Market Ahead, December 17: All you need to know before the opening bell
Sebi has granted one-month extension for IndusInd Bank promoters to infuse residual capital in lieu of conversion of warrants, issued to them last year, worth over Rs 2,695 crore into equity
BS Web Team New Delhi
 "Stock market, BSE, NSE, Sensex, Nifty")
Photo: PTI
First, a look at today's trade setup
In overnight trade, Wall Street rose, with the Nasdaq closing at a record high as investors awaited a potential fiscal economic stimulus package and after the US Federal Reserve repeated a pledge to keep its benchmark interest rate near zero.
The Dow Jones Industrial Average fell 0.15%, the S&P 500 gained 0.18% and the Nasdaq Composite added 0.5%.
Following a solid finish for the US markets, Asian stocks too were trading on a strong note in early trade on Thursday.
Australia’s S&P/ASX benchmark rose 0.64% in early trading and Japan’s Nikkei added 0.14%.
Meanwhile, Bitcoin smashed through $20,000 for the first time on Wednesday, its highest ever. It jumped 4.5% to move as high as $20,440.
In commodities market, crude oil was trading at a nine-month high with Brent crude futures quoting at $51.36 per barrel, up 0.6%.
Despite the strong global setup, domestic markets looked set to take a breather as SGX Nifty was trading 0.24% down at around 7.15 AM.
While all eyes are on Moderna's possible vaccine approval, back home, Bharat Biotech's Covid vaccine showed it was safe and triggered immune responses during an ongoing early-stage trial, the company said. Phase II and Phase III clinical trials are underway.
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However, in a setback for India, the US Treasury department put it on the watchlist of countries being monitored for currency manipulation.
Besides, a number of stock-specific developments are likely to trigger some key movements in stocks.
Sebi has granted one-month extension for IndusInd Bank promoters to infuse residual capital in lieu of conversion of warrants, issued to them last year, worth over Rs 2,695 crore into equity.
According to a report, Punjab National Bank (PNB) and IDBI Bank managed less than their targeted amounts through a QIP despite offering the maximum permissible 5% discount to investors.
Hero MotoCorp said it will increase prices across its products by up to Rs 1500 in the new year to partially offset the increase in commodity costs.
Lakshmi Vilas Bank, which was amalgamated with DBS Bank India last month, said that the trading in its equity shares will be withdrawn with effect from December 18, 2020.
In the primary market, Mrs Bectors Food Specialities' Rs 540-crore initial public offering (IPO) was subscribed 11.4x on Wednesday, the second day of the issue. The IPO closes today.
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First Published: Dec 17 2020 | 8:01 AM IST
