Indices at 10:00 am
Nifty50 14,101 ▲ 82 (+0.5%)
Sensex 48,124 ▲ 255 (+0.5%)
Nifty Bank 31,453 ▲ 227 (+0.7%)
In the news
Auto companies pick up the pace
- Shares of automobile companies saw a spurt today after the encouraging December volume performance. Eicher’s two-wheeler sales grew 37% compared to December 2019, whereas its CV sales contracted by 3% mainly due to lower bus sales. Ashok Leyland’s volumes grew 14% versus last December.
- Tata Motors is witnessing a turnaround of sorts. Its passenger vehicle sales volumes jumped 84% YoY in December. In fact, in Q3, PVs grew 89% YoY, the highest ever in the last 33 quarters. Its shares surged 2.49% today.
Cadila’s vaccine candidate enters phase 3
- Zydus Cadila announced that its vaccine candidate will enter Phase 3 clinical trials.
- This phase will involve a much larger set of 30,000 volunteers and will determine the efficacy of the vaccine. Meanwhile, shares of Cadila rose 1.3% today.
US extends work visa ban
- President Trump has extended a ban on new work visas (H-1B and H-4), which are typically used by technology companies to hire overseas professionals. The ban has been continued citing weakness in the US labour market due the pandemic.
- Meanwhile, shares of Indian tech companies, which rely on these work visas, didn’t seem affected and were broadly trading in the green. The Nifty IT index was up 1%.
Gold regains some shine
- Gold opened the week on a bullish note after prices rose 1.1% today. The rise was supported by continued weakness in the US Dollar index. Gold prices have broken out of a narrow trading range seen in the last two weeks.
- The surge in Covid cases has prompted Japan to consider declaring an emergency, which could start this week. Meanwhile, traders are also weighing in the positives from the vaccine rollout in several countries.
Events in this week
- Monday: Manufacturing PMI (India)
- Wednesday: Services PMI (India), Crude oil inventories (US)
- Thursday: Initial jobless claims (US)
Sectoral indices
| Top gainers | Top losers |
| Nifty Metal ▲ 2.2% | Nifty Realty ▼ 0.0% |
| Nifty PSU Bank ▲ 1.4% |
| Global markets | Today's movement |
| Nikkei 225 (Japan) | ▼ 0.6% |
| Hang Seng (Hong Kong) | ▲ 0.7% |
| SSE Composite (China) | ▲ 1.7% |
| Dow Jones (US) 31/12 | ▲ 0.9% |
Fact of the day
The IT major Wipro started out as a vegetable oil maker called Western India Palm Refined Oil Limited, which was later abbreviated to Wipro.
Source: Business Today
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