MORNING MARKET UPDATE DECEMBER 2020

 

Indices at 10:00 am

      Nifty50 13,255 ▼ 73 (-0.5%) 

 
       Sensex 45,376 ▼ 177 (-0.3%) 

        Nifty Bank 29,248 ▼ 207 (-0.7%)

 

In the news

 

M&M-owned SsangYong files for bankruptcy

 

        Korean SUV maker SsangYong has filed for bankruptcy for the second time in 11 years. The company recently missed its deadline to pay ₹480 crore to JPMorgan Chase Bank in South Korea. 

     In addition to the pandemic, the company’s challenges stem from its inability to hold turf against Kia and Hyundai in its home market. M&M acquired it in 2010. M&M was down 0.7% today.

 

 

US markets rebound 

 

      The US markets started the day with a sharp drop, in line with the weakness seen in the European and Asian markets. 

     However, the Dow bounced back and ended on a positive note. Encouraging news emerged as experts believe that the existing vaccines will be effective against the new variant of the coronavirus.  

 

 

Multiplex shares continue downtrend

 

       Multiplex majors such as PVR (-8.5%) and Inox (-4.9%) saw continued selling pressure even today after a sharp drop yesterday due to the virus scare. 

      PVR’s board has approved capital-raising plans to the tune of ₹800 crore. In August, PVR raised ₹300 crore through a rights issue and in November, Inox had raised ₹250 crore through a QIP.

 

 

Events this week

 

     Tuesday: GDP, Existing home sales (US)

    Wednesday: Initial jobless claims, new home sales, Crude oil inventories (US)

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Sectoral indices

 

Top gainers	Top losers
Nifty IT ▲ 0.5%	Nifty Media ▼ 2.7%
NA	Nifty PSU Bank ▼ 2.5%

 

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Global markets	Today's movement
Nikkei 225 (Japan)	▼ 0.7%
Hang Seng (Hong Kong)	▼ 0.0%
SSE Composite (China)	▼ 6.7%
Dow Jones (US)	▲ 0.1%

 

Fact of the day

The Spanish national anthem has no words.

Source: Classic FM

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Disclosures and Disclaimer

 

Investment in securities markets are subject to market risks; please read all the related documents carefully before investing. The securities quoted are exemplary and are not recommendatory. Past performance is not indicative of future results. Details provided in the above newsletter are for educational purposes and should not be construed as investment advice by RKSV group. Investors should consult their investment advisor before making any investment decision.

 

Upstox Team

Authorised Partner