stock market morning update for 8 january 2021

 

Indices at 10:00 am

Nifty50 14,242 ▲ 105 (+0.7%)

Sensex 48,444 ▲ 351 (+0.7%)

Nifty Bank 32,144 ▲ 188 (+0.5%)

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MORNING UPDATE

In the news

GDP estimates remain in the red

         As per the first advance estimate of national income, India’s GDP growth is expected to contract by -7.7% for FY21. The RBI had pegged the figure at -7.5%. 

· Agriculture (+3.4%) and utility services such as electricity, gas and water supply (+2.7%) are likely to witness growth. Meanwhile, industries such as construction (-12.6%), mining (-12.4%), manufacturing (-9.4%) are likely to remain in the red. 

· The hotels, transport and communications industries (taken collectively) are estimated to face the steepest contraction of -21.4% over FY20.

 

Maruti conservative on growth prospects

         The automotive industry has shown recovery due to the demand during the festive season. However, demand remains 33-34% lower than 2018-19 levels, maintains Maruti.  

· BS-VI Phase II and stricter fuel economy requirements could pose headwinds. Shares of the carmaker were up 1.9% this morning and were up 13.5% in Q3.

 

Crude oil surges as US inventories fall

          West Texas Intermediate or WTI crude hit fresh highs since the first Covid lockdown.

· The spike was driven mainly by a higher-than-expected fall in US inventories by 8 mn barrels (versus the expected 2.1 mn)  and a pledge by Saudi Arabia to cut production more than expected. 

 

Events in this week

         TCS results

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Sectoral indices

 

Top gainers	Top losers
Nifty Metal ▲ 3.4%	Nifty IT ▼ 0.7%
Nifty Realty ▲ 2.6%	Nifty Pharma ▼ 0.1%

 

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Global markets	Today's movement
Nikkei 225 (Japan)	▲ 1.8%
Hang Seng (Hong Kong)	▼ 0.4%
SSE Composite (China)	▲ 0.3%
Dow Jones (US)	▲ 1.4%

Fact of the day

The US national anthem was written aboard the HMS Minden. The ship was built by the Wadias at the Bombay Dockyard.
Source: The Quint 

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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.

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