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Economy

10 things you need to know before the opening bell on September 28

Updated : 2020-09-28 07:45:22

The Indian market is expected to open higher on Monday amidst positively trading Asian markets. At 7:30 am, the SGX Nifty traded 84 points higher at 11,118, indicating a higher start for the Sensex and the Nifty50.

1. Asia: Stocks in Asia-Pacific traded higher on Monday morning, as investors react to Chinese economic data released over the weekend. In Japan, the Nikkei 225 added 0.74 percent in early trade while the Topix index gained 0.76 percent. South Korea's Kospi rose 0.98 percent. Over in Australia, the S&P/ASX 200 was above the flatline. Overall, the MSCI Asia ex-Japan index traded 0.1 percent higher, reported CNBC International. (Image: Reuters)
1. Asia: Stocks in Asia-Pacific traded higher on Monday morning, as investors react to Chinese economic data released over the weekend. In Japan, the Nikkei 225 added 0.74 percent in early trade while the Topix index gained 0.76 percent. South Korea's Kospi rose 0.98 percent. Over in Australia, the S&P/ASX 200 was above the flatline. Overall, the MSCI Asia ex-Japan index traded 0.1 percent higher, reported CNBC International. (Image: Reuters)
2. US: Stock futures climbed in overnight trading on Sunday following a four-week losing streak on Wall Street. Futures on the Dow Jones Industrial Average rose about 100 points. The S&P 500 futures gained 0.3 percent and the Nasdaq 100 futures climbed 0.3 percent as well. The S&P 500 and the 30-stock Dow were coming off their fourth straight negative week, shedding 0.6 percent and 1.8 percent, respectively. It marked the first time since August 2019 that the two benchmarks suffered a four-week losing streak, reported CNBC International. (Image: Reuters)
2. US: Stock futures climbed in overnight trading on Sunday following a four-week losing streak on Wall Street. Futures on the Dow Jones Industrial Average rose about 100 points. The S&P 500 futures gained 0.3 percent and the Nasdaq 100 futures climbed 0.3 percent as well. The S&P 500 and the 30-stock Dow were coming off their fourth straight negative week, shedding 0.6 percent and 1.8 percent, respectively. It marked the first time since August 2019 that the two benchmarks suffered a four-week losing streak, reported CNBC International. (Image: Reuters)
3. Market At Close On Friday: Indian shares ended nearly 2.5 percent higher on Friday led by massive buying in all key sectors amid positive momentum in the Asian peers. The Sensex ended 835 points higher at 37,388 while the Nifty rose 245 points to settle at 11,050. However, for the week the benchmarks ended around 3.75 percent lower. Broader markets also rose for the day with the Nifty Midcap and Nifty Smallcap indices up over 2.5 percent each. (Image: Reuters)
3. Market At Close On Friday: Indian shares ended nearly 2.5 percent higher on Friday led by massive buying in all key sectors amid positive momentum in the Asian peers. The Sensex ended 835 points higher at 37,388 while the Nifty rose 245 points to settle at 11,050. However, for the week the benchmarks ended around 3.75 percent lower. Broader markets also rose for the day with the Nifty Midcap and Nifty Smallcap indices up over 2.5 percent each. (Image: Reuters)
4. Crude Oil: Oil slipped on Friday and was on track for a more than 2 percent weekly decline due to mounting worries about resurgent coronavirus infections crushing fuel demand and as Libyan crude exports resume. Brent crude was down 7 cents at $41.87 a barrel, while West Texas Intermediate crude settled 6 cents, or 0.15 percent, lower at $40.25, reported CNBC International.
4. Crude Oil: Oil slipped on Friday and was on track for a more than 2 percent weekly decline due to mounting worries about resurgent coronavirus infections crushing fuel demand and as Libyan crude exports resume. Brent crude was down 7 cents at $41.87 a barrel, while West Texas Intermediate crude settled 6 cents, or 0.15 percent, lower at $40.25, reported CNBC International.
5. Rupee Close: Indian rupee extended the early gains and ended near the day's high at 73.61 per dollar, amid buying seen in the domestic equity market. It opened higher by 15 paise at 73.75 per dollar against Thursday's close of 73.90 and traded between 73.57-73.77. (Image: Reuters)
5. Rupee Close: Indian rupee extended the early gains and ended near the day's high at 73.61 per dollar, amid buying seen in the domestic equity market. It opened higher by 15 paise at 73.75 per dollar against Thursday's close of 73.90 and traded between 73.57-73.77. (Image: Reuters)
6. RBI's Upcoming Policy: The Reserve Bank is likely to keep interest rates unchanged in the forthcoming bilateral monetary policy review in view of the rising retail inflation driven mainly by supply-side issues, experts say. RBI Governor Shaktikanta Das had earlier said although there was headroom for further monetary policy action, it was important to keep our arsenal dry and use it judiciously. The six-member Monetary Policy Committee (MPC) headed by RBI Governor is scheduled to meet for three days starting September 29. The resolution of the MPC would be announced on October 1. (Image: PTI)
