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10 things you need to know before the opening bell on December 2

Updated : 2019-12-02 07:22:41

Indian shares are set for a cautious start on Monday on the back of poor second-quarter economic growth data and as investors turned their focus on the Reserve Bank of India’s monetary policy decision this week. Here are some vital developments that you must know about before the market opens.

1. Asia: Stocks in Asia traded higher on Monday as official data over the weekend showed Chinese factory activity rising unexpectedly in November. US-China tensions heightened last week after US President Donald Trump signed two pieces of legislation supporting protestors in Hong Kong, prompting warnings of retaliation from China. Japan’s Nikkei 225 rose 0.76 percent in early trade. Meanwhile, shares in Australia also edged up 0.44 percent. Overall, the MSCI Asia ex-Japan index traded 0.16 percent higher. (Image: Reuters)
1. Asia: Stocks in Asia traded higher on Monday as official data over the weekend showed Chinese factory activity rising unexpectedly in November. US-China tensions heightened last week after US President Donald Trump signed two pieces of legislation supporting protestors in Hong Kong, prompting warnings of retaliation from China. Japan’s Nikkei 225 rose 0.76 percent in early trade. Meanwhile, shares in Australia also edged up 0.44 percent. Overall, the MSCI Asia ex-Japan index traded 0.16 percent higher. (Image: Reuters)
2. US: Wall Street's major indexes ended Friday's shorter session lower as US-China discord over Hong Kong fuelled investor anxiety about trade talks and retail stocks dipped as in-store Black Friday sales appeared to draw smaller crowds. The Dow Jones Industrial Average fell 112.59 points, or 0.4 percent, to 28,051.41, the S&P 500 lost 12.65 points, or 0.40 percent, to 3,140.98 and the Nasdaq Composite dropped 39.70 points, or 0.46 percent, to 8,665.47. (Image: AP)
2. US: Wall Street's major indexes ended Friday's shorter session lower as US-China discord over Hong Kong fuelled investor anxiety about trade talks and retail stocks dipped as in-store Black Friday sales appeared to draw smaller crowds. The Dow Jones Industrial Average fell 112.59 points, or 0.4 percent, to 28,051.41, the S&P 500 lost 12.65 points, or 0.40 percent, to 3,140.98 and the Nasdaq Composite dropped 39.70 points, or 0.46 percent, to 8,665.47. (Image: AP)
3. Markets At Close On Friday: Indian shares ended lower on Friday dragged by banks, auto, and metal indices ahead of the Q2 GDP data. Investors remained cautious on expectations of slower economic growth in the September quarter and as rising uncertainty over a Sino-US trade deal hurt demand for risk assets. The benchmark 30-share S&P BSE Sensex settled 336 points lower, or 0.82 percent, at 40,794, while the broader 50-share NSE Nifty50 lost over 95 points, or 0.78 percent, to close at 12,056. Meanwhile, foreign institutional investors sold 1,892 crore while the domestic institutional investors bought Rs 954 crore in the cash market. (Image: Reuters)
3. Markets At Close On Friday: Indian shares ended lower on Friday dragged by banks, auto, and metal indices ahead of the Q2 GDP data. Investors remained cautious on expectations of slower economic growth in the September quarter and as rising uncertainty over a Sino-US trade deal hurt demand for risk assets. The benchmark 30-share S&P BSE Sensex settled 336 points lower, or 0.82 percent, at 40,794, while the broader 50-share NSE Nifty50 lost over 95 points, or 0.78 percent, to close at 12,056. Meanwhile, foreign institutional investors sold 1,892 crore while the domestic institutional investors bought Rs 954 crore in the cash market. (Image: Reuters)
4. Rupee: The Indian rupee on Friday settled 12 paise lower at 71.74 against the US dollar, tracking heavy selling in domestic equities and growth concerns ahead of the release of GDP data. Forex traders said month-end dollar demand from importers and uncertainty over the US-China trade talks also weighed on the domestic currency. The rupee finally settled at 71.74, lower by 12 paise against its previous close. (Image: Reuters)
4. Rupee: The Indian rupee on Friday settled 12 paise lower at 71.74 against the US dollar, tracking heavy selling in domestic equities and growth concerns ahead of the release of GDP data. Forex traders said month-end dollar demand from importers and uncertainty over the US-China trade talks also weighed on the domestic currency. The rupee finally settled at 71.74, lower by 12 paise against its previous close. (Image: Reuters)
5. Crude Oil: Oil prices dropped on Friday, cutting into a winning month for crude. West Texas Intermediate futures fell more than 4 percent to settle at $55.17, posting a 4.1 percent loss for the week and snapping a 3-week winning streak.  European Brent futures fell $1.44 to settle at $62.43. For the month prices were up 6 percent, making it the best month since April.  (Image: AP Photo)
