10 things you need to know before the opening bell on August 11

SUMMARY

The Indian market is likely to open higher on Tuesday following gains in global markets. At 8:55 am, the SGX Nifty was trading 65.20 points or 0.58 percent higher at 11,359.20, indicating a positive start for the Sensex and Nifty50.

By CNBC-TV18Aug 11, 2020 8:58:19 AM IST (Published)

Wall Street | The S&P 500 ended up slightly and the Nasdaq fell on Monday as investors extended a rotation into value stocks from heavyweight tech-related names while awaiting news on progress in a US fiscal support bill. The Dow Jones Industrial Average rose 359.4 points, or 1.31 percent, to 27,792.88, the S&P 500 gained 9.33 points, or 0.28 percent, to 3,360.61 and the Nasdaq Composite dropped 42.63 points, or 0.39 percent, to 10,968.36.

Asian Markets| Asian stocks were set for a cautious start on Tuesday, following a mixed Wall Street session and as investors eyed stalled US stimulus efforts and worsening strains between Washington and Beijing over Hong Kong. Australian S&P/ASX 200 futures fell 0.05 percent in early trading. Japan's Nikkei 225 futures slipped 0.04 percent. Tokyo markets were closed for a public holiday on Monday. Hong Kong's Hang Seng index futures rose 0.43 percent.

Market at Close | The Indian benchmark equity indices, Sensex and Nifty ended half a percent higher on Monday led by gains in pharma, IT and financial stocks. The Sensex ended 141.51 points or 0.37 percent higher at 38,182.08 while the Nifty gained 60.65 points or 0.54 percent to close at 11,274.70. Broader indices outperformed the benchmarks with Nifty Smallcap and Nifty Midcap indices gaining over 1.3 and 1.7 percent, respectively. Nifty Bank ended higher for the sixth session led by ICICI Bank and HDFC Bank.

Crude Oil | Oil prices gained more ground on Tuesday, with prices underpinned by expectations of US stimulus and a rebound in Asian demand as economies reopen. Brent crude added 7 cents, or 0.2 percent, to $45.06 a barrel. West Texas Intermediate US crude rose 14 cents, or 0.3 percent, to $42.08 a barrel.

Rupee | The rupee rose by 3 paise to settle at 74.90 against US dollar on Monday tracking positive domestic equities. The rupee traded in a narrow range as positive domestic equities and foreign fund inflows supported the rupee while strong US dollar and rise in crude oil prices weighed on the local unit, forex traders said. At the interbank forex market, the rupee opened weak at 74.96. It moved to a day's low of 74.96 before settling at 74.90 against the greenback, showing a gain of 3 paise over the previous close.

SEBI | Markets regulator SEBI has made changes pertaining to the proportion of executive director posts to be filled up through different modes and composition of selection committee. Sebi said an employee, who has put in at least seven years as junior accounts assistant and junior engineer and have requisite qualifications, can be considered for the post of 'Grade A' officer at the regulator. With regard to the position of executive director (other than law), Sebi said two-thirds of the total posts will be filled up from internal candidates and the remaining one-third to be filled up by deputation or contract basis. In case of non-availability in any category -- internal and deputation or contract -- the post may be filled from other categories, the regulator said in a notification dated August 5.

Mutual Funds | According to data released by the Association of Mutual Funds in India (AMFI), monthly SIP contribution in July fell to Rs 7,830 crore from Rs 7,927 crore in June. Subsequently, the number of SIPs discontinued also showed a marginal increase. The number of SIPs discontinued in July stood at 7 lakh last month as against 6.5 lakh in June.

July Automobile Sales | Passenger vehicle (PV) retail sales in July declined by 25.19 percent to 1,57,373 units as against 2,10,377 units in July 2019, according to the Federation of Automobile Dealers Associations (FADA). Two-wheeler sales declined 37.47 percent to 8,74,638 units last month as compared to 13,98,702 units in July 2019

Bank union approaches RBI | The All India Bank Employees’ Association (AIBEA) has requested the Reserve Bank of India to review it's decision to appoint KV Kamath as the head of the Expert Committee on COVID-19-related loan restructuring. In a letter addressed to RBI India Governor Shaktikanta Das, AIBEA has expressed concerns about Kamath’s alleged role in the ICICI Bank- Videocon Group loan controversy.

FII and DII | The Foreign institutional investors (FIIs) bought shares worth Rs 302.88 crore while domestic institutional investors (DIIs) sold shares worth Rs 504.92 crore in the Indian equity market on August 10, as per provisional data available on the exchanges.​