Market Update and News Bulletin: 30/09/2021

Market Update

▫️Indian markets continues their sell off on Wednesday, amid weak global markets, rising treasury yields and rising inflation concerns.

▫️Indian bond market is also seeing wide selling as there has been 5-15 bps increase in the bond yields.

▫️At the end of the day, Sensex and Nifty closed at 59,413 (-0.43%) and 17,711 (-0.21%).

▫️ Private Banks, Financial Services and Auto dragged down the market. Whereas, IT, Pharma, PSU Bank, Metal, Energy and Realty restricted the fall.

▫️Market breadth turned positive with advance decline ratio of 1019:766. Further midcap and smallcap indices also ended positive.

▫️Ruppee fell 8 paise to 74.14 against dollar (1 month low), due to month end dollar demand, rising treasury yields and stronger dollar overseas.

▫️ Oil prices fell marginally on Wednesday, after US oil inventories rose more than expected.

▫️ Gold prices continue to fall and reached 45,500 mark on Wednesday, as dollar is now trading at 1 year high.

▫️US market ended higher on Wednesday after the govt’s decision to lift the partial ban on debt limit.

▫️US futures are trading in green territory this morning, while Asia has opened mix. SGX Nifty is flat reflecting silent start for the Indian markets.

▫️Stocks in F&O ban: SUNTV.

News Roundup

▫️State telecom operator BSNL has asked govt. ₹37,000 crores to stay afloat.

▫️Piramal Enterprises has completed the insolvent DHFL takeover by paying its creditors ₹34,250 crores.

▫️ Govt. loan scheme of ₹4.5 lakh crore has been extended by 6 months to March’22.

▫️Indian Overseas Bank has been removed from RBI’s Prompt Corrective Action watchlist.

▫️Invesco moved to NCLT against Zee, for removal of CEO Punit Goenka.

▫️L&T is in discussion to merge its thermal power business with the Indian unit of Singapore-based Sembcorp Industries.

▫️ Govt. is considering to come up with PLI scheme for power equipment manufacturing.

▫️China is facing severe power crunch due to coal shortage and strict emission norms. Chinese govt. has asked railway firms and local coal bodies to smoothen coal supply.

▫️ Govt. to launch IPO of ECGC in FY23, and infuse ₹4,400 crore of capital support in the company. ECGC is the largest export credit insurance company of India.

▫️OPEC expects India’s oil demand to reach pre pandemic level in 2021.

▫️RIL backed appointment of Saudi Aramco’s non-executive chairman, as the Company’s independent director, while two institutional investors voted against it.

▫️ Persistent Systems to acquire US based Software Corporation International, Shree Partners and India based Shree Infosoft for a total of $60 million.

▫️ Spicejet has collaborated with Ease My Trip for holiday bookings.

▫️ Britannia joined hands with Accenture to boost its digital transformation.

▫️ Housing sales have more than doubled in 7 cities of India in the July-Sep quarter.

▫️NTPC (India’s largest power producer) to raise ₹18,000 crores via bonds.

▫️ Flipkart to deploy 2,000 EVs (2 and 3 wheelers) in its delivery fleet, ahead of festive season sale.

▫️HDFC Bank issued 4 lakh credit cards since August, after RBI lifted the ban.

▫️ Standard Life sold 5% stake in HDFC AMC for ₹3,060 crores.

▫️A whistle blower alleged that HDFC bank asked for fee from customers if they submit forged documents, instead of reporting it to authorities.

▫️Aditya Birla AMC IPO was subscribed 56% on Day 1.

▫️Induslnd Bank invoked pledged shares of McLeod Russell and acquired 4.79% stake in the company.

▫️US govt. to lift debt limit on govt funding to avoid the near term crisis.

▫️ Govt. may raise GST on garments and footwear from 5% to 12%.

▫️Coal India to increase coal supplies to the power sector.

▫️ Alstom India to bid for India’s 7 infra projects worth €1Billion.

▫️ Chinese troubled real estate company Evergrande to raise $1.5 bn by selling its stake in banking company.

▫️Vedanta may be in race to acquire Shipping Corporation of India from the government.

This post is for educational purposes only.

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