ETMarkets Morning Podcast: Analysts see Nifty’s next stop at 14,300 | The Economic Times Markets Podcast

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ETMarkets Morning Podcast: Analysts see Nifty's next stop at 14,300 | The Economic Times Markets Podcast


Hi there! Welcome to ETMarkets Morning, the show about money, business and markets. I am Nandini Sanyal, and here is what we have to start your day.

>> Analysts see Nifty’s next stop at 14,300
>> 4.8 million Robinhood investors hit D-Street in 2020
>> India clears two Covid vaccines
AND
>> Banks getting far less loan recast requests than anticipated

And there is more. But first, a quick glance at the state of the markets..

>> Nifty futures on the Singapore Exchange traded 152.75 points higher at 8 am (IST), signalling further gains ahead on Dalal Street.

ELSEWHERE
>> Asian share markets hit pause on Monday as reports of a possible tightening in coronavirus emergency rules for Tokyo pulled Japanese stocks off 30-year highs. Australia shares rose.

IN CURRENCIES
>> Snapping a six-session winning streak, the rupee fell by 4 paise to settle at 73.11 against the US dollar on the first trading day of the New Year on Friday.

>> The dollar slipped this morning. The yen climbed 0.1% the offshore yuan 0.1%, and the euro 0.2%. The British pound stayed steady at $1.3664.

>> Bitcoin held onto much of its weekend gains after topping $34,000 for the first time on Sunday.

IN OIL MARKET
>> Crude prices slipped after the Opec warned of risks to the oil market from the resurgent pandemic. Brent futures fell 8 cents to $51.72 a barrel, while WTI crude eased 12 cents to $48.40.

AND IN BULLION
>> Gold futures on MCX closed at Rs 50,180 per 10 gm while silver closed at Rs 68,224 a kg on Friday. In international markets, gold pushed above $1,900 an ounce to hit the highest level in almost two months, aided by a weaker dollar

All in all, the trade setup on Dalal Street looked set for some more gains. On Friday, Nifty formed a bullish candle and formed higher highs and lows for the seventh session. Analysts said the index has firm support near the 13,800 level and can attempt to move towards 14,200 level

LET ME NOW GIVE YOU A HEADS-UP on some of the top news we are tracking at this hour.

… A record number of first-time retail stock owners opened trading accounts in India during the year gone by that spared them the daily commute from distant suburbs to downtown Mumbai, Delhi, or Bangalore. Over 10 million new investors entered the markets, more than double compared to the previous year, which saw 4.8 million investors opening demat accounts. On an average, more than 70,000 investors, mainly those below 20, opened demat accounts daily last month.

… The Drugs Controller General of India on Sunday granted conditional emergency use authorisation for Serum Institute of India and Bharat Biotech Covid-19 vaccines, setting the stage for the first jabs to be rolled out in the country within days and heralding a return to normal life, even as concerns were expressed by some experts at the speed at which Bharat Biotech was granted approval. The government officials said India’s vaccination drive is likely to begin in the next one to two weeks.

… Indian lenders have received loan recast requests of about Rs 2 lakh crore, considerably lower than the Rs 8 lakh crore anticipated earlier, as the deadline drew to a close at the stroke of midnight on Saturday. Requests have come in from the likes of Shapoorji Pallonji, Future Group, Jain Irrigation, IRB, Ashok Buildcon and a dozen other corporates, three lenders aware of the proposals told ET. A significant part of the recast requests have come from the midcorporate loan category and MSMEs, they said.

… Technical analysts see Nifty touching 14,200-14,300 this week with the index closing above the psychologically crucial 14,000-mark. Analysts say 13,800 is a strong support for the Nifty and should be used as a buying opportunity. They said the IT sector is likely to show more strength before the beginning of the December quarter earnings season.

…Several lenders to DHFL believe that the Piramal bid for the failed mortgage company should be delinked from its proposed merger with a Piramal group entity. Banks have no objection to any plan by Piramal to merge DHFL with a group company once it succeeds in acquiring it. But, they do not want a merger plan to be a part of the bid. Piramal, US asset manager Oaktree, and Adani group are in the race to acquire DHFL. The creditors will have to vote the resolution plans by January 14.

LASTLY, AN UPDATE ON ALL THE STOCKS BUZZING THIS MORNING

The government has initiated the process to sell a 26% stake along with management control in public-sector enterprise BEML. It currently owns 54.03% in the Bengaluru-based heavy equipment maker.

Private equity buyout groups Brookfield and Carlyle are in pursuit of buying a controlling stake of Mphasis, as Blackstone has set the ball rolling for its biggest exit in India

The government is planning to sell 10% stake in Rashtriya Chemical & Fertilizers (RCFL) and invited bids from merchant banker and legal firms for managing the share sale process.

Private equity buyout groups Brookfield and Carlyle are in pursuit of a controlling stake in Mphasis as Blackstone has set the ball rolling for its biggest exit in India, cashing out of its largest investment in the country till date.

That’s it for now. For all the market news through the day, do track ETMarkets.com. Have a great day ahead! Bye-bye





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