Market Update & News Bulletin: 04/10/2021

Market Update

▫️Markets slipped on Friday, following inflation concerns, rising petrol and diesel prices and weak global sentiments.

▫️Sensex and Nifty closed at 58,766 (-0.61%) and 17,532 (-0.49%).

▫️Market Breadth was marginally positive with advance decline ratio of 946:854. Midcap and Smallcap indices continued to outperform the benchmark and ended the day in green.

▫️ Volatility eased down on Friday, as VIX fell by 6.5%.

▫️ Sectorwise, pharma, energy, psu banks and media supported the market, while financial services, IT and real estate dragged down the indices.

▫️Ruppee finally ended its losing streak and gained 11 paise against dollar to close at 74.12, due to overall strength in major currencies against dollar.

▫️ Gold prices grew slightly over inflation concerns, and closed at ₹46,434 (Spot).

▫️Oil prices ended the day in positive as, the market is not expecting a big rise in oil production from OPEC+ countries. Further, higher natural gas prices is forcing energy power producers to move away from gas towards crude.

▫️The postive outcome from Merck’s covid antiviral pill introduced a fresh ray of hope against the end to pandemic, on Friday.

▫️Hence, US markets ended the day in positive territory with Dow Jones closing the day with a gain of 1.4%.

▫️Today morning US futures are trading at slightly lower, and Asia has opened mix. Negative SGX Nifty is reflecting muted start for the India markets.

News Update

▫️ Petrol and Diesel prices soared to life time highs, after latest round of hikes on Sunday.

▫️FPIs were net buyers in September, with net investment of ₹26,517 crores .

▫️NTPC to list 3 of its subsidiaries and exit a Joint Venture with SAIL, by FY24. This will fetch ₹15,000 crore to the Company.

▫️OPEC+ will meet today, to decide the quantum of increase in oil production, to ease the prices.

▫️ India’s major ports saw volume growth of 5% in August.

▫️ Hospitality sector is experiencing robust demand and there has been 20-30% rise in occupancy levels, compared to last year.

▫️Concur cuts rates for Nepal bound import boxes by 30% (it can impact the company’s net profit by ₹120 crores a year).

▫️ Tata Sons acquisition of Air India, will give serious competition to IndiGo’s domination in the country.

▫️Jet Fuel price was raised by 9% in September.

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