Morning update for 23 November 2020

Indices at 10:00 am

▲ Nifty50 12,860 (+0.01%)

▼ Sensex 43,875 (-0.02%)

▲ Nifty Midcap 100 19,089 (+0.67%)  

▲ Nifty Smallcap 100 6,263 (+1.31%)

In the news

Hindustan Unilever

• Amid the rising Covid cases globally and encouraging trial results of vaccines, global FMCG giant Unilever has claimed that a particular mouthwash formulation is effective in reducing 99.9% of coronavirus present in the saliva after 30 seconds of rinsing the mouth. 
• The company has said while this is not a cure or proven way to prevent the transmission of coronavirus, the results are promising.
• As per reports, the company’s Indian listed entity Hindustan Unilever (HUL) will launch this product in India in December 2020.
• Shares of HUL are down 0.4% today. 

Real estate

• Favourable interest rates, discounts offered by developers, correction in property prices and reduction in stamp duty (in some markets) are helping housing sales to bounce back. And the festive season acted like a catalyst.
• Home sales in Mumbai, rest of Maharashtra and Delhi in October were higher than January this year, according to reports. 
• Bengaluru-based Prestige Estates has announced investments of nearly ₹2,000 crore across four housing projects in Bengaluru, Goa and Hyderabad. Shares of Prestige Estates are up 2.4% today. 

Crude oil 

• Crude oil prices are on a rising streak as hope of a vaccine overpowers fears of rising cases, lockdowns in pockets of Europe and the stalemate over fresh stimulus in the US.  
• Crude prices have gained 18.5% after rising for a third straight week. 
• Today, MCX crude oil prices are up nearly 1.0%.

Sectoral indices

• Among the key sectoral indices, the Nifty Metal index was a top gainer (+1.3%) backed by a nearly 2% rise in Hindalco and Tata Steel. The Nifty Bank index was down about 1.0% mainly due to selling pressure seen in ICICI Bank (-1.7%), Axis Bank (-1.5%) and HDFC Bank (-1.3%).

Global markets

• Key Asian markets are seeing mixed performance today as Japan’s Nikkei 225 (-0.4%) and Hong Kong’s Hang Seng (-0.1%) were down. While China’s SSE Composite continued its upward journey and is up 0.8% today.  

Fact of the day

Over 90% of all phones sold in Japan are waterproof because Japanese prefer to use their phones even when in the shower. 

Source: Mashable

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