News Bulletin and Market Update: 25/11/2021

News Bulletin

▫️Dream Sports parent company of Dream 11, raised $840 million at a valuation of $8 billion.

▫️ Govt. may allow some scope of trading in crypto currency for large institutional investors and completely ban its use as a legal tender.

▫️ Cabinet approves bill to repel 3 farm laws.

▫️Free ration scheme that was introduced in Covid, will stay till FY22.

▫️India US agreed on digital tax for e-commerce companies.

▫️ Government is considering to make smartphones universal authenticator for citizens.

▫️RBI imposed ₹ 2 crore penalty on Tata Communications arm for non-compliance.

▫️Hero electric reported 2 fold jump in sales during the festive season.

▫️Start Health IPO will open on November 30, at a price band of 870-900/share.

▫️ International flights may operate normally from December. Govt. is considering to increase the number of international flights.

▫️Hinduja Empire (owner of Ashok Leyland, Induslnd Bank, etc.) is at rise due to family feud.

▫️ Ashok Leyland sets up team for alternative fuel technology.

▫️L&T signs pact with Tamil Nadu Goverment to build data centre.

▫️Coal India aims capex of ₹40,000 – 50,000 crore in 4-5 years.

▫️Tata Steel commissioned previously announced Iron Ore plant in Orissa.

▫️Lower availability of natural rubber is adversely affecting the tyre production.

▫️ Credit growth soared to highest level in October at 7.3%, since the pandemic.

▫️US jobless claim fell sharply to 199,00 last week, which is 52 year low.

Market Update

▫️Indian markets erased all the early gains and ended in red, due to volatility in Asian markets and fear of tightening monetary policy.

▫️Sensex ended lower by 0.55% at 58,340. Nifty ended down by 0.5% at 17,415.

▫️Selling in Auto, IT, Metals and Oil & Gas dragged the market. While gains in banking sector tried to support the market.

▫️ Despite the fall, market breadth remained positive. On NSE, 1070 stocks rose and 758 stocks fell.

▫️Gold prices remained flat at ₹47,500 levels.

▫️Oil prices remained flat at $78 (WTI Crude), with US strategic reserve release offset by stubborn OPEC’s decision to curb supply.

▫️Ruppee settled with marginal gain of 3 paise at 74.40.

▫️Gains in US markets were capped as US treasury yields hovered at 52 week high. US markets will be closed today on account of Thanksgiving holiday.

▫️US index futures is trading with gain of 80 points, while Asia is mixed and SGX Nifty is flat today morning.

▫️Stocks in F&O ban: IBULHSGFIN & ESCORTS.

This is for educational purposes only.

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