Even as SGX Nifty saw weakness and Asian peers were mixed, Indian indices after having gained massively in the previous session started on a subdued note. In the US Treasury secretary in the US pushed for a higher fiscal relief to tide the US out of the Covid 19 led economic crisis. At 9:19 am, Nifty was up by 0.2% at 14550 points
After being among the top gainers in previous day's session, Bajaj Finance shall be watched out for today as the company is scheduled to report its Q3 earnings today.
Meanwhile tapping the current momentum, Indigo Paints will open its public issue for subscription. The paint company shares are available at a steep discount in comparison to its listed peers.
FII activity in the previous day is purchase of Rs.257 crore into Indian equity.
While the current market momentum is expected to sustain in the short term, there is a threat of valuation bubble and sudden sharp correction in Indian equities.
Oil prices also continue to see an uptrend as the Joe Biden's transition today to the US President is fuelling optimism and hopes of an economic revival. Brent futures for March delivery rose $1.15, or 2.1%, to settle at $55.90 a barrel, while U.S. West Texas Intermediate (WTI) crude rose 62 cents, or 1.2%, to settle at $52.98