Market Update and News Bulletin: 06/10/2021

Market Update

▫️Indian markets defied the global concerns and rising crude oil prices, to gain for the 2nd consecutive session.

▫️Sensex and Nifty opened lower, but ended the day with a gain of 0.75% and 0.74%, at 59,745 and 17,822.

▫️ Advance Decline ratio of 1103:697, reflects bullish market breadth. Midcap and Smallcap indices also ended in green.

▫️Oil and Gas and Energy sector was tha show stopper yesterday, as rising oil prices will boost margins of oil marketing companies (RIL, IOC and ONGC). Whereas real estate sector saw profit booking after a good rally in last month.

▫️Indian Ruppee slipped 13 paise to 8 week low of 74.44, amid strengthening dollar index and rising oil prices.

▫️Gold prices moved up to ₹46,682, on weakness in ruppee and rising consumer demand.

▫️Oil price continued its bull run and touched 7 year high. Brent Crude is now trading above $82 mark.

▫️ Investors took advantage of dip in US tech stocks to load them in their portfolio. While August service data of US came better than expected.

▫️As a result Dow Jones climbed more than 300 points to end the day.

▫️ Today morning, both US futures and Asia is trading lower. While SGX Nifty is trading positive with gain of 70 points.

▫️Stocks in F&O Ban: NATIONALUM

News Bulletin

▫️ Moody’s affirmed India’s ‘Baa3’ rating, and changed the outlook from ‘Negative’ to ‘Stable’. The rating agency beleives that Banks and NBFCs, now pose lesser downside risk to the economy.

▫️In a continuous effort to support telecom sector, govt. may drop ₹40,000 crore charge against telecom operators. This will help Vodafone Idea and Airtel the most.

▫️ Airtel holds India’s first rural 5G trial yesterday.

▫️India’s service sector expanded for 2nd straight month in September.

▫️Country’s power producers now have critically low levels of coal. Coal India and govt. is now working at war level to address the shortage.

▫️ Govt. has asked Coal India to diversify its business and look for opportunities in EVs and charging stations.

▫️NCLT has asked ZEE to reply on foreign investors demand on holding the EGM by October 7.

▫️ Govt. officials to meet on October 12 for pre budget meet.

▫️ Vedanta may buy govt.’s stake in Hindustan Copper.

▫️ Rising international oil prices has led to sharp increase in domestic petrol and diesel prices, which can led to inflation worries.

▫️WTO has increased global trade growth rate for 2021 to 10.8% from 8%.

▫️TVS Motors partnered with Tata Power for setting up EV charging stations across country.

▫️Marico’s revenue growth in Q2 to be in low twenties, thanks to reduced covid load.

▫️JSPL sales grew 10% in Q2, and the company witnessed record sales of 2.13MT, during the quarter.

▫️ Raymond to enter into commercial real estate segment.

▫️ Welspun buys two land parcels in Northern India, for expanding its reach.

▫️ International innerwear brand Slogi enters into Indian market and eyes to achieve 10% market share within 2 years (-ve for Page Industries).

▫️ HDFC Bank launched 10,000 bank offers to attract customers.

▫️ Federal Bank partnered with Cred Avenue for optimisation of their securitization portfolio.

▫️IDFC First Bank achieved 10% loan growth in Q2.

▫️ India’s bond yield touched 18 month high on rising crude oil prices.

▫️ Future Retail terminates deal to roll out new stores.

▫️ Spicejet is looking to expand its fleet.

▫️AXA Group has completely exited ICICI Lombard yesterday with the sale of 1.75 crore shares in the Company.

▫️ Bombay Municipal Corporation has informed High Court that they do not see 3rd Covid Wave coming.

This post is for educational purposes only.

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