Market Live Updates Today: Trends on SGX Nifty indicate a flat to positive opening for the index in India.
The Indian stock market is expected to open flat as trends on SGX Nifty indicate a flat to positive start for the index in India. On February 15, the BSE Sensex rose 609.83 points or 1.18 percent to 52,154.13, while the Nifty50 jumped 151.40 points or 1 percent to 15,314.70.
image for illustrative purpose
According to pivot charts, the key support levels for the Nifty are placed at 15,258.67, followed by 15,202.63. If the index moves up, the key resistance levels to watch out for are 15,355.47 and 15,396.23.
Global shares held firm on Tuesday, with a solid foundation in place to extend their bull run to a 12th consecutive session as optimism about the global economic recovery and expectations of low interest rates drive investments into riskier assets.
MSCI's broadest index of Asia-Pacific shares outside Japan ticked up 0.1% while Japan's Nikkei rose 0.4% to a 30-year high.
The mainland Chinese markets will remain closed for Lunar New Year through Wednesday while Wall Street was also closed on Monday.
S&P500 futures traded 0.5% higher to a record level and MSCI's all country world index (ACWI), which has risen every single day so far this month, ticked up slightly.
Live Updates
- 16 Feb 2021 9:58 AM IST
WHO gives emergency use approval to AstraZeneca's COVID-19 vaccines
The World Health Organization gave emergency use approval to AstraZeneca's Covid-19 vaccines on Monday, allowing distribution to some of the world's poorest countries to begin.
"The WHO today listed two versions of the AstraZeneca-Oxford Covid-19 vaccine for emergency use, giving the green light for these vaccines to be rolled out globally through Covax," a WHO statement said, referring to the programme aimed at equitable distribution of doses.
- 16 Feb 2021 9:57 AM IST
Bank of Maharashtra, Bank of India, IOB & Central Bank of India: Government shortlists these 4 banks for potential privatisation
India's government has shortlisted four mid-sized state-run banks for privatisation, under a new push to sell state assets and shore up government revenues, three government sources said. Privatisation of the banking sector, which is dominated by state-run behemoths with hundreds of thousands of employees, is politically risky because it could put jobs at risk but Prime Minister Narendra Modi's administration aims to make a start with second-tier banks.
The four banks on the shortlist are Bank of Maharashtra, Bank of India, Indian Overseas Bank and the Central Bank of India, two officials told Reuters on condition of anonymity as the matter is not yet public. Two of those banks will be selected for sale in the 2021/2022 financial year which begins in April, the officials said. The shortlist has not previously been reported.
- 16 Feb 2021 9:42 AM IST
Bank credit grows by 5.93%, deposits by 11.06%: RBI data
Bank credit grew 5.93 percent to Rs 107.05 lakh crore, while deposits rose 11.06 percent to Rs 147.98 lakh crore in the fortnight ended January 29, RBI data showed. In the fortnight ended January 31, 2020, bank credit stood at Rs 101.05 lakh crore and deposits at Rs 133.24 lakh crore.
In the previous fortnight ended January 15, 2021, growth in bank credit was 6.36 percent, while deposits rose 11.41 percent. During the first nine months of the current fiscal, bank credit rose by 3.2 percent and deposits by 8.5 percent.
- 16 Feb 2021 9:33 AM IST
Automakers plan another price hike in April-May to offset rising steel cost
To offset the impact of rising steel cost, leading automakers are reportedly planning to hike the prices again in the first quarter of next fiscal (FY22). A number of car manufacturers in India have already raised the prices twice in the post-lockdown period. The auto companies are considering an upward revision in vehicle rates by 1-3 percent in April-May, Times of India reported on February 15.
The planned move, though being described as essential by manufacturers, is expected to pose a fresh challenge to the automobile sector which is still recuperating from the COVID-19 jolt. “Raw material costs have been going up sharply and we will take a price increase in the first quarter of FY22," Rajesh Jejurikar, ED (auto and farm sectors), Mahindra Group, told the newspaper.
- 16 Feb 2021 9:23 AM IST
Sebi likely to ease IPO norms for large issue in February 17 meeting
The Securities and Exchange Board of India may make significant changes in the norms for Initial Public Offers (IPOs) to allow a smaller float for large issues, which will help large companies like state-run Life Insurance Corp and tech-based firms. The new norms, are expected to be discussed on Feb 17 in which Sebi is taking up several important issues including the gold spot exchange, investor charter and strict norms to make independent directors more accountable.
Under the prevailing IPO norms, if the post-issue capitalisation is more than Rs 4,000 crore, the dilution requirement is 10%. For Rs 1,600 crore to Rs 4,000 crore, it is Rs 400 crore, and for smaller IPOs, it is 25%.
- 16 Feb 2021 9:23 AM IST
India's exports up 6.16% in January, trade deficit narrows to $14.54 billion
The country’s exports grew by 6.16 percent to $27.45 billion in January, according to data by the commerce ministry. Imports too grew by 2 percent to about $42 billion, leaving a trade deficit of $14.54 billion during the month under review, the data showed.
Exports during April-January this fiscal dipped by 13.58 percent to $228.25 billion, while imports declined by 25.92 percent to $300.26 billion.
- 16 Feb 2021 9:01 AM IST
India on track for economic recovery in FY22: S&P
India is on track for economic recovery in FY22 and estimates recovery at 10% in FY22, said S&P Global Ratings. The consistently good agriculture performance and flattening COVID infection curve supporting the economy. The pickup in government spending also supporting the economy, it added.
India needs many things to be right for its recovery to continue, while possibility of early withdrawal of global fiscal stimulus is a major risk to recovery. The near-term prospects are positive, it further said.
- 16 Feb 2021 9:01 AM IST
Oil hits 13-month high as market rebalances
Oil prices soared to their highest in about 13 months on Monday as vaccine rollouts promised to revive demand and producers kept supply reined in. Brent crude was up 93 cents, or 1.5%, at $63.36 a barrel by 1523 GMT after hitting a session peak of $63.76, its highest since Jan. 22 last year.
