• SENSEX
    NIFTY 50
Economy

10 things you need to know before the opening bell on September 29

Updated : 2020-09-29 08:02:09

The Indian market is likely to open flat on Tuesday following a mixed trend in Asian peers. At 7:10 am, the SGX Nifty was trading 5 points or 0.04 percent lower at 11,245.50, indicating a flat start for the Sensex and Nifty50.

1. Asia: Shares in Asia-Pacific traded mixed in Tuesday morning trade, as logistics firm ZTO Express soared in its Hong Kong debut. Meanwhile, the Hang Seng index in Hong Kong added 0.26 percent. Mainland Chinese stocks were also higher, with the Shanghai composite up 0.21 percent while the Shenzhen component added 0.572 percent. In South Korea, the Kospi rose 0.64 percent. Australia's S&P/ASX 200 added 0.24 percent. Shares in Japan lagged, with the Nikkei 225 down 0.57 percent while the Topix index slipped 0.9 percent. Overall, the MSCI Asia ex-Japan index traded 0.4 percent higher, reported CNBC International. (Image: Reuters)
1. Asia: Shares in Asia-Pacific traded mixed in Tuesday morning trade, as logistics firm ZTO Express soared in its Hong Kong debut. Meanwhile, the Hang Seng index in Hong Kong added 0.26 percent. Mainland Chinese stocks were also higher, with the Shanghai composite up 0.21 percent while the Shenzhen component added 0.572 percent. In South Korea, the Kospi rose 0.64 percent. Australia's S&P/ASX 200 added 0.24 percent. Shares in Japan lagged, with the Nikkei 225 down 0.57 percent while the Topix index slipped 0.9 percent. Overall, the MSCI Asia ex-Japan index traded 0.4 percent higher, reported CNBC International. (Image: Reuters)
2. US: U.S. stock futures ticked slightly higher on Monday evening ahead of the first presidential debate on Tuesday.  Futures for the Dow Jones Industrial Average rose about 80 points, or 0.3 percent. Contracts for the S&P 500 and the Nasdaq Composite also gained about 0.3 percent.  The quiet move in futures follows a solid start to the week for stocks during Monday’s session, with the Dow rising 410 points, or 1.5 percent. The S&P 500 and Nasdaq rose 1.6 percent and 1.9 percent, respectively, reported CNBC International.  (Image: Reuters)
2. US: U.S. stock futures ticked slightly higher on Monday evening ahead of the first presidential debate on Tuesday.  Futures for the Dow Jones Industrial Average rose about 80 points, or 0.3 percent. Contracts for the S&P 500 and the Nasdaq Composite also gained about 0.3 percent.  The quiet move in futures follows a solid start to the week for stocks during Monday’s session, with the Dow rising 410 points, or 1.5 percent. The S&P 500 and Nasdaq rose 1.6 percent and 1.9 percent, respectively, reported CNBC International.  (Image: Reuters)
3. Market At Close On Monday: Indian shares ended over 1.5 percent higher on Monday mainly led by gains in bank stocks, while gains in Asian markets further uplifted the sentiment. State-owned banking stocks rose with the Nifty PSU Bank index up over 3 percent on hopes that the government may infuse some capital into the sector. The Sensex ended 593 points higher at 38,981 while the Nifty rose 177 points to settle at 11,227. Broader markets outperformed benchmarks with the Nifty Midcap index up 3 percent and Nifty Smallcap index adding 3.7 percent for the day. (Image: Reuters)
3. Market At Close On Monday: Indian shares ended over 1.5 percent higher on Monday mainly led by gains in bank stocks, while gains in Asian markets further uplifted the sentiment. State-owned banking stocks rose with the Nifty PSU Bank index up over 3 percent on hopes that the government may infuse some capital into the sector. The Sensex ended 593 points higher at 38,981 while the Nifty rose 177 points to settle at 11,227. Broader markets outperformed benchmarks with the Nifty Midcap index up 3 percent and Nifty Smallcap index adding 3.7 percent for the day. (Image: Reuters)
4. Crude Oil: Oil prices edged up on Monday as global equities rallied on hopes for another U.S. stimulus package, but rising virus cases fed concerns about fuel demand and kept oil futures from moving higher. Brent crude settled 51 cents, or 1.22 percent, higher at $42.43 per barrel. West Texas Intermediate settled 35 cents, or 0.9 percent, higher at $40.60 per barrel, reported CNBC International. (Image: Reuters)
4. Crude Oil: Oil prices edged up on Monday as global equities rallied on hopes for another U.S. stimulus package, but rising virus cases fed concerns about fuel demand and kept oil futures from moving higher. Brent crude settled 51 cents, or 1.22 percent, higher at $42.43 per barrel. West Texas Intermediate settled 35 cents, or 0.9 percent, higher at $40.60 per barrel, reported CNBC International. (Image: Reuters)
5. Rupee Close: The Indian currency settled lower despite positively trading domestic equity market. The rupee ended 18 paise lower to 73.79 against the US dollar as compared to Friday's close of 73.61. (image: Reuters)
5. Rupee Close: The Indian currency settled lower despite positively trading domestic equity market. The rupee ended 18 paise lower to 73.79 against the US dollar as compared to Friday's close of 73.61. (image: Reuters)
6. Govt Keeps Tight Leash On Expenditure: In fresh orders today, the government said, “With a view to manage cash flows, it has been decided to retain and continue with the same expenditure management measures, stipulated in Q1 and Q2, for Q3 - October 2020 to December 2020 of FY2020-21”. While GST numbers for September are yet to be reported, net direct tax collections for April-September so far are likely around Rs 3.33 lakh crore, up 72 percent over the August-end numbers of Rs 1.93 lakh crore but still a negative 28 percent compared to April-September 2019. As a result, the asking rate to meet the original budget target of approx Rs 13 lakh crore has widened to Rs 1.62 lakh crore of net collections a month. (Image: Reuters)
