Let's begin with global cues for the day. Asian stocks came under pressure in early trade on Tuesday as investors struggled to balance hopes for more economic stimulus and vaccines with anxiety over the growing number of Covid-19 cases.
A mixed Asian open followed a similarly mixed Wall Street session with the tech-heavy Nasdaq Composite closing at a record high as investors flocked to mega-cap growth stocks while the two other major US indices fell.
MSCI’s broadest index of Asia-Pacific shares outside Japan fell 0.13 per cent in early trade. Australia’s ASX 200 inched up 0.3 per cent while Japan’s Nikkei 225 fell 0.2 per cent.
On Wall Street, the Nasdaq rose 0.45 per cent while the Dow dropped half a per cent and the S&P 500 lost 0.2 per cent.
In commodities, oil prices fell around 1 per cent on Monday as surging coronavirus cases and heightened tensions between the United States and China undermined the positive impact from an OPEC+ deal on production. Brent crude fell 0.9 per cent to settle at $48.79 a barrel.
A mixed set of global cues meant the SGX Nifty was trading absolutely flat at 13,420 levels at around 7:30 AM, indicating a flat open for the domestic benchmark indices today. Although the optimism around the progress in Covid vaccines might help lift the indices later in the day.
The biggest vaccine maker of the world, Serum Institute of India, which has applied to the regulator for an emergency use authorisation for the Covishield vaccine, is close to signing a supply contract with the Union government, sources have told Business Standard. The price is likely to be fixed at Rs 250 per dose of the vaccine.
Meanwhile, after Serum and Pfizer, Hyderabad-based Bharat Biotech has also applied for an emergency use authorisation for its investigational vaccine candidate, Covaxin, to the Indian regulator.
Apart from this, investors will also track key court proceedings today. The Supreme Court will today hear a batch of petitions filed by various industry bodies for relaxation on loans due to Covid-19 pandemic. The court will hear pleas seeking the waiver of interest on term loans and extension of the moratorium period in view of the Covid-19 pandemic and its economic impact.
The Supreme Court will also hear the cross appeals filed by Tata Sons and Cyrus Investments against appellate tribunal NCLAT's order which had restored Cyrus Mistry as the executive chairman of the Tata conglomerate.
Besides, market participants will focus on Rupee's trajectory, foreign fund flow, and stock-specific developments.
Jet Airways is likely to be in focus today after the consortium of UAE-based businessman Murari Lal Jalan and London's Kalrock Capital - which has won the bid to revive the airways -- said it expects to start operating the airline by the summer of 2021. The consortium's revival plan has already received approval from committee of creditors and it is now awaiting the NCLT and other regulatory approvals.
And, Canara Bank is also likely to trade actively after setting a floor price of Rs 103.50 per share for its qualified institutional placement to raise up to Rs 2,000 crore.
 "Market Ahead, December 8: All you need to know before the opening bell")
