Morning update for 18 December 2020

Indices at 9:30 am

Nifty50 13,733 ▼ 7 (-0.0%)     

Sensex 46,826 ▼ 63 (-0.1%)  

Nifty Bank 30,688 ▼ 158 (-0.5%)  

In the news

Axis allays NPA fears

• As per reports, Axis Bank believes that the retail asset quality situation isn’t as grave as was feared initially—despite the overall job losses, salary cuts due to the pandemic. 
• However, the retail non-performing assets could inch up in the second half of FY21 and will go back to the pre-Covid levels in FY22. Meanwhile, shares of Axis Bank (-1.2%) are consolidating so far in December after rising 22.1% in November.

US rally shrugs off higher jobless claims

• The number of Americans filing first-time claims for jobless benefits unexpectedly rose last week to 8.85 lakhs. This came on the heels of weak retail sales data, which fell for the second month in a row. 
• US equity markets seemed to overlook these weaknesses and inched higher as all eyes are set on a nearly $900bn stimulus package.

Copper price near eight-year high

• The price of copper on the London Metal Exchange is nearing its eight-year high levels due to lower inventory, optimism over US stimulus and a general bullish trend across commodities. 
• On the MCX, copper has surged nearly 81% since March 2020.

Antony Waste Handling IPO opens on Monday

• Antony Waste Handling, a solid-waste management company, has no listed industry peers in India. The company plans to raise ₹300 crore from its initial public offer. The issue opens on Monday and the price band is fixed at ₹313-315 per share. 
• It has been a record-breaking year for IPOs, not just for the returns delivered but also for oversubscription. Mrs. Bectors IPO has been subscribed 198 times.

Sectoral indices

Fact of the day

The word 'jugaad' was added to the Oxford English Dictionary in 2017. The noun jugaad means a flexible approach to solve a problem, that uses limited resources in an innovative way.

Source: Indian Express

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