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Market Ahead, January 7: All you need to know before the opening bell

Telecom stocks are likely to be in focus today after the government said it will auction wireless spectrum in seven bands on 1 March

Market Ahead | Markets

BS Web Team  |  New Delhi 

The Indian equity could return to their winning ways after a one-day hiatus, that saw them snap their 10-day bull run, following strong cues from global peers. The Nifty futures on Singapore Exchange traded 67 points higher at 14,247.50 at around 7.15 am, indicating a solid start for benchmark indices.

The gains are on the back of a firm finish by both Dow Jones and S&P500 indices wherein they scaled their fresh record highs. However, they pared earlier gains, and the Nasdaq index closed lower, after swarms of protesters stormed the US Capitol as they sought to force Congress to undo President Donald Trump’s election loss to Joe Biden.

The Dow Jones Industrial Average closed 1.44% higher, the S&P 500 gained 0.57% and the Nasdaq Composite dropped 0.61%.

Asian too opened strong, following in the footsteps of their US peers, after Democrats took control of the Senate following key elections, increasing hopes of a larger stimulus. Meanwhile, investors remained confident that violence in Washington would not disrupt a legitimate transition to a new presidency or derail political support for a US economic recovery.

Japan’s Nikkei rose 1.24%, S&P/ASX 200 1.25% and S&P 500 futures 0.3%.

However, elevated crude oil prices remain a concern for back home. Brent crude futures held on to the gains of previous two sessions and hovered at $54.44 per barrel, up 0.52%.

Now, a look at the stock-specific developments that are likely to sway the market today:

Telecom stocks are likely to be in focus today after the government said it will auction wireless spectrum in seven bands on 1 March. Spectrum will be offered in seven frequency bands of 700 MHz, 800 MHz, 900 MHz, 1800 MHz, 2100 MHz, 2300 MHz, and 2500 MHz. Bharti Airtel, Reliance Jio, and Vodafone Idea are expected to lap up this offering.

Shares of PVR and Inox Leisure could react to the latest development wherein the Centre has asked the Tamil Nadu government to revoke its order allowing 100 per cent seating in cinemas from the current 50 per cent capacity.

Bandhan Bank said its loans and advances grew by 23% year-on-year to Rs 80,255 crore during the third quarter of the current fiscal. The advances were at Rs 65,456 crore in the year-ago period, it said.

CN Infrabuild on Wednesday sold shares of PNC Infratech worth over Rs 276 crore through an open market transaction.

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First Published: Thu, January 07 2021. 08:02 IST