Market Update and News Bulletin: 28/09/2021

Market Update

▫️India bourses continued their bull run and closed marginally up at record high, backed by strong buying in RIL and auto sector, counterbalanced by profit booking in IT sector.

▫️Sensex and Nifty ended the day at 60,078 (+0.05%) and 17,855 (+0.01%).

▫️ Sectorwise, auto, realty, banking, oil and gas outperformed, while IT, healthcare and FMCG underperformed.

▫️Market breadth was bearish with advance decline ratio of 790:1028. Smallcap and Midcap indices ended mostly flat.

▫️ Volatility index jumped by 6.7% to 18.05, reflecting cautious mood of Investors.

▫️Ruppee lost 15 paise and closed at 73.83 against dollar, due to rising crude oil prices and stronger dollar.

▫️Oil prices inched up for 5th straight session and neared $80/barrel, due to supply side constraints caused by maintenance delays and under investment, complimented by strong demand rebound.

▫️ Gold prices fell slightly and hovered around 46k mark. Soft global cues and rising yields are bringing gold prices down, while Chinese buying (due to fall of Evergrande) is supporting the yellow metal.

▫️US markets closed mixed yesterday, as Dow ended the day in green, while S&P and Nasdaq closed in red, as rising treasury yields weighed on IT stocks.

▫️Today morning US futures are trading negative, accompanied by weak Asian markets. SGX nifty is also down, indicating soft opening for Indian markets.

▫️Stocks in F&O ban: SUNTV, SAIL, CANBK, ZEEL, IDEA and ESCORTS.

News Bulletin

▫️Promoters of Voda Idea have assured government that they would infuse ₹10,000 crore equity in to the company.

▫️Job growth over the past 8 years in India, was only 3.3% (lot of potential left).

▫️ Goodman Sachs has raised the Brent Crude oil price to $90/barrel, by the year end (-ve for India Inc.).

▫️ Govt. to borrow ₹5.02 lakh crore in second half of FY22.

▫️ RBI bank imposed ₹2 crore fine on RBL Bank due to regulatory deficiencies.

▫️BPCL plans investment of ₹1 lakh crores over the next 5 years.

▫️2nd Quarter advance tax collection rose by 52%, thanks to steel, manufacturing and mining companies’ record profits.

▫️ICRA raised India’s FY22 GDP growth forecast to 9.0% from 8.5%.

▫️Daily GST e-way bill for week ended on 26 Sep was up by 4%, sequentially (Festive Demand Pick Up).

▫️ Financial losses of power distribution companies were down by 38% in FY20.

▫️Tata Steel became the first steel company to join Sea Cargo Charter as part if its efforts to reduce carbon emissions.

▫️Adani Wilmar has opened 12 stores in 6 states under the brand name of ‘Fortune Mart’.

▫️Royal Enfield partnered with TCX to launch protective riding accessories and lifestyle shoes.

▫️Shyam Metalics enters into aluminium business.

▫️ China’s Central Bank promised to protect consumer interests from the fall of Evergrande.

▫️Power shortage in China has led to nationwide shutdown of factories, impacting growth and global supply chain.

▫️SEBI confirms ban on 5 people in ZEE, for insider trading.

▫️IL&FS offered NPAs worth ₹4,297 crores on sale.

▫️Banks have offered bad loans over ₹10,000 crores for sale to asset reconstruction companies in Q2’22. (IDBI, BoB, SBI, Union Bank and IOB were the top sellers)

▫️ Federal Bank launched contactless credit card.

▫️HDFC Bank raised ₹5k crores via bonds.

▫️HDFC Ltd to raise ₹6k crores debt.

▫️ Reliance to invest in Google backed mobile content provider Glance InMobi PTE.

▫️Power Grid to raise ₹6,000 crores via bonds.

▫️Chip shortage to affect expansion plans for Paint Industry (especially new entrants like Grasim)

▫️Air Traffic decline marginally during Sep 19-25 week.

This post is for educational purposes only.

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