Investor Education Initiative:
The Indian market opens on a flat note though the trend on SGX Nifty indicates a positive start for the broader index in India following positive global cues. The Nifty futures were trading 40.50 points or 0.28 percent higher at the 14,767.50 level on the Singaporean Exchange at 7:10 am.
- Wall Street: US stock indexes jumped more than 1.5 percent on Tuesday with Amazon and Google-parent Alphabet set to wrap up results from the so-called FAANG group of stocks, while signs of progress on a large fiscal pandemic relief package also lifted the mood. At 11:39 a.m. ET, the Dow Jones Industrial Average rose 600.37 points, or 1.99 percent, to 30,812.28, the S&P 500 gained 65.25 points, or 1.73 percent, to 3,839.11 and the Nasdaq Composite gained 190.34 points, or 1.42 percent, to 13,593.73.
Asian markets: Stocks in Asia-Pacific traded mixed on Wednesday as a private survey showed China’s services sector activity growth slowing sharply in January. Mainland Chinese stocks fell in morning trade, with the Shanghai composite down 0.63 percent while the Shenzhen component shed 0.343 percent. Hong Kong’s Hang Seng index fell 0.62 percent. In Japan, the Nikkei 225 rose 0.66 percent and South Korea’s Kospi gained 0.27 percent. Shares in Australia also rose as the S&P/ASX 200 gained about 1.13 percent. MSCI’s broadest index of Asia-Pacific shares outside Japan traded 0.44 percent higher.
- Indian market: India’s benchmark index rose 2.5 percent higher to end at a record close on Tuesday, extending gains from the previous session as investors cheered budget announcements to propel a recovery in the pandemic-hit economy. Gains in the domestic indices were mainly led by banking, financial, infra and auto stocks. The Sensex ended 1,197 points higher at 49,798 while the Nifty rose 366 points to settle at 14,648. Broader markets also surged for the day with the midcap index up 2.5 percent and smallcap index up 1.2 percent.
- Crude oil: Oil prices rose around 1 percent on Tuesday after major producers showed they were cutting crude output in line with their commitments on restraint, supporting a market thrown out of kilter by weak demand during the coronavirus pandemic. Brent crude was up 51 cents, or 0.9 percent, at $56.86 a barrel by 0134 GMT, while U.S. oil gained 53 cents, or 1 percent, to $54.08 a barrel. Both contracts rose more than 2 percent in the previous session.
- Rupee: The rupee gained 6 paise to settle at 72.96 against the US dollar on Tuesday tracking weak American currency and heavy buying in domestic equities. Analysts said the rupee is trading in a narrow range as traders remained cautious ahead of the Reserve Bank of India (RBI) monetary policy scheduled on Friday. At the interbank forex market, the rupee opened on a flat note at 73.02, and gained ground to touch an intra-day high of 72.92. The local unit also touched a low of 73.05 during the day. It finally finished at 72.96, higher by 6 paise over its last close.
- Gold: Gold in the national capital declined by Rs 480 to Rs 47,702 per 10 gram on Tuesday in-line with the fall in global precious metal prices, according to HDFC Securities. In the previous trade, the metal had closed at Rs 48,182 per 10 gram. Silver also tumbled Rs 3,097 to Rs 70,122 per kilogram from Rs 73,219 per kilogram in the previous trade. In the international market, gold traded lower at USD 1,847 per ounce and silver also dipped to USD 27.50 per ounce.
- Brookfield REIT IPO: Brookfield India Real Estate Trust, backed by Brookfield Asset Management Inc, has filed for an IPO worth Rs 3,800 crore. The IPO will open today.
- Monetary policy meet: RBI’s three-day monetary policy committee meeting is scheduled to start from today.
- Finance Bill: Union financial services secretary Debasish Panda on Tuesday said 27 amendments have been proposed to Life Insurance Corporation Act, 1956 to help facilitate listing of the insurance behemoth on stock exchanges. These changes have been pushed through the Finance Bill tabled by union finance minister Nirmala Sitharaman on Monday along with the Union Budget 2021-22.
- COVID-19 vaccine: An interim report published in the British medical journal The Lancet on Phase 3 Clinical Trials of Russia’s Sputnik V COVID-19 stated that it showed an efficacy of 91.6 percent. The calculation was based on the analysis of data of 19,866 volunteers. In volunteers aged above 60, the efficacy rate was 91.8 percent.
The markets are firm under the grip of Bulls and hence Investors are advised to take advantage of appropriate hedging tools.
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