Morning Update for 17 February 2021

Previous closing (16 February 2021)

Nifty50: 15,313 ▼ 1 (-0.0%)

Sensex: 52,104 ▼ 49 (-0.1%)

Nifty Bank: 37,098 ▼ 207 (-0.5%)

In the news

Nestle declares flat profit growth

• The FMCG major reported a 2% YoY rise in profit to ₹483 crore in Q4 CY20, lower than street estimates of ₹563 crore. 
• Revenue rose at a healthier 9% to ₹3,432 crore, driven primarily by increase in consumption of in-home products such as noodles and confectionery. The stock closed 1.6% down on Tuesday and has lost around 6% so far in 2021.

Graphite stocks piggyback on steel demand

• Shares of graphite electrode makers Graphite India (+10.8%) and HEG (+16.8%) were upbeat yesterday on the belief that rising domestic steel demand will trigger an increase in demand for graphite electrodes.
• Graphite electrodes are used in steel manufacturing as a heating element in an electric arc furnace.

Tata Comm-Google push for cloud together

• Tata Communications has partnered with Google to help Indian businesses migrate to cloud-based services. 
• Through the partnership, it will help Indian organisations to access Google cloud services and help modernise their IT infrastructure and applications. The stock was up 6% on Monday.

US markets hit record high

• Abundant policy support and optimism over the economic recovery continue to drive up the US equity markets. 
• The Dow Jones hit a record high yesterday and has gained over 5% this month. Amid this, a speculative wave is also observed in riskier assets, including penny stocks to Bitcoin.

Events of the week

• Wednesday: Retail sales (US)
• Thursday: Crude oil inventories, Initial jobless claims (US)

Sectoral indices (Previous closing)

Global markets (at 8:30 am today)

Fact of the day

The Shell Oil Company began as a novelty shop in London that sold seashells.
Source: Shell

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