Indices at 10:00 am
▲ Nifty50 13,038 (+0.82%)
▲ Sensex 44,462 (+0.81%)
▲ Nifty Midcap 100 19,345 (+0.71%)
▲ Nifty Smallcap 100 6,367 (+0.91%)
In the news
US business activity
- US business activity in November expanded at the fastest pace in more than five years as improvement was seen in both the services and manufacturing sectors.
- Dow Jones Industrial Average jumped up 1.1% yesterday.
- A stronger economy is positive for its currency. The US dollar index bounced back from day’s lows. Safe-haven gold, which generally moves inversely to the dollar index, fell by nearly 1.7%.
Oxford-AstraZeneca vaccine
- University of Oxford and AstraZeneca Pharma announced that the vaccine being developed jointly by them has shown 70% effectiveness (and ~90% over two doses).
- This vaccine has distinct advantages over Moderna and Pfizer’s vaccine candidates. It can be stored at refrigerator temperature and is expected at lower cost. India has reserved 50 crore doses of the Oxford-AstraZeneca vaccine and is expected to get 10 crore doses next month.
- Shares of AstraZeneca Pharma India are up 1.9% today.
Sectoral indices
- All sectoral indices are positive today. The Nifty Bank index is a top gainer and is up 1.5%. It had shown some weakness yesterday reacting to RBI panel proposal and profit-booking was in large banks. Today, HDFC Bank, ICICI Bank and Axis Bank are each up around 1.8% and are helping the Nifty Bank index to rise.
Global markets
- A favourable close in the US markets and optimism around the vaccine news are keeping key Asian indices buoyant. Japan’s Nikkei 225 made strong gains today (2.75%). Meanwhile, Hong Kong’s Hang Seng (+0.1%) and China’s SSE Composite (-0.1%) are nearly flat today.
Fact of the day
Man is the only mammal that willingly delays sleep.
Source: Sleepfoundation.org
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Investment in securities markets are 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.