homephotos Newsmarket Newsstocks News10 things you need to know before the opening bell on October 8

10 things you need to know before the opening bell on October 8

10 things you need to know before the opening bell on October 8
Profile image

By CNBCTV18.com Oct 8, 2020 7:53:11 AM IST (Published)

Switch to Slide Show
Slide Show

SUMMARY

The Indian stock market is expected to open higher on Thursday tracking the positive trends in Asian peers. At 7:40 am, the SGX Nifty traded 57 points higher at 11,813, indicating a positive start for the Sensex and the Nifty50.

CNBCTV18
Image count1 / 10

1. Asia: Stocks in Asia-Pacific were higher in Thursday morning trade following an overnight surge on Wall Street. In Japan, the Nikkei 225 gained 0.29 percent in early trade while the Topix index advanced about 0.1 percent. South Korea’s Kospi rose 0.64 percent. Stocks in Australia also saw gains, with the S&P/ASX 200 up 0.63 percent. MSCI’s broadest index of Asia-Pacific shares outside Japan traded 0.19 percent higher, reported CNBC International. (Image: Reuters)

CNBCTV18
Image count2 / 10

2. US: U.S. stock index futures were modestly higher in overnight trading after the Dow posted its best day in months as investors await updates on the ongoing fiscal stimulus discussions. Futures tied to the Dow Jones Industrial Average gained 52 points, indicating a 50-point jump at the open on Thursday. S&P 500 futures rose 0.2 percent, while Nasdaq 100 futures advanced 0.26 percent, reported CNBC International. (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
Image count3 / 10

3. Market At Close On Wednesday: Indian shares ended higher on Wednesday led by gains in heavyweight Reliance Industries after it secured a $750 million investment in its retail arm. Meanwhile, financial and IT heavyweights like HDFC Bank, Infosys, TCS, and HDFC were the other top contributed to the benchmarks. The Sensex ended 304 points higher at 39,879 while the Nifty rose 76 points to settle at 11,739. Broader markets, however, underperformed benchmarks for the day with Nifty midcap and Nifty Smallcap indices down 0.4-0.5 percent. (Image: Reuters)

CNBCTV18
Image count4 / 10

4. Crude Oil: Oil prices fell nearly 2 percent on Wednesday after U.S. President Donald Trump dashed hopes for another stimulus package to boost the coronavirus-hit economy and after U.S. crude inventories rose in the most recent week. Brent crude futures were down $1.15, or 2.7 percent, to $41.51 a barrel, while West Texas Intermediate (WTI) crude settled 72 cents, or 1.8 percent lower at $39.95 per barrel, reported CNBC International. (Image: Reuters)

rupee
Image count5 / 10

5. Rupee Close: The Indian currency suspended the losing streak on Wednesday after closing on a higher note. The rupee ended at 73.33 against the US dollar as compared to Tuesday's close of 73.46. (Image: Reuters)

CNBCTV18
Image count6 / 10

6. RBI MPC May Give A GDP Forecast: The revamped Monetary Policy Committee (MPC) of the Reserve Bank of India (RBI) may at last release a GDP forecast for the fiscal, which the apex bank has refrained from giving since the outbreak of the pandemic. A majority of the 10 economists polled by CNBC-TV18 said the central bank would have to put a figure to its growth outlook in the October policy. “For the year 2020-21 as a whole, real GDP growth is also estimated to be negative,” Governor Shaktikanta Das had said during the past policy announcement on August 6. Fifty percent of the respondents believe RBI will forecast an 8 to 10 percent contraction in GDP for FY21, while 20 percent believe the central bank may project a steeper contraction. (Image: Reuters)

CNBCTV18
Image count7 / 10

7. GST Council Meeting On Borrowings: As Centre aims to conclude the on-going debate on borrowings for the shortfall in compensation cess kitty to pay off the states' dues on October 12, Opposition parties are likely to ask tough questions. Opposition parties ruled states are likely to demand a vote on the proposal, several leaders told CNBCTV18. TS Singh Deo, health minister and GST Council representative, of Chattisgarh, in an interview to CNBC-TV18 said, “Centre is trying to push unconstitutional borrowing to deal with compensation shortfall. GST Council has previously discussed that in case of shortfall bonds and other means like loans will be made available. We will seek a vote on the proposed borrowing options in the upcoming meeting on 12th Oct.” The GST Council will meet on October at 11 am via Video Conference, once again to iron out the issues on deciding the future roadmap to deal with the shortfall of funds in the compensation kitty. (Image: PTI)

Sanjeev Sanyal
Image count8 / 10

8. Sanjeev Sanyal On Stimulus: Principal Economic Adviser Sanjeev Sanyal on Wednesday said the government recognises the need for further stimulus at an appropriate time to perk up demand in the economy, hit by COVID-19. Addressing the 115th AGM of PHD Chamber of Commerce and Industry, he said there was space on the monetary and fiscal side to implement further stimulus. With the outbreak of COVID-19 pandemic, the government announced Rs 1.70 lakh crore Pradhan Mantri Garib Kalyan Yojana, followed by the unveiling of Rs 20.97 lakh crore Aatmanirbhar Bharat Abhiyan package, which many analysts said fell short of addressing demand concern. "However, we recognise that there is a need for providing further stimulus to the economy at some point in time as may be appropriate," he said. (stock image)

CNBCTV18
Image count9 / 10

9. Interest Subvention On MSME Loans Extended: The two per cent interest subvention scheme for micro, small and medium enterprises (MSMEs) on loans extended by co-operative banks has been extended till March 31 next year, the Reserve Bank of India said on Wednesday. The terms of the scheme have also been tweaked. The government had announced the 'Interest Subvention Scheme for MSMEs 2018' in November 2018 for scheduled commercial banks for two financial years 2018-19 and 2019-20. It has been extended for the financial year 2020-21. Co-operative banks also became as eligible lending institutions effective from March 3, 2020. The coverage of the scheme is limited to all term loans and working capital to the extent of Rs 100 lakh. The scheme provides for an interest relief of two per cent per annum to eligible MSMEs. (Image: PTI)

CNBCTV18
Image count10 / 10

10. PLI scheme: The initial response to the four schemes launched by the Department of Pharmaceuticals (DoP) for promoting domestic manufacturing of drugs, APIs/ KSMs and medical devices is quite encouraging. CNBC-TV18 has learnt from top sources at the DoP that as many as 29 pharma companies have submitted their applications to the government and many more are soon likely to sign up. Launched in July, the proposal was to push domestic manufacturing of active pharmaceutical ingredients (API) and reduce dependence on imports, this alone was aimed to provide Rs 6,940-crore production linked incentives to domestic drug manufacturers. (Image: Reuters)

Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!
arrow down

Top Budget Opinions

    Most Read

    Market Movers

    View All
    Top GainersTop Losers
    CurrencyCommodities
    CompanyPriceChng%Chng