HDFC’s Deepak Parekh says negative GDP growth in the second quarter should be seen as an aberration. Parekh is optimistic about the future of real estate, especially small houses.
# CNBCTV18Exclusive | HDFC’s Deepak Parekh says negative GDP growth in the second quarter should be seen as an aberration.
Parekh is optimistic about the future of real estate, especially small houses.# CNBCTV18At21 pic.twitter.com/vcs8JPM0oE
– CNBC-TV18 (@ CNBCTV18Live) December 7, 2020
Banks will remain closed these days of December; see full list here
Banks in Delhi, Mumbai, Chennai and Kolkata will be closed for several days in December, including Christmas.
According to the Reserve Bank of India (RBI) guidelines, all banks in the country, including the public sector, private sector, foreign banks, cooperative banks and regional banks, are closed every Sunday and the second and fourth Saturday of each month.
Additionally, there are several other festivals for which holidays vary from state to state. Here is the complete list
Buzzing Stock: ONGC rebounds more than 4% after foreign arm hits oil in Colombia block
Shares of Oil & Natural Gas Corporation Ltd (ONGC) rallied more than 4 percent in early trading on Monday after state oil explorer reported that its overseas investment arm ONGC Videsh Ltd made an oil discovery. “significant” in a block on land in Colombia. .
ONGC Videsh found oil while drilling an ‘Indico-2’ appraisal well in the CPO-5 block in Colombia’s Llanos Basin, the company said in a statement.
OVL is the operator of the block with a 70 percent stake. Geopark Ltd, an independent oil and gas company focused on Latin America, has the remaining 30 percent stake. Read more here
Rupee opening: IThe Indian rupee opened flat at 73.79 to the dollar on Monday versus Friday’s close of 73.78, amid buys seen in the domestic stock market. On Dec. 4, the rupee finished 15 paise higher at 73.78 to the dollar compared to Thursday’s close of 73.93.
The IRFC Rs 4,600 cr IPO may be launched this month; First by any public sector NBFC
The Indian Railway Finance Corporation (IRFC) initial public offering of around Rs 4.6 billion may hit the markets later this month, the first by a non-bank finance company (NBFC) in the public sector.
“In all likelihood, (the IPO) will be in the third week, but, if the market is not good, we can also go to the first or second week of January,” Amitabh Banerjee, president and CEO of IRFC, told PTI. .
The company, the dedicated finance arm of the Indian railways, will also seek the main investment.
“The government is planning to have anchor investors for this IPO,” he added.
In January 2020, IRFC submitted preliminary documents for its IPO.
According to market sources, the initial public offering is likely to be worth around 4.6 billion rupees. Read more here
Nagaraj Shetti, Technical Research Analyst, HDFC Securities: The short-term trend for Nifty remains positive. The recovery of the bullish momentum in the latter part and the denial of the bearish pattern of the daily (bearish engulfing) and weekly (doji) time frame chart is expected to result in further strengthening of the bullish movement in the near term. The upside levels to watch this week are 13,500 and immediate support is placed at 13,150.
Opening bell: The Indian market opened flat on Monday, with Sensex up 20 points to 45,099 and the NSE Nifty 50 index unchanged at 13,264. All sector indices are flat in today’s session as well. The Nifty Media Index is up 0.7 percent, while the PSU Bank Index is up 0.3 percent. The broader markets have opened higher and are outperforming benchmarks, with the Nifty Midcap Index rising 0.3 percent while the Smallcap Index rose 0.5 percent early in trading.
ICICIdirect: Indian markets are likely to see a gap to the downside opening following some earnings reserve pressure likely to be seen after a strong rally despite strong global signals. However, global news flows and sector-specific development will be key monitors. U.S. markets ended higher amid optimism related to the Covid-19 vaccine and fiscal stimulus despite the release of weaker-than-expected macroeconomic data.
# OnCNBCTV18 | MR Kumar, President of LIC India, says he co made a good profit this year. He further adds that the equity portion is quite small while the debt portion is high.
He believes there could be more volatility in the markets in the coming months.# CNBCTV18At21 pic.twitter.com/jsg6RN5imm
– CNBC-TV18 (@ CNBCTV18Live) December 7, 2020
Click here to read the top stocks that could be trending today.
Abhijit Sen Says India’s Economy Is Likely To Shrink 10% In Fiscal Year 21
India’s economy is likely to contract by around 10 percent under the current current fiscal economist, Abhijit Sen, a former member of the Planning Commission, said on Friday. Sen, also an expert on agriculture-related issues, further said the government would not be able to double farmers’ income by 2022.
“We are heading towards negative 10 percent growth this year (2020-21). It certainly won’t be less than 7.5 percent, it will be worse than that. People expect there to be a big rebound next year, I doubt it, “he told PTI. According to the RBI, the economy is likely to contract 7.5% in 2020-21.
Sen said that at this time, the government waits for it to happen (rebound) without doing anything. “So that’s just hope, actual public spending is less than budgeted,” he said. Here is more about it
Click here to read the 10 things you need to know before the opening bell.
FDI capital inflows into India pass a milestone of $ 500 billion
Foreign Direct Investment (FDI) capital inflows into India crossed the $ 500 billion milestone during the period from April 2000 to September 2020, firmly establishing the country’s credentials as a safe and secure investment destination. key in the world.
According to data from the Department for the Promotion of Industry and Domestic Trade (DPIIT), inflows during the period stood at $ 500.12 billion.
About 29 percent of the FDI came from the Mauritius route. It was followed by Singapore (21 percent), the United States, the Netherlands, Japan (each with 7 percent) and the United Kingdom (6 percent).
India received $ 144.71 billion from Mauritius and about $ 106 billion from Singapore during the period under review.
The other big investors have been from Germany, Cyprus, France and the Cayman Islands. Click here to read more
Let’s see how the markets fared on Friday!
Sensex passed the 45,000 mark for the first time on Friday, ending in a record close after the RBI raised its GDP target for the current fiscal year and kept interest rates stable in the face of stubbornly high inflation.
The Sensex finished 447 points higher at its closing high of 45,079 while the Nifty added 124 points to reach its record close of 13,258. Both rates were also 2 percent higher for the week.
In intraday trading, Sensex rose to 515 points to hit its all-time high of 45,148, while the Nifty gained 146 points to its all-time high of 13,280.
Reserve Bank of India Governor Shaktikanta Das said that India’s prospects have improved with the progress of COVID-19 vaccines and projected that real GDP for the current financial year will contract by 7.5 percent. from a previous expectation of a 9.5 percent contraction. read more
Welcome to the Market Live blog!
Hi, I’m Mousumi Paul from the CNBC-TV18 desktop team. I will give you all the updates on the stock market, the economy and the business world.
To begin with, expect the Indian market to open on a tepid note on Monday, as the SGX Nifty, an early indicator of the Nitfy50 open, was trading 37.50 points or 0.28 percent lower at 13,289.50 at 7:10 am, which indicates a negative start. for the national market.
