Market Update and News Bulletin: 07/10/2021

News Bulletin

▫️ Cabinet approved scheme to provide ₹4,445 crores capital support to setup mega textile parks.

▫️ Govt. raised FDI Limit in telecom sector to 100%.

▫️ Government is considering to allow 20% FDI in LIC IPO.

▫️Zee limited asked for time from NCLAT to respond to EGM issue.

▫️ Moody’s revised the outlook for 18 Indian companies (including banks) to ‘Stable’ from ‘Negative’. This includes RIL, SBI and Axis Bank.

▫️Bharat Biotech submitted data on kids vaccine trial.

▫️Coal Ministry is in the process of formulating a robust mine closure framework.

▫️ Petrol and Diesel rates touched record highs on Wednesday, amid rising crude oil prices.

▫️LPG prices were hiked by ₹15 per cylinder.

▫️ Foreign banks are aggressively expanding in India’s home loan market, with attractive offers.

▫️ Chip shortage is set to hurt festive season sales of cars, electronics and other consumer durables.

▫️ India’s domestic air passenger to be up around 2-3% in September from August: ICRA

▫️ Bharti Airtel and Jio may witness 5-7% sequential rise in revenue in the September quarter: Jefferies

▫️Hero electric maintained top position in 2 Wheeler sales in month of September.

▫️Indian steel mills are now paying 4 times more for coal on low supply: Bloomberg

▫️Coal India may list its wholly owned subsidiary Central Mine Planning and Design Institute.

▫️ Hyderabad has now becomes India’s 4th biggest office market by size.

▫️Tata Steel output grew 7% in Jul-Sep, however sales dropped 8%.

▫️SBI extends contract with TCS for 5 years.

▫️Sobha’s Q2 sales up by 49%.

▫️ Bitcoin price surged above $50,000. Bank of America said Bitcoin is now too big to ignore.

▫️Coin Switch Kuber has become India’s 2nd crypto Unicorn.

▫️ Monetary Policy Committee started their 3 day meeting to decide on the next course of action.

▫️Bank loan grew 6.67% and deposits 9.34% , during the fortnight ended September 24.

▫️ All private liquor store in Delhi to be closed until mid-November, as the government transitions to new policy.

▫️ Natural Gas prices plunged in the international market, as Putin promised more supply.

▫️Cargo volumes at major Indian ports up by 16% during Apr-Sep.

▫️Jio users faced network outage yesterday, with the telecom giant facing technical glitch.

Market Update

▫️Indian equity markets were negatively impacted by global sell off, due to rising crude oil prices and supply chain disruptions, which may hamper economic recovery.

▫️ Sensex and Nifty ended the day in deep red at 59,189 (-0.93%) and 17,646 (-0.99%).

▫️ Market breadth was bearish with 1207 declines against 608 gains. Broader markets witnessed bigger sell off than the benchmark.

▫️All sectoral indices ended negative yesterday, with major selling in Metal, Healthcare, Pharma and PSU Banks.

▫️Indian ruppee witnessed its biggest sell off in 6 months yesterday, with a drop of 54 paise to 74.98 (5 month low). This was particularly due to massive sell of in domestic equities and stronger dollar.

▫️As a result of ruppee depreciation, gold prices rose to ₹46,845 per 10 gram.

▫️Oil prices finally ended its rally, as it dropped by $2 to trade near $80.5 mark (Brent). This was on account of unexpected rise in US oil inventories to 2.3 million barrels.

▫️Global energy prices cooled off yesterday after Putin’s comment on easing gas supply and rise in crude oil inventories. Further, US Senate Republican backed extension of the US debt ceiling. US private payroll data also came better than expected.

▫️As a result US markets jumped in the yesterday’s volatile session, and Dow ended with a gain of more than 100 points.

▫️ Today morning both US futures and Asia is trading bullish. Whereas SGX Nifty is flat, with a positive bias.

▫️Stocks in F&O Ban: IBULHSGFIN, NATIONALUM, PNB, SAIL and CANBK.

This is for educational purpose only!

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