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

10 things you need to know before the opening bell on June 11
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By CNBCTV18.com Jun 11, 2020 8:17:10 AM IST (Published)

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The Indian market is likely to open lower as SGX Nifty, an indicator of the opening for the Nifty50, was trading 45 points lower at 10,096 at 8:15 am, hinting at a negative start for the domestic market. The Asian markets traded lower after the dovish commentary from the US Federal Reserve. The Fed indicated that it would keep interest rates near zero through 2022.

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1. Asia: Stocks in Asia Pacific traded lower Thursday morning after the U.S. Federal Reserve indicated on Wednesday that it would keep interest rates near zero through 2022. The Nikkei 225 dropped 1.18 percent in early trade while the Topix index slipped 0.99 percent. Over in South Korea, the Kospi dipped 0.45 percent. Shares in Australia also saw declines, with S&P/ASX 200 trading 0.67 percent lower. Overall, the MSCI Asia ex-Japan index traded 0.22 percent lower. (Image: AP)

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2. US: Stock futures fell in overnight trading on Wednesday as investors evaluate the pace of economic recovery and the coronavirus developments. Futures on the Dow Jones Industrial Average dipped about 120 points, and the S&P 500 and the Nasdaq 100 futures fell 0.4 percent and 0.2 percent, respectively. On Wednesday, investors assessed the Federal Reserve’s updates on the economy and monetary policy. The policymakers voted unanimously to keep interest rates unchanged and indicated no rate increases through 2022. (Image: AP)

Sensex, Nifty, Bank Nifty, Nifty IT, Nifty FMCG, Nifty Auto, Nifty Metal, HDFC, HDFC Bank, Reliance Industries, TCS, Hindustan Unilever, BSE India, NSE India, Markets Today, Market News
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3. Market At Close On Wednesday: The Indian benchmark indices, Sensex and Nifty, ended higher on Wednesday led by gains in banks, IT and realty stocks. Investor sentiment was boosted amid hopes of economic recovery on opening up of businesses improved global risk appetite, analysts said. The Sensex ended 290.36 points or 0.86 percent higher at 34,247.05 while the Nifty rallied 69.50 points or 0.69 percent to settle at 10,116.15. Gains were supported by broader markets as well with the Nifty Midcap and Nifty smallcap indices rising 1.22 percent and 0.51 percent, respectively. (Image: Reuters)

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4. Crude Oil: Oil recovered its earlier losses on Wednesday, even as U.S. data showed crude inventories rose to a record high, reviving worries of a persistent glut due to weak demand. Crude stocks rose by 5.7 million barrels in the week to June 5 to 538.1 million barrels, according to a U.S. Energy Information Administration report. Brent crude rose 34 cents to $41.52 a barrel. West Texas Intermediate gained 66 cents, or 1.7 percent, to settle at $39.60 per barrel after falling more than 2 percent in the session. (Image: Reuters)

Indian rupee
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5. Rupee Close: The rupee pared intraday gains to settle on a flat note at 75.59 (provisional) against the US dollar on Wednesday ahead of the US Federal Reserve's monetary policy decision. Forex traders said rupee traded in a range bound manner in the absence of any major trigger. The rupee opened at 75.49 against the US dollar, but pared the gains to settle at 75.59 against the US dollar, up 2 paise over its previous close. It had settled at 75.61 against the greenback on Tuesday. (Image: Reuters)

weapons arms guns
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6. Govt To Focus On Domestic Manufacturing Of Arms: Union Minister G Kishan Reddy on Wednesday said the NDA government will focus on domestic manufacturing of arms, ammunition and other security products to promote 'Atmanirbhar Bharat Abhiyan'. Addressing a webinar on 'Atmanirbhar Bharat: Opportunities for Homeland Security Industry', Reddy said 'Atmanirbharta' (self-reliance) is not just a dream, but a well thought out roadmap for a future-ready India. "Now the Government of India has decided to soon initiate procurement from local industries to reduce import dependence," he said. The minister said a meeting was held recently on facilitating procurement for arms and ammunition by Central Armed Police Forces (CAPFs) from domestic private manufactures. (Representational Image)

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7. Vietnam-EU FTA Will Impact India, Say Exporters: The free trade pact signed between emerging South East Asian powerhouse Vietnam and the 27-member Belgium-headquartered custom block, the European Union (EU), doesn't bode well for India, exporters and trade experts told CNBC-TV18. The FTA was ratified on June 8 and will ensure zero duty trade on 99 percent of products Reuters reported. This is the first FTA that has been signed after the outbreak of the global COVID-19 pandemic that has resulted in a disruption of supply chains. For the EU, this is the second FTA in South East Asia after Singapore. The free trade pact will be operational from July this year. Indian exporters maintain that they have been already losing market share to Vietnam in the EU market (Image: Reuters)

US stock market, Wall Street
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8. US Fed Sees Interest Rates Staying Near Zero Through 2022: The Federal Reserve kept interest rates near zero and indicated that’s where they’ll stay as the economy recovers from the coronavirus pandemic. Along with the rate decision, central bankers projected Wednesday that the economy will shrink 6.5% in 2020, a year that saw an unprecedented halting of business activity in an effort to combat the coronavirus pandemic. However, 2021 is expected to show a 5% gain followed by 3.5% in 2022. The central bank repeated its commitment from the April meeting that it “expects to maintain this target range until it is confident that the economy has weathered recent events and is on track to achieve its maximum employment and price stability goals.” The Fed also said it will continue to increase its bond holdings, targeting Treasury purchases at $80 billion a month and mortgage-backed securities at $40 billion. (Image: AP)

work from home coronavirus
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9. 15% Corporate Workforce May Permanently Work-From-Home: An average 13-14 per cent of corporate workforce may permanently work from home - a development that may hit demand for office space slightly, JLL India country head and CEO Ramesh Nair has said. However, he said, the de-densification of office space by corporates to ensure social distancing between employees may mitigate any adverse impact on office demand due to adoption of work-for-home (WFH) policy. Based on a survey done by JLL India, Nair said that an average 13-14 percent of corporate workforce may permanently work from home post the coronavirus pandemic. JLL India is a leading property consultant with over Rs 4,000 crore revenue in 2018-19. (Representational Image)

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10. S&P Retains India's Rating At 'BBB-': S&P on Wednesday retained India's sovereign rating at 'BBB-' with a stable outlook, saying that while risks to growth are rising, the economy and fiscal position will stabilise and begin to recover from 2021 onwards. "While risks to India's long-term growth rate are rising, ongoing economic reforms, if executed well, should keep the country's growth rate ahead of peers," S&P said in a statement. S&P has forecast India's economy to shrink by 5 percent this fiscal.The stable outlook also assumes that the government's fiscal deficit will recede markedly following a multi-year high in fiscal year 2021, it added. (Image: Reuters)

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