Economy
Updated : 2020-12-03 07:58:27
The Indian market is likely to open flat on Thursday following a subdued trend in Asian peers. At 7:10 am, the SGX Nifty was trading 1.00 points or 0.01 percent lower at 13,153.00, indicating a flat start for the Sensex and Nifty50.
CNBCTV18.com
1. Asia: Stocks in Asia-Pacific were little changed in Thursday morning trade as investors await the release of a private survey on China’s services sector activity in November. In Japan, the Nikkei 225 was fractionally lower in early trade while the Topix index edged 0.13 percent higher. Over in Australia, the S&P/ASX 200 advanced 0.4 percent. Australia’s trade data for October is set to be out around 8:30 a.m. HK/SIN. MSCI’s broadest index of Asia-Pacific shares outside Japan traded 0.18 percent higher, reported CNBC International.(Image: Reuters)
2. US: U.S. stock futures held steady on Wednesday evening as investors awaited news on stimulus negotiations and the vaccine approval process. Futures contracts tied to the Dow Jones Industrial Average and the S&P 500 ticked down 0.1 percent, while those for the Nasdaq 100 gained 0.1 percent. The move in futures comes after a relatively quiet day on Wall Street as investors monitored developments in Washington about a possible stimulus bill, reported CNBC International. (Image: AP)
3. Closing Bell On Wednesday: The Indian benchmark equity indices, Sensex and Nifty ended Wednesday’s choppy session on a flat note as gains in metals and auto stocks were countered by losses in financials. The Sensex ended 37.40 points or 0.08 percent lower at 44,618.04 while the Nifty gained 4.70 points or 0.04 percent to close at 13,113.75. Nifty Bank ended over 1 percent lower. Broader indices ended mixed as Nifty Midcap100 gained over 0.4 percent while Nifty Smallcap100 ended flat. Among sectors, Nifty Metal, Nifty Realty, Nifty Auto and Nifty IT rallied the most while Nifty Private and Nifty Financial Services ended in the red. (Image: Reuters)
4. Crude Oil: Oil prices rose more than 1% on Wednesday as the market awaited a pact from producers on output, which many traders expect will continue to be reined in, and Britain’s approval of a COVID-19 vaccine boosted hopes for a demand recovery. Brent crude oil futures rose 94 cents, or 2 percent, at $48.36 a barrel. West Texas Intermediate crude settled 1.64 percent, or 73 cents, higher at $45.28 per barrel, reported CNBC International. (Image: Reuters)
5. Rupee: The Indian currency erased early gains and ended near the day’s low at 73.80 per dollar, amid selling trade seen in the domestic equity market. It opened 21 paise higher at 73.45 per dollar against Tuesday’s close of 73.66 and traded in the range of 73.42-72.83. (Image: Reuters)
6. Pfizer Vaccine Unlikely To Come To India For Long: The United Kingdom has authorised Pfizer and BioNTech’s COVID-19 vaccine, becoming the first country in the world to approve a COVID-19 vaccine for human use. Pfizer had claimed 95 percent efficacy of its vaccine. However, there are multiple reasons why Pfizer vaccine is unlikely to be available in India for long. Firstly, Pfizer has not applied for or done any bridge clinical trials in India. Secondly, the tough storage transport requirement for Pfizer vaccine makes it a difficult one for mass immunisation plans for a country like India. The vaccine needs ultra-cold chain of above minus 70 degrees, which is lacking in India. A third deterrent for now is also the price. With nearly USD 20 per dose, it is costlier than the others under consideration. The Indian government currently is prioritizing vaccines undergoing clinical trials in India. (Image: Reuters)
7. Centre To States On Cold Chain System: In a bid to ensure the preparedness of cold chain system for safe storage of COVID-19 vaccine once it is introduced, the union health ministry has yet again reached out to states and union territories to initiate a strategy for the same. According to the communication made by the Centre, sources told CNBC-TV18, “Union health ministry has asked states to strategise on about seven major parameters, including putting in place alternate vaccine delivery system for seamless supply.” The other parameters include, tying up with private sector and to ensure the logistics needs are fulfilled. Sources quoting the communication between the Centre and states said, “The Centre has asked states to also consider alternate storage and transportation arrangements in other government and private sectors. Since not all states governments have enough resources to ensure state government infrastructure.” (Image: Reuters)
8. China Planned Galwan Valley Incident, Says US Report: The Chinese government had planned the Galwan Valley incident in June, potentially including the possibility for fatalities, a US Congressional Commission has said, asserting that Beijing “provoked” the first deadly clash on the Sino-India border in nearly half a century. The ruling Chinese Communist Party employs its armed forces as a coercive tool during peacetime, carrying out large-scale intimidation exercises around Taiwan and in the South China Sea, the US-China Economic and Security Review Commission said in its latest annual report to Congress. “This year, it provoked the first deadly clash on the China-India border in nearly half a century. China’s rising aggression has not gone unnoticed,” the report said. In June, China’s People’s Liberation Army (PLA) and Indian troops engaged in a massive physical brawl in the Galwan Valley, located in the far-western Ladakh region along the Line of Actual Control (LAC) separating the two countries, said the report dated December 1. (Image: PTI)
9. DHFL Lenders On Inviting New Bids: Lenders to bankrupt Dewan Housing Finance Limited (DHFL) have now officially re-opened bids for the troubled company, with the majority of the creditors’ committee voting in favour of the resolution, CNBC-TV18 has learnt. The voting on the resolution to invite fresh bids from all four existing suitors in what will be the fourth round of bidding concluded at 7 pm this evening. This comes after three suitors for DHFL- Piramal Group, Oaktree Capital and SC Lowy protested against Adani Group’s surprise offer. All four existing suitors – Adani Group, Piramal Group, Oaktree Capital and SC Lowy- will be asked to submit their final and best offer in the revised submission on or before December 14, as per two people in the know. If they do not submit a duly executed resolution plan by then, the creditors’ committee will consider the resolution plan submitted by them in the last round on November 17 as their final resolution plan for evaluation, said one of the people quoted earlier. (Image: Reuters)
10. Exporters On Domestic Manufacturing: Exporters on Wednesday suggested to the government a series of steps, including extension of fiscal benefits to SEZ units, presumptive tax for cross-border e-commerce and free trade pacts with countries like the US and UK, to boost domestic manufacturing and outbound shipments. These recommendations were made by the Federation of Indian Export Organisations (FIEO) at a meeting of the Board of Trade (BOT) which was chaired by Commerce and Industry Minister Piyush Goyal. Other suggestions included permitting duty free import of equipment required for R&D and product development; setting up of a Niryat Vishwavidyalay; extension of interest subsidy scheme in the new foreign trade policy; and immediate release of GST and drawback funds. Further, the federation recommended refund of GST to foreign tourists, RoDTEP (Remission of Duties or Taxes on Export Products) scheme covering all products; and amnesty scheme for schemes prescribing export obligation. FIEO Director General Ajay Sahai told . (Image: Reuters)
