SGX Nifty up 50 points; here’s what changed for market while you were sleeping

SGX Nifty up 50 points; here's what changed for market while you were sleeping

Hopes that a Democrat-controlled government in the US would make heavy spending and borrowing to support the US economic recovery may push domestic stocks higher on Friday. Here’s breaking down the pre-market actions:


SGX Nifty signals positive start

Nifty futures on the Singapore Exchange traded 48.5 points, or 0.34 per cent, higher at 14,258.50, in signs that Dalal Street was headed for a positive start on Friday.

Tech View: Nifty forms Bearish Belt Hold

A gap-up start to the Thursday’s session at 14,247 proved the day’s high, as the index ended the day forming a ‘Bearish Belt Hold’ candle on the daily chart. Such a pattern reflects selling at the word go and, following indecisive candles, it is seen as a negative formation. Analysts, however, say as long as the 13,950 level remains secured, chances of Nifty’s recovery are strong. For the day, the index closed at 14,137, down 8.90 points, or 0.06 per cent.

Asian markets rise in early trade

Asian stocks open higher on Friday, with Japan hitting a three-decade high as investors looked beyond rising coronavirus cases and political unrest in the United States and bet on an economic recovery later in the year. Futures for the S&P500 jumped 1.48 per cent and Japan’s Nikkei 225 rose 0.84 per cent, hitting its highest level since August 1990. Hong Kong’s Hang Seng rose 0.43 per cent to 27,668.29. Korea’s Kospi was up 1.84 per cent at 3,087.33.

US stocks hit fresh record highs

Wall Street stocks surged to fresh records on Thursday, shrugging off Wednesday’s violent attack on the US Capitol in favor of optimism for a better economy in 2021. The Dow Jones Industrial Average index jumped 0.7 per cent to finish at 31,041.13, its first ever close above 31,000 points. The broad-based S&P500 index gained 1.5 per cent to end at 3,803.79, while the tech-rich Nasdaq Composite index jumped 2.6 per cent to 13,067.48.

DIIs sell Rs 990 cr worth of stocks

Net-net, foreign portfolio investors (FPIs) were buyers of domestic stocks to the tune of Rs 382.30 crore, data available with NSE suggested. DIIs were net sellers to the tune of Rs 989.50 crore, data suggests.


Rupee: The Indian rupee dived 20 paise to end at 73.31 against the US dollar on Thursday as a rebound in the American currency and rising crude oil prices weighed on investor sentiment.

10-year bonds: India 10-year bond yield fell 0.03 per cent to 5.89 after trading in 5.89-5.91 range.

Call rates: The overnight call money rate weighted average stood at 3.16 per cent, according to RBI data. It moved in a range of 1.9-3.5 per cent.


  • India Foreign Exchange Reserves 01/Jan (05:00 pm)
  • Japan Foreign Exchange Reserves Dec (05:20 am)
  • Japan Leading Economic Index Prel Nov (10:30 am)
  • UK Halifax House Price Index MoM Dec (02:00 pm)
  • Euro Area Unemployment Rate Nov (03:30 pm)
  • US Non Farm Payrolls Dec (07:00 pm)
  • US Unemployment Rate Dec (07:00 pm)


India to shrink 7.7% in FY21… India’s economy is expected to contract 7.7% in the current financial year, according to the government’s first advance estimates, putting pressure on finance minister Nirmala Sitharaman to announce measures in the February 1 budget to help turn things around. Gross domestic product (GDP) had declined 15.7% in the first half of the year, according to estimates released earlier.

Unemployment rate shoots up… India’s unemployment rate shot up sharply in December to 9.1% from 6.5% in November, the highest since June when the lockdown restrictions were eased. This comes on the back of high unemployment in rural India, raising doubts over the ongoing economic recovery, said the Centre for Monitoring Indian Economy.

New tranche of Bharat Bond ETF coming… The government is planning to raise up to Rs 15,000 crore through the Bharat Bond ETF for some state-owned units. This is for the third time that New Delhi would be tapping retail money to fund stateowned entities that play a key role in the country’s growth. “The latest tranche may be launched around March-April,” said a senior executive aware of the plans.

FMCG firms go for price hikes… After a long phase of relatively easy prices, commodity prices are beginning to affect regular buyers in December with grocery products such as soap, edible oils, tea and packaged rice up 3-5%, the first price increase over the past one year. Palm oil, palm oil derivatives and certain varieties of rice and tea have shot up, adding to inflationary pressures.

Petrol price at all-time high… Petrol prices shot to an all-time high on Thursday, going past Rs 84 in Delhi, as state companies raised rates to align with the recent rise in the international market. State oil companies are expected to daily revise domestic rates of petrol and diesel in line with changes in international prices but have often avoided so in the past year. Rates have remained static for months and then changed daily for several days, making domestic price patterns harder to predict.

Online chit fund under watch… The government is examining complaints against some online chit fund apps, which are allegedly functioning in absence of clear regulatory guidelines. This comes as already multiple investigations are on against Chinese loan apps. A senior government official confirmed that inter-ministerial consultations will be held to close such regulatory gaps and penal action will be initiated against errant players

SIP investors strike gold… A considerable minority on D-Street who stuck to their SIPs right through the Covid-induced carnage are now reaping rich rewards. For the record, investors have earned on an average annualised returns of 13-14% on their SIPs for the past five years. Over three years, the return is even higher at 17-19%. These returns are sharply higher than what would be major losses at the end of FY20.

LIC makes a killing on D-Street… The PSU insurer is on course to register its best-ever annual equity returns. It raised stock purchases by 60% in the first nine months of the fiscal as its enormous cash flows helped the insurer bet on a bright future when the rest of the investing community panicked. The insurance behemoth purchased equities worth Rs 64,801 crore in the first nine months of the fiscal year up to the first week of January against Rs 40,510 crore made in the same period last year.

Oaktree pushes its case in DHFL bid… Private equity fund Oaktree has reiterated its higher fair market value, better credit rating and unconditional offer to bolster its bid for DHFL. In a fresh letter to the committee of creditors and the RBI-appointed administrator amid the ongoing voting to select a buyer for DHFL, the fund’s in-house legal counsel Frederick Grysolle asked for fair treatment by the creditors as it made one more pitch for its offer against that of Piramal Enterprises.

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