Market Update and News Bulletin: 08/10/2021

Market Update

▫️Indian markets rallied yesterday in line with the global markets on the back of ease in energy prices and progress over relaxation of US government debt ceiling.

▫️ Sensex and Nifty climbed to 59,678 (+0.82%) and 17,790 (+0.82%).

▫️Today market will watch out for RBI’s key policy decision on interest rates.

▫️Market breadth was positive with 1287 advances against 527 declines. Midcap and Smallcap indices ended with gain of more than 1%.

▫️Auto, Realty, Consumption and Consumer Durable stocks rallied the most, while oil and gas, energy and public sector stocks declined.

▫️Indian ruppee partially recovered its lost ground and gained 19 paise to settle at 74.79, amid fall in crude oil prices and dollar softening in the global markets.

▫️Gold prices remained almost flat ahead of the RBI’s key policy decision.

▫️Oil prices moved up slightly as US government denied reports of selling oil from its strategic reserves. Oil prices may touch $100/barrel by the year end as per analysts.

▫️Jobless claims in the US fell most in 3 months, energy prices cooled down and Senate made considerable progress to lift the government debt limit.

▫️As a result, US Markets surged by almost 1% yesterday.

▫️ Today morning US futures are trading flat,


News Bulletin

▫️ Inventory for passenger vehicles with dealers is at lowest level this fiscal, due to chip shortage.

▫️NCLAT has given more time to ZEE to file a response for EGM request by Invesco.

▫️ Reliance Retail to launch 7 – Eleven convenience stores in India.

▫️Centre released ₹40,000 crores GST aid to states.

▫️Fitch cuts India growth forecast for FY22 to 8.7% from 10%.

▫️ Supreme Court has allowed trading of electricity, Indian markets may soon get to trade power futures and options.

▫️PayTM whose IPO may come this month is in talks with sovereign wealth funds for investment.

▫️PM will launch Indian Space Association today.

▫️NTPC has signed a pact with French power company EDF for international power sector.

▫️ Oberoi Realty reported 2 fold jump in sales bookings in July-Sep quartet.

▫️ Mahindra got 25,000 bookings for its new XUV700 in 57 minutes.

▫️JSW Energy to acquire 810 MW wind turbine project from GE Renewable.

▫️Piramal got approval to completely de merge their pharmaceutical and financial business.

▫️Life insurers new premium grew 5.8% between Apr-Sep.

▫️Indiabulls Ventures and 4 other persons paid ₹5 crores to SEBI for insider trading.

▫️Coal India has ramped up the coal supply to thermal power stations, but the situation is still critical.

▫️ Blackstone to acquire 75% stake in VFS Global for $1.87 billion.

▫️Tractor sales in September surged 72% in September and exports of tractors touched record high.

▫️India to grant tourist visas to foreigners from Oct 15.

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