The Indian market is likely to open higher on Tuesday following strong global cues. At 7:55 am, the SGX Nifty was trading 44.00 points or 0.32 percent higher at 13,932.00, indicating a positive start for the Sensex and Nifty50.
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1. Wall Street | US stocks rallied on Monday, with each of Wall Street's main indexes closing at record levels as President Donald Trump's signing of a long-awaited $2.3 trillion pandemic aid bill increased optimism for an economic recovery. The Dow Jones Industrial Average rose 204.1 points, or 0.68 percent, to 30,403.97, the S&P 500 gained 32.3 points, or 0.87 percent, to 3,735.36 and the Nasdaq Composite added 94.69 points, or 0.74 percent, to 12,899.42.
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2. Asian Stocks | Asian shares jumped on Tuesday, with Japanese stocks hitting a 29-year high, as hopes that a long-awaited US pandemic relief package would be expanded and a Brexit trade deal supported investor risk appetites. Japan's Nikkei leapt 0.9 percent to its highest since March 1991, while Australian shares climbed 0.7 percent and futures for the S&P 500 added 0.3 percent.
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3. Indian Market | Indian benchmark equity indices, Sensex and Nifty, surged on Monday led by gains in banking, metals and realty stocks amid positive global cues. The benchmark Sensex gained 0.81 percent or 380.21 points to 47,353.75, while the Nifty ended 0.90 percent or 123.95 points higher at 13,873.20. Broader markets outperformed the benchmarks with Nifty Midcap100 and Smallcap100 ending more than 1 percent higher each. Barring Nifty pharma, all the other sectoral indices ended in the green.
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4. Crude Oil | Oil prices recovered a touch after falling overnight on concerns that new travel restrictions on the back of the COVID-19 pandemic would weaken fuel demand, and as the prospect of increased supply dragged on prices. Brent crude rose 0.67 percent to $51.20 a barrel while US West Texas Intermediate (WTI) crude was up 0.48 percent to $47.85 a barrel.
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5. Rupee | The rupee appreciated by 6 paise to close at 73.49 against the US dollar on Monday, following a rally in stock markets and weakness in the American currency. The sustained foreign fund inflows also supported the rupee, traders said. At the interbank forex market, the domestic unit opened at 73.52 against the US dollar and witnessed an intra-day high of 73.47 and a low of 73.61. The local unit finally settled at 73.49 against the American currency, registering a rise of 6 paise over its previous close.
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6. RBI | Maintaining 4 percent inflation is appropriate for India as targeting a lower rate could impart deflationary bias to the monetary policy, said a Reserve Bank paper. The paper, authored by RBI Deputy Governor Michael Debabrata Patra and another official Harendra Kumar Behera, has found a steady decline in trend inflation to 4.1-4.3 percent since 2014. A target set too below the trend imparts a deflationary bias to monetary policy because it will go into overkill relative to what the economy can intrinsically bear in order to achieve the target.
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7. US Stimulus Package | The House has voted to increase COVID-19 relief checks to USD 2,000, meeting President Donald Trump's demand for bigger payments and sending the bill to the GOP-controlled Senate, where the outcome is uncertain.
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8. GST Compensation | The Finance Ministry on Monday released the ninth instalment of Rs 6,000 crore to the states to meet GST compensation shortfall, taking the total amount of fund released to Rs 54,000 crore. The Centre had set up a special borrowing window in October 2020 to meet the estimated shortfall of Rs 1.10 lakh crore in revenue arising on account of implementation of GST. The Ministry of Finance in a statement said it has released the ninth weekly instalment of Rs 6,000 crore to the states to meet the GST compensation shortfall.
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9. COVID-19 Vaccine | Serum Institute of India (SII) CEO Adar Poonawalla on December 28 said he was hoping for the emergency use approval of AstraZeneca-Oxford University COVID-19 vaccine 'Covishield' by the end of this month or January in the UK and India. "The emergency use licensure is expected to come by December or may be January in the UK, and simultaneously we hope to get approval in India as well," Poonawalla said.
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10. FICCI | India could benefit from the likely shift in global supply chains from China to other economies in the aftermath of the COVID-19 pandemic, according to a survey. "Another major outcome of COVID-19 is the likely shift in global supply chains away from China to other economies. Nearly 70 percent of the survey participants have said India could benefit from this move and they expect a fair share of manufacturing to shift from China to India in the near future,” said FICCI on the findings of the survey.