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10 things you need to know before the opening bell on February 18

Updated : 2020-02-18 08:28:48

The Indian market is expected to open lower on Tuesday following global markets amid rising coronavirus threats as the death toll continued to increase. Additionally, Moody's downgrading India's growth projection is also likely to weigh on the market. The credit rating agency slashed India's growth forecast to 5.4 percent for 2020 from 6.6 percent projected earlier on slower than expected economic recovery. At 7:04 am, the SGX Nifty was trading 47 points or 0.39 percent lower at 12,026, indicating a weak start for the Sensex and Nifty50.

1. Asia: Shares in Asia fell on Tuesday morning, as the new coronavirus outbreak continued to roil companies amid expectations it would cause a slowdown. Japan’s Nikkei 225 tumbled 0.65 percent in early trade, after the previous day’s losses. The Topix fell 0.56 percent. In South Korea, the Kospi also slipped 0.75 percent. Australia’s ASX 200 declined to 0.23 percent in the morning. (Image: Reuters)
1. Asia: Shares in Asia fell on Tuesday morning, as the new coronavirus outbreak continued to roil companies amid expectations it would cause a slowdown. Japan’s Nikkei 225 tumbled 0.65 percent in early trade, after the previous day’s losses. The Topix fell 0.56 percent. In South Korea, the Kospi also slipped 0.75 percent. Australia’s ASX 200 declined to 0.23 percent in the morning. (Image: Reuters)
2. US: Stocks were little changed on Friday, but notched a gain for the week, as Wall Street digested the latest batch of consumer data and earnings. The Dow Jones Industrial Average dipped 25.23 points, or about 0.1 percent, to close at 29,398.08. The S&P 500 gained just 0.2 percent to close at 3,380.16, but eked out a record closing high. The Nasdaq Composite also advanced 0.2 percent to 9,731.18 and hit an all-time closing high. (Image: AP)
2. US: Stocks were little changed on Friday, but notched a gain for the week, as Wall Street digested the latest batch of consumer data and earnings. The Dow Jones Industrial Average dipped 25.23 points, or about 0.1 percent, to close at 29,398.08. The S&P 500 gained just 0.2 percent to close at 3,380.16, but eked out a record closing high. The Nasdaq Composite also advanced 0.2 percent to 9,731.18 and hit an all-time closing high. (Image: AP)
3. Market At Close On Monday: Indian shares ended lower on Monday as telecom exposure weighed on banking stocks. Indian banks are burdened with nearly $140 billion of bad loans and may face another huge hit if Vodafone Idea is forced into bankruptcy. The BSE Sensex ended 202 points lower at 41,056, while the Nifty50 index settled 68 points lower at 12,046. Meanwhile, foreign institutional investors sold Rs 374 crore in the cash market and the domestic institutional investors sold Rs 154 crore. (Image: Reuters)
3. Market At Close On Monday: Indian shares ended lower on Monday as telecom exposure weighed on banking stocks. Indian banks are burdened with nearly $140 billion of bad loans and may face another huge hit if Vodafone Idea is forced into bankruptcy. The BSE Sensex ended 202 points lower at 41,056, while the Nifty50 index settled 68 points lower at 12,046. Meanwhile, foreign institutional investors sold Rs 374 crore in the cash market and the domestic institutional investors sold Rs 154 crore. (Image: Reuters)
4. Crude Oil: Oil prices were little changed on Monday as concerns over the economic fallout from the coronavirus outbreak in China were offset by hopes that potential output cuts from major producers could tighten crude supply. Brent crude was at $57.23 a barrel, down 9 cents, by 1525 GMT after rising 5.2 percent last week, its biggest weekly gain since September 2019. U.S. West Texas Intermediate crude was up 2 cents to $52.07 a barrel, after a 3.4 percent gain last week. (Image: Reuters)
4. Crude Oil: Oil prices were little changed on Monday as concerns over the economic fallout from the coronavirus outbreak in China were offset by hopes that potential output cuts from major producers could tighten crude supply. Brent crude was at $57.23 a barrel, down 9 cents, by 1525 GMT after rising 5.2 percent last week, its biggest weekly gain since September 2019. U.S. West Texas Intermediate crude was up 2 cents to $52.07 a barrel, after a 3.4 percent gain last week. (Image: Reuters)
5. Rupee Close: The Indian rupee on Monday settled 5 paise higher at 71.32 against the US dollar, helped by some moderation in crude prices. However, a stronger US dollar against key rival currencies and subdued domestic equities kept the rupee's rise in check. At the interbank foreign exchange market, the domestic unit started on a weak note at 71.45 against the US dollar, but kept on reclaiming the lost ground as the day progressed. During the session, it swung between a low of 71.48 and a high of 71.24. (Image for representational purpose)
5. Rupee Close: The Indian rupee on Monday settled 5 paise higher at 71.32 against the US dollar, helped by some moderation in crude prices. However, a stronger US dollar against key rival currencies and subdued domestic equities kept the rupee's rise in check. At the interbank foreign exchange market, the domestic unit started on a weak note at 71.45 against the US dollar, but kept on reclaiming the lost ground as the day progressed. During the session, it swung between a low of 71.48 and a high of 71.24. (Image for representational purpose)
6. Moody's Cut India's Growth Projection: Moody's Investors Service on Monday slashed India's growth forecast to 5.4 percent for 2020 from 6.6 percent projected earlier on slower than expected economic recovery. In its update on Global Macro Outlook, Moody's said India's economy has decelerated rapidly over the last two years and expects the economic recovery to begin in the current quarter. “We expect any recovery to be slower than we had previously expected. Accordingly, we have revised our growth forecasts to 5.4 percent for 2020 and 5.8 percent for 2021, down from our previous projections of 6.6 percent and 6.7 percent, respectively,” Moody's said. With a weak economy and depressed credit growth reinforcing each other, Moody's said: “it is difficult to envision a quick turnaround of either, even if economic deceleration may have troughed”. (Image: Reuters)
