BUSINESS
Year end and expiry to see markets more circumspect
BSE SENSEX gained 112.57 points or 0.20 per cent to close at 57,124.31 points while NIFTY gained 18.55 points or 0.11 per cent to close at 17,003.75 points. The broader markets saw BSE100, BSE200 and BSE500 close on a mixed bag with BSE100 up 0.04 per cent while BSE200 and BSE500 lost 0.02 per cent and 0.04 per cent respectively.
Economic recovery loses momentum as pent up demand slackens: Report
Economic recovery has lost some momentum as pent up and festive consumption demand dropped in intensity, Acuite Ratings and Research said in a report. Accordingly, there has been a loss in the momentum of economic recovery in November 2021.
Low private consumption key challenge in achieving over 8% growth: EY
Containing Covid-19 including its emergent strains is going to be a "function of the coverage of vaccination and its intensity in terms of number of doses, including booster doses", it said. "India may require extending the coverage to include children and providing for booster doses for frontline workers and the vulnerable segments of the population.
Rising global Covid cases to impact capital flows, heighten inflation: Ind-Ra
Rising Covid cases globally have the potential to impact capital flows as well as heighten inflation, said India Ratings and Research (Ind-Ra). Accordingly, the agency cited that uncertainty related to a third Covid wave has already started showing signs in equity markets.
Storm in the teacup: Covid, falling exports continue to hurt industry
Tea production is a high-cost business, with 60-65 per cent of the input costs going into labour wages. The rest goes for coal, gas, fertiliser, and other machinery. The rise in tea costs was led by the pandemic-led disruptions in the plucking activities initially. The leaves mature if they are left on the shrubs for too long, leading to deterioration in the quality of tea.
E-commerce, pharma to revive demand for packaging paper: Crisil
A strong revival in consumer spending amid waning impact of the Covid-19 pandemic will help the paper packaging industry bounce back with a revenue growth of 15 per cent this fiscal, ratings agency Crisil said. The industry had reported a decline of 8 per cent in the previous fiscal.
Auto industry expects smooth ride, but Omicron could be a speed breaker
India's automobile industry expects continuation of healthy demand along with easing of semiconductor supply issues during the upcoming year. However, speed breakers such as third Covid wave triggered via spread of Omicron variant in India as well as rising commodity prices might deccelerate the industry's recovery.
Resurgent Covid, macro-data to drive equities
Besides, flow direction of foreign funds along with crude oil prices will also influence investors' sentiments. "On daily charts, Nifty has formed a 'Bearish' engulfing pattern. A move below Friday's low, i.e., 16,909 could result in faster fall in the coming week which also may see low volumes as most institutional players are on year end leave," said Deepak Jasani, Head of Retail Research, HDFC Securities.
Fresh IPO inflows, low oil prices to strengthen rupee
However, concerns over Covid-19 variant -- Omicron -- will keep the Indian rupee's strength in check. "Last week of December is strong for rupee and Indian equities on a last 10-year track record," said Sajal Gupta, Head, Forex and Rates at Edelweiss Securities.
Venezuela surpasses 1million barrels of crude produced per day
This figure was reached despite the dozens of sanctions the US government has imposed on the South American country, El Aissami said in a Christmas message on Saturday.
"Despite the threats of the criminal blockade of the US, here is a people standing with dignity and in the vanguard: the oil working class," Xinhua news agency quoted the Minister as saying.
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