News Bulletin and Market Update 14/09/21

News Bulletin

▫️ Retail Inflation eased to 4 month low of 5.30% in August. This will cool pressure from RBI to curb liquidity (positive for market).

▫️Old dues to private power generation companies from distribution companies touched ₹49,000 crores and is a cause of concern.

▫️Jet Airways will again touch the sky in 2022, and has already hired 150 full time employees.

▫️ Govt may give approval to PLI scheme for auto industry. This will be the last and the biggest of the 13 PLI schemes. The scheme will be focused towards EVs (Tata Motors biggest beneficiary)

▫️ Lower covid count last week and approaching festive season, has put Indian economy on a fast lane.

▫️ Unemployment fell to lowest in 7 weeks for the week ended on Sep 12.

▫️Non-food credit grew fastest in over a year by 6.68% for the fortnight ended on Aug 27.

▫️Infy completed its ₹9,200 crore share buy back program at an average price of ₹1,648.53.

▫️ Vedanta Resources reduced its net debt by $300 million in 1H22 and further expects to reduce it by $500 in full FY22.

▫️TCS joined hands with NXP Semiconductor, to drive the latter’s digital IT services strategy.

▫️Top investors of Zee Entertainment seek removal of CEO Punit Goenka.

▫️BPCL is formulating export strategy for its petroleum products.

▫️Spice Jet to resume 737 flight from September end.

▫️SBI led bank consortium has asked govt to give more time to Voda Idea to clear their dues.

▫️ Infosys and Microsoft entered into agreement with Australia’s largest electricity distributor on east coast, to transform its digital platform.

▫️Eveready Industries expects to be debt free in 2 years.

▫️India may get exclusive right to sell Basmati in EU. (Stock to watch for: Dawaat)

▫️ Chinese tech companies fell sharply on Monday, after a fresh curb announced by Chinese government.

▫️China urges US to repair damaged ties between the two countries.

▫️ Aluminum prices for the first time in 13 years hit $3,000, amid supply disruption and strong demand.

▫️ India’s 10 year govt bond yield rose amid speculation that government may increase its borrowing in 2nd half of FY22.

Market Update

▫️The benchmark indices closed negative due to sell off in frontline heavyweight stocks.

▫️Sensex and Nifty ended in red at 58,178 (-0.22%) and 17,355 (-0.08%).

▫️ Broader markets performed well, with Advance Decline ratio of 935:870. Further, Midcap and Smallcap indices closed positive and outperformed benchmark indices.

▫️ Financial Services including Banking was the worst performing sector, while IT, Metal and Media out shined.

▫️Ruppee dived down 18 paise and closed weak at 73.68, due to strong dollar overseas and weak trend in domestic equity market. US inflation data today will determine the movement in dollar. Further, improvement in India’s inflation data which was released yesterday may provide some support to the local currency.

▫️Oil prices continued to move up due to lasting impact of Hurricane Ida on the US oil production. However, OPEC has trimmed it’s oil demand forecast for last quarter of the year, which can bring pressure on oil prices.

▫️ Gold prices remained stable and closed marginally lower. The yellow metal is awaiting the US Fed Policy Outcome next week, which will decide its movement.

▫️The number of covid Infections in US fell consistently last week and is 10% down from its peak.

▫️Taking cheer from this, US markets jumped and ended the day in green.

▫️ Today morning, US futures is trading in positive territory, complimented by positive opening of Asian markets.

▫️SGX Nifty is currently stable with a positive bias. Indian markets are expected to open gap up, taking cues from strong global markets and improved inflation data.

This is for educational purposes only.

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