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Budget News

  • Benchmarks hit record high level
  • January 20,2021  14:28
  • Key equity indices hit record high levels in mid-afternoon trade. The Nifty hovered around the 14,650 level. Global shares were buoyant ahead of Joe Biden's inauguration as US president. Washington gets set to try for another massive round of stimulus for the economy.

    At 14:26 IST, the barometer index, the S&P BSE Sensex, surged 412.68 points or 0.84% at 49,810.73. The Nifty 50 index soared 128.60 points or 0.89% at 14,649.75.

    In the broader market, the S&P BSE Mid-Cap index added 0.89% while the S&P BSE Small-Cap index gained 0.61%.

    Buyers outpaced sellers. On the BSE, 1,580 shares rose and 1,366 shares fell. A total of 169 shares were unchanged.

    Foreign portfolio investors (FPIs) bought shares worth Rs 257.55 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 199.30 crore in the Indian equity market on 19 January 2021, provisional data showed.

    COVID-19 Update:

    Total COVID-19 confirmed cases worldwide stood at 9,61,58,807 with 20,57,050 deaths. India reported 1,97,201 active cases of COVID-19 infection and 1,52,718 deaths while 1,02,45,741 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.

    Separately, World Health Organisation (WHO) said that United Kingdom COVID-19 strain has been detected at least 60 countries.

    Economy:

    The Reserve Bank of India (RBI) on Tuesday identified SBI (up 1.64%), ICICI Bank (up 0.94%) and HDFC Bank (down 0.69%) as Domestic Systemically Important Banks (D-SIBs), under the same bucketing structure as in the 2018 list of D-SIBs. The additional Common Equity Tier 1 (CET1) requirement for D-SIBs was phased-in from April 1, 2016 and became fully effective from April 1, 2019. The additional CET1 requirement will be in addition to the capital conservation buffer. The Reserve Bank had issued the Framework for dealing with Domestic Systemically Important Banks (D-SIBs) on July 22, 2014. The D-SIB framework requires the Reserve Bank to disclose the names of banks designated as D-SIBs starting from 2015 and place these banks in appropriate buckets depending upon their Systemic Importance Scores (SISs).

    Buzzing Index:

    The Nifty PSU Bank index rallied 2.52% to 1,989.65. The index added 5.28% in two days.

    Bank of Baroda (up 5.21%), J&K Bank (up 3.29%), Canara Bank (up 2.81%), Bank of India (up 2.72%), Bank of Maharashtra (up 1.89%) and Central Bank of India (up 1.79%) advanced.

    Numbers to Track:

    In the foreign exchange market, the partially convertible rupee appreciated to 73.0925 compared with its previous closing of 73.17.

    The yield on 10-year benchmark federal paper rose to 5.942% as compared to its previous close of 5.936%

    MCX Gold futures for 5 February 2021 settlement rose 0.54% to Rs 49,249.

    The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, fell 0.13% to 90.358.

    In the commodities market, Brent crude for March 2021 settlement rose 60 cents to $56.50 a barrel.

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