Morning Update for 21 December 2021

Indices at previous closing

Nifty50: 16,614 ▼-371 (-2.1%)
Sensex: 55,822 ▼-1,189 (-2.0%)
Nifty Bank: 34,439 ▼-1,178 (-3.3%)

For more updates on F&O, click here.

Coal here to stay, says govt

According to the coal ministry, coal will stay as a major source of energy as it is affordable with substantial reserves. India will require coal as it provides stability and energy security, added the government.    

This statement comes at a time when many countries including India are focusing on clean power generation in the wake of rising concerns over climate change. Meanwhile, shares of Coal India were down around 4% yesterday.

Wipro makes big acquisition   

The IT major will acquire Texas-based Edgile for $230 million in a bid to solidify its position in the cybersecurity services space. Edgile is a cybersecurity consulting provider that focuses on risk and compliance, information and cloud security, and digital identity.

Wipro has been on an acquisition spree this year. Earlier this year, it acquired two companies which operate in this space. Meanwhile, shares of the IT company were down 0.7% in a weak market.

Oil falls over virus concerns 

The prices of oil fell over 5% on Monday as the spread of the new virus variant raises concerns over the demand. Some countries have imposed restrictions on air travel and there is a possibility of a fresh round of lockdowns being imposed. This doesn’t bode well for oil demand.

Experts are expecting a lot of volatility in the oil market this week. However, it shouldn’t be assumed that oil prices will fall further as OPEC is in a position to react, added experts. Meanwhile, on the other hand, Goldman Sachs has said that oil prices may hit $100-mark due to higher jet fuel demand and growth in the global economy.

Sectoral indices (December 20)

Global markets (at 8:00 am today)

Fact of the day

Japanese investment giant Softbank has pumped $84 billion (₹6.3 lakh crore) in startups across the world in the last four years.

Source: Economist

Yay 👍 or Nay 👎?
We'd love your thoughts on this morning update.

If you haven't already, open your Upstox account to get IPO-ready today! Click here to sign up.

To catch our latest educational videos, join our Telegram channel here.

Disclosures and Disclaimer

Investment in securities markets is subject to market risks; please read all the related documents carefully before investing. The securities quoted are exemplary and are not recommendatory. Past performance is not indicative of future results. Details provided in the above newsletter are for educational purposes and should not be construed as investment advice by RKSV group. Investors should consult their investment advisor before making any investment decision.