Hi there! Welcome to ETMarkets Morning, the show about money, business and markets. I am Nandini Sanyal, and here is what we have to start your day.

>> FPIs continue to bet big on financials
>> Fed officials favour continued bond buying
>> Tata Sons tender Rs 10,000 cr shares in TCS buyback
>> Petrol prices inch closer to all-time high

And there is more. But first, a quick glance at the state of the markets..

>> Nifty futures on the Singapore Exchange traded flat at 7:40 am (IST), signalling indecisiveness on Dalal Street.

>> Asian stocks advanced after Democrats took control of the Senate following key elections, paving the way for President-elect Joe Biden to implement his agenda. Japan’s Nikkei 225 rose 1.24%, Australia’s S&P200 1.3% and South Korea’s Kospi 1.2%.

>> The Dow and the S&P 500 ended higher, soaring to all-time highs on Wednesday, as investors piled into financial and industrial stocks to bet on a Democratic sweep in Georgia. Dow gained 437 points, or 1.44%, S&P500 21.28 points, or 0.57%, but the Nasdaq fell 78.17 points, or 0.61%

>> The rupee appreciated by 6 paise to close at 73.11 against the US dollar on Wednesday, supported by sustained foreign fund inflows and weaker American currency against key rivals.

>> The dollar retreated against peers. The euro rose 0.27%. The yen traded at 103.02 to the dollar, and the offshore yuan at 6.4473

>> Bitcoin jumped to another all-time high of $35,879 as extreme swings continued to buffet the world’s largest cryptocurrency, which has risen more than 800% since mid-March.

>> Oil pared gains. Brent crude settled 1.3% up at $54.30 a barrel on Wednesday, while WTI crude settled 1.4% higher at $50.63.


>> Gold price was little changed in international markets. Back home in Delhi, gold prices fell by Rs 71 to Rs 51,125 per 10 gm, while silver gained Rs 156 to Rs 70,082 a kg

All in all, the trade setup on Dalal Street looked weak. Nifty formed a bearish candle on the daily scale with a long lower wick on Wednesday, suggesting that the bulls made an attempt to recoup losses.

LET ME NOW GIVE YOU A HEADS-UP on some of the top news we are tracking at this hour.

… FPIs continued to mop up financial stocks in December, by pumping in $2.3 billion against a record $8.1 billion they had invested in November. About half of this, or $3.9 billion, went into banking and financial stocks. As per NSDL’s sector-wise data on FPI flows for December 2020, FPIs were net buyers of $8.41 billion across sectors

… India’s first spectrum auction in over four years will kick off from March 1, setting the stage for Reliance Jio, Bharti Airtel and Vodafone Idea to bid for airwaves worth Rs 3.92 lakh crore at base price. Industry analysts see muted response, given the straitened condition of the telecom sector, and expect the government to generate only Rs 40,000-50,000 crore from the sale. Successful bidders will have to pay 25-50% of the amount upfront, depending on the band.

… Democrats won one US Senate race in Georgia and led in another, moving closer to a surprise sweep in a former Republican stronghold that would give them control of Congress and the power to advance President-elect Joe Biden’s policy goals. A final outcome is not expected until later on Wednesday.

… US Fed officials unanimously backed holding the pace of asset purchases steady when they met last month, with some open to “future adjustments” if needed. “All participants judged that it would be appropriate to continue those purchases at least at the current pace, and nearly all favored maintaining the current composition of purchases,” according to minutes of their Dec. 15-16 meeting published on Wednesday.

… Petrol prices in India have inched closer to their all-time high following an increase of 26 paise announced on Wednesday, amid a jump in crude oil prices. Petrol in Delhi costs Rs 83.97, marginally below the all-time high of Rs 84 in October 2018. Diesel price has been hiked by 25 paise to Rs 74.12


>> The Delhi High Court has directed SBI to maintain a status quo on bank accounts of Anil Ambani’s bankrupt telco Reliance Communications and its units — Reliance Telecom and Reliance Infratel — which were classified as fraudulent.

>> Bharti Airtel, in a plea to the Supreme Court, has sought modification, clarification or recall of three “mistaken orders” and permission for the telecom department to then arrive at final AGR dues for telcos.

>> Tata Sons tendered shares worth nearly Rs 10,000 crore in the Rs 16,000 crore buyback offer of Tata Consultancy Services (TCS), according to a regulatory filing by India’s largest IT company.

>> The recent underperformance of Britannia Industries’ shares may have set the stage for a rebound, said analysts. The stock, which has shed 2% in a bull market in the past six months, could rebound by as much as 12% in the near term

>> Titan said the festive quarter ended December saw its jewellery segment posting double-digit growth while watches and eyewear business making a close to full recovery, helping its business bounce back to normal amid the pandemic.

That’s it for now. For all the market news through the day, do track ETMarkets.com. Have a great day ahead! Bye-bye

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