2021-09-21 05:49:27
News & Impact
· Expects market to open on a soft note on account of global cues. U.S. stocks fell the most in about four months amid a global rout sparked by investor angst over China’s real-estate sector and Federal Reserve tapering. Dow Jones and S&P 500 declined by 2% each. Worries about debt-engorged Chinese property developers — and the damage they could do to investors worldwide if they default — are rippling across markets. Investors are also concerned that the U.S. Federal Reserve could signal this week that it's planning to pull back some of the support measures it's been giving markets and the economy. SGX Nifty is up 0.2% and US Dow Future gained 150 points or 0.4%.
· European stock markets closed lower on Monday after China property shares declined on increasing concerns about industry debt loads and as investors looked forward to the US Federal Reserve's two-day meeting set to start on Tuesday. UK Index declined 1% while France and Germany Index slipped 2% each.
· A selloff in stocks continued in Asia on Tuesday amid concern about China’s crackdown on the real-estate sector and the debt crisis at developer China Evergrande Group. Japan Index slid by 2% after reopening following a holiday. Hong Kong, Taiwan Index recovered partially from intra-day low. China and South Korea Index are shut today.
· Oil rose marginally at nearly $75/bbl after a two-day decline with Hurricane Ida still having an impact on U.S. crude output three weeks after making landfall.
· Gold advanced 1% to $1763/ounce as fears of a spillover from debt woes of Asian real estate developer China Evergrande Group stoked demand for havens, outweighing concerns that the Federal Reserve’s reduction in stimulus could come soon.
· Weakness in the global market may negative sentiment in the market. However, domestic cues is positive on account of favorable government policy and strong macro data. Fall is a good opportunity to buy on long term prospects like ICICI Bank, HDFC Bank, SBI, HUL, ACC, Infosys. Yesterday, FIIs were net buyers Rs93cr while DIIs net sellers Rs1627cr
· Events – Two days US Fed open market meeting commence from today, Bank of Japan Policy meeting Today, Paras Defense IPO open today, HAL board meeting for stock split
· Market summary – SBI CardHDFC Bank partners with Paytm to launch co-branded credit cards, Tata Power gets Lo1 for 250MW power in Maharashtra, Quess Corp's General Staffing grows 25% in last 12 months, Tata Communications offers pay-as-you-go feature on Ethernet network. Nestle India Increases Prices By 1-3% As Commodity Costs Rise
· HCL Tech announced a five-year, digital transformation deal with MKS Instruments Inc., a global provider of instruments, systems, subsystems and solutions for advanced manufacturing processes, to improve performance, productivity and speed to market. – Positive
· Positive for Tata Consumer, United Sprites, LT Food - Traders list 240 goods for free trade agreement talks with UK (Positive for Tata Consumer, United Sprites, LT Food) - Whisky, cars, vaccines, basmati rice, wool, and tea pre-mix top a list of 240 odd products the Indian industry has identified for import duty cuts in the United Kingdom under a proposed free trade agreement (FTA) between the two countries.
· SBI Cards: CA (Carlyle Asia) Rover Holdings is selling 3.2cr shares or 3.4% equity (current holding 6.5% stake) in the company through a block trade. Shares are being offered at Rs 1,021 to Rs 1,072.3 each. Price range represents 4.8% to no discount to Monday’s close. – Buy for long term prospective
· Adani Ports : The Competition Commission of India has approved proposed acquisition of 10.40% equity shareholding of Gangavaram port by the company
· The Mandhana Retail : Rakesh Jhunjhunwala sold additional 98,094 equity shares in the company between September 17-20, reducing shareholding to 10.32% from 10.77% earlier.- Avoid
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