Market Ahead, Jan 1: Top factors that could guide markets today

The Indian markets are likely to kick off Calendar year 2021 on a positive note with a possibility that benchmark indices may scale fresh record highs, tracking strong cues from US peers in the overnight session.

The NSE Nifty topped the 14,000 mark in intraday trade on Thursday but did not manage to close above that level. With SGX Nifty futures trading 20 points higher at 14,035 around 7 am, it's likely the index may hit new highs.

Wall Street bid adieu to 2020 on a strong as all three major indices gained ground, with Dow and S&P 500 picking up steam in the session’s final minutes to exit 2020 at record highs. The Dow Jones Industrial Average rose 0.65%, the S&P 500 gained 0.64% and the Nasdaq Composite added 0.14%.

With mostly all Asian markets shut on account of New Year, developments on the vaccine front and stock-specific triggers are likely to guide market moves today.  

Ahead of the scheduled meet of the subject expert committee (SEC) under the Central Drugs Standard Control Organisation today to consider the emergency-use authorisation application of three companies, the DGCI on Thursday hinted that India is likely to get a vaccine against Covid-19 in the New Year.

SEC under CDSCO will consider applications from Pfizer, Serum Institute of India that is to manufacture the Oxford AstraZeneca vaccine, and Bharat Biotech’s Covaxin.

Any positive development on this front could enthuse market participants. However, concerns on the economic recovery still loom after the core sector contraction expanded in November after two months of moderation. Output of the eight-industry core sector fell by 2.6% in November, as against the contraction of 0.1% in September and 0.9% in October. This may have repercussions for the IIP.

Now, a look at the stock-specific developments that are likely to sway the market today.

Auto stocks will remain in focus today after a host of companies are scheduled to release auto sales figures for December 2020.

Antony Waste Handling shares to list on bourses today; issue price has been fixed at Rs 315 per share.

IDBI Bank sold 23% stake in its life insurance arm to Ageas for Rs 507 crore.

Ford Motor Co said on Thursday it was calling off its automotive joint venture with Mahindra and Mahindra due to the challenges caused by the COVID-19 pandemic.

Power Finance Corporation will raise Rs 1.18 trillion this financial year, as the dust settles on the lenders' market, hit by the Covid pandemic.