Published on 21/09/2021 1:52:52 PM
Markets erase gain to turn negative
Indian bourses erased all its gains in noon session as selling appeared in utilities, auto and power stocks with Sensex and Nifty tumbling by 67 and 17 points respectively. Traders were worried as Icra Ratings said with the benefits of unlocking measures tapering out, high-frequency indicators have become uneven since August. The performance of the high-frequency indicators in August 2021 was decidedly uneven, especially when compared to the pre-COVID levels. However, downfall remain limited as Reserve Bank of India (RBI) in its latest survey has showed that exports of software services, including services delivered by foreign affiliates of Indian companies, recorded 2.1 per cent growth during 2020-21 and stood at $148.3 billion. On the global front; Asian markets were trading mostly lower on contagion fears and selling pressure persisted amid concern that troubles at indebted developer China Evergrande could ripple across the world economy, markets and financial system.
The BSE Sensex is currently trading at 58423.69, down by 67.24 points or 0.11% after trading in a range of 58232.54 and 58779.42. There were 17 stocks advancing against 13 stocks declining on the index.
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Published on 21/09/2021 9:19:31 AM
Indian equity benchmarks likely to make positive start despite weak global cues
Indian equity benchmarks ended in deep red on Monday, pulled down by the metal stocks. Today, the start is likely to be positive despite weak cues from global markets. Traders will be getting support with Private report stating that Investors have been pouring money into India’s stock market, and it could grow to more than $5 trillion to become the fifth largest in the world within three years.
It added Indian start-ups have raised $10 billion through IPOs so far this year - more money than was raised in the last three years. More support can come as India has climbed two spots to 46 in the Global Innovation Index (GII) 2021 prepared by the World Intellectual Property Organization (WIPO). The country’s rank has been consistently rising in the last few years. From 81 in 2015, it has moved to 46 in 2021. Traders may take note of report that apex exporters’ body Federation of Indian Export Organisations (FIEO) said it will focus on new products and markets for diversification with a view to boost the country's outbound shipments.
Besides, the finance ministry will kick-start the exercise to prepare the Union Budget for financial year 2022-23 (FY23) from October 12. However, traders may be cautious on report that Icra Ratings said with the benefits of unlocking measures tapering out, high-frequency indicators have become uneven since August. The performance of the high-frequency indicators in August 2021 was decidedly uneven, especially when compared to the pre-COVID levels. It appears that the temporary boost, provided by the easing of state-wise restrictions after the second wave of COVID-19 ebbed, petered out.
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Published on 20/09/2021 1:55:19 PM
Bourses remain under pressure in noon deal
Indian Equity benchmarks continue to trade in red terrain in noon deals as investors booked profits at higher levels, mainly in Metal, Basic Materials and PSU stocks. Investors were taking caution approach as across the world will be eyeing the FOMC meet this week for clarity on the outlook for tapering as well as interest rate timelines. While the Fed's planned reduction of bond purchases has been in focus this year, their view on interest rates will likely be the fresh triggers to move markets world over. However, downside remain capped as with the markets remaining buoyant as Foreign Portfolio Investors (FPIs) remained net buyers in domestic markets so far in September by investing a net sum of Rs 17,822 crore. FPIs invested Rs 11,287 crore into equities and Rs 5,018 crore in the debt segment on a net basis between September 1 and 17.
On the global front; Asian markets were trading lower ahead of a week packed with global central bank meetings, with a torrid session for the world's most indebted property developer China Evergrande. Back home, hotel stocks were in focus on hopes of business revival following unlocking of the economy and pick-up in travel. The management’s commentary on strong revival from July onwards is encouraging and business will be back to pre-Covid level by Q4FY22, if there won’t be third wave of the pandemic.
The BSE Sensex is currently trading at 58861.88, down by 154.01 points or 0.26% after trading in a range of 58525.89 and 59202.56. There were 8 stocks advancing against 22 stocks declining on the index.
