Morning Update for 28 December 2021

Indices at previous closing

Nifty50: 17,086 ▲+82 (+0.5%)
Sensex: 57,420 ▲+295 (+0.5%)
Nifty Bank: 35,057 ▲+200 (0.5%)

For more updates on F&O, click here.

Blow for Dish TV promoters 

The Dish TV promoters’ attempt to freeze Yes Bank’s voting rights have failed yet again. The Delhi High Court has stayed an interim order, which had stopped Yes Bank from exercising its voting rights at Dish TV’s upcoming AGM on 30 Dec 2021. 

Yes Bank, which holds around 26% stake in Dish TV, has been locked in a battle with the promoters over the appointment of new directors. It had acquired this stake by invoking the promoter’s pledged shares. Meanwhile, shares of Dish TV were up around 5%.

Virus threat dents hotel stocks 

Hotel and restaurant stocks were under pressure on Monday as a fresh set of restrictions were imposed in many parts of the country. 

Experts said that night curfews won’t have a major impact on the hotel industry. However, any major lockdown could hurt the prospects of this sector, which is on the path of recovery. Shares of Chalet Hotels (-2.6%), Lemon Tree (-1.6%), Barbeque Nation (-1.4%) and Burger King (-0.7%) ended in the red yesterday amid a rising market.

Iron prices fall on demand concerns

The prices of iron ore, which is used as a raw material for making steel, sharply declined on Monday. This was due to concerns over the softening of demand as well as oversupply. 

Analysts expect the steel consumption to fall in China due to the weakness in the construction sector. The drop in iron ore prices may come as a relief for Indian steel makers, who have been facing rising input costs. Shares of Tata Steel and JSW Steel were up 0.7% and 0.1% yesterday, respectively.

Sectoral indices (December 27)

Global markets (at 8:00 am today)

Fact of the day

Ken Bates bought the London-based football club Chelsea for £1 (₹100) in 1982 and sold it for £17.5 million (₹176 crore) in 2003.

Source: Irish Times

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