Updated : 2021-02-22 07:56:48
The Indian market is likely to open higher on Monday following gains in Asian peers. At 7:40 am, the SGX Nifty was trading 19.50 points or 0.13 percent higher at 15,014.00, indicating a positive start for the Sensex and Nifty50.
1. Asian market | Asian share markets inched higher on Monday as expectations for faster economic growth and inflation globally batter bonds and boost commodities, though rising real yields also make equity valuations look more stretched in comparison. MSCI’s broadest index of Asia-Pacific shares outside Japan added 0.1 percent, after easing from a record top late last week as the jump in US bond yields unsettled investors. Japan’s Nikkei recouped 1.0 percent and South Korea 0.4 percent, while E-Mini futures for the S&P 500 were a fraction firmer. 2. Wall Street | Major indexes ended a wobbly day on Wall Street with mixed results Friday. The S&P 500 closed slightly lower to mark its first losing week in the last three. The S&P 500 fell 7.26 points, or 0.2 percent, to 3,906.71. The Dow Jones Industrial Average rose 0.98 point, less than 0.1 percent, to 31,494.32. The Nasdaq rose 9.11 points, or 0.1 percent, to 13,874.46. (Image: Reuters) 3. Indian market | Indian indices ended lower for the fourth straight session on Friday amid broad-based selling seen across all sectors. Losses in banking, auto and metal stocks dragged the markets the most. The Sensex ended 434.93 points, or 0.85 percent lower at 50,889.76, while the Nifty declined 137.20 points, or 0.91 percent, to close at 14,981.75. Both indices ended nearly a percent lower for the week. Meanwhile, broader markets also pared morning gains to end in the red with the midcap index and smallcap index down 1.6 percent and 0.9 percent, respectively. 4. Crude oil | Oil prices rose on Monday as the slow return of US crude output that was cut by frigid conditions raised concerns about supply just as demand is coming back from the depths of the coronavirus pandemic. Brent crude was up 76 cents, or 1.2 percent, at $61.67 a barrel, after gaining nearly 1 percent last week. US oil rose 74 cents, or 1.3 percent, to $59.98 a barrel, having fallen 0.4 percent last week. 5. Rupee | Currency market was closed on Friday. On Thursday, the rupee pared its initial losses to settle higher by 9 paise at 72.65 against the US dollar following consistent forex inflows and losses in the American currency in the global markets. At the interbank foreign exchange market, the domestic unit opened lower at 72.76 tracking selloff in domestic equities. The rupee touched a low of 72.78 and a high of 72.65 during the day. The domestic unit finally ended 9 paise higher at 72.65 against the US dollar. 6. Forex reserves down by USD 249 mn | The country’s foreign exchange reserves fell by USD 249 million to USD 583.697 billion in the week ended February 12, RBI data showed. In the previous week, the reserves had declined by USD 6.24 billion to stand at USD 583.945 billion. It had touched a record high of USD 590.185 billion in the week ended January 29, 2021. In the reporting week, the decrease in reserves was mainly due to a fall in the foreign currency assets (FCAs), a major component of the overall reserves. 7. M-cap of eight of top 10 most-valued firms tumbles over Rs 1.23 lakh crore | Eight of the top 10 most-valued companies together witnessed an erosion of Rs 1,23,670.47 crore from market valuation last week, in-line with a bearish broader market trend. Only Reliance Industries (RIL) and State Bank of India (SBI) emerged as gainers from the top 10 most-valued companies list. Tata Consultancy Services was the biggest laggard in the list as its market valuation tanked Rs 44,672.14 crore to Rs 11,52,770.11 crore. 8. FPIs invest Rs 24,965 crore in February so far | Continuing their buying spree, foreign portfolio investors (FPIs) invested Rs 24,965 crore in Indian markets in February so far as various organisations predicted high economic growth for the country and the Union Budget boosted investor sentiment. According to depositories’ data, FPIs pumped in Rs 24,204 crore into equities and Rs 761 crore in the debt segment, taking the total net investment to Rs 24,965 crore during February 1-19. 9. COVID-19 | Maharashtra Chief Minister Uddhav Thackeray said on Sunday (February 21) that a strict lockdown could be implemented in the state and Mumbai if people don’t follow discipline. “We may have to bring a strict lockdown if we don’t follow discipline. Next eight days will tell us whether we will have to bring lockdown back,” the CM said. In his address to the state on the COVID-19 situation, Thackeray said that imposing a lockdown is necessary to cut the chain of the COVID-19 infection and added that districts have been told to impose restrictions as required from February 22. 10. Japan cuts economic outlook in Feb | Japan’s government cut its view on the overall economy in February for the first time since April last year as an extended state of emergency to curb coronavirus infections battered consumer spending. Analysts expect the world’s third-largest economy to shrink in the current quarter as renewed restrictions rolled out in Tokyo and some prefectures last month to contain the pandemic damage businesses and household spending.