10 things you need to know before the opening bell on April 3

SUMMARY

Indian market are most likely to open higher following global peers as US President Donald Trump said that Saudi Arabia and Russia will cut oil production by about 10 million barrels a day, which seems to have uplifted the investor sentiment. At 7:49 am, the SGX Nifty traded 61 points lower at 8,198.

By CNBCTV18.comApr 3, 2020 8:19:11 AM IST (Published)

1. Asia: Asian markets on Friday are looking to latch onto Wall Street's overnight gains after crude prices notched their biggest one-day surge on record, helping offset concerns about the depth of a global recession.

2. US: On Wall Street, the Dow Jones Industrial Average rose 2.2 percent, the S&P 500 gained 2.3 percent and the Nasdaq Composite added 1.7%.

3. Market At Close On Wednesday: Indian shares ended 4 percent on Wednesday, the first trading session of FY21, as the number of domestic coronavirus cases increased even as a 21-day lockdown remained in force. India has had 1,637 coronavirus cases and 38 deaths due to the disease. The Sensex ended 1,203 points lower at 28,265, while the Nifty fell 344 points to settle at 8,254.

4. Crude Oil: Oil prices rallied after U.S. President Donald Trump said he had brokered a deal between Saudi Arabia and Russia to cut output, but made no offer to reduce U.S. production. US Crude settled up 25 percent after hitting intraday up by 41 percent. Brent crude prices rose 18 percent to settle up at $29.14 a barrel

5. Rupee Close: On March 31, the Indian rupee ended flat at 75.62 per dollar against Monday's closing of 75.61. On April 1, the currency market was shut on account of the annual closing of accounts, while on April 2 it was a public holiday for Ram Navami.

6. World Bank Releases Emergency Fund For India: To combat the coronavirus pandemic, the World Bank on Thursday approved $1 billion emergency financing for India. The Washington-based development lender approved a plan to roll out $160 billion in emergency aid over 15 months to help countries deal with the impact of the global coronavirus pandemic.

7. March Factory Activity Growth Declines: India's manufacturing activity expanded at its slowest pace in four months in March. The India PMI declined to 51.8 last month from February’s 54.5, its lowest since November but still above the 50-mark that separates growth from contraction for a 32nd month.

8. March GST Revenue Growth Rises 8% For Full Fiscal: The gross GST revenue collected in the month of March 2020 has come in at Rs 97,597 crore of which CGST is Rs 19,183 crore, SGST is Rs 25,601 crore, and IGST is Rs 44,508 crore.

9. CREDAI-MCHI Urges RBI To Extend Interest Waiver: Realtors' body CREDAI-MCHI, which represents 1,800 builders of the Mumbai region, has written to the Reserve Bank of India (RBI) seeking interest waiver on term loans for the period under lockdown and an additional 30 days.

10. FIIs Pull Out Rs 1.2 Lakh Crore In March: The Indian market witnessed a massive foreign capital outflow of over Rs 1 lakh crore in March 2020, triggered by fears of a global recession amid the coronavirus lockdown and slump in economic activity. Foreign Institutional Investors (FII) pulled out more than Rs 1.22 lakh crore last month after remaining net buyers for six consecutive months. According to National Securities Depository (NSDL) data, FIIs sold Rs 61,972.75 crore in the equity market and Rs 60,375.81 crore in the debt market in March.