10 things you need to know before the opening bell on February 18
1. Wall Street: Stocks ended mostly lower on Wall Street Wednesday as losses by technology and industrial companies offset gains in other parts of the market. The S&P 500 fell 1.26 points, or less than 0.1 percent, to 3,931.33. The Dow Jones Industrial Average rose 90.27 points, or 0.3 percent, to 31,613.02. The Nasdaq fell 82 points, or 0.6 percent, to 13,965.49.2. Asian markets: Asian markets were set for sideways trade at Thursday’s open as lingering pandemic concerns pushed against stronger economic data, and with little firm direction from Wall Street. The Shanghai Composite jumped about 1.6 percent in early trade while the Shenzhen component gained 0.756 percent. Australia’s benchmark S&P/ASX 200 index was down 0.1 percent in early trading, while Japan’s Nikkei 225 futures were up 0.05 percent. Hong Kong’s Hang Seng index futures were down 0.2 percent. The MSCI’s global stock index was up 0.04 percent.3. Dalal Street: Indian indices ended in the red on Wednesday as losses in financials, IT, and pharma stocks overpowered gains in auto, media, and PSU Bank space. The Sensex ended 400.34 points or 0.77 percent lower at 51,703.83 while Nifty fell 104.55 points or 0.68 percent to settle at 15,208. Broader markets, however, ended positively for the day with the midcap and smallcap indices up 0.31 percent and 0.03 percent, respectively.4. Oil: Oil prices gained more than $1 a barrel on Wednesday, as frigid Texas temperatures shut production across the largest US crude producing state, with the unusually cold weather expected to hamper output for days or even weeks. Brent crude settled at $64.34 a barrel, gaining 99 cents, or 1.6 percent, while US West Texas Intermediate (WTI) crude settled at $61.14 a barrel, rising $1.09, or 1.8 percent. Both benchmarks were at their highest levels since January last year.5. Rupee: The rupee depreciated by 5 paise to close at 72.74 against the US dollar on Wednesday tracking losses in the domestic equity markets and strengthening American currency in the global markets. US bond yields rising to one-year high due to strong recovery prospects also hit the rupee sentiment, analysts said. At the interbank forex market, the local unit opened at 72.90 against the greenback and witnessed an intra-day high of 72.72 and a low of 72.92. It finally ended at 72.74 against the American currency.6. Gold: Gold in the national capital plunged Rs 717 to Rs 46,102 per 10 gram on Wednesday in line with a decline in global precious metal prices, according to HDFC Securities. In the previous trade, the precious metal had closed at Rs 46,819 per 10 gram. Silver also declined Rs 1,274 to Rs 68,239 per kg, from Rs 69,513 per kg in the previous trade.7. Bitcoin: Bitcoin surged to yet another record high on Wednesday, a day after the virtual currency vaulted to the $50,000 hurdle, even as analysts warned against the sustainability of such prices amid elevated volatility. The world’s biggest digital currency, with a market capitalization of over $900 billion, hit a record of $52,577.50, fueled by signs it is winning acceptance among mainstream investors and companies, such as Tesla, Mastercard and BNY Mellon.8. COVID-19: The government on Wednesday issued new guidelines for international arrivals amid the spread of mutant variants of coronavirus in many countries. The new Standard Operating Procedures (SOPs) will come into effect from 23.59 hours on February 22 till further orders.9. SEBI: Markets regulator Sebi on Wednesday approved a slew of proposals, including relaxing minimum public offer requirements and amending norms for portfolio managers. Besides, the watchdog cleared repealing of Sebi (Underwriters) Regulations, 1993 and amendments to the Sebi (Merchant Bankers) Regulations, 1992 and the SEBI (Stock Brokers) Regulations, 1992.10. GDP estimations: Morgan Stanley has raised the gross domestic product (GDP) growth estimates by 200 bps for FY22 and by 50 bps for FY23. Therefore, the current projection stands at 6.7 percent versus 6.2 percent earlier. The report says that the brokerage expects growth recovery to be faster than previously anticipated for India and the country is on the cusp of a virtuous growth cycle.
