Market closing: It was another day of volatility for Indian markets even as indices recovered as the global sell-off eased. The Sensex touched a high of 59,084.51 and low of 58,232.54. The Nifty moved between 17,326.10 and 17,578.35
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The US Federal Reserve is due to meet on Tuesday and Wednesday, with investors looking for cues on when it will begin pulling back on its bond purchases. Investors also await other central bank meetings spanning Brazil, Britain, Hungary, Indonesia, Japan, Norway, the Philippines, South Africa, Sweden, Switzerland, Taiwan and Turkey
21 Sep 2021, 03:49:35 PM IST
Indices recover as global sell-off eases; Sensex, Nifty end nearly 1% higher each
Benchmark Indian equity indices ended higher as a global sell-off, sparked by concerns over China's Evergrande crisis, moderated on Tuesday.
The Sensex closed 514.34 points, or 0.88%, higher at 59,005.27, while the Nifty rose 165.10 points or 0.95% to end the session at 17,562.
JSW Steel, Bajaj Finance, ONGC, IndusInd Bank and Bajaj Finserv were the top gainers on Nifty, while Maruti Suzuki, BPCL, Hero MotoCorp, Bajaj Auto and Nestle were the worst hit.
Except power and auto, all other sectoral indices ended in the green, with realty, IT and metal indices up 2-3%. In the broader markets, BSE Midcap index rose nearly 1%, while Smallcap index was up 0.2%.
Investors will now await cues from US Federal Reserve's upcoming policy meeting which begins later today. Fed Chair Jerome Powell's remarks will be in focus as the US central bank is likely to lay the groundwork for an eventual scaling down of its massive bond buying programme.
21 Sep 2021, 03:00:01 PM IST
Prime Minister Modi to leave for US tomorrow, return to India on 26 September
PM Modi to have a bilateral meeting with US President Joe Biden and attend the COVID summit being hosted by Biden.
PM to also have a meeting with US Vice President Kamala Harris.
After Washington DC, PM Modi to travel to New York on Friday evening. Will be first speaker of the day at UNGA on Saturday.
21 Sep 2021, 02:43:44 PM IST
India VIX falls 3.9%
21 Sep 2021, 02:38:17 PM IST
OECD pares India FY22 growth forecast to 9.7%
The Organisation for Economic Co-operation and Development (OECD) on Tuesday pared its FY22 growth forecast for India by 20 basis points to 9.7%, citing still persisting risk of lasting costs from the coronavirus pandemic.
“The output shortfall from the pre-pandemic path at the end of 2022 in the median G20 emerging-market economy is projected to be twice that in the median G20 advanced economy, and particularly high in India and Indonesia," OECD, the 38-member intergovernmental organisation, said in its interim economic outlook.
OECD data showed India’s was the worst hit among major economies, with its real GDP in June quarter 15% less than pre-pandemic forecast while relative to December quarter of 2019, its GDP was around 7% less.
For FY23, OECD reduced India’s growth projection by 30 basis points to 7.9%.
21 Sep 2021, 02:32:37 PM IST
Top gainers/losers on Nifty at this hour
21 Sep 2021, 02:29:51 PM IST
European equites higher, with FTSE, CAC, DAX up over a percent each
21 Sep 2021, 02:23:43 PM IST
Sebi relaxes rules for junior MF staffers
The Securities and Exchange Board of India (Sebi) on Monday said its skin-in-the-game rules can be implemented in phases for junior employees of mutual fund houses.
For now, the regulator said, the employees can invest 10% of their compensation in mutual fund schemes operated by them instead of the required 20%.
This relaxation is not applicable to the chief executive officer, fund managers and heads of departments of a fund house.
The rules will come into effect from 1 October.
To make mutual fund managers more accountable with their investment decisions, the markets regulator had announced in April that ‘key employees’ of an asset management company, such as fund managers, chief experience officers, compliance officers, fund management and research teams, as well as sales heads and dealers, will have to be paid one-fifth of the compensation in the form of units held in mutual fund schemes managed by them.
