Morning Update for 7 December 2021

Indices at previous closing

Nifty50: 16,912 ▼-284 (-1.6%)
Sensex: 56,747 ▼-949 (-1.6%)
Nifty Bank: 35,735 ▼-461 (-1.2%)

For more updates on F&O, click here.

Tata Motors to hike truck prices

The automaker said that it will hike prices across the commercial vehicle categories from January 2022. The hike will be in the range of 2.5%. This hike is undertaken to partially offset rise in prices of commodities such as steel and aluminium which are key raw materials for making trucks and buses.

The steep rise in overall input costs made it imperative to pass on some residual proportion via a minimal price hike, said the management. Meanwhile, shares of Tata Motors were down 2.5% in a weak market yesterday.

Inox Wind’s subsidiary plans IPO

Shares of the wind energy company rose 6% intraday after it announced that its subsidiary is planning to raise up to ₹500 crore through the initial public offering (IPO) route. The board of the subsidiary gave its approval for this fund-raising yesterday. 

This comes at a time when companies are making a beeline to tap the equity markets for funds. Meanwhile, shares of Inox Wind gave up their gains and ended 6.1% lower yesterday.

Gold prices subdued 

The prices of yellow metal were subdued on Monday as investors weighed the impact of the new virus variant on the global economy. Economists believe that the new variant will have modest downside drag on the US economy. 

However, analysts state that the investors will be monitoring US inflation data, which will be released later this week. This is because the rise in inflation would push the US central bank to hike rates, which makes non-interest yielding assets like gold less attractive for investors.

Sectoral indices (December 6)

Global markets (at 8:00 am today)

Fact of the day

55% of the US citizens own stocks compared to around 4% in India. 

Source: Gallup

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Investment in securities markets is 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.