PSU Bank in Spotlight Today; All Eyes on US Support Package Announcement

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PSU Bank in Spotlight Today; All Eyes on US Support Package Announcement
Credit: © Reuters.

By Aditya Raghunath

Investing.com -- Indian indices resembled a roller coaster ride today with the markets gaining around 50-80 points and then dropping 60-90 points throughout the day. The markets opened higher but ended flat with BSE Sensex up 14.61 points or 0.033% at 44,632.65 and Nifty closing 20 points up at 13,133.9.

Today’s market movement was best exemplified by Bank Nifty that shot up 342 points compared to yesterday’s close around 10:45 am today but ended 14.4 points or 0.05% lower. PSU banks took the spotlight today with Bank of Baroda Ltd (NS: BOB ) gaining almost 8%, Punjab National Bank (NS: PNBK ) closing up 5.3%, and SBI (NS: SBI ) closing up 3.83%.

European markets are also subdued with all major indices trading in the red. The UK has become the first nation to approve a vaccine against the COVID-19 pandemic and the rollout should start next week.

There are also expectations that the U.S. will roll out a support package to help businesses in the country. This will go a great way in mitigating the fears caused by a poor job report that got published recently. Dow Futures are down 0.19% while Nasdaq 100 Futures are up 0.18%.

Top Democrats threw their weight behind a bipartisan proposal for a coronavirus relief package worth $908 billion, putting pressure on Senate leader Mitch McConnell to drop his plan to bring a more modest package back to the floor of the upper chamber.

U.S. stock markets are set to open mixed, with the rotation into cyclical and value stocks having lost momentum on Wednesday against a backdrop of weak economic data.

Gold has been strengthening steadily. It has moved up from over 4.3% since November 29 when it was trading at $1,763 to $1,840 currently.

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