Morning Market Mint - Rupeedesk Reports - 29.01.2021
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Morning Market Mint - Rupeedesk Reports - 29.01.2021
Morning Market Mint - Rupeedesk Reports - 29.01.2021
Global Market Updates - 29.01.2021
* Challenging day for Asian Markets
* Opening moves indicate mixed
* US markets closed higher but could not sustain higher levels
* US 4Q growth rate was 4% below the estimate
* Ahead of the budget Indian market may be volatile
* China threatened war on Taiwan. When asked about increased military activity near the island,
China’s defense ministry spokesperson said “independence means war.”
* Dollar Index at 90.632 (+0.12%)
* Gold and Crude in a range
* Central bank injects 100 bn yuan liquidity to the banking system via 7-day reverse repo.
* 2 bn yuan reverse repo expires
* Leaves a net injection of 98 bn yuan
Sector Highlights
*FMCG sector has reported strong earnings so far
*HUL : 21% revenue growth in Q3 , commentary positive
*Emami - domestic volume growth of 13% yoy
*Marico - 15% domestic volume growth
*Asian paints - Indian Decorative Biz saw 32% volume growth.
* US Markets
U.S. stocks closed higher on Thursday, bouncing from sharp losses in the prior session, thanks to a broad rally as earnings season got off to a strong start and fears lessened around hedge funds selling long positions to cover shorts.
* Asian Markets
Asian stocks were set to rise on Friday after U.S. shares rallied and the dollar eased overnight, as fears of social-media driven hedge fund selling abated and the U.S. earnings season got off to a strong start.
* SGX Nifty
Trends on SGX Nifty indicate a positive opening for the index in India with a 119 points gain. The Nifty futures were trading at 13,962 on the Singaporean Exchange around 07:30 hours IST.
* Japan's December factory output extends declines as recovery stalls
Japan’s industrial output extended declines in December as factories struggled with a hit to demand from expanded COVID-19 lockdown measures globally, suggesting the economic recovery was teetering.
* Economic Survey 2020-21 to be tabled today
Finance minister Nirmala Sitharaman will table the annual Economic Survey in Parliament for the growth projections for 2021-22. The Survey’s gross domestic product (GDP) growth projections for 2021-22 and estimates for the current year (2020-21) will be among the most tracked pieces of statistics as it would offer cues on how quickly the government expects the economy to accelerate to a faster lane.
* US economy contracts in 2020; worst performance since 1946
The US economy contracted at its sharpest pace since World War Two in 2020 as COVID-19 ravaged services businesses like restaurants and airlines, throwing millions of Americans out of work and into poverty.
* US jobless claims drop; still at 847,000 as pandemic rages
The number of Americans applying for unemployment benefits fell but remained at a historically high 847,000 last week, a sign that layoffs keep coming as the coronavirus pandemic continues to rage. Last week’s claims fell by 67,000, from 914,000 the week before, the Labor Department said Thursday. Before the virus hit the United States hard last March, weekly applications for jobless aid had never topped 700,000.
* DGCA extends suspension of international passenger flights, visas until February 28
The Directorate General of Civil Aviation on January 28 extended the ongoing travel and visa restrictions for international commercial passenger services till February 28, 2021, citing the COVID-19 pandemic. However, the DGCA had maintained that cargo flights and limited international flights under bubble arrangement will continue.
* German inflation roars back and hits 11-month high in January
German annual consumer prices turned positive and rose by far more than expected in January, the Federal Statistics Office said on Thursday, attributing a rise in sales tax and the minimum wage as factors behind the increase. Consumer prices, harmonised to make them comparable with inflation data from other European Union countries, rose by 1.6% year-on-year after declining by 0.7% in December.
* Results on January 29
Bajaj Healthcare, Cholamandalam Investment and Finance, Cipla, Dabur, Dish TV India, DLF, Dr. Reddy's Labs, Exide Industries, Grindwell Norton, Heritage Foods, IndusInd Bank, Indian Oil Corporation, JSW Energy, Just Dial, Dr. Lal PathLabs, LIC Housing Finance, Manappuram Finance, Shankara Building Products, Sun Pharma, Tata Motors, Tech Mahindra, Union Bank of India, UPL, Vaibhav Global, UTI Asset Management Company, Vedanta and Wockhardt.
* FII & DII data
Foreign institutional investors (FIIs) sold shares worth Rs 3,712.51 crore while domestic institutional investors (DIIs) bought shares worth Rs 1,736.92 crore in the Indian equity market on January 28, as per provisional data available on the NSE.
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