Morning update for 6 January 2021

Indices at 10:00 am

      Nifty50 14,221 ▲ 21 (+0.1%)

         Sensex 48,498 ▲ 60 (+0.1%) 

  Nifty Bank 31,898 ▲ 176 (+0.5%)

In the news

HDFC Bank sees improved loan growth

• India’s largest private bank witnessed a 16% YoY increase in loan growth to ₹10.8 lakh crore. Its deposits grew 19% to ₹12.7 lakh crore. 
• Shares of HDFC Bank have been consolidating for nearly two months now. Today, its shares were almost flat (-0.1%).

Godrej Consumer sees stable demand

• In Q3, the FMCG major’s demand trends across key categories remained stable. The company expects to deliver low double-digit sales growth at a consolidated level in Q3. 
• In India, it expects soaps and hair color categories to deliver mid-teen growth. Its shares (-1.6%) have retreated from the ₹760 levels which it hasn’t been able to breach for the past year.

BEML bags big-ticket army contract

• Defence equipment manufacturer BEML has won a nearly ₹758 crore order from the Ministry of Defence to supply high mobility vehicles to the Indian Army.
• BEML shares gained 1.9% this morning. Its shares rose nearly 34% in December. The government plans to divest 26% stake in the company, in which it owns 54% currently.

Crude oil spikes on unchanged output

• Nymex crude oil prices rallied nearly 5% yesterday and crossed the $50 mark. 
• The price rose after news broke that the OPEC+ group would not increase production even in February, given the renewed demand uncertainty related to the fast-spreading UK virus variant. Further, Russia has agreed to keep the production constant.

Events in this week

• Wednesday: Services PMI (India), Crude oil inventories (US)
• Thursday: Initial jobless claims (US)

Sectoral indices

Fact of the day

What’s common between Bentley, Bugatti, Lamborghini, Audi, Ducati, and Porsche? They are all owned by the Volkswagen Group.
Source: Volkswagen

Tweet this!

Yay ? or  ? Nay?
We'd love your thoughts on this morning update.

If you haven't already, open your Upstox account to get IPO-ready today! Click here to sign up.

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.