Markets Open Strong On Early Vaccine Hope; SREI Infrastructure Plunges 15%

Tracking SGX Nifty which last at around 8:40 am traded strong with gains of 0.99 percent, Indian indices opened higher with Nifty up 0.74% at 12954.65 while Sensex was up 0.8 percent or 347 points at 44214

Among early gainers on the first trading day are stocks like Bajaj twins, IndusInd Bank, Reliance and NTPC while losers on the NSE 50 stock pack include Asian Points, Coal India, HDFC, Bharti Airtel and Kotak Mahindra.

Bank and financial stocks will remain in focus after the RBI's panel has suggested various changes in the banking sector. SFB shares may get a boost as there are proposed relaxations for them. Other overhaul proposed is allowing large industrial houses and corporate to control banks by amending the Banking Regulation Act, 1949. Nifty Bank was up as much as 0.37%.

RIL stocks gains a huge 3.7 percent after the Competition Commission of Indian has approved its bid to acquire the assets of Future Retail amid its ongoing tussle with US e-marketplace, Amazon.

Vodafone Idea has got an offer for credit line of up to $2 billion or Rs. 15000 crore from a consortium led by Oak Hill Advisors. Sixth Street, Twin Point Capital and Varde Partners are among other global investors that has given a non-binding term sheet to Vi. Shares rallied close to 4% in early trade.

SREI Infrastructure stock plunges 15% as the RBI conducted a special audit into the infrastructure financier sensing some loophole with outstanding loans standing at a huge Rs. 30000 crore. . The company though said the audit process to be a 'regular' regulatory scrutiny.

Meanwhile Asian markets are trading mixed at the time of writing this piece even as hopes have ignited on early availiability of Covid 19 vaccine. Hang Seng are trading lower while Straits Times of Singapore and South Korea's Kospi are trading with gains of up to 1.91 percent. Japan markets are however closed for a holiday.

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