Home Business Business 10 things you need to know before the opening bell on...

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

Business

SENSEXNIFTY 50

Economy

Updated : 2020-09-23 07:58:59
The Indian market is likely to open on a flat note on Wednesday following a mixed trend in Asian peers as investors react to recent comments from Federal Reserve Chairman Jerome Powell. At 7:50 am, the SGX Nifty was trading 3 points or 0.03 percent lower at 11,157.00, indicating a flat start for the Sensex and Nifty50.

CNBCTV18.com

1. Asia: Stocks in Asia-Pacific traded mixed on Wednesday morning as investors react to recent comments from Federal Reserve Chairman Jerome Powell. Shares in Australia led gains among the region’s major markets, with the S&P/ASX 200 in Australia jumping 1.59 percent. Elsewhere, however, South Korea’s Kospi shed earlier gains as it fell 1.29 percent, adding on to losses following Tuesday’s decline of more than 2 percent. Stocks in Japan were also lower in their first trading day of the week following holidays on Monday and Tuesday. The Nikkei 225 slipped 0.75 percent while the Topix index dipped 0.77 percent. Overall, the MSCI Asia ex-Japan index was little changed, reported CNBC International. (Representative Image)

2. US: U.S. stock futures rose slightly in overnight trading on Tuesday after the S&P 500 experienced its first positive day in five. Dow futures rose 115 points. S&P 500 futures  rose 0.05 percent and Nasdaq 100 futures dipped 0.25 percent. On Tuesday, the major averages snapped multi-day losing streaks, all closing in the green. The Dow Jones Industrial Average climbed 140 points and the S&P 500 climbed 1.1 percent. The technology-heavy Nasdaq Composite was the relative outperformer, popping 1.7 percent as Amazon surged 5.7 percent, reported CNBC International. (Image: AP)

3. Market At Close On Tuesday: Indian indices ended lower for the fourth straight session on Tuesday following weakness in global peers. Asian shares were weaker on concerns about new pandemic lockdowns in Europe and after reports about financial institutions allegedly moving illicit funds hurt global banking stocks. The decline in most key sectors including bank, auto, metal, and FMCG indices dragged the benchmarks to their 7-week lows. The Sensex ended 300 points lower at 37,734 while the Nifty lost 97 points to settle at 11,154. Broader markets also ended with deep cuts with the Nifty Midcap and Nifty Smallcap indices down nearly 1.5 percent each. (Image: Reuters)

4. Crude Oil: Oil rose on Tuesday, paring sharp overnight losses, as the latest tropical storm in the Gulf of Mexico lost strength, but worries about fuel demand persisted with flare-ups around the globe in coronavirus cases. Brent crude futures rose 27 cents, or 0.65 percent, to $41.71 a barrel. U.S. West Texas Intermediate crude futures for October, due to expire on Tuesday, rose 29 cents, or 0.74 percent, to settle at $39.60 a barrel, reported CNBC International. (Image: Reuters)

5. Rupee Close: The Indian currency ended with the biggest single-day fall on Tuesday amidst volatile markets and weak American dollar. The rupee ended 20 paise lower to 73.58 as against the US dollar as compared to Monday’s close of 73.38. (Image: Reuters)

6. Government-owned Assets For Monetization: In what could help the Narendra Modi government mobilize more funds by monetizing its assets, the core group of secretaries responsible have drawn a fresh list to be put on the block. According to government sources, New Delhi has initiated a discussion on monetisation of a fresh set of government-owned assets. The government think tank, Niti Aayog, has identified a potential list of assets. “The government is now going to study the current status of assets to fix the timelines for monetization,” said a person in the know of the developments. The assets identified are a mix from railways, metro, airports, mines, oil & gas pipelines, government-owned commercial complexes, storage silos, regasification terminals, etc. (File Photo: IANS)

