Morning Update for 11 January 2022

Indices at previous closing

Nifty50: 18,003 ▲190 (+1.0%)
Sensex: 60,395 ▲650 (+1.0%)
Nifty Bank: 38,347 ▲+608 (+1.6%)

For more updates on F&O, click here.

Sunteck Realty posts robust Q3 numbers

In the December quarter, the Mumbai-based realtor’s pre-sales (bookings for under construction projects) rose 29% quarter-on-quarter to ₹352 crore. In the same period, the collections were also up 30% to ₹270 crore. 

The management said that it has a slew of projects lined up in the premium and aspirational residential segment in the upcoming quarters. Meanwhile, shares of the company were up 12% yesterday.

Four US Fed rate hikes expected 

The US central bank could raise key interest rates four times this year, according to experts. With the inflation still above the US Fed’s target, it is also expected to roll back stimulus sooner-than-expected. 

Experts also point to the unemployment rate falling below 4% and wages increasing. This signals that the economy is rapidly recovering and may push the Federal Reserve to tighten the liquidity. Meanwhile, the Nifty50 rose 1.0% on Monday.

Oil prices steady amid virus threat 

The prices of crude oil were trading in a narrow range on Monday as concerns over the supply offset the impact of the new virus variant on the demand. 

Oil prices rose nearly 5% last week as the production in Kazakhstan and Libya was disrupted. Also, the sharp fall in oil inventories has also lent support to oil prices.

Sectoral indices (January 10)

Global markets (at 8:00 am today)

Fact of the day

Nishiyama Onsen Keiunkan in Japan is the world’s oldest hotel, which was founded in 705 AD.

Source: Uniqhotels

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