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Stock Market Live: Sensex, Nifty trade near record highs; Bharti Airtel top gainer, up 5%

Stock Market Live: Indian indices were trading near record highs on Wednesday, trading modest gains in Asian peers, mainly led by heavyweights Bharti Airtel, RIL, HDFC twins and ICICI Bank. The Sensex rose as much as 259 points to its new high of 49,776 while the Nifty gained 82 points to its all-time high of 14,645.

Infosys Q3FY21 earnings: Here’s what to expect

IT heavyweight Infosys will report its Q3 earnings tomorrow (January 13) and it is expected to be a strong quarter. According to the average of a CNBC-TV18 poll of analysts by poll, the company’s topline is likely to rise 3-3.5 percent topline growth, driven by the ramp-up of large deals like Vanguard. Margins could be slightly under pressure–25 percent is what the CNBC-TV18 poll throws up, partly because of the weakening of the dollar against the rupee. But unlike Tata Consultancy Services (TCS) the wage hike for Infosys kicks in Q4, it will be effective January 1, so don’t expect pressure on the margins per se. The key thing to watch will be whether they will upgrade their FY21 guidance and the consensus is that it will, and the new guidance is expected to be around 3-4 percent. Watch this video for more.

Opening Bell: Sensex, Nifty open at record highs; Bharti Airtel top gainer, up 5%

Indian indices opened at record highs on Wednesday, trading modest gains in Asian peers, mainly led by heavyweights Bharti Airtel, RIL, HDFC twins and ICICI Bank. The Sensex rose as much as 259 points to its new high of 49,776 while the Nifty gained 82 points to its all-time high of 14,645. Broader markets were also trading higher with the midcap and smallcap indices up between 0.5 percent and 1 percent. Among scetors, all indices witnessed buying in the opening deals with auto and metal indices gaining the most, up 1 percent.

COVID-19 vaccine will cost Rs 1,000 in private markets, says SII’s Adar Poonawalla

Serum Institute of India CEO and owner Adar Poonawalla on Tuesday said the vaccine against COVID-19 will be sold at Rs 1,000 in the private market. He made the remarks on the day the vaccine is being dispatched throughout the country from Pune. The vaccine was given at a price of Rs 200 for the first 100 million doses to the government. “We’ve given a special price of Rs 200 for the first 100 million doses only to the government of India on their request, that we want to support common man, vulnerable, poor, healthcare workers. After that, we willb e selling it at Rs 1,000 in private markets,” said Poonawalla, ANI reported.  

Oil prices extend gains after US inventory drop

Oil prices rose on Wednesday, with US crude gaining for a seventh day after an industry report showed a further drop in inventories and investors shrugged off worsening developments in the pandemic. US West Texas Intermediate (WTI) was up 40 cents, or 0.8 percent, at USD 53.61 a barrel by 0128 GMT after gaining nearly 2 percent on Tuesday. Brent crude was up 47 cents, or 0.8 percent, at USD 57.05, having risen 1.7 percent in the previous session. Both benchmarks are trading at the highest since February before the coronavirus outbreak in China began spreading across the world and billions of people went into lockdowns to prevent a pandemic that is now in a deadlier second wave.

Asian shares make cautious gains after choppy Wall Street session

Asian stocks opened mostly higher on Wednesday, tracking modest Wall Street gains as prospects of an eventual victory against coronavirus shored up recovery hopes, while tight supply expectations pushed oil prices to their highest in a year. Investors were betting that the incoming Biden administration would ramp up U.S. distribution of coronavirus vaccines, which would allow large parts of the U.S. economy to reopen, Peter Essele, head of portfolio management at Commonwealth Financial Network in Boston said. Asia’s open, however, was mixed with Japan’s Nikkei 225 up 0.11 percent, Australia’s S&P/ASX 200 down 0.1 percent and South Korea’s KOSPI 0.64 percent higher. On Wall Street, stocks fluctuated near unchanged for the session, not far from record highs. The Dow rose 0.19 percent, the S&P 500 gained 0.04 percent

US Vice President Pence refuses to invoke 25th Amendment to remove Trump from office

United States Vice President Mike Pence has refused to invoke the 25th Amendment to the American Constitution to remove President Donald Trump from office. ”Under our Constitution, the 25th Amendment is not a means of punishment or usurpation. Invoking the 25th Amendment in such a manner would set a terrible precedent,” Pence said in a letter to House Speaker Nancy Pelosi. Pelosi and House Democrats had pressed Pence and the Cabinet to remove Trump from office in the aftermath of the January 6 breach of the US Capitol by thousands of the president’s loyalists. ”As you know full well, the 25th Amendment was designed to address Presidential incapacity or disability,” Pence said in the letter, a copy of which was released by the White House on Tuesday night.

Indian indices recovered from morning lows to end at record close for the third straight session on Tuesday mainly led by a rally in the PSU banks, auto and realty sectors. The Sensex ended 248 points higher at its closing high of 49,517 while the Nifty rose 79 points to its record close of 14,563. Among sectors, the Nifty PSU Bank index surged 6 percent in trade while the realty and auto indices were up 3 percent and 1 percent, respectively. The Nifty Bank, Nifty Fin Services, and Nifty Metal index were also positive further lifting the sentiment. However, FMCG and Pharma indices continued to be in the red for the day. On the Nifty50 index, Tata Motors, GAIL, Bharti Airtel, SBI and Coal India were the top gainers while Asian Paints, Titan, HUL, Nestle, and Sun Pharma led the losses.

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