News Bulletin and Market Update: 24/11/2021

News Bulletin

▫️After Airtel, Vodafone Idea also raised its prepaid tariffs plan by 20-25%.

▫️ India has decided to release 5 million barrels of crude oil from its strategic oil reserves, following US, China, Japan and Korea.

▫️India and US agreed to end Trump era rule and facilitate easy movement of skilled professionals.

▫️ No Broker achieved Unicorn status after raising $210 million in funding at a valuation of $1 billion.

▫️ Centre transferred ₹95,082 crore to states as their tax share.

▫️Govt. to introduce crypto currency bill in the winter session of parliament. The bill seeks to facilitate launch of RBI issued official crypto currency and ban all private crypto currency in the country.

▫️India is developing indigenous 6G technology to launch it within 2-3 years.

▫️ Government is considering proposal to provide more tax incentives for vehicle scrappage policy.

▫️Daily e-way bill generation for the first 3 weeks of November declined, reflecting slowing demand after the festive season.

▫️ Induslnd Bank is facing a problem over the appointment of its CEO and CFO.

▫️ Moody’s has upgraded Bharti Airtel’s credit outlook to “Positive”.

▫️ Moody’s recognised that RIL’s credit quality won’t be affected by Aramco’s decision.

▫️Airtel unit Nxtra, launched its 3rd hyper scale data centre in Chennai, spread over 2.7 lakh square feet.

▫️TVS Motors to invest ₹1,200 crores in EVs in Tamil Nadu.

▫️WHO Europe warned for surge in Covid19 deaths in the region.

▫️JP Morgan becomes world’s most systematically important bank.

▫️Bank of Baroda to raise ₹2,000 crores via AT1 bonds.

▫️ HDFC Bank to launch co branded credit cards with Equitas SFB.

▫️Indian IT industry to hire 450,000 workers in the second half of 2022.

Market Update

▫️Indian market recouped yesterday to close in green after 5 loosing sessions, thanks to buying in power, metal and telecom counters.

▫️Sensex ended with a gain of 0.34% at 58,664. Nifty 50 lodged a gain of 0.5% to close at 17,503.

▫️Metals, power, utilities, realty,basic materials and telecom stocks gained more than 3%. While IT Index ended in losses, restricting the market gain.

▫️Market Breadth was positive after a log time. On NSE, 1425 stocks rose and 402 stocks fell.

▫️ Gold prices continue to see pressure due to dollar strengthening and rise in bond yields. Gold prices slipped more than 1% to settle at ₹47,400 level.

▫️Oil prices rebounded a little, after reports of lower reserve release than expected. WTI Oil is trading around $78.44.

▫️Ruppee settled with loss of 3 paise at 74.42.

▫️Dow Jones ended the day with gain of 100 points, aided by recovery in financial stocks due to rate rise expectations.

▫️Today morning, US futures are trading flat. Asia is mixed and SGX Nifty is showing green signal.

▫️Stocks in F&O ban: ESCORTS and IDEA.

This is for educational purposes only.

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