10 things you need to know before the opening bell on November 9

SUMMARY

The Indian market is likely to open higher on Monday on positive global cues after Democrat Joe Biden defeated Donald Trump in the presidential elections. Sustained foreign capital inflow into the domestic market may also lift sentiment. At 7:00 am, the SGX Nifty was trading 184.00 points or 1.50 percent higher at 12,449.50, indicating a positive start for the Sensex and Nifty50.

By CNBCTV18.comNov 9, 2020 8:54:55 AM IST (Published)

1. Asia: Stocks in Asia-Pacific traded higher on Monday morning as investors in the region reacted to Democrat Joe Biden’s defeat of incumbent Donald Trump in the U.S. presidential race, according to NBC projections. In Japan, the Nikkei 225 jumped 2.04 percent while the Topix index added 1.42 percent. South Korea’s Kospi also rose 1.44 percent. Mainland Chinese stocks also rose in early trade, with the Shanghai composite up 1.1 percent and the Shenzhen component gained 1.473 percent. Hong Kong’s Hang Seng index advanced 1.34 percent. Shares in Australia were also higher, with the S&P/ASX 200 gaining 1.57 percent. MSCI’s broadest index of Asia-Pacific shares outside Japan traded 1.08 percent higher, reported CNBC International. .

2. US: Stocks were set to continue their big post-election rally as futures rose in overnight trading on Sunday. The gains came as Democrat Joe Biden defeated incumbent Donald Trump in the U.S. presidential race to become president elect, according to NBC projections. Futures on the Dow Jones Industrial Average rose 365 points, implying an opening gain of about 350 points on Monday. S&P 500 futures climbed 1.5 percent and Nasdaq 100 futures rose 2.2 percent, reported CNBC International.

3. Closing Bell On Friday: The Indian benchmark equity indices, Sensex and Nifty, ended with robust gains on Friday led by heavy buying in banking and financial stocks amid positive global cues. The Sensex ended 552.90 points or 1.34 percent higher at 41,893.06 while the Nifty gained 143.25 points or 1.18 percent to close at 12,263.55. Broader indices, the Nifty Smallcap100, and the Nifty Midcap100 indices gained 0.5 percent each. Among sectors, the Nifty Private Bank rallied the most over 2 percent followed by the Nifty Financial Services, the Nifty IT, and the Nifty Realty while the Nifty Pharma and the Nifty FMCG ended in the red.

4. Crude Oil: Oil fell below $40 a barrel on Friday as drawn-out vote counting in the U.S. presidential election kept markets on edge and new lockdowns in Europe to halt surging COVID-19 infections sparked concern over the demand. Brent crude fell $1.52, or 3.7 percent, to $39.41. U.S. West Texas Intermediate (WTI) settled 4.3 percent, or $1.65, lower at $37.14 per barrel, reported CNBC International.

5. Rupee: The rupee appreciated for a second straight day on Friday supported by weakness in the US dollar overseas, as investors awaited more clarity on US election results, and lower crude oil prices. It ended at 74.20 as compared to the previous close of 74.38.

6. DEA Secretary On Next Stimulus: Department of Economic Affairs Secretary Tarun Bajaj said to CNBC-TV18, "Actually what has happened is we have a received a number of suggestions from associations, all kinds of associations, and we are having a look and we want to do it in one go rather than doing it in small little instalments, that is the only issue… timing-wise whether we will do it pre Diwali or post Diwali but I think that again is not so much of a significance as is the policy issue for us, whether it happens on 13th or happens on 15th." The government has attracted flak from most quarters for having not announced a big enough fiscal stimulus package to revive the economy. However, a section of economists have said that it made sense to spread out the stimulus given that the situation was still unfolding. A second wave of COVID-19 has hit many parts of the world, and the fall out is likely to be felt by the Indian economy through the trade route, he added.

7. SBI Chairman On Economy: The country's economy, which has shown resilience to come out from a downturn caused by the COVID-19 pandemic, is expected to bounce back from the next fiscal, State Bank of India chairman Dinesh Kumar Khara said on Saturday. There will be a "paradigm shift" which will lead to a more mature economy" with economic players learning to contain costs, he said. Khara said the economy had shown "resilience to come out from the downturn" and some positive traction was witnessed towards the end of the first quarter of the current fiscal. According to him, investment demand from corporate will take some time to pick up.

8. FASTag Now Mandatory For Third Party Insurance: The Narendra Modi government has made FASTag mandatory in four-wheelers sold before December 2017 and for buying third party vehicle insurance. FASTag will be mandatory in four-wheelers or M and N category of motor vehicles sold before December 2017 with effect from January 2021. The government has also made a valid FASTag is mandatory while getting new third party insurance through an amendment in FORM 51 (certificate of insurance), wherein the details of FASTag ID shall be captured. This shall be applicable with effect from April 1, 2021. The aim is to increase digital and IT-based payment of fees through FASTags.(stock image)

9. Biden Administration On US Citizenship To Indians: US President-elect Joe Biden will work towards providing a roadmap to American citizenship for nearly 11 million undocumented immigrants, including over 500,000 from India, and will also establish a minimum admission number of 95,000 refugees annually. As a largely immigrant community, but in some cases with American roots reaching back generations, Indian-Americans know firsthand the strength and resilience that immigrants bring to the United States of America, according to a policy document issued by the Biden campaign. "He (Biden) will immediately begin working with Congress to pass legislative immigration reform that modernises our system, with a priority on keeping families together by providing a roadmap to citizenship for nearly 11 million undocumented immigrants -- including more than 500,000 from India," it said.

10. Pandemic Empties Silicon Valley Suburbs: The coronavirus pandemic has transformed India’s Silicon Valley. The shops are emptying out fast in an upscale suburb of this bustling Indian metropolis, and the once-popular pubs frequented by the young workforce have fallen silent. The interiors of trendy showrooms, eateries and software companies are accumulating dust and rental signs have lined up the hollowed-out commercial hubs. The residents are calling it a “bloodbath on the streets.” Thousands of students and professionals who worked for IT companies and lived in the area have moved back to their native places to work remotely. Even as much of the Indian economy has reopened, Bengaluru’s professional workforce is returning to work at a much slower pace than those in most other major cities, raising the risk that the city faces a more protracted recovery.