Your Daily Dose of Market and News Update 15/09/21

Market Update

▫️Indian markets ended the day with moderate gains, amid positive global cues, likelihood of telecom relief package and Auto PLI scheme. Marginally higher Wholesale inflation data restricted the gain.

▫️Overall, Sensex and Nifty closed in green at 58,247 (+0.12%) and 17,380 (+0.14%).

▫️Broader Markets continue to outshine the benchmark, with Nifty Midcap and Smallcap ending with gain of 1.4% and 0.3%. Market breadth remained healthy with Advance Decline of 1078:730.

▫️ Banking Sector performed well led by select banks, while Metal looked weak.

▫️Ruppee ended flat at 73.68, unchanged from previous close.

▫️Oil Prices ended flat on Tuesday with a positive bias, taking cues from higher inventory drawdown offset by cooling US inflation data.

▫️ Gold prices were stable yesterday, awaiting US inflation data. However, after lower than expected US inflation data Gold prices fell in the international market.

▫️US inflation figures released yesterday, came lower than expected.

▫️ However, US markets ended in deep red on concerns over inflation being sticky, prospect of corporate tak rate hike in US from 21% to 26.5% and uncertainty over tapering.

▫️This morning US futures are trading slightly positive, after a heavy damage at close. While Asia is largely in negative territory.

▫️SGX Nifty is currently trading in green. Yesterday, India VIX cooled by 3.3%, suggesting narrow range of action in the Indian bourses today.

News Bulletin

▫️Relief package for Telecom sector was rolled out. However, it only provides interim cash relief (deferred payments on AGT dues and extension of moratorium on spectrum payments) and does not address the key structural issues of the sector.

▫️ Shareholders of ZEE have sought an EGM to remove CEO and 2 directors. The company’s share went up to 40% in yesterday’s session.

▫️ India’s exports jumped by 46% in August, backed by trade in engineering goods, gems and jewellery and petroleum products.

▫️Indian companies hiring plans for Oct-Dec are most optimistic in 7 years. (Infoedge to be in focus)

▫️Wholesale Inflation inched up slightly from 11.16% in July to 11.39% in August, mainly due to high fuel costs.

▫️Tata Sons got approval to raise ₹40,000 crores. (Money may be used to bid for Air India, launch of big e-commerce venture and re structuring of organisation)

▫️ Reliance Infra to get ₹7,100 crores from Delhi Metro, after a recent Supreme Court ruling.

▫️GST council to discuss today bringing petrol and diesel under GST.

▫️ India’s natural gas production was up by 19% in August, driven by RIL and BP.

▫️Govt. is seeking US Investment in India’s road projects to further boost infrastructure development.

▫️Restarting International Flights may face delays due to pockets of rising Covid cases in other countries.

▫️Tata Steel started carbon capture plant at its Jamshedpur facility.

▫️DRDO ropes in Godrej for Oxygen manufacturing.

▫️Delta Variant hit is expected to slowdown the US and China’s economy.

▫️China locked down city of Fujian (population of 4.5 million), due to virus emergence.

▫️Banks Bad loans in India may cross ₹ 10 lakh crore by FY22.

▫️Yes Bank settles case with a fine of ₹1.65 crores.

▫️ Reliance Capital to cut its debt by 50%, on successful resolution of two companies.

▫️MCX witnessed sharp drop in turnover as bullion trading volumes fell.

▫️RIL is in talks with China’s Huala to manufacture key equipment for solar panel.

▫️ Domestic Airfares have touched sky amid strong demand.

▫️ Retail sales in August reached 88% of the pre covid levels. (Consumer Durables in focus)

▫️Food Delivery apps may be treated as restaurants and can be asked to pay GST. (Zomato)

▫️ JSW Steel and Tata Steel have initiated investment of ₹2,500 crore for increased tinplate manufacturing.

▫️MF SIP hits all time high in August.

▫️PNB to sell its entire stake in Canara HSBC OBC Life Insurance.

This is for educational purposes only.

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