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10 things you need to know before the opening bell on December 11

10 things you need to know before the opening bell on December 11

10 things you need to know before the opening bell on December 11
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By CNBCTV18.com Dec 11, 2020 7:48:06 AM IST (Published)

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SUMMARY

The Indian market is expected to open flat on Friday amidst mixed trends in the global peers. At 7:28 am, the SGX Nifty traded 31 points higher at 13,566, indicating a flat-to-positive start for the Sensex and the Nifty50.

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1. Asia: Asia-Pacific markets traded mixed on Friday as investors kept an eye on negotiations over additional fiscal stimulus in the U.S. South Korea’s Kospi index rose 0.85 percent after market open. Government data released Friday showed the country’s exports in the first 10 days of December jumped 26.9 percent from a year ago thanks to a sales boost in major products such as semiconductors, Reuters reported. In Japan, the Nikkei 225 declined 0.24 percent while the Topix index rose 0.2 percent. Australia’s benchmark ASX 200 fell 0.37 percent, with most sectors trading in the red. The heavily-weighted financials subindex declined 0.67 percent as the country’s so-called Big Four banks struggled for gains, reported CNBC International. (Image: Reuters)

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2. US: Stock futures were flat in overnight trading on Thursday as the future for additional fiscal stimulus remained uncertain. Futures on the Dow Jones Industrial Average gained about 30 points. S&P 500 futures and Nasdaq 100 futures were both little changed. The overnight action followed back-to-back losses for the S&P 500 as negotiations over a coronavirus relief deal dragged on. Lawmakers seek to pass a bill before lifelines expire at the end of 2020, but disagreements over state and local stimulus, unemployment assistance and stimulus checks still exist, reported CNBC International. (Image: AP)

Sensex, market valuation, HDFC Bank, Kotak Bank, TCS
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3. Closing Bell On Thursday: The Indian benchmark equity indices, Sensex and Nifty, snapped a seven-day gaining streak to end lower on Thursday dragged by selling in banking and auto stocks amid negative global cues. The Sensex ended 143.62 points or 0.31 percent lower at 45,959.88 while the Nifty lost 50.80 points or 0.38 percent to close at 13,478.30. Broader indices underperformed the benchmarks with the Nifty Smallcap100 and the Nifty Midcap100 indices falling 0.53 and 0.83 percent, respectively. Among sectors, the Nifty PSU Bank, the Nifty Auto, the Nifty Financial Services and the Nifty Media fell the most while the Nifty FMCG, the Nifty Realty and the Nifty Metal ended in the green. (Image: Reuters)

Crude
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4. Crude Oil: Oil surged above $50 a barrel on Thursday for the first time since early March as hopes of a faster demand recovery after the release of COVID-19 vaccines offset a huge rise in U.S. crude inventories that showed there was still ample supply available. Brent crude gained $1.39, or 2.84 percent, to settle at $50.25 per barrel, rising for a third day. U.S. West Texas Intermediate (WTI) crude settled $1.26, or 2.8 percent, higher at $46.78 per barrel, reported CNBC International. (Image: Reuters)

FILE PHOTO: Illustration photo of an India Rupee note
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5. Rupee: The rupee snapped its two-day winning streak to close 9 paise lower at 73.66 (provisional) against the US dollar on Thursday tracking muted domestic equities and a rebound in the American currency. At the interbank forex market, the domestic unit opened at 73.68 against the US dollar and witnessed an intra-day high of 73.62 and a low of 73.77, reported PTI. (Image: Reuters)

Cement demand may rise before elections
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6. CCI Concludes Search Drive Against Cement Giants: In a setback for cement giants, the Competition Commission of India (CCI) on Wednesday and Thursday (December 9 and 10) conducted search operations at the offices of some cement companies. The searches were conducted based on suspected price cartelisation by these cement majors, sources privy to the developments told CNBC-TV18. "CCI continued searches at office premises of cement companies. The searches which ended in the evening today were at ACC, Ambuja Cement, Ultratech, Shree Cement, Cement Manufacturers Association, Dalmia Cement etc. These searches were in Delhi, Mumbai, Chennai and Bengaluru," sources in the know told CNBC-TV18. "The investigations are still underway on the basis of data collected from these searches," said people familiar with the matter. According to multiple people familiar with the development, the CCI conducted these searches based on series of complaints raised by builder associations in 2018-19 and again in 2020.  (Image: Reuters)

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7. Walmart On Sourcing Goods From India: Walmart CEO Doug McMillan on Thursday said that the company has been sourcing from India for over 20 years, and that the company would look to invest more in the cold chain and supply chains in the country. The company also announced that it would source as much as $10 billion annually from India by 2027. “We have experience helping farmers raise yields and get paid more, which has been a challenge since multibrand retail is not allowed in brick and mortar," McMilan said while speaking at the Hindustan Times Leadership Summit. "India is a priority for sourcing, our sourcing relationship is 20 yrs old. We currently source $3 BN of Made in India products every year which reaches 14 markets. We have made an announcement to triple exports to $10 BN annually by 2027." (Image: Reuters)

Inflation
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8. Economists On India's Retail Inflation: India’s retail inflation probably fell in November from October but remained above the Reserve Bank of India’s target, amid high food and petrol prices, a Reuters poll of economists showed. Retail inflation has stayed above the central bank’s comfort zone of 2 percent to 6 percent for seven consecutive months, a streak not seen since August 2014. The Dec. 4-9 poll of 48 economists forecast a drop in inflation in November to 7.10 percent from 7.61 percent in October, which was the highest since May 2014. If realised, November’s rate would be above 7.0 percent for the third consecutive month. ”Inflation for November is likely to be lower than October as there was some moderation in prices of vegetables in particular as well as pulses,” said Madan Sabnavis, chief economist at CARE Ratings. ”On the upside, petrol prices had increased which worked in the other direction.” (Image: Reuters)

real estate sales
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9. Housing Sales In Mumbai Jump 67% YoY: Mumbai has recorded a robust 67 percent year-on-year growth in home sales volume at 9,301 units in November 2020, thanks to the stamp duty cut and festive period of Diwali. According to property consultant Knight Frank India, at 9,301 units registered in November 2020, the residential sector of Mumbai recorded the highest ever registrations in the month of November over the last 9 years. The registrations in November 2020 have jumped by 17 percent MoM. A stamp duty cut of 300 bps continues to propel residential sales in Mumbai. Most developers have offered to absorb the remaining 200 bps which is resulting in huge savings for the homebuyer, Knight Frank said. (Image: Reuters)

Indian Bank Q2 net profit rises 15 pc to Rs 412 cr
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10. Corporate Profits Rising: The handsome 25 per cent rise in corporate profits in the September quarter amid a sharp contraction in GDP was on the back of wage squeezes, leading to rise in inequalities in India, economist Nouriel Roubini said on Thursday. This rising inequality is "dangerous" politically and socially because only a few people in the economy are benefitting, the economics professor at New York's Stern School of Business said. Roubini said earnings of listed entities have risen 25 per cent in the September quarter, which means that wages and income are getting "squeezed, if not collapsed". "The number of unemployed or partially unemployed people is spiking, profits have been rising when GDP has been falling, so income inequality is rising," he said at an event organised by NSE. "... the rise of inequality that is eventually unsustainable, it is socially and politically dangerous," he added. (stock image)

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