Daily Markets - Jan 7, 2021 - Mr. Deepak Jasani, Head of Retail Research, HDFC Securities
Posted On: 2021-01-07 06:48:23 (Time Zone: Arizona, USA)
Indian equity benchmark indices closed with mild losses on January 7 for the second consecutive session. Nifty opened gap up in line with other Asian markets but gradually eroded through the day to end marginally in the negative. In the process it was one of the worst performing indices in the Asian region. At close, Nifty closed 9 points, or 0.1 percent, down at 14,137.35.
Volumes on the NSE were higher than recent average. Among sectors, Metals, Realty and PSU Bank gained the most, while FMCG, IT and Pharma fell the most. Broad market indices like smallcap and midcap indices gained and outperformed the Nifty.
The results from Georgia are going to have enormous implications for the financial markets. If Democrats win both of the seats that are up for grabs, that will give them control of the Senate, the House of Representatives and the White House. For the first time since the first two years of Barack Obama’s presidency, the Democrats would have an opportunity to advance their agenda without compromising with the Republicans, and that is extremely frightening for investors. The Democrats have made it very clear that they intend to raise taxes on big corporations and the ultra-wealthy, and that wouldn’t be good for the stock market bubble at all.
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Here’s what we’re watching ahead of the opening bell on Wednesday.
U.S. stock futures are slipping as investors react to early results from Georgia’s runoff elections. Nasdaq-100 futures are taking the biggest hit, off 1.5% on expectations that a Democratic-controlled Senate would lead to tighter regulations on tech giants.
Government bonds sold off too, pushing the yield on 10-year Treasurys above 1% for the first time since March. Read our full market wrap here.
What’s Coming Up The Federal Reserve will release minutes of its December policy meeting at 2 p.m. ET. The central bank said at the time that large-scale purchases of government debt and mortgage securities would continue “until substantial further progress has been made” toward broader employment and inflation goals.