10 things you need to know before the opening bell on January 6 – CNBCTV18

1. US Stocks | Shares on Wall Street ended higher on Tuesday in choppy trading, as investors took advantage of the previous session’s slump to buy them back, ahead of the outcome of the Senate runoff elections in the battleground state of Georgia, which will determine the balance of power in Washington. The Dow Jones Industrial Average closed up 167.71 points, or 0.55 percent, to 30,391.6, the S&P 500 gained 26.21 points, or 0.71 percent, to 3,726.86 and the Nasdaq Composite added 120.51 points, or 0.95 percent, to 12,818.96.

2. Asian Stocks | Asian stocks were mixed on Wednesday as investors anxiously awaited results of US runoff elections that would determine the legislative balance of power in the world’s largest economy while oil prices rose on news of planned output cuts. In Japan, the Nikkei 225 dipped fractionally in early trading while the Topix index gained 0.32 percent. South Korea’s Kospi jumped 1 percent. Stocks in Australia slipped in morning trade, with the S&P/ASX 200 down 0.34 percent. MSCI’s broadest index of Asia-Pacific shares outside Japan traded 0.18 percent higher.

3. Indian Market | The Indian benchmark equity indices, Sensex and Nifty, ended at record high levels on Tuesday led by strong buying in the IT and private banks. The Sensex ended 260.98 points, or 0.54 percent, higher at 48,437.78, while the Nifty closed at 14,199.50, up 66.60 points, or 0.47 percent. Broader markets supported the upmove with Nifty Smallcap100 and Nifty Midcap100 gaining over 0.6 percent each. Among sectors, Nifty IT, Nifty Private Bank, Nifty Financial Services gained the most while Nifty Metal ended in the red.

4. Crude Oil | Oil prices extended gains Wednesday after surging to a 10-month high level after Saudi Arabia pledged additional, voluntary oil output cuts of one million barrels per day (bpd) in February and March, while tension simmered following Iran’s seizure of a South Korean vessel. Brent crude futures rose $0.23, or 0.43 percent, to $53.83 a barrel. US West Texas Intermediate crude rose $0.11, or 0.22 percent to $50.04 a barrel.

5. Rupee | The rupee depreciated by 15 paise to settle at 73.17 against the US dollar on Tuesday, in tandem with most Asian currencies as fresh lockdowns in Europe and rising geopolitical tensions in the Middle East sapped risk appetite. At the interbank forex market, the domestic unit opened flat at 73.02 against the greenback. It swung between a low of 73.27 and a high of 73.02 during the session. It finally settled at 73.17, down 15 paise against its previous close.

6. Indian economy expected to contract by 9.6% in 2020-21 | India’s economy is estimated to contract by 9.6 percent in the fiscal year 2020-21, reflecting a sharp drop in household spending and private investment, and the growth is expected to recover to 5.4 percent in 2021, the World Bank said on Tuesday. In its Global Economic Prospects report, the World Bank said that the informal sector, which accounts for four-fifths of employment, has been subject to severe income losses during the COVID-19 pandemic.

7. Union Budget 2021-22 on February 1 | The Union Budget for 2021-2022 will be presented on February 1. The Cabinet Committee on Parliamentary Affairs (CCPA) has said the Budget will be presented on February 1 and President Ram Nath Kovind will address a joint sitting of both the Houses of Parliament on January 29.

8. China services sector PMI | China’s services sector activity expanded at a slower pace in December, a private sector survey showed on Wednesday, as sporadic coronavirus outbreaks tempered the recovery in consumer confidence and weighed on new business growth. The Caixin/Markit services Purchasing Managers’ Index (PMI) eased to 56.3, a three-month low, in December from 57.8 in November, but remained well above the 50-mark that separates growth from contraction on a monthly basis, pointing to brisk expansion.

9. Spectrum Auction  | The Department of Telecom is expected to issue the notice for upcoming spectrum auction this week that will have timelines and rules to bid for airwaves. The Union Cabinet approved a proposal for the auction of 2,251.25 Megahertz (MHz) of spectrum worth Rs 3.92 lakh crore at the base price on December 17, 2020. The DoT was expected to issue the Notice Inviting Application (NIA) for the auction in December but due to an emergency engagement of a top authority it got delayed. “The NIA is almost ready. It should be out this week,” a DoT official, who did not wish to be named, told PTI.

10. RBI | The Reserve Bank of India on December 5 introduced the Legal Entity Identifier (LEI) for large value transactions over Rs 50 lakhs in Centralised Payment Systems, which will be effective from April 1, 2021. The 20-digit LEI number is used to uniquely identify parties to financial transactions worldwide while improving the quality and accuracy of financial data systems for better risk management post the global financial crisis.