By Aditya Raghunath
Investing.com -- Investors can expect another subdued day as the Nifty and BSE Sensex will most likely follow global cues and open flat. All three U.S. index futures, the Dow Futures (down 0.81%), S&P 500 Futures (down 0.73%), and Nasdaq 100 Futures (down 0.16%) are trading lower as fears that more states in the U.S. would impose restrictions on movement that would impair economic activity.
It didn’t help that US Treasury Secretary Steven Mnuchin said that key pandemic loan programs would expire on December 31 which will hit businesses that are in a spot because of the virus. This is in complete contrast to the central bank’s stand.
European stocks closed lower as well with FTSE, CAC, and DAX closing lower by 0.67% to 0.88%. Nikkei 225 is trading lower at 0.64%.
Reliance Industries (NS:RELI) continues to raise funds
Reliance Industries announced that it has completed its fundraising round for Reliance Retail Ventures Limited. "RRVL has received cumulative subscription amount of Rs. 47,265 crore from the following financial partners and allotted 69.27 crore equity shares to them," the company said in a statement. Reliance has sold a 10.09% stake in the company for this amount.
Gold prices are getting pulled two ways. There are pressure on gold prices as successful vaccine trials are being announced. Alternatively, gold’s nature as a safe metal means that prices will fall as other economic activity picks up.
However, economic activity is under stress because of the resurgence of the virus that might lead to another round of economic stimulus. This is causing gold to trade in a broad range. Gold is right now trading at $1,863.1, up 0.09%.