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10 things you need to know before the opening bell on October 23

Updated : 2019-10-24 07:17:56

The Indian market is expected to open flat-to-negative as domestic investors remained cautious over Q2 earnings and global stocks dipped after British lawmakers rejected the govt's timetable to fast-track legislation for Brexit. At 7:08 AM, the SGX Nifty Futures traded 4 points or 0.03 percent lower at 11,622, indicating a flat-to-negative start for the Sensex and the Nifty 50.

1. Asia: Asian shares and U.S. stock futures dipped on Wednesday after British lawmakers rejected the government's timetable to fast-track legislation for its deal to take Britain out of the European Union. S&P500 mini futures dropped 0.4 percent while Japan's Nikkei dipped 0.3 percent. MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.17 percent. (Image: AP)
1. Asia: Asian shares and U.S. stock futures dipped on Wednesday after British lawmakers rejected the government's timetable to fast-track legislation for its deal to take Britain out of the European Union. S&P500 mini futures dropped 0.4 percent while Japan's Nikkei dipped 0.3 percent. MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.17 percent. (Image: AP)
2. US: U.S. stocks ended lower on Tuesday, giving up early gains after British lawmakers rejected the government's proposed timetable for passing legislation to ratify its deal to exit the European Union. Though the Brexit complications have had limited impact on U.S. markets, they have contributed to investors' uncertainties about global financial and economic conditions, strategists said. The Dow Jones Industrial Average fell 39.54 points, or 0.15 percent, to 26,788.1, the S&P 500 lost 10.73 points, or 0.36 percent, to 2,995.99 and the Nasdaq Composite dropped 58.69 points, or 0.72 percent, to 8,104.30. (Image: AP)
2. US: U.S. stocks ended lower on Tuesday, giving up early gains after British lawmakers rejected the government's proposed timetable for passing legislation to ratify its deal to exit the European Union. Though the Brexit complications have had limited impact on U.S. markets, they have contributed to investors' uncertainties about global financial and economic conditions, strategists said. The Dow Jones Industrial Average fell 39.54 points, or 0.15 percent, to 26,788.1, the S&P 500 lost 10.73 points, or 0.36 percent, to 2,995.99 and the Nasdaq Composite dropped 58.69 points, or 0.72 percent, to 8,104.30. (Image: AP)
3. Markets At Close On Tuesday: Indian benchmark equity indices, the BSE Sensex and NSE Nifty50, ended lower in choppy trade on Tuesday, dragged by a sharp fall in Infosys shares and lingering uncertainty over Brexit deal. The 30-share BSE Sensex ended 334.54 points, or 0.85 percent, lower at 38,963.84. It hit an intra-day low of 38,924.85 and a high of 39,426.47. The broader NSE Nifty too tumbled 73.50 points, or 0.63 percent, to settle at 11,588.35. Nifty IT was the biggest loser, falling 4.68 percent. Meanwhile, foreign institutional investors sold 558 crores in the cash market while sold 985 crores. (Image: Reuters)
3. Markets At Close On Tuesday: Indian benchmark equity indices, the BSE Sensex and NSE Nifty50, ended lower in choppy trade on Tuesday, dragged by a sharp fall in Infosys shares and lingering uncertainty over Brexit deal. The 30-share BSE Sensex ended 334.54 points, or 0.85 percent, lower at 38,963.84. It hit an intra-day low of 38,924.85 and a high of 39,426.47. The broader NSE Nifty too tumbled 73.50 points, or 0.63 percent, to settle at 11,588.35. Nifty IT was the biggest loser, falling 4.68 percent. Meanwhile, foreign institutional investors sold 558 crores in the cash market while sold 985 crores. (Image: Reuters)
4. Crude Oil Prices: Oil prices dipped on Thursday on lingering concerns about a weak demand outlook, after surging more than 2 percent in the previous session on the back of a surprise draw in U.S. crude stocks. Brent crude futures fell 39 cents, or 0.6 percent, to $60.78 a barrel by 0111 GMT. The international benchmark crude rose 2.5 percent on Wednesday to settle at $61.17 a barrel, levels not seen since Sept. 30. West Texas Intermediate (WTI) crude futures dropped 46 cents, or 0.8 percent, to $55.51 per barrel. U.S. crude closed 3.3 percent higher in the previous session. U.S. crude inventories fell 1.7 million barrels in the week ended Oct. 18, compared with analysts' expectations for a 2.2 million barrel build, data from the Energy Information Administration showed. (Image: Reuters)
4. Crude Oil Prices: Oil prices dipped on Thursday on lingering concerns about a weak demand outlook, after surging more than 2 percent in the previous session on the back of a surprise draw in U.S. crude stocks. Brent crude futures fell 39 cents, or 0.6 percent, to $60.78 a barrel by 0111 GMT. The international benchmark crude rose 2.5 percent on Wednesday to settle at $61.17 a barrel, levels not seen since Sept. 30. West Texas Intermediate (WTI) crude futures dropped 46 cents, or 0.8 percent, to $55.51 per barrel. U.S. crude closed 3.3 percent higher in the previous session. U.S. crude inventories fell 1.7 million barrels in the week ended Oct. 18, compared with analysts' expectations for a 2.2 million barrel build, data from the Energy Information Administration showed. (Image: Reuters)
5. Currency: The rupee on Tuesday rose to a two-week high against the US dollar on hopes of a partial trade deal between the US and China next month. The domestic currency closed at 70.94 to the dollar, a gain of 20 paise or 0.28 percent over the previous close on Friday. The US dollar index was up 0.13 percent at 97.45. (Image: Reuters)
5. Currency: The rupee on Tuesday rose to a two-week high against the US dollar on hopes of a partial trade deal between the US and China next month. The domestic currency closed at 70.94 to the dollar, a gain of 20 paise or 0.28 percent over the previous close on Friday. The US dollar index was up 0.13 percent at 97.45. (Image: Reuters)