6. Moody's Cut India's Growth Projection: Moody's Investors Service on Monday slashed India's growth forecast to 5.4 percent for 2020 from 6.6 percent projected earlier on slower than expected economic recovery. In its update on Global Macro Outlook, Moody's said India's economy has decelerated rapidly over the last two years and expects the economic recovery to begin in the current quarter. “We expect any recovery to be slower than we had previously expected. Accordingly, we have revised our growth forecasts to 5.4 percent for 2020 and 5.8 percent for 2021, down from our previous projections of 6.6 percent and 6.7 percent, respectively,” Moody's said. With a weak economy and depressed credit growth reinforcing each other, Moody's said: “it is difficult to envision a quick turnaround of either, even if economic deceleration may have troughed”. (Image: Reuters)
7. Dharmendra Pradhan On Steel Industry: The impact of Coronavirus outbreak will be felt on the global steel industry for at least two to three years, as China is the largest producer of the alloy, Union Minister Dharmendra Pradhan said on Monday. The minister also asked Indian steel companies to enhance output, particularly special steel, to grab a larger global market share.
7. Dharmendra Pradhan On Steel Industry: The impact of Coronavirus outbreak will be felt on the global steel industry for at least two to three years, as China is the largest producer of the alloy, Union Minister Dharmendra Pradhan said on Monday. The minister also asked Indian steel companies to enhance output, particularly special steel, to grab a larger global market share. "When some markets in the globe face pressure, its positive reflection is felt in some other markets. This is an automatic (natural) law. India occupies number two slot in steel production. From capital goods to finished products - how can we derive benefit - we are holding talks with stakeholders," Pradhan said on the sidelines of a CII event. (Image: Reuters)
8. SEBI On Investment Manager Eligibility Norms: Capital markets regulator Sebi on Monday decided to amend its investment manager eligibility norms for Infrastructure Investment Trusts and also permit fast-track issuance of units to existing investors in REITs and InvITs. The changes in the eligibility norms, approved by Sebi's board at a meeting here, will help a mega offering worth an estimated Rs 20,000 crore by the National Highways Authority of India (NHAI), which is in the process of setting up an Infrastructure Investment Trust (InvIT) to monetise its completed public-funded national highways. The board approved a proposal to revise eligibility conditions for investment managers in InvITs and for streamlining the process of rights issue of REITs and InvITs, the regulator said after the meeting. (Image: Reuters)
8. SEBI On Investment Manager Eligibility Norms: Capital markets regulator Sebi on Monday decided to amend its investment manager eligibility norms for Infrastructure Investment Trusts and also permit fast-track issuance of units to existing investors in REITs and InvITs. The changes in the eligibility norms, approved by Sebi's board at a meeting here, will help a mega offering worth an estimated Rs 20,000 crore by the National Highways Authority of India (NHAI), which is in the process of setting up an Infrastructure Investment Trust (InvIT) to monetise its completed public-funded national highways. The board approved a proposal to revise eligibility conditions for investment managers in InvITs and for streamlining the process of rights issue of REITs and InvITs, the regulator said after the meeting. (Image: Reuters)
9. SEBI On Investment Advisers: Continuing its efforts to further strengthen and deepen the capital market, Sebi on Monday approved stricter eligibility norms for investment advisers, capped their fees as well as green signalled regulatory sandbox for live testing of new products. Addressing media after the meeting here, Sebi Chairman Ajay Tyagi, whose current tenure is ending later this month, said the regulator is actively looking at re-categorizing mid-cap and small-cap mutual fund schemes. Under the revised framework for investments, those dealing in the distribution of securities would be barred from using titles like independent
9. SEBI On Investment Advisers: Continuing its efforts to further strengthen and deepen the capital market, Sebi on Monday approved stricter eligibility norms for investment advisers, capped their fees as well as green signalled regulatory sandbox for live testing of new products. Addressing media after the meeting here, Sebi Chairman Ajay Tyagi, whose current tenure is ending later this month, said the regulator is actively looking at re-categorizing mid-cap and small-cap mutual fund schemes. Under the revised framework for investments, those dealing in the distribution of securities would be barred from using titles like independent "financial advisers" or "wealth advisers", unless they are registered as investment advisers also. An individual adviser cannot provide distribution services, while firms would need to segregate advisory and distribution activities at the client level to avoid conflict of interest, as per the watchdog. (Image: Reuters)
10. Piyush Goyal On Expanding Exports: Commerce and Industry Minister Piyush Goyal on Monday asked the industry to look for ways to expand the country's export basket by adding more value-added products and cut shipments of raw materials. He said the country's export basket is changing but it is not changing at a fast pace.
10. Piyush Goyal On Expanding Exports: Commerce and Industry Minister Piyush Goyal on Monday asked the industry to look for ways to expand the country's export basket by adding more value-added products and cut shipments of raw materials. He said the country's export basket is changing but it is not changing at a fast pace. "We are moving from some raw materials to intermediates. Can we collectively look at changing the basket of exports to do more value-added products? Can we reduce exports of, let's say, iron ore and export high-quality steel? Can we stop exporting alumina, and stop importing aluminium products?" he said here. "Can we see how we can become value-added producers so that the Indian basket of manufacturing changes," the minister questioned. He said India's share in the world's trade is in single digit for many products. (Image: AP)
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