Last start with a quick look at the global markets. Wall Street indexes closed at record highs overnight as investors grow increasingly hopeful about a vaccine to combat rising Covid-19 cases.
Pfizer Inc and Germany’s BioNTech SE sought emergency approval of their vaccine candidate from the European regulator on Tuesday. Competitor Moderna Inc also applied for emergency approval from the European regulator on Tuesday.
Consequently, the S&P 500 and Nasdaq indexes closed at record highs, both rising over 1 per cent, each. The Dow, meanwhile, gained 0.6 per cent.
Asian markets, meanwhile, were displaying slight weakness in Wednesday's early deals. Australia’s S&P ASX 200 dipped 0.3 per cent. Japan's Nikkei also fell 0.15 per cent while Hong Kong's main index was down half a per cent.
The SGX Nifty, was flat, on the mixed global cues and hovered at around 13,130 levels at 7:30 AM.
In commodities, oil prices extended losses to a second day on Tuesday after OPEC and its allies left markets in limbo by postponing a formal meeting to decide whether to lift output in January. Brent was at $47.25 per barrel, down 1.32 per cent on the day.
Back home, the RBI's monetary policy committee will today begin its meeting today the resolution of which would be announced on December 4. Analysts expect the MPC to leave interest rates unchanged, after data showing the economy contracting less than expected and persistently high inflation. Meanwhile, economists and market participants are also closely watching the commentary from the RBI around liquidity.
Auto stocks are once again expected to be in focus. Stocks of the companies that reported their November sales data post market hours yesterday will react in today's session. Hero MotoCorp sold 5.91 lakh units of motorcycles and scooters in November 2020, against 5.16 lakh units in November 2019.
Tata Motors' November sales also grew to 49,650 vehicles from 41,124 units in the year-ago period. And, Eicher Motors sold 63,782 units of motorcycles in November 2020, against 60,411 units in November 2019.
Besides, market participants will focus on stock-specific developments, foreign fund flow, and the Rupee's trajectory.
Coal India yesterday reported a 3.4 per cent rise in production at 51.7 million tonnes in November. The company had posted an output of 50 million tonnes in the corresponding month of the previous fiscal.
On the Covid front, India reported 36,456 fresh cases of Covid-19 on December 1, taking its overall tally to 94.99 lakh, according to Worldometer. The death toll, meanwhile, has risen to 1.38 lakh.
And, in the primary market, quick service restaurant Burger King India will open its three-day IPO today. The price band for the IPO has been set at Rs 59-60 per share. Bids can be made for a minimum of 250 equity shares and in multiples of 250 equity shares thereafter. You can read about analysts and brokerages recommendation on the IPO on our website.
 "Market Ahead, December 2: Top factors that could guide markets today")