5. Crude Oil: Oil prices dropped on Friday, cutting into a winning month for crude. West Texas Intermediate futures fell more than 4 percent to settle at $55.17, posting a 4.1 percent loss for the week and snapping a 3-week winning streak.  European Brent futures fell $1.44 to settle at $62.43. For the month prices were up 6 percent, making it the best month since April.  (Image: AP Photo)
6. GDP Growth Drops To 4.5%: The Gross Domestic Product (GDP) growth for the second quarter (July-September) of the financial year 2019-20 dropped to 4.5 percent, the weakest pace in more than six years, due to weak consumer demand, slowing factory activities and negative impacts of the prolonged monsoon, according to data released by the government on Friday.  (Image: Reuters)
6. GDP Growth Drops To 4.5%: The Gross Domestic Product (GDP) growth for the second quarter (July-September) of the financial year 2019-20 dropped to 4.5 percent, the weakest pace in more than six years, due to weak consumer demand, slowing factory activities and negative impacts of the prolonged monsoon, according to data released by the government on Friday.  (Image: Reuters)
7. GST Collection Up 6% In November: Festive season demand helped the government collect Rs 1.03 lakh crore in goods and services tax (GST) in the month of November, up 6 percent over the same month last year. During the month of November, the GST collection on domestic transactions witnessed a growth of 12 percent, highest during the year. The GST collection on imports continued to see negative growth, down 13 percent. (Image: Reuters)
7. GST Collection Up 6% In November: Festive season demand helped the government collect Rs 1.03 lakh crore in goods and services tax (GST) in the month of November, up 6 percent over the same month last year. During the month of November, the GST collection on domestic transactions witnessed a growth of 12 percent, highest during the year. The GST collection on imports continued to see negative growth, down 13 percent. (Image: Reuters)
8. Finance Minister Hints At More Measures: Finance minister Nirmala Sitharaman said on Saturday that several significant steps in structural reforms have been taken in the past few months and responses/interventions addressing the needs of the economy will continue, indicating more relief measures could be on the anvil if so needed.
8. Finance Minister Hints At More Measures: Finance minister Nirmala Sitharaman said on Saturday that several significant steps in structural reforms have been taken in the past few months and responses/interventions addressing the needs of the economy will continue, indicating more relief measures could be on the anvil if so needed. "Today, we mark the completion of six months of the second term of Prime Minister Narendra Modi. Several significant steps in structural reforms have been taken in these months. Responses/interventions addressing the needs of the economy will continue", said the finance minister in a twitter post. (Image: Reuters)
9. Nirmala Sitharaman On Shifting China's Base: Finance Minister on November 30 said about 12 global companies have evinced interest to shift their base from China to India, taking advantage of the competitive tax rate of 15 percent announced recently. Base corporate tax for existing companies has been reduced to 22 percent from 30 percent, and for new manufacturing firms incorporated after October 1, 2019, and starting operation before March 31, 2023, it was slashed to 15 percent from 25 percent.
9. Nirmala Sitharaman On Shifting China's Base: Finance Minister on November 30 said about 12 global companies have evinced interest to shift their base from China to India, taking advantage of the competitive tax rate of 15 percent announced recently. Base corporate tax for existing companies has been reduced to 22 percent from 30 percent, and for new manufacturing firms incorporated after October 1, 2019, and starting operation before March 31, 2023, it was slashed to 15 percent from 25 percent. "I had said that I will form a task group, which will look into those companies which want to get out of China, and in the meanwhile, I announced the corporate tax cut. There were many companies that were showing interest and wanting to come back. (Image: Reuters)
10. Government To Invest In Infrastructure: The Union government will unveil a series of infrastructure projects this month as part of a plan to invest Rs 100 trillion ($1.39 trillion) in the sector over the next five years, the finance minister said on Saturday, in a push to improve the country's economy.
10. Government To Invest In Infrastructure: The Union government will unveil a series of infrastructure projects this month as part of a plan to invest Rs 100 trillion ($1.39 trillion) in the sector over the next five years, the finance minister said on Saturday, in a push to improve the country's economy. "A set of officers are looking into the pipeline of projects that can be readied so that once the fund is ready, it could be front-loaded on these projects," Sitharaman said at a business summit in Mumbai, the newspapers reported.  (Image: Reuters)
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