News Bulletin and Market Update: 11/11/2021

News Roundup

▫️Online pharmaceutical start up, PharmEasy filed for ₹6,250 crore IPO.

▫️ Maruti Suzuki to come up with new SUV models.

▫️ PayTM’s IPO was subscribed 1.89 times on last day.

▫️Gross indirect tax collection pumped up by 51% year on year during April-October.

▫️ Zomato’s net loss increased to ₹435 crore in 2Q’2022 from ₹360.7 crore in the previous quarter.

▫️ Finance Minister to meet with heads of banks and financial organisations to bolster credit infusion in the economy.

▫️Indian IT sector grew by 6.4% year on year during first half of 2021.

▫️DLF to expand retail business and develop 2.3 million square feet are in NCR, Chennai and Goa.

▫️Airtel and Oracle have expanded their partnership to boost digitisation.

▫️TVS launched EV service platform.

▫️US CPI Inflation elevated by 6.9% year on year and 0.9% month on month in October, highest ever since 1990.

▫️ Telecom operators get 6 months more to conduct 5G trials.

▫️Fund Inflows in MF fell by 40% month on month in October, as investors looked for profit booking.

▫️ Govt. approves Ethanol price hike by 2.5%.

▫️Iron ore prices have fallen 65% from peak in May, as China slowed down steel production.

▫️ Moody’s has upgraded Yes Bank’s ratings to B2 from B3, and changed the outlook to Positive.

▫️Zomato to invest $1 billion in startups over the next 2 years.

▫️There has been a global shortage of Syringes. India’s syringe makers have boosted p production to address global shortage. However, there is currently a temporary ban on syringe exports due to the pandemic.

Market Update

▫️ Indian markets closed negative yesterday, after a lackluster opening due to global inflation worries.

▫️ Sensex closed 0.13% lower at 60,352 and Nifty 50 fell by 0.15% to end at 18,017.

▫️PSU Banks, Metals and Realty Sector underperformed the market. Whereas, Auto, Consumer Durable and Pharmaceutical sector outperformed.

▫️The market breadth turned negative. On NSE, 863 shares rose and 957 shares declined.

▫️ Broader markets such as mid cap and small cap also fell in line with the frontline benchmark.

▫️ Gold prices surged and breached 48,500 mark due to high global inflation worries.

▫️Ruppee tumbled by 32 paise to end at 74.37 against dollar, due to muted domestic equities and stronger greenback.

▫️US crude oil inventories came lower than expected. However, high inflation data may force US govt. to release more oil reserves. As a result crude oil prices remained range bound at $81-$82 (WTI Crude)

▫️US Markets closed sharply lower on Wednesday, due to high inflation data. Dow Jones fell more than 200 points to end the day.

▫️US futures are trading slightly positive today morning. Asia has opened in green, while SGX Nifty is also indicating slightly positive start for the Indian economy.

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

This is for educational purposes only.

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