News Bulletin and Market Update: 17/11/2021

News Bulletin

▫️RBI observed that it has big concerns on crypto currency.

▫️ Fitch affirmed India’s sovereign rating at ‘BBB-‘ with a ‘Negative’ outlook. Fitch believes risk to Indian economy has reduced owing to rapid recovery.

▫️ Mensa, which operates umbrella of consumer brands became fastest start up to gain Unicorn status.

▫️ Airlines received nod to offer meals on all flights. (Since Covid meals could be offered only on flights with more than 2 hour duration.)

▫️Delhi becomes most polluted city in the world in terms of AQI. Two other Indian cities Mumbai and Kolkata feature in top 10 most polluted cities in the world in terms of AQI.

▫️Coal based power plants can now supply power from the renewable electricity projects.

▫️ Akasa Air orders 72 Boeing 737 Max airlines to start its operations.

▫️Gems and jewellery exports jumped 45.2% year on year in October.

▫️BSNL 4G services roll out is expected to get further delayed.

▫️Biden and Xi had 3 hour virtual meeting to pacify ties between US and China. US warned China over human rights issue while Chinese urged US to not to interfere in their domestic matters.

▫️US retail sales surged more than expected in October, ahead of the holiday season.

▫️ Inflows in mutual funds declined in October. Hower, banks, automobile and new age listed companies saw mutual fund inflows.

Market Update

▫️RBI Governor’s statement, that equity markets looked stretched led to fall in equities.

▫️Sensex fell by 0.65% to 60,322. Nifty ended lower by 0.61% to 17,999.

▫️IT and Automobile stocks tried to support the markets but were overpowered by selling in PSU Banks, Pharma and Energy stocks.

▫️Market breadth was negative. On NSE, 819 stocks rose against 1,001 stocks which ended in red.

▫️Gold prices fell due to lack of further investor interest in the yellow metal. (Trading around ₹49,000)

▫️Ruppee ended stronger by 11 paise to close at 74.37.

▫️Oil reserve release by the US kept WTI Oil Prices under pressure below $80 mark.

▫️Better retail sales data helped Dow Jones to end in positive territory with a gain of more than 50 points.

▫️Today morning US futures are trading flat with slightly positive bias. Asia is trading mixed with SGX Nifty indicating negative start.

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

This is for educational purposes only.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s