Morning update for 4 December 2020
Indices at 10:30 am
Nifty5013,230 ▲+96 (+0.73%)
Sensex44,965 ▲+332 (+0.75%)
Nifty Bank29,888 ▲+439 (+1.49%)In the newsRBI keeps rates unchanged
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As expected, the RBI has maintained its accommodative stance and kept interest ** rates unchanged** at 4%. This comes amid a recovering economy and rising inflation.
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The markets gave a thumbs up and the Nifty rose higher post the RBI’s decision.
Bharti adds more users than Jio in September
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For the first time in four years, Bharti Airtel added more new mobile subscribers than Reliance Jio, in September.
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Bharti Airtel’s net addition was 3.77 million new customers, while Reliance Jio added 1.46 million. Meanwhile, Vodafone Idea lost a massive 4.65 million subscribers during September, indicating customer churn.
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Since October 1, shares of Bharti Airtel have gained ~14%.
Dow rises and Nasdaq hits record high
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Lower-than-expected ** initial jobless claims** and a rise in the Services PMI indicated that economic recovery is on track, which helped the US indices to scale higher.
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The US dollar index extended its losing streak as talks of fresh fiscal support resumed in the US.
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The tech-heavy Nasdaq index a hit record high. For 2020, it has gained ~38% and reached its highest level since 2013.
The Burger King IPO closes today. You can apply for the IPO with Upstox ** here**!
Sectoral indices
| Top gainers | Top losers |
| --
| --
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| Nifty Media **▲+**1.97% | Nifty Pharma ▼-0.23% |
| Nifty Auto **▲+**1.47% | Nifty IT ▼-0.21% |
Global markets
| Nikkei 225 (Japan) | ▼-0.32% |
| --
| --
- | --
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| Hang Seng (Hong Kong) | ▼-0.16% |
| SSE Composite (China) | ▼-0.35% |
| Dow Jones (US) | ▲ +0.29% |
Fact of the day
Research shows that on average women smile 62 times a day and men only smile 8 times a day. And children, 400 times!
Source: Medicalartsdental.com
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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.