News Bulletin & Market Update: 12/10/2021

News Bulletin

▫️ Govt. hopeful to complete LIC IPO by March’22.

▫️ India’s unemployment rate unexpectedly surged to 8.86% for the week ended October 10, compared to 7.56% a week earlier.

▫️ Bharti backed One Web, partners with ISRO for launch of satellite.

▫️ Coal India scales up the coal supply to 1.5 million tonnes during last 4 days to power companies.

▫️ India’s business activity picked up pace during the week ended October 10.

▫️Invesco alleged that Sony Zee deal, unfairly favours Zee founders.

▫️ Finance minister to travel US to attend annual meet of World Bank, IMF, G20 finance ministers and central bank governors.

▫️ Govt. will transfer ₹16,000 crores of unpaid fuel bills and other dues of Air India to SPV, before handing the airline to TATA.

▫️Govt. mandated power distribution companies to reduce electricity losses.

▫️Due to chip shortage Maruti, produced only 81,278 units in Sep’21 against 1,66,086 units in Sep’20.

▫️Tata Motors reported 24% rise in group global sales.

▫️ Prestige estates reported 88% rise in sales in July-Sep quarter.

▫️Internal restructuring of TVS Group gets CCI approval.

▫️ Bitcoin price zoomed past $57,000 mark on Monday.

▫️ Non Food credit grew 6.75 % in fortnight ended on ended on September 24 (highest in 18 months).

▫️ Indian companies to raise $10 billion in IPOs in the next 6 months.

▫️ China proposed ban on private capital in media.

▫️ SEBI to revoke license of credit ratings agency Brickwork Ratings, on failure to apply independent judgement for the IL&FS ratings (a very big and bold action by the government). SEBI to also bar 2 former senior officials of CARE ratings for the same incident.

▫️ Aluminum prices jumped to highest level since 2008 due to global energy crisis.

Market Update

▫️Indian markets reached new heights yesterday, as traders took support from healthy export data and fresh investments from FPIs. However, during the session market lost nearly all of its gain and managed to end slightly positive.

▫️ Sensex closed up by 0.13% at 60,135, while Nifty ended higher by 0.28% at 17,945, yesterday.

▫️ Market Breadth was in favour of bulls with advance decline ratio of 991:850.

▫️ Auto, power, metal, realty and banking shares help the index to climb, while IT was the only sector to end in red, due to disappointing result and commentary of TCS.

▫️Indian markets in near term can be negatively affected by rising crude oil prices, increasing bond yields, global energy crisis, soaring commodity prices and falling ruppee.

▫️Ruppee fell by 37 paise against dollar to end at 15 month low of 75.36, as crude oil jumped towards 7 year high.

▫️Gold prices remained above ₹47,000 mark, backed by weak ruppee and surging yields.

▫️Oil prices continue to hold up $80 mark (WTI Crude), as power crunch worries from Asia to Europe will further propel demand of oil.

▫️US markets closed down by 250 points (Dow Jones), due to increasing concerns of inflation as a result of higher oil prices, which may further trigger tighter monetary policy.

▫️Today morning, US futures is trading flat, whereas Asia is in sea of red. SGX Nifty is suggesting slightly gap down opening for Indian markets.

▫️F&O Ban List: BANKBARODA, BHEL, SUNTV, IBULHSGFIN, NATIONALUM, SAIL, PNB, IRCTC and CANBK.

This is for educational purposes only.

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