In the new notification, the markets regulator replaced ‘key employees’ with ‘designated employees’ and the term ‘paid in form of units’ has been changed to ‘mandatorily invested in units’.
21 Sep 2021, 02:21:20 PM IST
HCL Tech signs agreement with Lendico, an ING Germany Company to help it build solutions for SMEs
21 Sep 2021, 02:10:20 PM IST
SpiceJet receives shareholder approval to transfer cargo business to subsidiary
SpiceJet Limited on Tuesday said it has received shareholders’ approval to transfer its cargo and logistics services business to its subsidiary, SpiceXpress and Logistics Private Limited (SpiceXpress), which will result in a one-time gain of ₹2555.77 crore for the airline.
The transfer of the logistics business will wipe out a substantial portion of the company’s negative net worth, the airline said.
The consideration for the slump sale shall be discharged by SpiceXpress by issuance of its shares in favour of SpiceJet, it added.
21 Sep 2021, 01:51:30 PM IST
Sensex climbs 300 points led by Infosys, TCS
21 Sep 2021, 01:49:59 PM IST
Nifty eyes 17,500
21 Sep 2021, 01:38:39 PM IST
US index futures gain as stock selloff moderates: Bloomberg
A selloff in stocks moderated on Tuesday as traders assessed risks from China’s crackdown on the real-estate sector and looked ahead to this week’s Federal Reserve meeting.
The Stoxx Europe 600 index climbed more than 1%, rebounding from the biggest drop in two months, with energy companies leading the advance and most industry sectors in the green. Royal Dutch Shell Plc rose more than 4% after the company offered shareholders an unexpected payout from the sale of shale oil fields.
U.S. futures gained, suggesting some improvement in sentiment after concerns about fallout from China Evergrande Group’s debt woes roiled markets Monday. Dip-buyers in the last hour of trading Monday helped the S&P 500 pare some losses, though the index still posted the biggest drop since May.
21 Sep 2021, 01:37:12 PM IST
Sustainable investing at a tipping point, says Standard Chartered survey
Standard Chartered on Tuesday said its latest survey of investing trends among emerging affluent, affluent, and high net worth investors revealed that sustainable investing is at a tipping point, with awareness and interest at an all-time high.
However, investor apprehensions – lack of measurement and transparency – prevent sustainable investing from becoming more mainstream, it said.
The Sustainable Investing Review 2021 revealed an upward trend in sustainable investing among more than 2,000 investors, representing, surveyed in Mainland China, Hong Kong, Taiwan, Singapore, India, the UAE and UK. Overall, the allocation of sustainable investments in investor portfolios is on the rise. The results revealed that 13% of investors already have more than 25% of total investments channelled into sustainable solutions, compared to just 2% of investors in 2020.
L&T Hydrocarbon Engineering Limited (LTHE), a wholly owned subsidiary of Larsen & Toubro, has bagged two orders in the construction services segment, one each from GAIL India and Air Products Middle East Industrial Gases LLC.
The first order is for GAIL India's Mumbai-Nagpur Pipeline under which the company will be responsible for laying steel gas pipeline, and construction of terminals along with associated facilities. The pipeline project, due to be laid alongside the upcoming Mumbai-Nagpur super communication expressway, has a schedule of 14 months.
The second order comes from Air Products Middle East Industrial Gases LLC for its Industrial Gas Hub (IGH) Network project at Jubail, KSA.
Larsen & Toubro classifies orders worth Rs1,000-2,500 crore as significant.
Indian consumers ready to spend as covid wave ebbs: Deloitte report
Indian consumers are more than ready to loosen their purse strings, buy more discretionary goods, resume leisure travel and are more confident about returning to work places, in signs that consumption is reviving in the country, said a survey by Deloitte Touche Tohmatsu India that included India.
