News Bulletin and Market Update: 12/11/2021

News Bulletin

▫️State run power distribution companies to pay higher prices to power generation companies, in case of input cost hike.

▫️In a setback to Future Retail, Supreme Court has put a stay on its deal with Reliance Retail.

▫️5G Spectrum auctions likely to be in May’2022.

▫️Tata Steel posted 7.5 times jump in its net profit year on year, in Q2’2021.

▫️ Softbank may invest $5-$10 billion in Indian start-ups.

▫️ Rakesh Jhunjhunwala backed airline Akasa may approach Boeing for 70-80 number of 737 Max Jets.

▫️Govt. urged ONGC to involve private sector in business wherever possible.

▫️ Govt. plans to blend 20% Ethanol with petrol by 2023, to cut sugar export subsidies.

▫️Adani Group to invest $70 billion in renewable energy.

▫️ Department of Telecom seeks TRAI recommendation on allocation of Satellite Broadband Spectrum.

▫️Two biggest emitters, US and China enter into climate deal to curb emissions.

▫️UK’s GDP growth for Jul-Sep quarter came at 1.3%, which was below the 1.5% estimated and also lagged behind other European peers.

▫️ Evergrande avoided debt default by last minute repayment. However, the default risk is still not over with more upcoming instalments.

▫️Gold festive get ₹303 crore infusion on festive season demand.

▫️Sapphire Foods IPO subscribed 6.62 times.

▫️ Incessant rainfall in Chennai have forced closure of many industrial units in the city.

Market Update

▫️Indian markets tumbled yesterday after higher than US inflation numbers jolted global markets of fears from earlier rate hikes.

▫️Sensex ended 0.72% lower at 59,919. Nifty 50 fell by 0.80% to close at 17,873.

▫️ All sectoral indices ended in red except consumer durables, metal, healthcare and oil & gas. Real estate stocks fell the most in yesterday’s session.

▫️ Market breadth remained negative. On NSE 677 shares rose and 1149 shares declined.

▫️Small and mid cap stocks fell in line with frontline benchmarks.

▫️ Gold prices soared past ₹49,000 mark after higher inflation figures from the US.

▫️Ruppee fell by 18 paise to 74.52 due to continuous selling by FPIs and stronger dollar. Dollar index reached 16 month high yesterday.

▫️After OPEC’s report of weak future oil demand, oil prices fell marginally. WTI Crude is trading around $81 mark.

▫️US markets recovered marginally yesterday on hopes of high earnings growth due to increased consumer prices. Today morning US futures are trading positive. Asia has opened in green sea along with positive SGX Nifty.

▫️ Stocks in F&O ban: BHEL, BANKBARODA, IBULHSGFIN, PNB, SAIL, SUNTV and ESCORTS.

This is for educational purposes only.

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