News Bulletin and Market Update: 10/11/2021

News Bulletin

▫️ Govt. is setting up an ambitious service exports target of $1 trillion by 2030.

▫️Marquee investor, Mark Mobius has allocated half of his emerging markets funds to India and Taiwan, and has predicted that India is on a 50-year bull run.

▫️ Unemployment rate rose from 6.9% in September to 7.8% in October.

▫️Home sales in Mumbai breached 10 year record in October.

▫️ED has attached ₹61 crore of Bhushan Steel’s property in money laundering probe.

▫️ HSBC may re-enter into India’s private banking domain.

▫️ Business Resumption Index has improved to 105.9 for the week ended November 7, from 105.3 in the previous week.

▫️M&M plans to launch 16 EVs by 2027.

▫️ PayTM’s IPO has been subscribed only 48% till Day 2.

▫️RBI lifted ban on Diners Club and allowed it to onboard new customers. (+ve for HDFC Bank)

▫️ Bitcoin and Ether touched new highs due to unprecedented rise in fund inflows from Asia.

▫️ Excise Duty cut has provided higher pricing freedom to OMCs.

▫️ Mahindra Logistics acquired Meru Cabs.

▫️Tata Motors signed pact with Bank of India for vehicle financing.

▫️JSW Steel’s steel output grew 6.8% year on year to 14.25 lakh tonne in October.

▫️Tata Power offers energy audit services to its commercial and industrial clients.

▫️One of the world’s biggest conglomerate General Electric will split its business into 3 units.

▫️ Sapphire Foods IPO subscribed 49% on Day 1.

▫️HDFC plans to raise ₹3,000 crores via bonds.

▫️Adani Group may be interested in buying stake in BPCL divestment.

▫️Basmati Exports to benefit from Iranian import ban lift.

▫️ Prestige Group to set up large warehouses to take advantage of India’s growing logistics sector.

▫️ Domestic air traffic rose 67% year on year and 24% month on month in October to 8.8 million passengers.

Market Update

Market Update

▫️ Indian markets couldn’t sustain the rally and slipped off on Tuesday, mainly due to selling in private banking stocks. Investors are awaiting US inflation data before committing any further funds.

▫️ Sensex ended 0.19% lower at 60,433 and Nifty 50 closed at a loss of 0.13% at 18,044.

▫️ Auto, IT, Healthcare, PSU Bank, Consumer Durables and Oil & Gas helped the markets to gain. While financial services, private banking and metals ended in red.

▫️The market breadth was positive. On NSE, 1083 shares rose and 721 shares decline.

▫️ Broader markets outperformed Nifty50 and Sensex, and closed in green.

▫️Gold prices close to ₹48,300 mark, ahead of US inflation data.

▫️Indian Ruppee remained flat and settled up by 1 paise at 74.02.

▫️US Producer Price Index rose in October, showing continuing signs of high inflation.

▫️As a result, US markets ended its 8 day winning streak and closed in red, amid profit booking. Dow Jones fell more than 100 points at close on Tuesday.

▫️ Today morning, US Futures continue to trade lower, complimented by weak Asian markets. SGX Nifty is also reflecting nega6 start for the Indian markets.

▫️Stocks in F&O ban: PNB, ESCORTS and SUNTV.

This is for educational purposes only.

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