Deloitte reported the findings in its Global State of the Consumer Tracker gauging consumer responses over a 30-day period. The company has been tracking consumer sentiment since the onset of the pandemic globally. The survey is fielded in 18 countries covering 1,000 people per country, per wave.
Indians are cautiously returning to a state of “business as usual", it said.
21 Sep 2021, 12:42:51 PM IST
HDFC offers festival season home loans at 6.7%; offer valid till 31 Oct
21 Sep 2021, 12:41:10 PM IST
BSE adds 1 crore investors since June 2021, hits 8 crore mark
21 Sep 2021, 12:24:01 PM IST
Nifty Bank: ICICI Securities
The Bank Nifty opened lower and witnessed selling pressure in line with the rest of the market. While fresh short build up of positions was observed in the last session, we believe Put base at 37000 should act as immediate support and move below that would lead to fresh round of selling while on the higher 37300 will act as resistance.
Sell Bank Nifty in the range of 37300-37350.
21 Sep 2021, 12:20:46 PM IST
Tata Motors to raise commercial vehicle prices, effective 1 October
Evergrande crisis isn’t China Lehman moment: Bloomberg
China Evergrande Group’s debt crisis is unlikely to become China’s “Lehman moment," according to strategists at Citigroup Inc., Barclays Plc and UBS Group AG.
Barclays argues the market environment isn’t similar to what happened during the collapse of Lehman Brothers, UBS says the default levels are pretty low versus the size of China’s economy and Citi expects the policy makers to step in.
“The conditions are simply not in place for even a large default to be China’s Lehman moment," Barclays macro strategists including New York-based Ajay Rajadhyaksha wrote in a note on Monday. One would need to see a sharp increase in credit distress away from the real-estate sector, banks unwilling to face each other and massive policy mistakes for that to happen, they wrote.
21 Sep 2021, 11:36:37 AM IST
Nifty technicals: Angel Broking
For some time, we would certainly not be in a hurry to buy these dips; because this may not be the similar corrective move that we have been witnessing of late. As far as levels are concerned, 17550-17630 are to be treated as stiff hurdles, with 17450-17250 key support zone. A violation of the lower range would lead to extended correction in the market which in our sense is possible in coming days. Still all eyes would be on the banking as well as midcap space, because they are the ones who are likely to set the tone for rest of the participants.
21 Sep 2021, 11:13:24 AM IST
Nifty Realty surges amid muted cues form broader markets
21 Sep 2021, 11:01:40 AM IST
Edelweiss MF asks investors with spare cash to invest in China Fund
Edelweiss Asset Management Company which has a Fund of Funds (FoF) feeding into the JP Morgan Greater China Fund has asked investors with spare cash to invest more money into its fund. Recent regulatory clampdowns on industries like private tuitions and online gaming and financial troubles with Evergrande, a real estate developer have caused sharp falls in Chinese markets as well as global markets. The Edelweiss note, however, dismissed these concerns with respect to its FoF's prospects.
“Edelweiss Greater China Equity Offshore Fund is an open-ended fund of fund scheme investing in JPMorgan Funds - Greater China Fund which invests in companies from the People's Republic of China, Hong Kong and Taiwan. The recent episode of Bond rating downgrade of Evergrande group and rebuke of China’s Gaming sector has induced short term volatility in the Chinese markets. Evergrande is neither held by JPMorgan Greater China Fund nor in any of the JPMorgan Emerging Markets or Asia funds. In fact, the fund managers do not formally cover Evergrande as a company due to quality issues and its inability to generate free cash flow", a note issued by Edelweiss Asset Management said. It further opined that the Chinese government may allow defaults but they would be ‘orderly’ in nature.
The JP Morgan Greater China Fund counts Taiwan Semiconductor, Tencent and Alibaba Group Holding Ltd as its top 3 holdings with weights of 10.01%, 8.98% and 6.32% respectively.
