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

Updated : 2019-09-23 07:46:00

Indian equity benchmark indices are set to move up strongly on Monday after the government slashed the income tax rate for companies to 25.17 percent and offered a lower rate to 17.01 percent for new manufacturing firms to boost economic growth rate from a six-year low by incentivising investments to help create jobs. On Friday, the markets jumped to new highs with Sensex closing 1,900 points higher along with Nifty50 index closing with 560 points. At 7:08 am, the SGX Nifty futures traded 0.64 percent, or 72.50 points, up at 11,412.50, indicating a positive start for Sensex and Nifty.

1. Asia: Shares in Asia Pacific were mixed in morning trade as investors watch for developments on the US-China trade front. Overall, South Korea's KOSPI dipped 0.2 percent due to Samsung Electronics. Over in Australia, ASX 200 rose 0.52 percent as the sectors advanced. The MSCI Asia ex-Japan shed 0.05 percent. Markets in Japan are closed on Monday for a holiday. (Image: AP)
1. Asia: Shares in Asia Pacific were mixed in morning trade as investors watch for developments on the US-China trade front. Overall, South Korea's KOSPI dipped 0.2 percent due to Samsung Electronics. Over in Australia, ASX 200 rose 0.52 percent as the sectors advanced. The MSCI Asia ex-Japan shed 0.05 percent. Markets in Japan are closed on Monday for a holiday. (Image: AP)
2. US: An index of global stock markets surrendered early gains on Friday after Chinese agriculture officials, who were to visit US farm states next week cancelled their trip, dampening optimism on the US-China trade talks. The Dow Jones Industrial Average fell 159.72 points, or 0.59 percent, to end at 26,935.07, the S&P 500 lost 14.72 points, or 0.49 percent, to close at 2,992.07 and the Nasdaq Composite dropped 65.21 points, or 0.8 percent, to finish at 8,117.67. (Image: AP)
2. US: An index of global stock markets surrendered early gains on Friday after Chinese agriculture officials, who were to visit US farm states next week cancelled their trip, dampening optimism on the US-China trade talks. The Dow Jones Industrial Average fell 159.72 points, or 0.59 percent, to end at 26,935.07, the S&P 500 lost 14.72 points, or 0.49 percent, to close at 2,992.07 and the Nasdaq Composite dropped 65.21 points, or 0.8 percent, to finish at 8,117.67. (Image: AP)
3. Markets at close on Friday: The benchmark indices ended over 5 percent higher, their best day in more than a decade, on Friday after the Narendra Modi government announced deep cuts in corporate taxes to revive flagging growth in Asia's third-largest economy. The Sensex ended 1,921 points higher at 38,015, while the broader Nifty50 index added 569 points to end the day at 11,274. Meanwhile, foreign institutional investors (FIIs) bought Rs 36 crore in the cash market and domestic institutional investors (DIIs) bought Rs 3,001 crore. The rupee rose 38 paise to close at 70.94 against the US dollar on Friday. (Image: Reuters)
3. Markets at close on Friday: The benchmark indices ended over 5 percent higher, their best day in more than a decade, on Friday after the Narendra Modi government announced deep cuts in corporate taxes to revive flagging growth in Asia's third-largest economy. The Sensex ended 1,921 points higher at 38,015, while the broader Nifty50 index added 569 points to end the day at 11,274. Meanwhile, foreign institutional investors (FIIs) bought Rs 36 crore in the cash market and domestic institutional investors (DIIs) bought Rs 3,001 crore. The rupee rose 38 paise to close at 70.94 against the US dollar on Friday. (Image: Reuters)
4. Crude oil: Oil prices jumped in the morning of Asian trading hours, with international benchmark Brent crude futures gaining 1.09 percent to $64.98 per barrel and US crude futures jumping 1.12 percent to $58.74 per barrel. (Image: Reuters)
4. Crude oil: Oil prices jumped in the morning of Asian trading hours, with international benchmark Brent crude futures gaining 1.09 percent to $64.98 per barrel and US crude futures jumping 1.12 percent to $58.74 per barrel. (Image: Reuters)
5. Corporate tax cut: Finance minister Nirmala Sitharaman said the government proposed to cut corporate tax rates to 22 percent for domestic companies provided they will not avail exemptions or incentives and 15 percent for new domestic manufacturing enterprises as part of a raft of measures to boost economic growth.
5. Corporate tax cut: Finance minister Nirmala Sitharaman said the government proposed to cut corporate tax rates to 22 percent for domestic companies provided they will not avail exemptions or incentives and 15 percent for new domestic manufacturing enterprises as part of a raft of measures to boost economic growth. "Companies not availing exemption will not be required to pay minimum alternative tax (MAT)," Sitharaman told reporters in Goa ahead of a meet on the goods and services tax (GST). (Image: Reuters)
