News Bulletin and Market Update: 23/11/2021

News Bulletin

▫️Bharti Airtel hiked its prepaid tariffs by up to 25%. This will increase the Company’s ARPU close to ₹200 from current 153.

▫️Jerome Powell has been reappointed as Federal Chairman for a term of 4 years.

▫️ Government proposed 15% methanol blending target with Petrol.

▫️ Paytm share price fell by 37% from its issue price, eroding huge amount of investor wealth.

▫️ Govt. to provide massive tax waivers to incentivise coal gasification.

▫️ India’s exports grew by 18% for three weeks of November, led by petroleum products, engineering goods, chemicals and gems and jewellery.

▫️ Fitch expects India’s fiscal deficit target to be better than expected.

▫️ India is considering releasing crude oil strategic reserves, as per US request to bring down the prices.

▫️Jio lost 1.9 crore subscribers and Vodafone lost 10.8 lakh subscribers. While, Airtel added 2.74 lakh subscribers in September.

▫️ NCLAT stayed Competition Commission of India’s order of ₹200 crore penalty on Maruti Suzuki for unfair trade practices.

▫️ China’s Central Bank has signalled easing measures to help the economy’s recovery after a sharp downturn.

▫️US home sales jumped unexpectedly in October.

▫️German Chancellor said, the latest surge in covid infections is worse than anything Germany has experienced so far.

▫️Go Fashion IPO subscribed 135 times.

▫️ICRA estimates domestic 2 wheeler sales in 2021 to be down by 2-4% due to relentless hike in the prices.

▫️All government vehicles may go electric in 3 years.

▫️Marico looks to expand its distribution by reaching out to pharmacies and beauty stores.

▫️ Domestic air passenger traffic grew 27% in October.

Stock Market Update

▫️Indian markets see worst 7 month fall due to flop Paytm IPO, cancellation of RIL-Aramco deal, repel of farm laws, inflationary pressure and earlier than expected rate hikes by US Fed.

▫️Sensex fell 1.96% to close at 58,465. Nifty also ended lower by 1.96% to 17,416.

▫️ Yesterday’s broad based sell of led to major fall in almost all the sectoral indices.

▫️ Market Breadth was negative. On BSE 2,571 stocks ended in red, while 843 stocks ended in green.

▫️Gold prices too ended lower on broad based selling and closed below ₹48,000.

▫️Crude oil prices continued on its falling spree, due to surge in covid cases in Europe and release of oil reserves by Japan. WTI Crude is trading around $76.

▫️Ruppee depreciated by 9 paise to 74.39, due to massive sell of in domestic equities.

▫️US Markets ended flat, today morning US futures are trading flat with positive bias.

▫️Asian markets are trading mixed in the morning. SGX Nifty is down 70 points.

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