Indices at 9:30 am
Nifty50 13,642 ▲ 75 (+0.5%)
Sensex 46,550 ▲ 286 (+0.6%)
Nifty Bank 30,823 ▲ 132 (+0.4%)
In the news
M&M to hike prices from January
- From January 1, M&M will hike the prices of all its passenger and commercial vehicles. Recently, Maruti too had announced plans to increase prices from January, while other automakers are likely to follow suit soon.
- Sharp rise in prices of commodities—steel, aluminium, copper and rubber—which are key materials in auto components have necessitated the price-hike. After rallying nearly 21% in November, shares of M&M are up ~2% in December.
S&P upgrades India’s GDP forecast
- S&P Global Ratings now projects India’s FY21 GDP to contract by 7.7% compared to 9% estimated earlier.
- The rating agency believes that rising demand and falling infection rates have triggered an improvement in its forecasts. It expects a solid 10% rebound in GDP numbers for FY22.
Indian Railways on a roll
- From the development of railway stations to operating private trains, there are several changes happening at Indian Railways.
- Further, around 40% of the dedicated freight corridor route is expected to be completed in 2020-21. This will connect several cities to ports in Gujarat. Meanwhile, shares of wagon manufacturers Texmaco (+26.5%) and Titagarh Wagons (+16.2%) are up in December.
Stimulus hope boosts US markets
- The Dow Jones registered healthy gains, while the tech-heavy Nasdaq closed at record highs on the expectation of a stimulus from the US government.
- Currently, the US is seeing nearly 2 lakh Covid cases every day and the unemployment situation is also grim. It is widely expected that the US Fed would continue to keep interest rates low amid this scenario.
Events this week
- Wednesday: Retail sales, crude oil inventories, Manufacturing & Services PMI (US)
- Thursday: Fed interest rate decision, initial jobless claims (US)
Sectoral indices
| Top gainers | Top losers |
| Nifty Metal ▲ 1.3% | Nifty PSU Bank ▼ -0.4% |
| Nifty Auto ▲ 1.3% | Nifty Media ▼ -0.1% |
Global markets
| Nikkei 225 (Japan) | ▲ 0.1% |
| Hang Seng (Hong Kong) | ▲ 0.8% |
| SSE Composite (China) | ▲ 0.1% |
| Dow Jones (US) | ▲ 1.1% |
Fact of the day
You can tell identical twin babies apart from their navels.
Source: Reader's Digest
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