Market Update and News Roundup: 05/10/2021

Market Update

▫️Indian markets snapped their 4 day loosing streak and ignored weak global cues. The market ended positive on Monday, on the back of high domestic economy revival.

▫️ Sensex and Nifty closed at 59,299 (+0.91%) and 17,691 (+0.91%).

▫️Market Breadth was strong with advance decline ratio of 1353:458. Midcap and Smallcap indices continued to outperform benchmarks.

▫️All sector indices ended the day in green, wherein Metals, PSU Bank, Realty and Media gained the most.

▫️Ruppee fell by 19 paise to six week low of 74.31, due to strong dollar and rising crude oil prices.

▫️ Gold prices dipped marginally, and remained above the ₹46,000 mark.

▫️ Despite the oil market is facing supply, OPEC+ said it will stick to its gradual increase of supply plan. This led to jump in oil prices, as it breached 2014 highs. Brent Crude is now trading over $81.50.

▫️ Rising inflation and bond yields continue to hurt the US markets, which is negatively impacting high growth tech stocks.

▫️ Hence, US markets ended approximately 1% down yesterday.

▫️ Today morning US futures are down by 0.30%, while Asia has opened in red sea. Negative opening of SGX is also indicating lack lustre start for the Indian markets.

▫️Stocks in F&O ban: NATIONALUM, CANBK, PNB, SAIL, BHEL, SUNTV and IBULHSGFIN.

News Roundup

▫️ India’s Business Resumption Index remained above the pre pandemic level for the week ended on October 3.

▫️Invesco urged NCLT, to order ZEE to conduct EGM, which should be chaired by retired high court judge.

▫️Demand for work under social welfare MG-NREGS scheme hit 17 month low, indicating economic revival.

▫️RBI superseded Board of two SREI NBFCs, which will now be moved to Insolvency Court, for resolution.

▫️ Govt. has extended credit guarantee scheme for MSMEs till March, 2022.

▫️E-way bill generation stood highest in 6 months in September, reflecting trade recovery.

▫️Adani Green Energy completed the acquisition of SB Energy India’s green assets for ₹26,000 crores.

▫️Senvion bags order for JSW’s 591MW wind turbine project.

▫️ Residential sales in India’s 7 major cities increased by 47% between Jan-Sep.

▫️ Hindustan Zinc mined metal production in Q2, increased by 4%.

▫️US based insurance giant MetLife to raise its stake in India ventures (PNB MetLife Insurance Company).

▫️ Evergrande Group to raise $5 billion through property unit sale. China is making efforts to ring fence Evergrande to avoid contagion.

▫️Federal Bank’s deposits and advances grew by 10% in Q2.

▫️ Hero Moto to sell 1 lakh electric scooters in FY22.

▫️Adani Port is set to win the bid to run dry bulk cargo terminal at Haldia Dock.

▫️ Merck’s promising drug against Covid raises expectations from Indian partners (MSN Lab., Divis Lab. and Optimus Pharma).

▫️DCGI approved phase 3 trial of Zydus Cadilla covid vaccine.

▫️ Maharashtra imposed lockdown in 61 villages from October 4.

▫️OPEC+ nations on Monday decided against output boost, which caused oil prices to reach 7 year high .

This is for educational purposes only.

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