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Published on 20/09/2021 9:42:33 AM
Markets to make negative start on feeble global cues
Indian equity benchmarks ended lower on Friday on profit booking. Today, the start is likely to be weak tailing the sluggishness in the global indices. Traders will be cautious as the country’s foreign exchange reserves declined by USD 1.34 billion to USD 641.113 billion in the week ended September 10, 2021, according to RBI data. During the reporting week ended September 10, the fall in the reserves was on account of a decline in Foreign Currency Assets (FCAs), a major component of the overall reserves.
Traders may take note of report that President Ram Nath Kovind said the Covid pandemic hit the country's economy hard and the government has taken various fiscal measures to alleviate distress and help the poor. However, some respite may come later in the day as Commerce and Industry Minister Piyush Goyal said simplification, facilitation and ease of doing business has helped India create more startups. He said for promoting startups, the government is creating future global leaders and wants to become the innovation hub of the world.
Markets may get some support as the GST Council in its meeting stated that businesses that default on filing summary return and paying monthly GST will not be able to file GSTR-1 sales return of the succeeding month from January 1 next year. It has decided to take a host of measures to streamline compliance, including mandatory Aadhaar authentication for businesses to file refund claims. These moves would help prevent revenue leakage due to evasion of Goods and Services Tax (GST), which was launched on July 1, 2017.
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Published on 17/09/2021 5:46:34 PM
Key gauges end marginally lower on Friday
In a volatile session, Indian equity benchmarks erased all of their day’s gains after lifetime highs and ended marginally lower on Friday amid profit booking. Markets made a strong opening, as sentiment got a boost with Union Finance Minister Nirmala Sitharaman’s statement that the National Asset Reconstruction Company (NARCL) would be operational soon, and it had to ensure resolving bad loans within five years, beyond which the guarantee to be issued by the government would expire. The Cabinet approved a government guarantee of Rs 30,600 crore to be provided for the security receipts issued by the NARCL to buy bad loans of lenders. Further, support also came in as the Reserve Bank of India (RBI) said prospects are brightening for the Indian economy achieving ‘escape velocity’ from the pandemic as the second wave of COVID-19 wanes and preparedness for future remains on war-alert status. It said aggregate demand is gaining firmer ground, while on the supply side, IIP and core industries mirror improvement in industrial activity and services sector indicators point towards sustained recovery.
However, the market witnessed a late bout of profit-taking towards the closing stages. Traders overlooked India Ratings’ report stated that with the resumption of economic activity, the collection efficiency for securitisation transactions moved up from 67 per cent in May 2021 to 79 per cent in July. However, it is yet to reach March 2021 levels of 83 per cent. Meanwhile, in order to rave up the innovation and entrepreneurship ecosystem across the country, Atal Innovation Mission (AIM) NITI Aayog has inked partnership with Dassault Systemes. In this regard a Statement of Intent (SoI) was signed between AIM and Dassault Systemes in a virtual event to support various current and future initiatives of AIM programs and AIM beneficiaries in India.
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Published on 17/09/2021 1:01:06 PM
Bourses continue to trade in positive terrain
Indian stock markets continued to trade in positive terrain in the afternoon session due to buying in TECK and IT stocks. Buying in frontline stocks such as Bajaj Finserv, Kotak Mahindra and Bajaj Finance were aiding sentiment, while selling in Tata Steel, SBI and NTPC kept the gains in the markets in check. Sentiments were positive as controlled Covid cases domestically and strong pick up in vaccination drive has led to healthy pick-up in economic activities. Adding more support, Reserve Bank of India (RBI) states that the inflation trajectory is coming down faster than anticipated and the inflation print of 5.3 per cent in August has proven the monetary policy committee’s (MPC) move to look through May’s price shock as the right call. However, upside remain capped as traders were cautions as Finance Minister Nirmala Sitharaman is chairing the 45th meeting of the Goods and Service Tax Council Council today. The meeting will be the first in-person meeting between the Union Finance Minister and State Finance Ministers in two years. In the previous month, GST revenue collection stood at Rs 1.12 lakh crore this was lower than the Rs 1.16 lakh crore collected in July but was still better than the year-ago period. Further, the GST council may also discuss bringing petrol and diesel under the GST regime.
