Market Ahead, December 23: Top factors that could guide markets today

In overnight trade, the US markets ended mixed as concerns over a new variant of the coronavirus and disappointing economic data stole the thunder from Washington’s passage of a long-awaited pandemic relief bill.

While S&P 500 and Dow closed lower, Apple Inc helped push Nasdaq to an all-time closing high. The Dow Jones Industrial Average fell 0.67%, the S&P 500 lost 0.21% and the Nasdaq Composite added 0.51%.

US consumer confidence fell for the 2nd month in December to a 4-month low. Market participants would eye US jobless claims that will be released later today.

That apart, US President Donald Trump threatened on Tuesday not to sign a $892-billion coronavirus relief bill, saying it should be amended to increase the amount in the stimulus checks.

Amid this backdrop, Asian equities were trading on a mixed note. Nikkei and Kospi gained marginally but Hang Seng and Taiwan equities were trading lower.

Even back home, SGX Nifty futures were down 37 points at 13,446, hinting at a flat-to-negative start for the Indian equity indices

But a Reuters report claiming that India is likely to approve AstraZeneca’s coronavirus vaccine for emergency use by next week could prove to be a major shot in the arms for the market bulls. In India, 146,111 people have lost lives to Covid.

Besides, a number of stock-specific developments are likely to sway market today.

The govt, in a first of its kind move, has approved Rs 5,500 crore in zero-coupon bonds for recapitalising Punjab & Sind Bank.

Bajaj Auto has entered into an initial pact with the Maharashtra government for setting up a production plant at Chakan at an estimated investment of Rs 650 crore.

Wipro on Tuesday said its up to Rs 9,500-crore share buyback programme will commence on December 29 and close on January 11, 2021. In another update, the company has inked $700 million takeover deal with Metro AG and over 1,300 staff from German company would move to the Indian firm.

Patanjali Ayurved group firm Ruchi Soya's shareholders have approved the appointment of Yoga guru Swami Ram Dev, his younger brother Ram Bharat and close aide Acharya Balkrishna on the company's board.

Meanwhile, Antony Waste Handling Cell initial public offer was subscribed 3.85 times on the second day of its subscription on Tuesday.