6. RBI's Upcoming Policy: The Reserve Bank is likely to keep interest rates unchanged in the forthcoming bilateral monetary policy review in view of the rising retail inflation driven mainly by supply-side issues, experts say. RBI Governor Shaktikanta Das had earlier said although there was headroom for further monetary policy action, it was important to keep our arsenal dry and use it judiciously. The six-member Monetary Policy Committee (MPC) headed by RBI Governor is scheduled to meet for three days starting September 29. The resolution of the MPC would be announced on October 1. (Image: PTI)
7. Finance Ministry On PSBs: The Finance Ministry is likely to provide capital support from the Rs 20,000 crore fund approved by Parliament in recently concluded session to some Public Sector Banks (PSBs) in the third quarter itself. Parliament approved Rs 20,000 crore for PSB capital infusion as part of the first batch of Supplementary Demands for Grants for 2020-21 which sought additional spending of a record Rs 2.35 lakh crore primarily to meet expenses for combating the COVID-19 pandemic. The fund infusion would be for meeting regulatory capital requirements if the need arises in the October-December quarter, sources said. (File Photo: IANS)
7. Finance Ministry On PSBs: The Finance Ministry is likely to provide capital support from the Rs 20,000 crore fund approved by Parliament in recently concluded session to some Public Sector Banks (PSBs) in the third quarter itself. Parliament approved Rs 20,000 crore for PSB capital infusion as part of the first batch of Supplementary Demands for Grants for 2020-21 which sought additional spending of a record Rs 2.35 lakh crore primarily to meet expenses for combating the COVID-19 pandemic. The fund infusion would be for meeting regulatory capital requirements if the need arises in the October-December quarter, sources said. (File Photo: IANS)
8. Centre Violates GST Compensation Law, Says CAG Report: The Comptroller and Auditor General (CAG), India's apex auditor, has raised red flags over the violation of GST compensation laws by the Centre. The CAG highlighted that the Centre used GST cess of over Rs 47,000 crore elsewhere instead of crediting it to the GST compensation fund in the last two financial years. (Image: PTI)
8. Centre Violates GST Compensation Law, Says CAG Report: The Comptroller and Auditor General (CAG), India's apex auditor, has raised red flags over the violation of GST compensation laws by the Centre. The CAG highlighted that the Centre used GST cess of over Rs 47,000 crore elsewhere instead of crediting it to the GST compensation fund in the last two financial years. (Image: PTI)
9. India's Crude Steel Output Falls: India's crude steel production fell over 4 percent to 8.478 million tonnes (MT) in August 2020, according to the World Steel Association (worldsteel). The country had produced 8.869 MT of crude steel during the same month last year, the global industry body said in its latest report. However, global steel output has started showing a positive trend, the data showed.
9. India's Crude Steel Output Falls: India's crude steel production fell over 4 percent to 8.478 million tonnes (MT) in August 2020, according to the World Steel Association (worldsteel). The country had produced 8.869 MT of crude steel during the same month last year, the global industry body said in its latest report. However, global steel output has started showing a positive trend, the data showed. "World crude steel production for 64 countries reporting to the worldsteel was 156.244 MT in August 2020, registering a rise of 0.6 per cent compared to August 2019," the worldsteel said. Global steel production was at 155.374 MT in August 2019. (Image: Reuters)
10. S&P On India's Economy: S&P Global Ratings affirmed its 'BBB-' long-term and 'A-3' short-term unsolicited foreign and local currency sovereign ratings on India on Friday. The outlook on the long-term rating is stable. The agency expects real GDP growth to recover from FY21 onwards. As per their report, Indian economy will experience a record contraction in FY21 (year ending March 2021), owing to the COVID-19 pandemic.
10. S&P On India's Economy: S&P Global Ratings affirmed its 'BBB-' long-term and 'A-3' short-term unsolicited foreign and local currency sovereign ratings on India on Friday. The outlook on the long-term rating is stable. The agency expects real GDP growth to recover from FY21 onwards. As per their report, Indian economy will experience a record contraction in FY21 (year ending March 2021), owing to the COVID-19 pandemic. "The stable outlook reflects our expectation that India's economy will recover following the resolution of the COVID-19 pandemic, and that the country's strong external settings will act as a buffer against financial strains despite elevated government funding needs over the next 24 months," it stated. (Image: AP)
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