7. Raghuram Rajan On Bank Boards: The COVID-19 pandemic is set to burden the already burdened Indian banking system with more non-performing assets or NPAs. With the financial system facing severe strain already, discussed Raghuram Rajan and Viral Acharya. “The problems they point out are, India’s debt-to-GDP ratio is only 60 percent. In many countries this ratio is over 100 percent, even over 200 percent. This gives the impression that banks are lending only to the rich and in which case there should not be any problem of NPAs. Yet India has the highest NPA, before COVID it was 8.5 percent of total loans. What is worse is that when you want to recover from NPAs, India’s record is the lowest at about 25-30 percent.  Therefore, there is a need to improve banks rather than depending on the government for more capital,” said Rajan. (Image: Reuters)

8. Ruchir Sharma On India’s Growth: India’s growth is unlikely to be sustained over 5 percent in the coming years, believes global investor and author Ruchir Sharma. Sharma says it is going to be extremely difficult for the Indian economy to achieve a growth of over 7 percent at any point. “Now, we are in an environment where that has become much more difficult because we have a period of deglobalization. So, in that way, I think for the Indian economy to ever achieve those growth rates of 7-9 percent over the coming decade on a sustainable basis is going to be extremely difficult,” Sharma said in an interview with CNBC-TV18. “If you look at post World War II history, all the cases of countries that were able to expand or grow very rapidly, were nations that were able to export their way to prosperity. This included China, this included, before that, Japan, Korea, Taiwan, Singapore, the entire East Asian economic miracle, that was the centerpiece as far as the development strategy is concerned,” he added. (stock image)

9. CRISIL Ratings On Banks Restructuring:  Senior Director at CRISIL Ratings Krishnan Sitaraman and Vice President and Sector Head, Financial Sector Ratings at ICRA AM Karthik in conversation with CNBC-TV18 spoke of restructuring and moratorium in the financial sector. CRISIL had published a report on NBFCs and how they will come out of the COVID restructuring and what may be their moratorium load. Karthik explained, “Unlike banks, NBFCs and Housing finance companies do have good operating profits, so the operating profits could cover up for the incremental provisions required at least in the near term. Even if there are restructuring, the restructuring is going to be more selective because post-restructuring you have very stringent slippage norms for classification into NPA etc. so restructuring is going to be selective.” (stock image)

10. Angel Broking IPO Subscription: The initial public offer of Angel Broking was subscribed 77 percent on the first day of subscription on Tuesday. The Rs 600-crore public offer received bids for 1,05,01,827 shares against the issue size of 1,37,25,490 shares. The non-institutional investors’ category was subscribed 16 percent and retail individual investors 1.46 times. Angel Broking’s initial public offer comprises a fresh issue of Rs 300 crore and an offer for sale of Rs 300 crore. Price range for the offer, which is scheduled to close on Thursday, is at Rs 305-306 per share. Angel Broking on Monday raised nearly Rs 180 crore from anchor investors. (stock image)

Read More

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisment -

Most Popular

How can I tell the difference between the flu and COVID-19?

Last Updated : Oct 01, 2020 01:54 PM IST | Source: AP Body aches, sore throat, fever, cough, shortness of breath, fatigue and headaches are symptoms shared by the two. How can I tell the difference between the flu and COVID-19?It’s impossible to tell without a test. Influenza and COVID-19 have such similar symptoms, you…

Cardiac arrest common in sick Covid-19 patients

Photo for representational purpose only. iStock New York, October 1 Cardiac arrest is common in critically ill patients with Covid-19 and is associated with poor survival, particularly among patients aged 80 or older, say researchers. The findings, published in the journal The BMJ, could help guide end-of-life care discussions with critically ill patients with Covid-19…

Beware: Vitamin D deficiency can make you obese and lead to stunted growth

Vitamin D, or the ‘Sunshine Vitamin as it is also known as, is one of the essential nutrients that makes your bones and teeth stronger, wards off infections and diseases and keeps you cheerful. This fat-soluble vitamin can also bring down your risk of cancer, autoimmune diseases, heart disease and diabetes. But unfortunately, as many…

COVID-19 cases decline, deaths increase in Chandigarh as September ends

Naina MishraTribune News ServiceChandigarh, October 1 As September comes to an end, the Union Territory has started to witness a decline in the number of positive COVID-19 cases, and daily tests.  However, COVID deaths have increased with every passing week.  September has recorded 100 COVID-19 deaths whereas August reported only 39 deaths.  At least three…

Recent Comments