Oil prices rise on vaccine hopes, ship explosion at Saudi Arabia

Oil prices rose on Monday, pushing Brent back above $50 a barrel, buoyed by hopes that a rollout of coronavirus vaccines will lift global fuel demand while a tanker explosion in Saudi Arabia jangled nerves in the market.

Brent crude futures for February rose 38 cents, or 0.8%, to $50.35 a barrel by 0454 GMT, while U.S. West Texas Intermediate crude futures for January were up 32 cents, or 0.7%, at $46.89 a barrel.

Prices also extended gains amid supply jitters after a shipping firm said its oil tanker exploded after being hit by an external source while discharging at Jeddah port in Saudi Arabia.

Brent and WTI have rallied for six consecutive weeks, their longest stretch of gains since June.

The United States kicked off its vaccination campaign against COVID-19, buoying hopes that pandemic restrictions could end soon and lift demand at the world's largest oil consumer.

An extension of Brexit talks among European powers also buoyed financial markets on Monday.

CMC Markets' chief markets strategist Michael McCarthy asked: "Having 'bought the rumour' of an effective vaccine, now that delivery is here will investors 'sell the fact'?"

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Canara Bank Shares Jump 6% On Plans To Raise Rs 2,000 Crore Via QIP

Canara Bank share price jumped over 6 percent intraday on December 8 after the bank said it has set a floor price of Rs 103.50 per share for its qualified institutional placement (QIP) to raise up to Rs 2,000 crore.

The stock was trading at Rs 125.20, up Rs 7.65, or 6.51 percent at 09:55 hours. It has touched an intraday high of Rs 126.40 and an intraday low of Rs 117.65.

The bank had received shareholders' nod in its annual general meeting, held in August, for raising up to Rs 2,000 crore by way of QIP.

The sub-committee of the board — Capital Planning Process of the bank, at its meeting held on December 7, authorised the opening of the QIP issue and approved the floor price of Rs 103.50 per equity share, Canara Bank said in a regulatory filing.

"A meeting of the sub-committee of the board-Capital Planning Process of board of directors of the bank is scheduled to be held on Thursday, December 10, 2020 to consider and determine the issue price for the equity shares as well as the number of shares to be allotted to qualified institutional buyers, pursuant to the QIP," the bank said.

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Gold Steadies As US Stimulus Bets Outweigh Vaccine Hopes

Gold prices steadied on Monday as grim U.S. jobs data bolstered hopes for more fiscal stimulus, although optimism around coronavirus vaccine rollouts kept gains in check.

Spot gold prices were steady at $1,837.04 per ounce by 0320 GMT, while U.S. gold futures were little changed at $1,840.80.

"Softer jobs growth and tighter social mobility restrictions ostensibly lower the hurdle for a policy response from (U.S.) Congress," said Stephen Innes, chief global market strategist at financial services firm Axi.

Data on Friday showed the U.S. economy added the fewest workers in six months in November.

Talks aimed at reaching a fresh pandemic relief package gathered momentum on Friday, as a bipartisan group of U.S. lawmakers worked to put the finishing touches on a new $908 billion bill.

While the gold market might be disappointed with the size of the stimulus package, markets will likely take support from the bipartisan nature of the deal that suggests further compromise in the U.S Congress ahead, Innes said.

Gold tends to benefit from stimulus measures as it raises the prospect of inflation, against which bullion is used as a hedge.

Raising geopolitical uncertainty, the United States is preparing to impose sanctions on at least a dozen Chinese officials, according to sources familiar with the matter.

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Gold price today: Yellow metal trades higher on weak dollar, stimulus hopes

Gold was trading higher on December 4, tracking a positive trend in international spot prices on a weak dollar and stimulus hopes.

On the Multi-Commodity Exchange (MCX), February gold contracts were trading higher by 0.17 percent at Rs 49,385 per 10 gram at 0920 hours. March silver was trading 0.3 percent higher at Rs 63,844 per kilogram.

A bipartisan, $908-billion coronavirus aid plan gained momentum in the US Congress on December 3 as conservative lawmakers expressed their support and Senate and House of Representatives leaders huddled, a Reuters report said.

Gold tends to benefit from stimulus measures as it raises the prospect of inflation which bullion is used to hedge against, it said.

Experts are of the view that the momentum remains strong and any dips will be a buying opportunity. The next resistance for the yellow metal is seen at Rs 49,550-49,770 levels.

Gold showed strength for the third straight day after a dismal performance in November. Gold and silver gained on December 1, ignoring better-than-expected US unemployment claims data.

Weakness in the dollar index supported prices of both the precious metals. Gold and silver settled on a positive note in the international markets.

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Oil prices drop on US stock build, delay in OPEC+ meeting

Oil prices extended losses on Wednesday, hit by a surprise build in oil inventories in the United States and as OPEC and its allies left markets in limbo by delaying a formal meeting to decide whether to increase output in January.

Brent crude oil futures were down by 27 cents, or 0.6%, at $47.15 a barrel by 0131 GMT, while West Texas Intermediate crude was down by 29 cents, or 0.7%, at $44.26.

Industry data from the American Petroleum Institute showed U.S. crude inventories rose by 4.1 million barrels last week, compared with analysts' expectations in a Reuters poll for a draw of 2.4 million barrels.

The numbers came after the Organization of the Petroleum Exporting Countries (OPEC), Russia and other allies, a group known as OPEC+, postponed talks on next year's oil output policy to Thursday from Tuesday, sources said.

Earlier this year the group imposed production cuts of 7.7 million barrels per day (bpd) as the coronavirus pandemic cut into fuel demand. It had been widely expected to roll those reductions over into January-March 2021 amid spikes in COVID-19 cases.

"The risks of the OPEC+ alliance failing to reach an agreement are high," ANZ analysts said in a note on Wednesday.

"A resurgent virus has seen restrictions on travel increase across Europe and the U.S," they said, adding the market surplus could be as high as 1.5 to 3 million barrels per day in the first half of next year, if the group does not extend cuts.

But the United Arab Emirates (UAE) said this week that even though it could support a rollover, it would struggle to continue with the same deep output reductions into 2021.

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Investors eye 13,500 on Nifty: 10 trading suggestions by experts for December series

Indian market closed November month on a blockbuster note - thanks to more than Rs 65,000 crore of liquidity in the cash segment of the Indian equity market. The big surprise came from the small & midcaps space.

The month of November turned out to be one of the best for the Indian equity market as the benchmark indices posted their best monthly return since April 2020.

The S&P BSE Sensex rose 11.4 percent while the Nifty50 rallied 11.39 percent but the big action was seen in the broader market space. The S&P BSE Midcap index rose 13.49 percent while the S&P BSE Smallcap index was up 13.3 percent in November.

Experts are of the view that small & midcaps are likely to hog the limelight in the month of December while on the Nifty50, the index could make its headway towards 13,400-13,500 levels, suggest experts, but at the same time, aggressive bets should be avoided.

The level of 13,040 - 13,146 remains to be an immediate resistance zone, whereas on the lower side, 12900 - 12868 - 12790 can be seen as a cluster of supports.

“Above 13150, next levels to watch out for would be 13250 - 13400 and the move will not be as swift as it has been in the recent past. The real action continues in the broader markets as we can see stellar moves in a lot of mid and small counters,” he said.

The Nifty 50 index is trading at rising channel resistance and has become overbought in the short term, so there might be a limited upside.

Umesh Mehta, Head of Research, Samco Group is of the view that the immediate support and resistance are now placed at 12750 and 13150, and a break below the support may lead to a retest of 12400, and a break above 13150 might open targets up to 13400.

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