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

Updated : 2020-05-28 07:49:05

The Indian market is likely to open higher on Thursday following the current positive trend of some economies reopening around the globe. At 7:26 am, the SGX Nifty traded 116 points higher at 9,366, indicating a strong start for the Sensex and Nifty50.

1. Asia: Stocks in Asia Pacific were higher in Thursday morning trade on the back of an overnight surge on Wall Street as optimism over the reopening of economies buoyed investor sentiment. In Japan, the Nikkei 225 rose 1.17 percent. The Topix index also advanced 0.93 percent. South Korea’s Kospi also added 0.64 percent. Meanwhile, the S&P/ASX 200 in Australia gained 0.81 percent. Overall, the MSCI Asia ex-Japan index traded 0.29 percent higher. (Image: Reuters)
1. Asia: Stocks in Asia Pacific were higher in Thursday morning trade on the back of an overnight surge on Wall Street as optimism over the reopening of economies buoyed investor sentiment. In Japan, the Nikkei 225 rose 1.17 percent. The Topix index also advanced 0.93 percent. South Korea’s Kospi also added 0.64 percent. Meanwhile, the S&P/ASX 200 in Australia gained 0.81 percent. Overall, the MSCI Asia ex-Japan index traded 0.29 percent higher. (Image: Reuters)
2. US: Futures contracts tied to the major U.S. market indexes rose Wednesday evening as investors looked to add to Wall Street’s robust gains so far this week. Dow Jones Industrial Average futures rose 144 points, indicating an opening gain of about 180 points (0.7 percent) when regular trading resumes on Thursday. S&P 500 and Nasdaq-100 futures pointed to opening advances of 0.4 percent and 0.2 percent, respectively. The overnight moves Wednesday evening promised to add to sharp rallies in the major stock indexes so far this week. (Image: Reuters)
2. US: Futures contracts tied to the major U.S. market indexes rose Wednesday evening as investors looked to add to Wall Street’s robust gains so far this week. Dow Jones Industrial Average futures rose 144 points, indicating an opening gain of about 180 points (0.7 percent) when regular trading resumes on Thursday. S&P 500 and Nasdaq-100 futures pointed to opening advances of 0.4 percent and 0.2 percent, respectively. The overnight moves Wednesday evening promised to add to sharp rallies in the major stock indexes so far this week. (Image: Reuters)
3. Market At Close On Wednesday: Indian shares surged over 3 percent on Wednesday supported by gains in private banks, while Axis Bank surged after a report said private equity group Carlyle was in discussions with the lender for a fund infusion. Other banking stocks like ICICI Bank, HDFC Bank, and HDFC also contributed to the gains. The Sensex ended 996 points higher at 31,605, while the Nifty rose 286 points to settle at 9,315. (Image: Reuters)
3. Market At Close On Wednesday: Indian shares surged over 3 percent on Wednesday supported by gains in private banks, while Axis Bank surged after a report said private equity group Carlyle was in discussions with the lender for a fund infusion. Other banking stocks like ICICI Bank, HDFC Bank, and HDFC also contributed to the gains. The Sensex ended 996 points higher at 31,605, while the Nifty rose 286 points to settle at 9,315. (Image: Reuters)
4. Crude Oil: Oil futures tumbled on Wednesday after U.S. President Donald Trump said he was working on a strong response to China’s proposed security law in Hong Kong and as some traders doubted Russia’s commitment to deep production cuts. Brent crude fell $1.43, or 3.95 percent, to settle at $34.74 a barrel, while West Texas Intermediate crude settled $1.54, or 4.48 percent, lower at $32.81 per barrel. (Image: Reuters)
4. Crude Oil: Oil futures tumbled on Wednesday after U.S. President Donald Trump said he was working on a strong response to China’s proposed security law in Hong Kong and as some traders doubted Russia’s commitment to deep production cuts. Brent crude fell $1.43, or 3.95 percent, to settle at $34.74 a barrel, while West Texas Intermediate crude settled $1.54, or 4.48 percent, lower at $32.81 per barrel. (Image: Reuters)
5. Rupee Close: The rupee fell against the US dollar after trading in a narrow range during the day. The rupee settled 6 paise lower at 75.72, as compared to the previous close of 75.66. The US dollar edged up against other Asian currencies too as rising US-China tensions over proposed security laws for Hong Kong prompted investors to latch on to the safety of the dollar. The dollar index, which tracks the movement of the greenback against a basket of six other currencies, was up 0.21 percent to 99.118. (Image: Reuters)
5. Rupee Close: The rupee fell against the US dollar after trading in a narrow range during the day. The rupee settled 6 paise lower at 75.72, as compared to the previous close of 75.66. The US dollar edged up against other Asian currencies too as rising US-China tensions over proposed security laws for Hong Kong prompted investors to latch on to the safety of the dollar. The dollar index, which tracks the movement of the greenback against a basket of six other currencies, was up 0.21 percent to 99.118. (Image: Reuters)