6. No changes in fiscal deficit, spending target: The government will not revise its fiscal deficit target immediately and is not planning any spending cuts at this stage, the finance minister said on Sunday, after slashing corporate tax rates to boost a flagging economy.
6. No changes in fiscal deficit, spending target: The government will not revise its fiscal deficit target immediately and is not planning any spending cuts at this stage, the finance minister said on Sunday, after slashing corporate tax rates to boost a flagging economy. "At this point of time we are not revising any target. The decision will be taken later," said the finance minister at her residence in New Delhi on Sunday, adding that there was no plan to cut spending currently. (Image: Reuters)
7. RBI expects growth to pick up: Reserve Bank governor Shaktikanta Das exuded confidence that second-quarter gross domestic product (GDP) numbers will be better than the first as the government has started spending again. Attributing the 5 percent GDP growth in Q1, which is a six-year low and is even lower than that of Pakistan's 5.4 percent, to very low government spending, Das said with the central government opening its coffers again growth should pick up going forward. (Image: Reuters)
7. RBI expects growth to pick up: Reserve Bank governor Shaktikanta Das exuded confidence that second-quarter gross domestic product (GDP) numbers will be better than the first as the government has started spending again. Attributing the 5 percent GDP growth in Q1, which is a six-year low and is even lower than that of Pakistan's 5.4 percent, to very low government spending, Das said with the central government opening its coffers again growth should pick up going forward. (Image: Reuters)
8. RBI governor hints rate cuts: A day after saying that there is more fire power with the Reserve Bank to boost sagging growth, governor Das said future rate cuts will depend on the incoming data but warned that the country cannot have lower interest rates like in advanced economies. Das, who had warned the government against any fiscal measures to boost the sagging economy given its limited fiscal space, said the RBI could still do more to spur growth given softer inflation, which is likely to remain under the targeted 4 percent over the next 12 months or so, giving it more legroom to pursue an easy money policy. (Image: AP)
8. RBI governor hints rate cuts: A day after saying that there is more fire power with the Reserve Bank to boost sagging growth, governor Das said future rate cuts will depend on the incoming data but warned that the country cannot have lower interest rates like in advanced economies. Das, who had warned the government against any fiscal measures to boost the sagging economy given its limited fiscal space, said the RBI could still do more to spur growth given softer inflation, which is likely to remain under the targeted 4 percent over the next 12 months or so, giving it more legroom to pursue an easy money policy. (Image: AP)
9. Analysts on fiscal slippages: The spectre of fiscal slippages awaits the country after the massive tax giveaways, which will boost the sputtering growth engine and is positive from a long-term perspective, warned analysts. The government has pegged the fiscal impact of the 10 percentage points cut in corporate tax worth Rs 1.45 lakh crore in revenue foregone, is 0.7 percent of GDP. While announcing the booster measures, finance minister Nirmala Sitharaman, however, side-stepped all questions on fiscal deficit. (Representation Image)
9. Analysts on fiscal slippages: The spectre of fiscal slippages awaits the country after the massive tax giveaways, which will boost the sputtering growth engine and is positive from a long-term perspective, warned analysts. The government has pegged the fiscal impact of the 10 percentage points cut in corporate tax worth Rs 1.45 lakh crore in revenue foregone, is 0.7 percent of GDP. While announcing the booster measures, finance minister Nirmala Sitharaman, however, side-stepped all questions on fiscal deficit. (Representation Image)
10. SIAM on auto industry: Automobile industry body Society of Indian Automobile Manufacturers (SIAM) on Saturday said the auto industry would have to
10. SIAM on auto industry: Automobile industry body Society of Indian Automobile Manufacturers (SIAM) on Saturday said the auto industry would have to "find its own balance" to boost demand, with the GST Council declining to cut rates for the sector. "The auto industry was very hopeful of GST reduction. It is clear that there is no reduction of GST rate on vehicles from 28 percent to 18 percent," SIAM president Rajan Wadhera said in a statement. The industry has to find its own balance to enhance demand, he added. (Company Image)
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