Morning update for 30 December 2020

Indices at 10:00 am

      Nifty50 13,910 ▼ -21 (-0.1%)

       Sensex 47,558 ▼ -54 (-0.1%)

Nifty Bank 31,204 ▼ -118 (-0.3%)

In the news

Jyothy Labs expects 9% growth

• FMCG player Jyothy Laboratories sees 8.5–9% revenue growth this year with a rise in demand for cooking and cleaning products at home due to the pandemic.
• The maker of the popular Pril dishwashing products said that the dishwashing segment is growing at 25%. Further, all its factories are running at 100% capacity, indicating that there is no dearth of demand. Its shares were up 0.7% today.

Rupee rises for fifth consecutive session

• The Indian rupee has risen against the US dollar for five consecutive sessions. It has strengthened by about 70 paise during this period. 
• Heavy buying in domestic equities, unabated foreign fund inflow and an overall weaker dollar in the overseas market are some of the reasons supporting the rupee. USD-INR January futures were trading at ₹73.56 today.

Dow dips on profit-booking

• The US markets closed lower after hitting record highs. The uncertainty about whether the US Senate would allow additional stimulus checks led to some profit booking. As a result, the Dow closed after ceding 0.2%. 
• The news that the US has detected the first case of the virus variant from the UK may have also triggered some fear, leading to profit-booking at higher levels.

Events in this week

• Wednesday: Pending home sales, crude oil inventories (US)
• Thursday: Initial jobless claims (US)

Sectoral indices

Fact of the day

Between 1988 to 2016, Warner Music claimed copyrights to the 'Happy birthday to you' song.  

Source: Rolling Stone

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