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What changed for D-Street while you were sleeping

NEW DELHI: Prime Minister Narendra Modi’s address to the nation at 9 am and a spike in crude oil prices on reports of a possible Saudi-Russia truce could be key factors driving domestic stocks on Friday.

Here’s breaking down the pre-market actions.


Singapore trading sets stage for positive start
Nifty futures on the Singapore Exchange traded 66.25 points or 0.81 per cent higher at 8,226, indicating a positive start for Dalal Street.

Tech view: Nifty forms Bearish Belt Hold
Nifty on Wednesday tumbled 4 per cent in a session, which was ruled entirely by the bears. The selling kicked off from the word go and ended near the day’s close, as the index formed a Bearish Belt Hold pattern on the daily chart. Analysts said the index needs to defend the 8,250 level to avoid further rounds of selling.

Oil prices pare record gains
Oil prices fell on Friday, coming off their biggest one-day gains in the previous session after US President Donald Trump said he had brokered a deal between Saudi Arabia and Russia to cut output, but made no offer to reduce U.S. production. Brent crude futures fell 3 per cent, or 9 cents, to $29.05, after having soared 21 per cent on Thursday.

Asian shares mixed in early trade
Asian markets on Friday looked to latch onto Wall Street’s overnight gains. Nikkei futures edged slightly higher, and Australia’s benchmark was up 1.5 per cent in early trade. Hong Kong futures were negative. E-Mini futures for the S&P500 fell 0.04 per cent. A gauge of stocks across the globe advanced 1.24% overnight, adding to modest gains earlier in Europe.

US stocks rose 2% overnight
The Dow Jones Industrial Average jumped 469.93 points, or 2.24 per cent, to 21,413.44. The S&P 500 was up 56.40 points, or 2.28 per cent, to 2,526.90. The Nasdaq Composite Index rose 126.73 points, or 1.72 per cent, to 7,487.31.

FIIs sell Rs 1,117 crore worth of stocks
Net-net, foreign portfolio investors (FPIs) were sellers of domestic stocks to the tune of Rs 1,116.79 crore on Wednesday, data available with NSE suggested. DIIs were net sellers to the tune of Rs 450 crore, data suggests.


Rupee: The Indian rupee on Tuesday ended on a flat note at 75.60 against the US dollar but logged a massive 9.36 per cent or 646 paise loss during the 2019-20 fiscal. The currency market was shut on April 1 on account of the annual closing of accounts, while April 2 was a public holiday for Ram Navami.

10-year bonds: India 10-year bond yield fell 1.14 per cent to 6.14 after trading in 6.07-6.21 range.

Call rates: The overnight call money rate weighted average stood at 4.23 per cent, according to RBI data. It moved in a range of 2.4-5 per cent.

>> RBI’s Foreign Exchange Reserves

>> China Caixin Services PMI for March

>> Euro Area Markit Services PMI for March

>> UK Markit/CIPS UK Services PMI March

>> US March Unemployment Rate

>> US Baker Hughes Oil Rig Count


PM Modi to share video message today
Prime Minister Narendra Modi is set to make his first video address following the announcement of the 21-day lockdown on March 24. “At 9 AM tomorrow morning, I will share a small video message with my fellow Indians,” the prime minister tweeted, without divulging the subject of his message.

March Manufacturing PMI at 4-month low
A slow increase in output and new business, coupled with a steep decline in exports following the global coronavirus pandemic, pulled down India’s manufacturing activity to a four-month low in March, a private survey showed on Thursday. The IHS Markit India Manufacturing Purchasing Managers’ Index (PMI) declined to 51.8 in March from 54.5 in February. A reading above 50 indicates expansion, while a figure below signals contraction. he reading signalled the slowest improvement in business conditions since November 2019.

March GST collections at Rs 97,597 crore
Goods and services tax collections for March stood at Rs 97,597 crore, falling way short of Rs 1.15 lakh crore target set by the government. Rs 1.05 lakh crore was collected in the month of February.

PM for staggered exit from lockdown
Prime Minister Narendra Modi called for a “staggered re-emergence” from the Covid-19 lockdown that’s scheduled to end on April 14. Ahead of a message to the nation on Friday morning, Modi told chief ministers in a video-conference to come up with suggestions for a common “exit strategy” to this end, the Prime Minister’s Office said in a release. This suggests that the government may not seek to extend the lockdown that has shuttered factories and offices, bringing economic activity to a halt.

Trump eyes 10m barrel daily oil output cut
President Donald Trump is trying to get the world to cut oil production by 10 million barrels a day in an effort to end a market-share war that sent crude prices plunging to the lowest levels in two decades. Earlier on Thursday, Trump shocked markets by tweeting that he expected Russia and Saudi Arabia alone to cut about 10 million barrels — or roughly a tenth of global petroleum, sending oil prices soaring. Trump’s goal is purely aspirational and will ultimately hinge on whether Saudi Arabia and Russia can reach a deal.

Global Covid-19 count tops one million
The number of confirmed coronavirus cases around the world soared past one million on Thursday and deaths topped 50,000 as Europe reeled from the pandemic and the United States reported the highest daily death toll so far of any country. vDespite more than half the planet imposing some form of lockdown, the virus claimed thousands more lives, with the US, Spain and Britain seeing the highest number of daily fatalities yet.

Govt looks at proxy for missing data for DA rejig
The government has begun discussions on alternatives for the calculation of dearness allowance as data collection has halted in the lockdown period. Consumer price index–industrial worker (CPI-IW) and consumer price index-agricultural labour (CPI-AL) are the two indices used for calculating DA and rural employment wages. Since field officers are not able to conduct the survey, the government may go for repetition, substitution or estimation to cover up the missing data when it computes the index for determining the daily allowance for government employees, a senior government official told ET.

Telcos subscriber adds plunge in March
Reliance Jio, Bharti Airtel and Vodafone Idea are expected to have added just half a million subscribers cumulatively in March, a sharp fall from the monthly average of up to 3 million additions in a good month, as the Covid-19 induced lockdowns take a toll, say industry players and analysts. They add that with no footfalls in stores and barely any mobile number portability (MNP) on, user addition numbers will remain around the sharply reduced levels for April too.

IGL cuts cuts CNG and piped gas prices
Indraprastha Gas Ltd(IGL) has cut rate of compressed natural gas (CNG) by Rs 3.2 per kg and that of piped gas for home use by Rs 1.55 per standard cubic meter (scm) in Delhi after domestic natural gas price declined 26% in six-monthly revision on April 1.CNG rates have been cut by Rs 3.60 per kg in Noida, Greater Noida and Ghaziabad, IGL said. The new consumer price of Rs 42 per kg in Delhi and Rs 47.75 per kg in Noida, Greater Noida & Ghaziabad would be effective from 6.00 am on 3rd April 2020.

Residential realty to see major price cuts
India’s real estate market is likely to see a significant price correction for the first time in a decade as the coronavirus pandemic stalls businesses across the country, according to a half-dozen industry insiders. “Property prices may come down by 10-20% across geographies, while land prices could see an even higher reduction of 30%,” said realty consultancy firm Liases Foras. “It is a complete buyer’s market. So if somebody really wants to do the deal, they have to reduce prices,” said Raheja Realty in Mumbai.

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