Market
Updated : 2020-09-11 08:51:50
The Indian market is likely to open lower on Friday tracking weakness in Asian peers. At 8:45 am, the SGX Nifty was trading 42.00 points or 0.37 percent lower at 11,418.50, indicating a negative start for the Sensex and Nifty50.
1. Asian Markets | Asian markets fell Friday in response to declines in technology stocks that began last week and growing concerns about another round of negotiations on the UK’s departure from the European Union. Australian S&P/ASX 200 futures were down 1.34 percent, while Japan’s Nikkei 225 futures were up 0.28 percent. (Image: AP)
2. Wall Street | US stocks closed lower after a choppy trading session on Thursday as heavyweight tech-related stocks resumed their decline following a sharp rebound the previous session, while elevated jobless claims reminded investors of a still-difficult recovery ahead. The Dow Jones Industrial Average fell 405.89 points, or 1.45 percent, to 27,534.58, the S&P 500 lost 59.77 points, or 1.76 percent, to 3,339.19 and the Nasdaq Composite dropped 221.97 points, or 1.99 percent, to 10,919.59. (Image: AP)
3. Market at Close | The Indian benchmark equity indices, Sensex and Nifty ended higher Thursday led by robust gains in financials, auto and IT stocks amid positive momentum in the global peers. The Sensex ended 646.40 points or 1.69 percent higher at 38,840.32 while the Nifty rallied 171.25 points or 1.52 percent to close at 11,449.25. Broader indices supported the rally with Nifty Smallcap100 and Nifty Midcap100 indices gaining 1.60 percent and 1.23 percent, respectively.
4. Crude Oil | Oil prices extended declines on Friday, under pressure from a surprise rise in US stockpiles and ongoing weak demand from the coronavirus pandemic. Brent crude was down 8 cents, or 0.2 percent, at $39.98 a barrel, after falling nearly 2 percent on Thursday, while US crude was off by 2 cents at $37.28 a barrel, having fallen 2 percent in the previous session. Both major benchmarks were headed for the second week of declines. (Image: AP)
5. Rupee | The rupee advanced by 9 paise to end at 73.46 to the US dollar on Thursday as robust foreign fund inflows and easing of crude oil prices lifted forex market sentiment. Starting off the session on a positive note, the domestic currency touched the day’s high at 73.16 against the greenback. After paring significant gains, the rupee finally settled at 73.46, up 9 paise.
6. India-China tensions | India and China have agreed on a five-point plan for resolving the prolonged border face-off in eastern Ladakh that included abiding by all existing agreements and protocol on management of the frontier, maintaining peace and tranquility and avoiding any action that could escalate matters. The two countries agreed to the plan during talks between External Affairs Minister S Jaishankar and his Chinese counterpart Wang Yi in Moscow on Thursday evening on the sidelines of a Shanghai Cooperation Organisation (SCO) meet. (Image: AP)
7. IMF | The International Monetary Fund (IMF) said that there is a need for another stimulus in India, especially expenditures on health, food and income support for vulnerable households, and support for businesses in view of the COVID-19 pandemic. Gerry Rice, Director of Communications Department at the International Monetary Fund (IMF), told reporters at a virtual news conference here that the Washington-based global financial institution supports the Indian government’s responses to the pandemic including fiscal stimulus with a focus on low income workers and households.
8. Expert committee to assist govt for relief to bank borrowers | The government has constituted an expert committee to make an overall assessment of providing relief to bank borrowers. The panel consists of three members – former CAG chairman Rajiv Mehrishi, Former Professor of IIM-A and ex-member of RBI’s Monetary Policy Committee Dr Ravindra Dholakia, and Former SBI and IDBI Bank MD B Sriram. The committee will assess concerns raised during the proceedings of the ongoing hearing in the Supreme Court regarding the impact of interest waiver and waiver of interest on interest, and other related issues.
9. US weekly jobless claims | The number of Americans filing new claims for unemployment benefits hovered at high levels last week, strengthening views that the labour market was settling into a more gradual path of recovery from the COVID-19 pandemic. Initial claims for state unemployment benefits totalled a seasonally adjusted 8,84,000 for the week ended September 5, matching the number of applications received in the prior week, the Labor Department said on Thursday.
10. SIP inflow continues to drop | Investment in mutual funds through systematic investment plans (SIPs) dropped for the fifth consecutive month to Rs 7,791 crore in August, amid challenging economic environment due to the COVID-19 pandemic. Besides, equity mutual funds, which mainly depend on SIP for flows, saw a withdrawal of Rs 4,000 crore in August, much higher than Rs 2,480 crore witnessed in the previous month, data from the Association of Mutual Funds in India (Amfi) showed.