6. Govt Keeps Tight Leash On Expenditure: In fresh orders today, the government said, “With a view to manage cash flows, it has been decided to retain and continue with the same expenditure management measures, stipulated in Q1 and Q2, for Q3 - October 2020 to December 2020 of FY2020-21”. While GST numbers for September are yet to be reported, net direct tax collections for April-September so far are likely around Rs 3.33 lakh crore, up 72 percent over the August-end numbers of Rs 1.93 lakh crore but still a negative 28 percent compared to April-September 2019. As a result, the asking rate to meet the original budget target of approx Rs 13 lakh crore has widened to Rs 1.62 lakh crore of net collections a month. (Image: Reuters)
7. RBI Postpones MPC Meeting: The Reserve Bank on Monday postponed the meeting of the Monetary Policy Committee (MPC), the all-important interest rate-setting panel, over a possible lack of quorum as the appointment of independent members is delayed. The Reserve Bank in a press release said that the MPC meeting, which was to begin for three days beginning Tuesday for a bi-monthly monetary policy review, has been rescheduled and new dates will be announced shortly.
7. RBI Postpones MPC Meeting: The Reserve Bank on Monday postponed the meeting of the Monetary Policy Committee (MPC), the all-important interest rate-setting panel, over a possible lack of quorum as the appointment of independent members is delayed. The Reserve Bank in a press release said that the MPC meeting, which was to begin for three days beginning Tuesday for a bi-monthly monetary policy review, has been rescheduled and new dates will be announced shortly. "The meeting of the Monetary Policy Committee (MPC) during September 29, 30 and October 1, 2020 is being rescheduled. The dates of the MPC's meeting will be announced shortly," the RBI said. (Image: Reuters)
8. SEBI Eases Fund Raising Norms: Seeking to make fund-raising easier, markets regulator Sebi on Monday provided relaxations to REITs and InvITs for preferential and institutional placement of their respective units. Real Estate Investment Trusts (REITs) and Infrastructure Investment Trusts (InvITs) can now raise equity capital through institutional placement route two weeks after a previous such exercise. Earlier, the mandated time gap was six months between two institutional placements. Also, changes have been made with respect to pricing of units by REITs and InvITs for preferential issues. (Image: Reuters)
8. SEBI Eases Fund Raising Norms: Seeking to make fund-raising easier, markets regulator Sebi on Monday provided relaxations to REITs and InvITs for preferential and institutional placement of their respective units. Real Estate Investment Trusts (REITs) and Infrastructure Investment Trusts (InvITs) can now raise equity capital through institutional placement route two weeks after a previous such exercise. Earlier, the mandated time gap was six months between two institutional placements. Also, changes have been made with respect to pricing of units by REITs and InvITs for preferential issues. (Image: Reuters)
9. Govt On GST Compensation: According to government sources, North Block is readying a draft Bill to amend the GST Compensation Act, which would enable the government to extend the levy of cess on sin and luxury goods by 2 years. Government sources said, “The draft amendment is to propose an extension of the cess from current June 2022 to June 2024, to pay off the borrowings to compensate states, for their guaranteed 14% revenue, which was promised at the time of rollout of GST.” With the roll-out of GST from July 2017, a cess was levied on sin and luxury goods for five years to compensate the states for 14 percent revenue growth as states agreed to subsume their taxes in one common tax pool. (Image: Reuters)
9. Govt On GST Compensation: According to government sources, North Block is readying a draft Bill to amend the GST Compensation Act, which would enable the government to extend the levy of cess on sin and luxury goods by 2 years. Government sources said, “The draft amendment is to propose an extension of the cess from current June 2022 to June 2024, to pay off the borrowings to compensate states, for their guaranteed 14% revenue, which was promised at the time of rollout of GST.” With the roll-out of GST from July 2017, a cess was levied on sin and luxury goods for five years to compensate the states for 14 percent revenue growth as states agreed to subsume their taxes in one common tax pool. (Image: Reuters)
10. Probe On Dumping Of Pharma Raw Material By Chinese Firms: India has initiated a probe into the alleged dumping of a pharma raw material, Ceftriaxone Sodium Sterile, from China, following complaints by domestic manufacturers. Nectar Life Sciences and Sterile India have filed an application before the Commerce Ministry's investigation arm Directorate General of Trade Remedies (DGTR) seeking initiation of the probe. According to a DGTR notification, the applicants have contended that material injury is being caused to the domestic industry due to dumped imports from China. They requested the imposition of anti-dumping duty on the import. In the probe, the directorate will determine the existence, degree, and effect of alleged dumping in respect of the product from China. (Image: Reuters)
10. Probe On Dumping Of Pharma Raw Material By Chinese Firms: India has initiated a probe into the alleged dumping of a pharma raw material, Ceftriaxone Sodium Sterile, from China, following complaints by domestic manufacturers. Nectar Life Sciences and Sterile India have filed an application before the Commerce Ministry's investigation arm Directorate General of Trade Remedies (DGTR) seeking initiation of the probe. According to a DGTR notification, the applicants have contended that material injury is being caused to the domestic industry due to dumped imports from China. They requested the imposition of anti-dumping duty on the import. In the probe, the directorate will determine the existence, degree, and effect of alleged dumping in respect of the product from China. (Image: Reuters)
Live TV

recommended for you

Ask Our Experts CNBC TV18

Advertisement