways so that logistics costs can reduce, the government plans to introduce a new Inland Vessels Bill, 2020. People in the know have told CNBC-TV18 reliably that a draft cabinet note has been circulated for the introduction of this bill which eventually will repeal the existing Inland Vessels Act, 1917. The objective here is to promote Inland Water Transport (lWT) by replacing, the often-described as archaic, lnland Vessels Act, 1917. The changes will aim to facilitate economical, safe transportation and trade on inland waterways, strengthening procedures governing inland vessels, sources added. (Image: AP)
8. SBI Outlines Rules For Restructuring Corporate Loans: State Bank of India said on September 21 that promoters of corporate firms would have to either furnish personal guarantees or pledge their shares if they are seeking a loan recast under Reserve Bank of India's August 6 circular. If corporates seek additional loan facilities from the bank, promoters would have to bring in a minimum capital infusion of 10-15 percent of the amount being sanctioned by way of promoter contribution, SBI said. The bank released a statement on restructuring of non-personal loans and said that apart from the upfront processing fee of 0.25 percent, non-personal loans seeking restructuring would be priced 100 basis points above their current pricing on working capital loans. SBI has set November 15, 2020, as the last date for corporates with an aggregate exposure of over Rs 1,500 crore from the banking system to apply for restructuring. For others, the last date has been set at November 30, 2020. (Image: Reuters)
8. SBI Outlines Rules For Restructuring Corporate Loans: State Bank of India said on September 21 that promoters of corporate firms would have to either furnish personal guarantees or pledge their shares if they are seeking a loan recast under Reserve Bank of India's August 6 circular. If corporates seek additional loan facilities from the bank, promoters would have to bring in a minimum capital infusion of 10-15 percent of the amount being sanctioned by way of promoter contribution, SBI said. The bank released a statement on restructuring of non-personal loans and said that apart from the upfront processing fee of 0.25 percent, non-personal loans seeking restructuring would be priced 100 basis points above their current pricing on working capital loans. SBI has set November 15, 2020, as the last date for corporates with an aggregate exposure of over Rs 1,500 crore from the banking system to apply for restructuring. For others, the last date has been set at November 30, 2020. (Image: Reuters)
9. FinCEN Documents On Indian Banks: Suspicious bank transactions of Indians are red-flagged to the top US regulator --Treasury Department’s Financial Crimes Enforcement Network (FinCEN) --for suspected money laundering, terrorism, drug dealing or financial fraud, Indian Express reported on Monday.
9. FinCEN Documents On Indian Banks: Suspicious bank transactions of Indians are red-flagged to the top US regulator --Treasury Department’s Financial Crimes Enforcement Network (FinCEN) --for suspected money laundering, terrorism, drug dealing or financial fraud, Indian Express reported on Monday. "These documents, called Suspicious Activity Reports or SARs, which constitute the FinCEN Files, are not evidence of illegality. However, they reflect views by watchdogs within banks, known as compliance officers, reporting past transactions that bore hallmarks of financial crime, or that involved clients with high-risk profiles or past run-ins with the law," the report said. As per the investigation, the total value of transactions covered in these SARs are $ 2 trillion. However, the SARs are in themselves not necessarily proof of wrongdoing, and the ICIJ reported the leaked documents were a tiny fraction of the reports filed with FinCEN. (Image: Reuters)
10. Deutsche Bank On Global GDP: World GDP will return to the level it was before COVID-19 by mid-2021 after a stronger-than-expected economic bounce in recent months, Deutsche Bank said on Monday, but bloated debt levels and a shift in policy could heighten the risk of a financial crisis. ”Global economic recovery from the depths of the COVID-19 plunge this past winter and spring has proceeded significantly faster than we envisioned,” Peter Hooper, Deutsche global head of economic research wrote in a note to clients. ”As Q3 draws toward a close, we estimate that the level of global GDP is about halfway back to its pre-virus level, and we now see that journey being completed by the middle of next year, a couple quarters sooner than in our previous forecast.” For 2021, Deutsche raised its growth forecast to 5.6 percent from 5.3 percent. (stock image)
10. Deutsche Bank On Global GDP: World GDP will return to the level it was before COVID-19 by mid-2021 after a stronger-than-expected economic bounce in recent months, Deutsche Bank said on Monday, but bloated debt levels and a shift in policy could heighten the risk of a financial crisis. ”Global economic recovery from the depths of the COVID-19 plunge this past winter and spring has proceeded significantly faster than we envisioned,” Peter Hooper, Deutsche global head of economic research wrote in a note to clients. ”As Q3 draws toward a close, we estimate that the level of global GDP is about halfway back to its pre-virus level, and we now see that journey being completed by the middle of next year, a couple quarters sooner than in our previous forecast.” For 2021, Deutsche raised its growth forecast to 5.6 percent from 5.3 percent. (stock image)
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