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What changed for the market while you were sleeping? Top 10 things to know

Trends on SGX Nifty indicate a positive opening for the index in India with a 43 points gain.

December 28, 2020 / 07:34 AM IST

The Indian stock market is expected to open in the green as trends on SGX Nifty indicate a positive opening for the index in India with a 43 points gain.

The BSE Sensex was up 529.36 points at 46,973.54 on December 24 while the Nifty50 jumped 148.20 points to 13,749.30. According to pivot charts, the key support levels for the Nifty are placed at 13,660.13, followed by 13,571.07. If the index moves up, the key resistance levels to watch out for are 13,805.03 and 13,860.87.

Stay tuned to Moneycontrol to find out what happens in currency and equity markets today. We have collated a list of important headlines across news platforms which could impact Indian as well as international markets:

US Markets

The S&P 500 ended higher at the close of a shortened session on Thursday as investors headed into the long Christmas weekend with hopes that an imminent stimulus agreement, a Brexit deal, and the ongoing vaccine rollout will spell brighter days in the coming year.

Close

The Dow Jones Industrial Average rose 70.04 points, or 0.23%, to 30,199.87, the S&P 500 gained 13.05 points, or 0.35%, to 3,703.06 and the Nasdaq Composite added 33.62 points, or 0.26%, to 12,804.73.

Asian Markets

Global shares ticked up on Monday as a source said U.S. President Donald Trump signed into law a $2.3 trillion pandemic aid and spending package he had until now refused to sign.

Japan’s Nikkei inched up 0.4%. MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.2%, though trade is slow with many markets still closed for holiday.

SGX Nifty

Trends on SGX Nifty indicate a positive opening for the index in India with a 43 points gain. The Nifty futures were trading at 13,796 on the Singaporean Exchange around 07:30 hours IST.

PE investment in real estate to drop 31% at $4.6 billion in 2020; $6 billion seen next year

Private equity (PE) investment in real estate is estimated to fall 31 percent YoY during 2020 to $4.6 billion due to an adverse impact of the COVID-19 on economic growth, according to property consultant Savills.

"Savills Research anticipates private equity investments in real estate in 2020 to witness a significant contraction of about 30 percent as compared to 2019 at about $4.6 billion," the report said.

SEBI likely to give a nod to Sachin Bansal-led firms’ acquisition of Essel Mutual Fund

The Securities and Exchange Board of India(SEBI) could give a green signal to former Flipkart promoter Sachin Bansal's acquisition of Essel Mutual Fund as per amended and relaxed regulations for sponsoring a mutual fund as Bansal moves to expand his presence in the financial services business.

If SEBI agrees to Sachin Bansal’s purchase, it could be the first such instance where a company will be allowed to become a sponsor as per new regulations that have been relaxed lately by the premier markets regulator.

India to become 5th largest economy in 2025, 3rd largest by 2030

India, which appears to have been pushed back to being the world's sixth biggest economy in 2020, will again overtake the UK to become the fifth largest in 2025 and race to the third spot by 2030, a think tank said on Saturday.

"India has been knocked off course somewhat through the impact of the pandemic. As a result, after overtaking the UK in 2019, the UK overtakes India again in this year's forecasts and stays ahead till 2024 before India takes over again," the Centre for Economics and Business Research (CEBR) said in an annual report published on Saturday.

Indian economy recovering fast, growth to turn positive in Q3: RBI article

The economy is coming out of the COVID-19 pandemic''s deep abyss faster than most of the predictions, and the growth will enter positive zone in the third quarter of the current financial year, said an article on the ''state of economy'' in the RBI Bulletin.

"...more evidence has been turned in to show that the Indian economy is pulling out of COVID-19''s deep abyss and is breaking out amidst winter''s lengthening shadows towards a place in the sunlight...it is reflating at a pace that beats most prediction," said the article written by the officials of the Reserve Bank of India (RBI).

Japan November factory output growth stalls after rising for 5 months

Japan’s industrial output growth stalled in November after rising for five months, underscoring the fragile nature of the global economic recovery due to a recent resurgence in COVID-19 infections.

The flat reading was much slower than the prior month’s final 4.0% gain, and below the median market forecast of a 1.2% rise in a Reuters poll of economists.

Centre, states need to continue with counter-cyclical fiscal measures: RBI article

The Centre and state governments need to continue with the counter-cyclical fiscal measures to sustain the momentum of economic growth which went through a rough patch following the outbreak of the coronavirus pandemic, according to an RBI article. "Capital expenditure, which collapsed in H1:2020-21, will need to be scaled up as a priority. Public investment in healthcare, social housing, education and environmental protection is the need of the hour to build a more resilient and inclusive economy," said the RBI article on 'Government Finances 2020-21:A Half-Yearly Review'.

India's forex reserves up by $2.56 billion to record $581.131 billion

The country's foreign exchange reserves surged by $2.563 billion to touch a record high of $581.131 billion in the week to December 18, RBI data showed. In the previous week, the reserves had declined by $778 million to $578.568 billion.

In the reporting week, the increase in reserves was due to a rise in foreign currency assets (FCAs), a major component of the overall reserves. FCAs rose by $1.382 billion to $537.727 billion, the Reserve Bank of India's (RBI) weekly data showed.

Manufacturing firms log 'softer contraction' in sales at 4.3% in Q2 FY21: RBI data

Demand conditions in the manufacturing sector returned to the recovery mode with a softer contraction of 4.3 per cent (Y-o-Y) in the second quarter of this fiscal in terms of nominal sales after shrinking 41.1 per cent in the previous quarter that was hit by countrywide lockdowns due to COVID-19, according to RBI data.

The recovery was led by iron and steel, food products, cement, automobile and pharmaceuticals companies, showed the data on the performance of the private corporate sector during the second quarter of 2020-21.

RBI remains net purchaser of US dollar in October, buys $15.64 billion

The Reserve Bank of India (RBI) remained a net purchaser of the US currency in October as it bought $15.64 billion from the spot market, data showed. During the month, RBI did not sell any US currency in the market, according to the monthly bulletin released by the RBI for December.

No going back on privatisation of BPCL, Air India

COVID-19 carnage may have slightly pushed back timelines but there is certainly no going back on privatisation of bluechip public sector undertakings like BPCL and Air India as the government feels it has no business to be in business. Government officials expressed confidence of completing BPCL and Air India sale in the next few months.

FII and DII data

Foreign institutional investors (FIIs) net bought shares worth Rs 1,225.69 crore, whereas domestic institutional investors (DIIs) net sold shares worth Rs 1,897.92 crore in the Indian equity market on December 24, as per provisional data available on the NSE.

2 stocks under F&O ban on NSE

Canara Bank and Punjab National Bank are under the F&O ban for December 28. Securities in the ban period under the F&O segment include companies in which the security has crossed 95 percent of the market-wide position limit.

With inputs from Reuters & other agencies
Sandip Das
first published: Dec 28, 2020 07:34 am

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