Morning update for 29 December 2020

Indices at 10:00 am

      Nifty50 13,957 ▲ 84 (+0.6%)

       Sensex 47,680 ▲ 326 (+0.6%)

Nifty Bank 31,277 ▲ 396 (+1.2%)

In the news

Spicejet to provide vaccine logistics

• The budget carrier has collaborated with air freight forwarder Skyways Air Services for transporting COVID-19 vaccines across India. 
• Recently, Spicejet signed an MoU with several companies for vaccine distribution. The collaborations include those with Pluss Advanced for temperature controlled boxes, GMR Hyderabad Air Cargo for space ‘on priority’ at the airport to name a few. Shares of Spicejet were up 0.9% today.

3i to sell its product unit

• Technology services firm, 3i Infotech will sell its software product business to Azentio Software for ₹1,000 crore. Azentio is owned by PE firm Apax partners. 
• The receipts from the sale will help 3i to repay all of its debt and scale up existing IT services business. The consideration is higher than 3i’s current market cap of ₹955 crore.

New Covid cases on the decline

• Covid cases in India continue to decline and have remained below 25,000 for more than a week. Since 28 November, daily recoveries have stayed ahead of new cases, helping to keep active cases below 3 lakh. 
• Meanwhile, a dry run for the vaccination program has commenced in Andhra Pradesh, Punjab, Gujarat and Assam. The dry run will include checks on cold storage and transportation arrangements.

US markets hit record high

• The Dow gained 0.6% and hit a new record high after President Trump’s proposal to boost stimulus aid cheques to $2,000 from $600 was backed by the House. 
• The senators are set to return to session on Tuesday to consider the measure. Meanwhile, among the Asian indices, the Japanese Nikkei broke it's month-long consolidation and rose over 1.6%.

Events in this week

• Wednesday: Pending home sales, crude oil inventories (US)
• Thursday: Initial jobless claims (US)

Sectoral indices

Fact of the day

In 1903 the Wright Brothers made their maiden flight. Just 66 years later, man landed on the Moon.

Source: Indiatimes

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