Market Ahead, December 22: All you need to know before the opening bell
Contrary to the global market mood, SGX Nifty was hinting at a gap-up start for Indian equities after a steep selloff on Monday with the index trading 1.26 per cent up at 13,430
BS Web Team New Delhi
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Wall Street ended mixed in overnight trade as investors juggled the outbreak of an ominous new strain of COVID-19 with the passage of a long-anticipated stimulus package.
A $900 billion aid package meant to stimulate a pandemic-hit U.S. economy cleared a procedural hurdle in the House of Representatives on Monday evening.
Following this, the Nasdaq dipped slightly to join the S&P 500 in the red, but financials helped the blue-chip Dow reverse course for a modest gain.
The Dow Jones Industrial Average rose 0.12 per cent, S&P 500 lost 0.39 per cent while the Nasdaq Composite dropped 0.1 per cent.
The Asian shares kicked off Tuesday's session on a tepid node as new variant of the coronavirus in the UK and a wave of lockdowns and travel restrictions hurt sentiment.
Japan’s Topix index dropped 1 per cent, South Korea’s Kospi index slipped 0.4 per cent and Australia’s S&P/ASX 200 Index lost 0.3 per cent.
However, in what could be seen as a positive development on the vaccine front, the European Union geared up to start mass vaccinations against COVID-19 just after Christmas after the shot developed by Pfizer cleared regulatory hurdles on Monday.
Contrary to the global market mood, SGX Nifty was hinting at a gap-up start for Indian equities after a steep selloff on Monday with the index trading 1.26 per cent up at 13,430.
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India's Covid daily case count fell below the 20,000 mark for the first time since July but health officials are concerned about the new and stronger coronavirus strain in the UK.
The Aviation Ministry has cancelled all flights between UK and India from December 22 till December 31. Meanwhile, the Maharashtra government has also announced night curfew till January 5.
That apart, in a further relief to the companies facing stress due to Covid pandemic, Union Finance Minister Nirmala Sitharaman on Monday said the Insolvency and Bankruptcy Code would remain suspended until the end of the current financial year.
Besides, a number of stock-specific developments are likely to trigger some key movements in stocks.
Tata Motors to increase commercial vehicle prices from January 1 2021, owing to a steady rise in material and other input costs, the impact of forex and transition to BS-VI norms, that have increased cost of vehicle manufacturing.
NIIT to consider buyback of equity shares at its board meeting on December 24.
IDBI Bank on Monday said it had the option to draw Rs 1,500 crore as equity capital from its promoter Life Insurance Corporation of India (LIC).
Future Enterprises defaults on payment of interest of Rs 13.91 crore due on Non-Convertible Debentures.
Meanwhile, in the primary market, Antony Waste Handling Cell IPO was subscribed 1.98 times on the first day of bidding.
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First Published: Dec 22 2020 | 7:52 AM IST