21 Sep 2021, 10:58:25 AM IST
Covid-19: India reports 26,115 new cases in last 24 hours
21 Sep 2021, 10:52:26 AM IST
Paras Defence IPO fully subscribed within minutes of opening
The issue comprises fresh issuance of equity shares worth Rs140.6 crore and an offer of sale (OFS) of up to 17,24,490 shares.
The share sale's price band has been fixed at ₹165-175 per equity share. As per market observers, Paras Defence shares were available at Rs210 in the grey market today.
21 Sep 2021, 10:48:59 AM IST
SpiceJet gets shareholders nod to raise ₹2500 crore via QIP: reports
· The Nifty, on expected lines, underwent profit booking from Friday’s high of 17792 resulting in a bear candle with sizeable higher shadow indicating selling pressure around 17600 levels, which remains key hurdle on coming session. Going forward, we expect the index to undergo healthy consolidation in the broad range of 17200-17800 in coming week amid loss of momentum, as past seven-week rally measuring 15% has led weekly oscillators into overbought trajectory with readings exceeding 90. Meanwhile, market is expected to remain stock specific amid consolidation in broader market indices
· Since April 2021, the Nifty has maintained rhythm of not correcting more than 3-4% from highs while time wise it has not corrected for more than 4 trading sessions consecutively. We expect markets to maintain this rhythm and strong buying demand to emerge around 17200-17100 levels over next couple of sessions where Nifty will achieve equality with its current rhythm – a) 3-4% magnitude from current week high (17792) that also coincides with identical lows of past two weeks (17250) and 38% retracement of most recent four-week rally (16395-17792) placed at 17259
· Broader market indices have gained around 15% each over a month. Such sharp gains have led weekly stochastic oscillator into overbought zone with reading in excess of 90 and likely to slow down the momentum for these indices wherein stock specific action would continue
21 Sep 2021, 10:11:34 AM IST
India rupee opens at 73.81 per dollar on Tuesday vs previous close of 73.74
21 Sep 2021, 10:07:28 AM IST
Nifty pares gain, trading flat now
21 Sep 2021, 10:06:20 AM IST
Sensex pares gains
21 Sep 2021, 10:05:11 AM IST
Nifty gainers/losers at this hour
21 Sep 2021, 09:52:01 AM IST
Banks, auto stocks under pressure
21 Sep 2021, 09:47:59 AM IST
Glenmark Pharma gets US FDA nod for Clindamycin Phosphate Foam: regulatory filing
China Evergrande tumbles further after S&P says default is likely
China Evergrande Group slid deeper in equity and credit markets Tuesday, fueling concerns about broader contagion after S&P Global Ratings said the developer is on the brink of default, Bloomberg reported.
The distressed developer’s shares in Hong Kong fell 7% after closing Monday at the lowest in about a decade. Its 8.25% dollar bond due 2022 fell 0.3 cent to 24.9 cents, leaving it down some 75% since late May, according to prices compiled by Bloomberg. The junk-rated company is the biggest issuer of high-yield notes in Asia.
“We believe Beijing would only be compelled to step in if there is a far-reaching contagion causing multiple major developers to fail and posing systemic risks to the economy," according to an S&P report dated Sept. 20. “Evergrande failing alone would unlikely result in such a scenario."
21 Sep 2021, 09:35:59 AM IST
SBI Card falls; Carlyle to sell stake in the company
Private equity firm Carlyle Group will nearly halve its stake in SBI Cards and Payment Services Ltd for as much as $443 million, or ₹3,267.2 crore, according to deal terms seen by Mint.
CA Rover Holdings, a Carlyle entity, which as of 30 June held a 6.5% stake in the credit card issuer, will sell around 32 million shares, or a 3.4% stake in the company, through a block trade.
Carlyle will offer the shares at an indicative price band of ₹1,021 to ₹1,072.3 apiece.
