The Nikkei is up 1.1% while the Hang Seng is down 0.1%. Shanghai Composite dropped 0.2%.
In the US, Wall Street indices edged higher on Monday, marking another record high for the S&P 500 index.
However, trading remained muted as investors returned from the Christmas break and many overseas markets remained closed.
The Dow Jones Industrial Average rose 1% while the Nasdaq gained 1.4%.
Back home, Indian stock markets opened on a positive note after the SGX Nifty trend.
Benchmark indices traded on a firm note for December, supported by strong global sentiment and strong export data. India’s exports reportedly grew by 36.2% in the first three weeks of December 2021, compared to 27.7% in the same period last year.
Supriya Lifesciences, manufacturer of active pharmaceutical ingredients, listed on the stock exchanges today.
BSE Sensex is trading up 358 points. Meanwhile, NSE Nifty is trading with a gain of 106 points.
Asian Paints and L&T are among the top gainers today. On the other hand, IndusInd Bank is the biggest loser today.
BSE Mid Cap Index and BSE Small Cap Index are trading up 0.9% and 1.2% respectively.
All sectoral indices are trading in the green with the telecom sector and capital goods sector being the biggest buy.
Shares of Tech Mahindra and KPR Mills hit a 52-week high today.
Rupee is trading at 74.95 against US Dollar.
Gold prices up 0.2% 48,169 per 10 grams.
Meanwhile, silver prices rose 0.2% 62,414 per kg.
Crude oil prices jumped higher, even as 1,000 flights were canceled over the weekend, on hopes that Omicron may have a limited impact on the economy.
In banking sector news, RBL Bank is one of the top buzzing stocks today.
Private lender RBL Bank announced the signing of an agreement with Bajaj Finance to extend the co-branded credit card partnership for a period of 5 years till December 2026.
Note that shares of the private bank crashed more than 20% yesterday amid concerns over its health. Shares at 52-week low 138.
The Reserve Bank of India (RBI) had yesterday assured depositors and stakeholders that RBL Bank is “well-capitalised” and its financial position is satisfactory, despite a sell-off in the bank’s shares.
In a series of developments over the past few days, the RBI had appointed an additional director on the board of RBL Bank, while the lender’s MD and CEO Vishwavir Ahuja went on leave.
In this background, the newly appointed chief Rajiv Ahuja said in a press conference on Sunday that the financial position of the bank is strong and there is no concern for the sudden change at the top level.
As concerns persist, the RBI on Monday said there has been speculation in some quarters relating to RBL Bank which appears to have arisen from the recent developments around the bank.
RBI said there is no requirement for depositors and other stakeholders to react to speculative reports.
Media reports of RBL Bank being dropped from the Nifty Bank index added to the pressure. The semi-annual index rejig of Nifty index will be officially announced in the second half of February 2022.
According to reports, Bank of Baroda is the top contender to replace RBL Bank with the 12-share Nifty Bank index.
RBL Bank shares are currently trading with a gain of 2.4%.
Coming to the private bank, take a look at the chart below to see how its stock has performed over the past year.
see full image
In the last 30 days, the share price of RBL Bank is down 27% and has suffered huge losses in the last two days.
To know everything about the RBL Bank saga, check out our article Shocking move of RBI against RBL Bank,
moving on, Shares of Adani Group It was reported that the group is preparing to ship the first coal cargo from Australia’s most controversial mine.
The group will begin exporting high-quality, low-sulfur coal from its Carmichael mine in Australia earlier this week, tapping a new multi-decade source of energy to meet energy needs.
It comes after climate activists battling a seven-year campaign and defying the global push away from fossil fuels.
The Carmichael mine in the outback Queensland state is likely to be the last new thermal coal mine to be built in Australia, the world’s biggest coal exporter, but will be an important source of supply for importers such as power plants in India.
A spokesman said the first consignment of high-quality coal from the mine is being assembled at the North Queensland Export Terminal in Bowen, ready for export as planned.
When Adani bought the project in 2010, it envisioned building a 60 mt per annum mine along 400 km of rail line for around US$16 billion.
It slashed the mine plan to 10 million tonnes in 2018 after a sustained “Stop Adani” campaign by green groups that stunned lenders, insurers and major engineering firms.
All the shares of Adani Group have opened with a positive outlook today. Adani Total Gas is up 2% and Adani Ports is up 1.1%.
(This article is syndicated from) Equitymaster.com,
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