Nifty Gained 1% Today But Dow Futures Down on Trump’s Impeachment Move

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Nifty Gained 1% Today But Dow Futures Down on Trump’s Impeachment Move
Credit: © Reuters.

By Aditya Raghunath -- Indian markets had a strong close on Monday with Nifty gaining 0.96% and closing at 14,484.75 and the BSE Sensex gaining 1% to close at 49,269. The IT index closed up 3% and the auto index closed up 2.6% while Bank Nifty closed down 0.27%.

Tata Motors (NS: TAMO ) led the charge on Nifty today, closing up 12.64%, followed by HCL Tech (NS: HCLT ) at 5.89% and Infosys (NS: INFY ) at 4.87%. Tata Steel (NS: TISC ) lost 2.55% followed by Adani (NS: APSE ) Ports and Bajaj Finance (NS: BJFN ) who lost 1.94% each. The sentiment was high for Tata Motors after the company’s regulatory filing where it said that its commercial vehicle (CV) domestic sales in the October-December 2020 quarter was 82,155 units, up 48% from the previous quarter (July-September 2020).

European markets have opened lower as players are booking profits. FTSE is down 0.27%, CAC is down 0.43% and Dax is down 0.54%. Crude oil prices have fallen to $51.8, down 0.84%.

Gold price touched a six-week low at $1,837 and are currently trading at $1,848. Gold prices have been under pressure after RicharClaria, Federal Reserve Vice Chair said that the US is headed for an “impressive year”.

House Speaker Nancy Pelosi threatened to bring impeachment proceedings against Donald Trump if Vice-President Mike Pence fails to invoke the 25th Amendment to remove him from office within 24 hours. Pence has reportedly already ruled out making such a move, increasing the odds that Trump will become the first president to be impeached twice.

U.S. stock futures ( Dow Jones 30 Futures ) are set to open markedly lower later, with investors adopting a more cautious stance against the backdrop of the impeachment move and the ongoing devastation of the Covid-19 pandemic.

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