10 things you need to know before the opening bell on July 28

SUMMARY

The Indian market is expected to open higher on Tuesday following gains in Asian peers as investors continue to monitor developments over coronavirus vaccine. At 7:42 am, the SGX Nifty traded 52 points higher at 11,169, indicating a positive start for the Sensex and the Nifty50.

By CNBCTV18.comJul 28, 2020 7:58:15 AM IST (Published)

1. Asia: Stocks in Asia Pacific were mostly higher in Tuesday morning trade as investors continued to monitor developments on the coronavirus front. Shares in South Korea led gains among the region’s major markets, with the Kospi up 1.11 percent as shares of industry heavyweight Samsung Electronics rose more than 2 percent . Over in Japan, stocks traded mixed as the Nikkei 225 rose slightly while the Topix index fell 0.11 percent . Australia’s S&P/ASX 200 added 0.71 percent . Overall, the MSCI Asia ex-Japan index traded 0.33 percent higher, reported CNBC International.

2. US: Stock futures were flat in overnight trading as investors prepared for a slew of earnings from major U.S. businesses on Tuesday. Dow futures rose 40 points or 0.15 percent. The S&P 500 and Nasdaq-100 futures rose 0.15 percent and 0.18 percent, respectively. On Monday, the Dow Jones Industrial Average climbed more than 100 points. The S&P 500 jumped 0.75 percent, bringing its year-to-date gain to nearly 0.3 percent, reported CNBC International.

3. Crude Oil: Oil prices edged higher on Monday helped by a weak dollar and expected U.S. stimulus measures but gains were capped by rising global coronavirus cases and tensions between the United States and China. Brent crude rose 7 cents to settle at $43.41 per barrel, while West Texas Intermediate crude settled 31 cents, or 0.75 percent, higher at $41.60 per barrel. U.S. Senate Republicans on Monday are expected to unveil a new $1 trillion coronavirus aid package, reported CNBC International.

4. Rupee Close: The Indian currency erased all its gains to end unchanged on Monday. The rupee ended at 74.83 against the US dollar, same as compared to Friday's close of 74.83. Some foreign banks were said to have purchased dollars, likely on behalf of foreign portfolio investors who may have pulled out funds from Indian assets. This also weighed on the Indian currency, said Cogencis.

5. Market At Close On Monday: Indian shares inched lower on Monday as heavyweight banking stocks fell after a central bank report forecast that bad loans could soar due to a rise in debt amid the pandemic. A record jump in daily coronavirus cases also weighed on the sentiment. The Sensex ended 194 points lower at 37,935 while the Nifty lost 62 points to settle at 11,132. Asian Paints, HCL Tech, Infosys, TCS and Ultratech Cement were the top gainers on the Nifty50 index, while ICICI Bank, Zee, HDFC Bank, Axis Bank, and IndusInd Bank led the losses.

6. Infrastructure Push Can Reignite Economic Growth, Says RBI Governor: RBI Governor Shaktikanta Das on Monday made a strong case for stepping up investments in the infrastructure sector to restart the economy reeling under the impact of the COVID-19 pandemic. In his address to India Inc at a CII event, Das said both private and public sectors have to play an important role in developing infrastructure that requires huge investments. The infrastructure space, he said, could act as a force multiplier for the economy, adding that a big push to certain targeted mega projects can "reignite" the economic growth. Stating that recent agriculture reforms have opened up new opportunities, the RBI Governor said the sector is emerging as a bright spot and "fortune is shifting in favour of the farm sector in the economy".

7. Govt. To Go Ahead With 23 PSUs' Stake Sale, Says Sitharaman: The government is working on completing the stake sale process of about 23 public sector companies whose divestment has already been cleared by the Cabinet, Finance Minister Nirmala Sitharaman said on Monday. The minister also said she would soon meet small finance firms and non-banking finance companies (NBFCs) to review the credit being extended by them to businesses. Sitharaman, in a conversation with Hero Enterprise Chairman Sunil Kant Munjal, said the government as part of the Aatmanirbhar Bharat package had announced opening up of all sectors for private participation.

8. SEBI Introduces One-Time Settlement Opportunity In Illiquid Stock Option Cases: Markets regulator Sebi on Monday proposed a one-time settlement opportunity for the entities that executed reversal of trades in the stock options segment of BSE during 2014 and 2015. The one-time settlement period will commence on August 1 and end on October 31, the Securities and Exchange Board of India (Sebi) said in a notice.

After the expiry of the scheme, entities who do not avail the one-time settlement opportunity will be liable for action, it added. Under the scheme, the entities who executed trade reversals on the stock options segment of BSE during the period April 1, 2014 to September 30, 2015, against whom any proceedings are pending, are eligible to avail the settlement opportunity.

9. Sadananda Gowda On Manufacturing Unit Setup: Days after notifying the schemes to boost pharmaceutical manufacturing in the country, Minister for Chemicals and Fertilizers DV Sadananda Gowda in a quick chat with CNBCTV 18’s Timsy Jaipuria said that the government has set up tough deadlines to clear industry proposals for setting up manufacturing units, both industry and states gung-ho to begin manufacturing shortly. We have set tough timelines for clearance of proposals as well. All investors and industrials are very happy and they will be soon applying. Within 30-60 days clearances will be given, said Gowda.

10. Govt Launches Pharma Manufacturing Schemes: The central government on Monday launched four schemes of Department of Pharmaceuticals for promotion of domestic manufacturing of bulk drugs and medical devices parks in the country. Minister for Chemicals and Fertilizers DV Sadananda Gowda said that the move is in line with the vision of Prime Minister Narendra Modi’s call for making India AtmaNirbhar in pharma sector. The government had approved four schemes, two each for Bulk Drugs and Medical Devices parks, in March. Earlier, on July 21, the government had notified schemes to boost pharmaceutical manufacturing in the country. Gowda said that both the industry and the States have started showing interest to come forward and participate in these schemes. (Representational Image)