6. Banks Partially Affected Due To Strike: Banking services remained affected on Tuesday as employees of state-run banks are on a nation-wide one day strike to protest against the government's mega-merger plan. In August, the government announced a plan to merge 10 public sector lenders into four to create fewer and stronger<br />global-sized banks. It had announced four new sets of mergers of state-run banks-- Punjab National Bank taking over Oriental Bank of Commerce and United Bank of India; Syndicate Bank merging with Canara Bank; Union Bank of India will amalgamate with Andhra Bank and Corporation Bank, and Indian Bank will merge with<br /> Allahabad Bank. (Image: Reuters)
6. Banks Partially Affected Due To Strike: Banking services remained affected on Tuesday as employees of state-run banks are on a nation-wide one day strike to protest against the government's mega-merger plan. In August, the government announced a plan to merge 10 public sector lenders into four to create fewer and stronger
global-sized banks. It had announced four new sets of mergers of state-run banks-- Punjab National Bank taking over Oriental Bank of Commerce and United Bank of India; Syndicate Bank merging with Canara Bank; Union Bank of India will amalgamate with Andhra Bank and Corporation Bank, and Indian Bank will merge with
 Allahabad Bank. (Image: Reuters)
7. Fitch Ratings On Bank's Capital: Banks would face a capital shortfall of about USD 50 billion (about Rs 3.5 lakh crore) in the event of a systemic crisis in the non-banking financial company (NBFC) sector, according to a study by global rating agency Fitch.
7. Fitch Ratings On Bank's Capital: Banks would face a capital shortfall of about USD 50 billion (about Rs 3.5 lakh crore) in the event of a systemic crisis in the non-banking financial company (NBFC) sector, according to a study by global rating agency Fitch. "The credit profiles of the state-owned banks would come under significant pressure, and the weakest -- including those with Viability Ratings in the 'b' range -- would face heightened solvency risks without capital injections from the government," according to a stress test conducted by Fitch Ratings. The stress test examines the potential impact on banks of liquidity pressures in the NBFC sector developing into widespread failures. "We assume that 30 percent of banks' NBFC exposure becomes non-performing. We view this as close to a worst-case scenario, but the figure also reflects the proportion of the sector that we believe is characterized by riskier business and financial profiles. We also assume 30 percent of banks' property exposure becomes non-performing, due to tight liquidity and weak sales," it said.  (Image: Reuters)
8. 50 percent Indians May Book Alternative Accommodation, Says Survey: With its diverse stay experience, alternative accommodations are becoming more and more<br />appealing for Indians, as close to 50 percent of those surveyed said going forward they are likely to go for the same, according to a report. More than 48 percent of the surveyed are most likely to book alternative accommodation including villas, apartments, homestays, hostels, cottages, and farm stays for their next trip, according to MakeMyTrip report 'Where will India stay on their next trip'.
8. 50 percent Indians May Book Alternative Accommodation, Says Survey: With its diverse stay experience, alternative accommodations are becoming more and more
appealing for Indians, as close to 50 percent of those surveyed said going forward they are likely to go for the same, according to a report. More than 48 percent of the surveyed are most likely to book alternative accommodation including villas, apartments, homestays, hostels, cottages, and farm stays for their next trip, according to MakeMyTrip report 'Where will India stay on their next trip'. "The diversified offerings from the hospitality industry in terms of alternative accommodation options are playing an important role in meeting the evolving demands of travelers. (Image: AP)
9. Power Ministry Officials Met Private Power Producers: The meeting on Monday was to discuss the issue of lending for meeting emission compliance. As per the central pollution control board, all thermal power plants need to meet the emission norms prescribed by CPCB by 2022. “The banks have decided to lend the private sector for this technology up-gradation which will reduce emission but we have been clear to not lend to companies where necessary contracts are not in place or are part of NPAs,” said a banker part of the meeting. (Image: Reuters)
9. Power Ministry Officials Met Private Power Producers: The meeting on Monday was to discuss the issue of lending for meeting emission compliance. As per the central pollution control board, all thermal power plants need to meet the emission norms prescribed by CPCB by 2022. “The banks have decided to lend the private sector for this technology up-gradation which will reduce emission but we have been clear to not lend to companies where necessary contracts are not in place or are part of NPAs,” said a banker part of the meeting. (Image: Reuters)
10. Government On Additional Expenditure: As a run-up to the first supplementary demand for grants, the govt is likely to be saddled with large demands for additional expenditure from a number of departments.CNBC-TV18 learns the govt may have to address additional expenditure demands on key items like MNREGA, the NDRF or the National Disaster Response Fund, additional resources for NHAI, financial assistance for BSNL-MTNL employees, monies for the merger of the govt owned insurance cos and maybe even more funds Air India. (Image: Reuters)
10. Government On Additional Expenditure: As a run-up to the first supplementary demand for grants, the govt is likely to be saddled with large demands for additional expenditure from a number of departments.CNBC-TV18 learns the govt may have to address additional expenditure demands on key items like MNREGA, the NDRF or the National Disaster Response Fund, additional resources for NHAI, financial assistance for BSNL-MTNL employees, monies for the merger of the govt owned insurance cos and maybe even more funds Air India. (Image: Reuters)
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