Market Update and News Bulletin: 24/09/21

Market Update

▫️Indian markets witnessed a record high session yesterday, on back of global markets support and smart local economic recovery.

▫️Sensex and Nifty jumped to 59,885 (+1.63%) and 17,823 (1.57%).

▫️All sector indices were positive yesterday, with real estate outperforming the benchmark, supported by Banks and financial services.

▫️ Market Breadth was positive with Midcap and Smallcap indices extending gains. Advance:Decline ratio was healthy at 1123:680.

▫️Ruppee recovered the previous session lost ground and gained 23 paise to close at 73.64, on account of strong trend in domestic equity market and sell of in US Dollar overseas.

▫️Oil prices touched 2 month high (Brent Crude above $77), due to supply side woes, low inventory and rising oil demand.

▫️Gold prices fell sharply after Fed’s decision to ease bond purchase program and hike rates sooner than expected.

▫️US Markets surged yesterday, as there were no surprises by Fed’s policy outcome, suggesting swift economic recovery.

▫️This morning US futures are trading marginally positive after a stellar closing on Thursday. Asia is trading fairly positive, while SGX Nifty is flat.

▫️ Stocks in F&O ban: CANBK, IDEA, IBULHSGFIN, ESCORTS, IRCTC and PNB.

News Bulletin

▫️ Indian crude oil refiners processed 10 month low output in August, due to maintenance work at several plants. (-ve for oil refining co.s)

▫️Vedanta to delist its ADR from New York Stock Exchange.

▫️All states have agreed for ₹ 3 lakh crore revival of power distribution companies (+ve for power sector). PFC and REC to lend ₹85k crores to power distribution companies.

▫️Infy reported the IT website is still facing some glitches.

▫️PM meet leading American CEOs to spur investment in India.

▫️Govt to meet Moody’s on 28Sep, and seek improvement in India’s sovereign rating.

▫️Jindal Steel and Power wins the bid for Odisha’s Kasia Iron Ore Mine.

▫️2/3 of India’s eligible population has been vaccinated with atleast 1 dose.

▫️Ola to expand EV to more scooters, bike and cars in coming quarters (industry disruption, this can be Jio moment for the automobile industry)

▫️Jio added 6.51 million subscribers, Airtel added 1.94 million subscribers while Voda Idea lost 1.43 million subscribers in July.

▫️Tejas Network got optical network expansion order of Airtel.

▫️US Business activity grows at slowest pace in September in 12 months.

▫️BPCL-SBI card launched co branded contactless rupay credit card.

▫️RBI in a continued attempt to pump out excess liquidity will buy ₹15,000 crores govt bond from open market on Sep 30.

▫️IIFL fiance to raise ₹1,000 crores via bonds.

▫️ Bookings up in Indian hotel industry, occupancy rate above 70%.

This post is for educational purposes only.

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