Oil prices advance amid signs of tightening US supply: Reuters
Oil prices rose on Tuesday as analysts pointed to signs of U.S. supply tightness, ending days of losses as global markets remain haunted by the potential impact on China's economy of a crisis at heavily indebted property group China Evergrande.
Brent crude gained 52 cents or 0.7% to $74.44 a barrel, having fallen by almost 2% on Monday. The contract for West Texas Intermediate (WTI), which expires later on Tuesday, was up 61 cents or 0.9 at $70.90 after dropping 2.3% in the previous session.
21 Sep 2021, 07:58:50 AM IST
RBI announces ₹15,000 crore bond sale under G-SAP 2.0
The Reserve Bank of India (RBI) on Monday announced open market purchase of government securities under the G-sec Acquisition Programme (G-SAP 2.0) and simultaneous sale of securities.
Accordingly, the RBI will conduct the open market purchase of government securities under the G-sec Acquisition Programme (G-SAP 2.0) for an aggregate amount of ₹15,000 crore on 23 September, the central bank said in a release.
Exide Industries, Indiabulls Housing Finance, Vodafone Idea, IRCTC, NALCO, Punjab National Bank, SAIL, and Sun TV Network are under the F&O ban for 21 September
21 Sep 2021, 07:40:56 AM IST
SGX Nifty hints at a positive start for Indian indices
Nifty futures on Singapore Exchange traded at 17,424.80, up 68.95 points, or 0.40%, indicting a positive start for benchmark indices on Tuesday.
On Monday, amid a global sell-off, the Sensex ended 524.96 points or 0.89% lower at 58,490.93. The broader Nifty tumbled 188.25 points or 1.07% to close at 17,396.90.
The Indian rupee had declined 26 paise to close at 73.74 against the US dollar on Monday,
21 Sep 2021, 07:12:18 AM IST
Bitcoin extends drop amid global selloff as stocks stumble
Cryptocurrency prices extended a slump Tuesday after a broad selloff sparked by worries about contagion from China Evergrande Group swept through global markets, Bloomberg reported.
Bitcoin slid as much as 7.6% to $40,237 in early Asian trading, dropping to the lowest level since the beginning of August, before paring some of the decline. Ether retreated below $3,000. Cardano fell about 10% over the last 24 hours, according to CoinGecko.com.
The losses mirrored the concerns in the broader market as investors weighed the risks coming from Evergrande debt crisis and this week’s Federal Reserve meeting. The S&P 500 fell 1.7% in its worst session since May overnight, and the stock selloff continued in Asia on Tuesday.
21 Sep 2021, 07:10:11 AM IST
Global shares sink as China Evergrande fears sour risk appetite
Global stock markets on Tuesday were caught in the grip of contagion fears sparked by troubles at China Evergrande as heightened concerns that the property giant could default on its massive debt prompted investors to flee riskier assets, Reuters reported.
Selling pressure persisted in early trade in Asia ahead of a major test for Evergrande this week, which is due to pay $83.5 million in interest relating to its March 2022 bond on Thursday. It has another $47.5 million payment due on Sept. 29 for March 2024 notes.
Both bonds would default if Evergrande fails to settle the interest within 30 days of the scheduled payment dates.
Japan's Nikkei fell 2.0%, resuming trade after a market holiday on Monday while MSCI's broadest index of Asia-Pacific shares outside Japan lost 0.2%.
MSCI's ACWI shed 0.13%, a day after the gauge of the world's 50 stock markets lost 1.63%, its biggest decline in two months, and leaving it teetering at its lowest level in two months.
Overnight, on the Wall Street, the Dow Jones Industrial Average fell 614.41 points, or 1.78%, to 33,970.47, the S&P 500 lost 75.26 points, or 1.70%, to 4,357.73 and the Nasdaq Composite dropped 330.07 points, or 2.19%, to 14,713.90.
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