10 things you need to know before the opening bell on August 18

SUMMARY

The Indian market is likely to open little changed on Tuesday following a subdued trend in Asian peers. At 7:25 am, the SGX Nifty was trading 3.50 points or 0.03 percent lower at 11,284.00, indicating a flat start for the Sensex and Nifty50.

By CNBCTV18.comAug 18, 2020 8:09:20 AM IST (Published)

1. Asia: Stocks in Asia Pacific were little changed in Tuesday morning trade as investors continued to watch developments in U.S.-China tensions. Mainland Chinese stocks edged higher in early trade, with the Shanghai composite up 0.11 percent while the Shenzhen component was above the flatline. Hong Kong’s Hang Seng index stood little changed. In Japan, the Nikkei 225 fell 0.57 percent while the Topix index traded 0.56 percent lower. Over in South Korea, where stocks returned to trade following a Monday holiday, the Kospi slipped 0.46 percent. Shares in Australia edged higher, with the S&P/ASX 200 up 0.13 percent, reported CNBC International.

2. US: Stock futures climbed slightly in overnight trading on Monday after the S&P 500 once again failed to reach a record, a level set before the coronavirus crisis hit. Futures on the Dow Jones Industrial Average rose about 50 points. The S&P 500 and the Nasdaq 100 futures both traded up 0.2 percent. The S&P 500 closed Monday’s session up 0.3 percent, just shy of its record closing high of 3,386.15 from February 19. The broad equity gauge has been flirting with its all-time high since last week, reported CNBC International.

3. Crude Oil: Oil prices rose on Monday, as OPEC+ producers almost fully complied in July with their global production cut accord, and after U.S. officials said China is in compliance with the first phase of the two nations’ trade deal. Brent crude rose 57 cents, or 1.3 percent, to $45.37 a barrel, and West Texas Intermediate crude settled 88 cents, or 2.09 percent, higher at $42.89 per barrel, reported CNBC International.

4. Market At Close On Monday: The Indian benchmark equity indices, Sensex and Nifty ended higher Monday led by gains in metals, auto and IT stocks. The Sensex ended 173.44 points or 0.46 percent higher at 38,050.78 while the Nifty gained 68.70 points or 0.61 percent to close at 11,247.10. Broader indices participated in the rally with Nifty Smallcap100 and Nifty Midcap100 indices gaining 0.89 and 0.51 percent, respectively. Gains in index heavyweights such as Bajaj Finance, Maruti Suzuki, Bajaj Auto, Kotak Mahindra Bank among others lifted Nifty to end near 11,250 levels.

5. Rupee Close: The Indian currency settled unchanged on Monday amidst range bound equity market. The rupee ended at 74.88 per dollar as compared to Friday's close of 74.90.

6. Finance Minister Seeks Investment From UAE: FM Nirmala Sitharaman on Monday held a virtual bilateral meeting with United Arab Emirates (UAE) Minister of State for Financial Affairs Obaid Al Tayer and urged the Middle Eastern nation to participate in India's ambitious Rs 111 lakh crore National Infrastructure Pipeline. About 7,000 projects have been identified under the National Infrastructure Pipeline (NIP) with projected investment of Rs 111 lakh crore during 2020-25. "Finance Minister Smt. @nsitharaman today held a bilateral meeting via VC with H.E. Obaid Al Tayer, MoS Financial Affairs, UAE.

7. Govt Eases Credit Guarantee Norms: With a view to provide additional liquidity to crisis-ridden NBFCs and housing finance companies (HFCs), the government on Monday relaxed norms for Partial Credit Guarantee Scheme (PCGS) for purchase of bonds and commercial papers by public sector banks and extended its period by three months. Keeping in view the progress under the Scheme and the fact that the stipulated limit for AA/AA- rated bonds/CPs (commercial papers) has been nearly reached, while the appetite for lower rated papers is nearing saturation considering their lower ticket size, the government has now decided to modify PCGS 2.0. (stock image)

8. Govt Extends Anti-Dumping Duty On Caustic Soda: The government on Monday extended the imposition of anti-dumping duty by three months on caustic soda imported from China and Korea to guard domestic manufacturers. The duty was extended after considering the recommendations of the commerce ministry's investigation arm DGTR. Directorate General of Trade Remedies (DGTR) had requested for extension of the existing anti-dumping duty on the chemical imported from China and Korea. "...the anti-dumping duty imposed under this notification, with respect to China and Korea, shall remain in force up to and inclusive of the 17th November, 2020, unless revoked, superseded or amended earlier," the department of revenue said in a notification.

9. Parliamentary Panel On One Nation, One Ration Card: The Parliamentary Standing Committee on Labour is not very enthused over the progress made on two schemes to provide food and rental housing to migrant and unorganised workers and is likely to submit its recommendations in the first week of next month, according to a panel member. The representatives of Ministry of Consumer Affairs, Food and Public Distribution and Ministry of Housing and Urban Affairs on Monday briefed the panel about social security and welfare measures for inter-state migrant, unorganised and informal sector workers. A member of the committee on the condition of anonymity told PTI that the two schemes, One Nation One Ration Card and Affordable Rental Housing Complex (ARHC), have not taken off as expected.

10. Trade Unions Write To Amit Shah: As many as 10 central trade unions (CTUs) on Monday shot off a letter to Home Minister Amit Shah expressing anguish over lodging of police complaints against peaceful protesters protesting against labour policy, disinvestment and privatisation on August 9. Later last month, these unions had given a call for observing a nationwide protest on August 9 against the policies of the government. "We, the joint platform of CTU organisations, express our anguish and deplore the filing of FIRs (first information report) against peaceful protesters protesting against labour policy, disinvestment and privatisation of public sector enterprises and for raising the genuine issues of the front rank coronavirus fighters, doctors, nurses, technical staff, safai karamcharies/municipal workers and the scheme workers-ASHA, Anganwadi, Mid-Day Meal workers etc," the letter said. (Photo: IANS)