Page 28 - The Indian EYE 010821

Business EYE JANUARY 08, 2021 | The Indian Eye 28

up Or dOwn?

how will indian stocks behave in a

fluctuating market led by wall street

Trump’s last two weeks in office will continue to affect the indices across the world

S&P 500, a barometer for the
Our Bureau
top 500 US stocks on the New
New Delhi York Stock Exchange, settled at

he markets are going up 3,701, down 1.5 per cent. Last
year, it gained 15.8 per cent.
and down – almost on Stocks fell as a new corona-
Tweekly basis, if not daily. virus variant, initially identified
Equity benchmark indices
hit fresh record highs on Friday in the United Kingdom, con-
tracking positive global cues and tinues to spread in the United
optimism about an economic States with New York being the
recovery. third US state that has identi-
fied a case.
A week earlier, US stocks
the Bse s&p sensex closed hit record highs after President

689 points or 1.43 per cent Donald Trump signed the latest
higher at 48,783 while the COVID-19 relief bill into law,
ending the stand-off on the is-
nifty 50 jumped by 210 sue that had held up financial
points or 1.48 per cent to aid for Americans affected by

14,347. except for nifty people watch the giant screen outside Bse in mumbai (aNi) the pandemic.
The Dow Jones Industrial
metal and psu bank, all 2.36 per cent, hitting its highest Tata Consultancy Services down Average, Wall Street’s broad-

sectoral indices at the na- level since August 1990. Hong by 1.3 per cent and HCL Tech- est stocks gauge, edged up 0.7
tional stock exchange were Kong’s Hang Seng rose by 1.2 nologies by 1.6 per cent. Bajaj per cent to close at 30,404, after
Finance, Axis Bank, Eicher Mo- reaching a historic high at 30,526.
per cent.
in the positive terrain with A day earlier, however, IT tors and Bajaj Auto, too, traded Trump stunned markets
nifty it gaining by 3.6 per stocks fell with Infosys tumbling in the negative terrain. when he announced that he
The same day, global stock would not sign the Congress-ap-
cent, auto by 3.3 per cent by 1.3 per cent, Tata Consultan- prices had slipped as investors proved USD 900 billion relief
cy Services by 1 per cent, HCL
and realty by 1.4 per cent. Technologies and Tech Mahin- braced for the prospect that bill and an accompanying gov-

dra by 0.8 per cent each. Democrats could win both races ernment funding bill of USD
IT stocks gained on positive Wall Street indexes eased in a US Senate run-off election 1.4 trillion unless lawmakers
global cues with Tech Mahindra overnight from session highs in Georgia, handing them con- agreed to boost the aid for each
advancing by 5.3 per cent, Wi- as police evacuated lawmakers trol of the crucial chamber. American from USD 600 to
pro by 5.2 per cent and Infosys and struggled for more than The trend is global. USD 2,000.
by 3.9 per cent. Agro-chemicals three hours to clear the Capitol Wall Street began 2021 with While Republican senators
manufacturer UPL added gains of Trump supporters. its worst loss since November continued to hold out on the
of 4 per cent at Rs 502.30 per On Wednesday, equity mar- as US stocks sold off on worries president’s demands on Fri-
share while Power Grid Corpo- kets witnessed a wave of selling about the protracted coronavi- day, Democrats rallied behind
ration ticked up by 3.4 per cent in IT and FMCG stocks on with rus crisis and fear the incoming him in a rare show of unity.
to Rs 203.80. key indices being dragged down president Joe Biden might raise Trump reversed his stance on
Meanwhile, Asian shares by heavyweight Reliance Indus- corporate taxes if the Democrat the matter just as suddenly on
rose to record highs with Ja- tries. Among stocks, Reliance party wins control of the Senate Sunday and signed the bill, say-
pan’s Nikkei hitting a three-de- Industries lost by 2.6 per cent to and backs his policies. ing he had gotten Republicans
cade peak as investors looked Rs 1,914.95 per share. FMCG The Dow Jones Industrial to agree on sending separate
beyond rising coronavirus cases majors ITC and Hindustan Uni- Average, Wall Street’s broad- checks to Americans to make
and political unrest in the Unit- lever retreated by 2.9 per cent est stocks gauge, closed the first up for the USD 2,000 payout.
ed States. and 1.4 per cent respectively. trading day of the year down Trump’s move triggered a rally
In Tokyo, the Nikkei added IT stocks too suffered with 1.3 per cent at 30,224. The across risk assets.

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