Markets likely to be steady; Reliance, Future Retail, Spicejet in focus

 Livemint, 12.11.2020

Mumbai: Markets are likely to be steady on Thursday following global cues. Trends in SGX Nifty suggest a negative opening. On Wednesday, the BSE Sensex ended at 43,593.67, up 316.02 points or 0.73%. The Nifty closed at 12,749.15, up118.05 points or 0.93%.

Investor sentiment will be strengthened by a Reuters report that the government is preparing for a $20 billion stimulus.

In a separate move aimed at promoting local manufacturing under the government's 'Atmanirbhar Bharat' vision, the Union Cabinet on Wednesday approved a proposal to offer as much as ₹1.45 trillion in incentives to persuade global companies in 10 sectors, including automobiles, drugs and textiles, to set up factories in India as they look to diversify their supply chains amid US-China tension.

The BSE Sensex and the NSE Nifty50 had both touched record highs for the second day Wednesday. The Sensex touched 43,708.47 and the Nifty50 12,769.75, giving up some gains before Wednesday's close.


Stocks in Asia were continuing their gains on Thursday, buoyed again by continued global stimulus efforts and hopes of a coronavirus vaccine.


The gains in Asia came after a mixed performance for US stocks. The Nasdaq closed up 2% on Wednesday as investors switched back to technology stocks and away from economically sensitive sectors as they weighed covid-19 vaccine progress and the likely timing of an economic rebound.


The momentum of vaccine hopes and encouraging comments from European Central Bank chief Christine Lagarde on continued economic support boosted European shares higher for the third straight session.



Amazon.com Inc. has accused Future Retail Ltd (FRL) of sharing unpublished price-sensitive information with Reliance Industries Ltd in violation of the market regulator’s norms, in the e-commerce giant’s latest salvo in its battle to block Future’s plan to sell its assets to billionaire Mukesh Ambani.


No-frill carrier SpiceJet Limited on Wednesday reported a consolidated loss of ₹105.61 crore for the September quarter, its third consecutive quarterly loss, primarily due to muted travel demand following the coronavirus outbreak. The airline had reported a loss of ₹461 crore during the same period of the previous year.


Taking the policy of using import tariff to encourage domestic manufacturing a step further, the government on Wednesday imposed a 5% basic customs duty on key components used in production of television displays.



The US dollar rose and the safe-haven yen weakened again on Wednesday as markets continued to adjust to higher interest rates and prospects for economic growth.


The euro fell to its lowest level against the dollar in a week as yields on US bonds rose compared with those on European bonds.


The US bond market was closed on Wednesday in observance of Veterans Day after the yield of benchmark U.S. 10-year Treasuries on Tuesday reached the highest level since March.


Global oil benchmark Brent rose on Wednesday, briefly touching a more than two-month high above $45 a barrel on hopes of a covid-19 vaccine that could boost demand and later pulling back as concerns about rising cases overtook bullish news.



Spot gold was flat at around $1,865.06 an ounce.


(Reuters contributed to the story)

Link-https://www.livemint.com/news/india/markets-likely-to-be-steady-reliance-future-retail-spicejet-in-focus-11605149258295.html

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