Indices at 10:00 am
Nifty50 14,243 ▲ 106 (+0.7%)
Sensex 48,423 ▲ 330 (+0.6%)
Nifty Bank 32,147 ▲ 191 (+0.6%)
In the news
GDP estimates remain in the red
- As per the first advance estimate of national income, India’s GDP growth is expected to contract by -7.7% for FY21. The RBI had pegged the figure at -7.5%.
- Agriculture (+3.4%) and utility services such as electricity, gas and water supply (+2.7%) are likely to witness growth. Meanwhile, industries such as construction (-12.6%), mining (-12.4%), manufacturing (-9.4%) are likely to remain in the red.
- The hotels, transport and communications industries (taken collectively) are estimated to face the steepest contraction of -21.4% over FY20.
Maruti conservative on growth prospects
- The automotive industry has shown recovery due to the demand during the festive season. However, demand remains 33-34% lower than 2018-19 levels, maintains Maruti.
- BS-VI Phase II and stricter fuel economy requirements could pose headwinds. Shares of the carmaker were up 1.9% this morning and were up 13.5% in Q3.
Crude oil surges as US inventories fall
- West Texas Intermediate or WTI crude hit fresh highs since the first Covid lockdown.
- The spike was driven mainly by a higher-than-expected fall in US inventories by 8 million barrels (versus the expected 2.1 million) and a pledge by Saudi Arabia to cut production more than expected.
Events in this week
- TCS results
Sectoral indices
| Top gainers | Top losers |
| Nifty Realty ▲ 2.4% | NA |
| Nifty Media ▲ 2.1% | NA |
| Global markets | Today's movement |
| Nikkei 225 (Japan) | ▲ 1.7% |
| Hang Seng (Hong Kong) | ▲ 1.2% |
| SSE Composite (China) | ▼ 0.6% |
| Dow Jones (US) | ▲ 0.6% |
Fact of the day
The US national anthem was written aboard the HMS Minden. The ship was built by the Wadias at the Bombay Dockyard.
Source: The Quint
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