On the global front; Asian markets were trading mixed as concerns over the impact of prolonged outbreak of coronavirus across the word, China’s latest regulatory tightening on businesses and prospect of reduced US Federal Reserve stimulus also weighing on market sentiments. Back home, in scrip specifc development, shares of Zomato were in buzz as in today’s GST Council meeting, the finance ministers are expected to discuss the fitment committee’s recommendation to bring food delivery apps such as Zomato and Swiggy within the ambit of restaurant services and make them liable to pay the tax.
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Published on 17/09/2021 10:47:52 AM
Indian equity markets to extend jubilation with a good start
Indian equity markets settled at fresh closing highs on Thursday. Today, the start is likely to remain jubilant and the markets will extend their gains encouraged by Union Finance Minister Nirmala Sitharaman’s statement that the National Asset Reconstruction Company (NARCL) would be operational soon, and it had to ensure resolving bad loans within five years, beyond which the guarantee to be issued by the government would expire. The Cabinet approved a government guarantee of Rs 30,600 crore to be provided for the security receipts issued by the NARCL to buy bad loans of lenders. There will be some support as the Reserve Bank of India (RBI) said the inflation trajectory is coming down faster than anticipated and the inflation print of 5.3 per cent in August has proven the monetary policy committee’s (MPC) move to look through May’s price shock as the right call. Meanwhile, RBI in its latest article has said that the uptick in the credit growth in the recent months notwithstanding the second COVID-19 wave augurs well for the economy. Bank credit growth has witnessed significant fluctuations in the past one and a half decades. It said the period between 2007-08 and 2013-14 could be characterised as a bank credit boom period in the Indian economy, as non-food credit registered double-digit growth, primarily driven by robust credit growth to the industrial sector. Traders may take note of report that European Commission and the High Representative adopted a Joint Communication on the EU Strategy for cooperation in the Indo-Pacific. This is seen as a major development for the region ahead of the first in-person Quad meeting in Washington next week, in which key players of the Indo-Pacific i.e. India, Japan, Australia and the US are taking part. There will be some buzz in aviation stocks on report that the Directorate General of Civil Aviation (DGCA) said around 6.7 million domestic passengers travelled by air in August, 33.83 per cent higher than 5 million who travelled in July. The cap on capacity was increased to 72.5 per cent from August 12. Earlier airlines could only operate up to 65 per cent of their capacity. All airlines have reported an increase in load factors.
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Daily Market Commentary 21 September 2021 by Mr. Siddhartha Khemka, Motilal Oswal
1
Mswipe's lending business appoints Tanya Chadha as Chief Operating Officer
2
Goa accounts for 12% of drug manufacturing in India: Chief Minister Pramod Sawant
3
Buy Aluminium Above 230 SL Below 228 TGT 232.50/233.50 - Axis Securities Ltd
4
FIIs stood as net buyer in equities as per September 21 data: NSDL
5
Meeting with Ford Motor official was a failure: Union
6
Gautam Adani says on track to be the world's largest renewable generating company
7
Odisha approves projects worth Rs 640 crore under OMBADC
8
Indian shares end higher as metals, tech stocks rebound
9
Lincoln Pharmaceuticals zooms on planning to launch Cephalosporin products
10
News Alert - OECD Maintains Strong GDP Projection for 2021
Published on 2021-09-21 16:38:33News Alert - Volatile weather may hit pulses yield, drag kharif output down
Published on 2021-09-21 11:17:27News Alert - RBI to conduct open market purchase, sale of G-secs on Thursday
Published on 2021-09-21 10:24:42News Alert - India`s forex reserves fall to $641.11 bln as of Sept. 10
Published on 2021-09-17 17:47:41WTI: OPEC+ supply increases to drive prices just below $70/b into Q3-2021 – TDS
Published on 2021-09-17 15:36:33