6. Donations To PM Cares Fund Now To Be Considered As A CSR Fund: The contributions and donations to the Prime Minister’s Citizen Assistance and Relief in Emergency Situations Fund (PM CARES) will now be considered as corporate social responsibility (CSR) spend for the companies. The government has included the Prime Minister’s Citizen Assistance and Relief in Emergency Situations Fund (PM CARES) in the list of activities prescribed for companies to fulfill their mandatory corporate social responsibility (CSR) spend. (Image: Reuters)
6. Donations To PM Cares Fund Now To Be Considered As A CSR Fund: The contributions and donations to the Prime Minister’s Citizen Assistance and Relief in Emergency Situations Fund (PM CARES) will now be considered as corporate social responsibility (CSR) spend for the companies. The government has included the Prime Minister’s Citizen Assistance and Relief in Emergency Situations Fund (PM CARES) in the list of activities prescribed for companies to fulfill their mandatory corporate social responsibility (CSR) spend. (Image: Reuters)
7. Two Out Of 3 MSMEs May Sail Through Lockdown: Almost two out of three micro, small and medium enterprises (MSMEs) are well placed to sail through the nationwide lockdown, a study published in the latest TransUnion CIBIL and SIDBI MSME pulse shows.
7. Two Out Of 3 MSMEs May Sail Through Lockdown: Almost two out of three micro, small and medium enterprises (MSMEs) are well placed to sail through the nationwide lockdown, a study published in the latest TransUnion CIBIL and SIDBI MSME pulse shows. "While the impact of the lockdown may be more pronounced than that of the earlier events, but the core essence of the simulation study highlights that structurally stronger MSMEs will be the least impacted," the MSME Pulse report said. (Image: Reuters)
8. Q1GDP May Fall By 40%: SBI Chief Economist Soumya Kanti Ghosh wrote that the GDP loss in Q1FY21 will be humongous and could even exceed 40 percent. However, Q2 GDP numbers could witness a smart recovery and clock 7.1 percent, if the country is able to sustain the demand, he said. Further, Q3 and Q4 growth numbers could also look much better, with an average of 6 percent, but the Q2 bump could come down with the immediate bust in pent up demand in Q2 subsiding subsequently, the report said. (Image: Reuters)
8. Q1GDP May Fall By 40%: SBI Chief Economist Soumya Kanti Ghosh wrote that the GDP loss in Q1FY21 will be humongous and could even exceed 40 percent. However, Q2 GDP numbers could witness a smart recovery and clock 7.1 percent, if the country is able to sustain the demand, he said. Further, Q3 and Q4 growth numbers could also look much better, with an average of 6 percent, but the Q2 bump could come down with the immediate bust in pent up demand in Q2 subsiding subsequently, the report said. (Image: Reuters)
9. FY20 GDP Growth Estimate Likely To Be Cut: The availability of data for estimating the growth for FY20 has been severely impacted by the state and nationwide lockdowns in the last few days of March, government officials told CNBC-TV18. The officials added that even production data for many industries is not available as a large number of factories have yet to open, while some are trying to limp back with a much lower labour strength.“The Provisional Estimates for FY20 GDP to be released on May 29, will require further revisions. Also, March IIP at a negative 16 percent is a pointer to the lockdown impact for March 2020,
9. FY20 GDP Growth Estimate Likely To Be Cut: The availability of data for estimating the growth for FY20 has been severely impacted by the state and nationwide lockdowns in the last few days of March, government officials told CNBC-TV18. The officials added that even production data for many industries is not available as a large number of factories have yet to open, while some are trying to limp back with a much lower labour strength.“The Provisional Estimates for FY20 GDP to be released on May 29, will require further revisions. Also, March IIP at a negative 16 percent is a pointer to the lockdown impact for March 2020," the officials said. (Representational Image)
10. World Economic Prospects Darken: Economic prospects for the developed world this year have darkened again in the past month as the coronavirus pandemic has rolled from Asia to the Americas, with a V-shaped sharp recovery expected by less than one-fifth of economists polled by Reuters. But the trough in economic activity will be deeper and the rebound is likely to take longer than predicted just a short time ago, in part because the pandemic is spreading across the globe in stages and arriving in countries at different times. Reuters polls of more than 250 economists taken over the past few weeks showed recessions in most major economies would be deeper this year than previously predicted. (Image: Reuters)
10. World Economic Prospects Darken: Economic prospects for the developed world this year have darkened again in the past month as the coronavirus pandemic has rolled from Asia to the Americas, with a V-shaped sharp recovery expected by less than one-fifth of economists polled by Reuters. But the trough in economic activity will be deeper and the rebound is likely to take longer than predicted just a short time ago, in part because the pandemic is spreading across the globe in stages and arriving in countries at different times. Reuters polls of more than 250 economists taken over the past few weeks showed recessions in most major economies would be deeper this year than previously predicted. (Image: Reuters)
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