News Bulletin and Market Update: 11/10/2021

News Bulletin

▫️ Andhra Pradesh, Delhi and Rajasthan seeks centre support for power crisis.

▫️Centre clears the fear over coal crisis and said there is enough coal with Coal India Limited and power companies to provide power to the country.

▫️Reliance Industries bought foreign solar panel equipment manufacturer REC Solar Company for ₹5,800 crores.

▫️ Reliance Industries acquired 40% stake in Sterling and Wilson solar for ₹3,630 crores.

▫️Auto retailers to face losses this festive season due to chip shortage, which is hurting vehicle dispatches.

▫️ Govt. to revamp telecom licensing process.

▫️India’s active covid case load reached lowest in 208 days.

▫️ Govt. allowed newly set up petrol pumps to set up EV charging stations and CNG outlet even before starting sale of petrol and diesel.

▫️Pradeep Phosphates to expand its manufacturing capacity.

▫️RBI’s decision to take control over defaulted SREI, will prevent domino effect.

▫️Government to initiate disinvestment of IDBI Bank by December.

▫️ Centre imposed stock limits on edible oils and oil seeds to tackle rising prices.

▫️ Metropolitan Exchange of India may not get its licensed renewed after it failed to raise sufficient funds.

▫️FPIs pulled out ₹20,000 crores from banking sector between Apr-Sep and invested in consumer goods, IT, pharma and telecom.

▫️ Disinvestment of BPCL and Shipping Corporation to be completed by FY22.

▫️ E-commerce companies sold goods worth $2.7bn in first 4 days of festive season sale.

Market Update

▫️ Indian markets soared to record high on Friday, after RBI kept key rates and accommodative stance unchanged to support economic recovery.

▫️Sensex climbed 0.64% to 60,059.06, while Nifty jumped 0.59% to 17,895.

▫️Market breadth was mixed with advance decline ratio of 974:853.

▫️Interest rate sensitive sectors like banking and real estate ended in red, whereas IT,auto, oil and gas extended gains.

▫️The Ruppee closed 19 paise weaker at 74.98 against US dollar due to concerns over rising crude prices.

▫️Gold prices jumped and closed above ₹47k, after RBI’s policy decision.

▫️Oil prices is trading at record high with WTI Crude breaching $80 mark, as fuel demand rose.

▫️US Job data came weak, as a result the US stock markets closed slightly in red on Friday.

▫️Today morning US futures are trading marginally in red, while Asia is positive. SGX Nifty is indicating positive start for the Indian markets.

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

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