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Big gap up opening today! yet another record high in Nifty today?

Good Morning Everyone. As discussed in our weekend meet, the Indian stock market has seen a surge in the buying by FIIs in Sep 2021 and it might continue even as worries of overvaluation of stocks continue to hover around the minds of the market analysts. However, with the way the Nifty has been shooting up in the recent past, it needs to have a break before the next week as the results will start coming in from Oct 1st week.

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Global Markets:

The US markets closed higher on Friday after a very volatile week. The Dow Jones Industrial Average rose 33.18 points, or 0.1 percent, to 34,798, the S&P 500 gained 6.5 points, or 0.15 percent, to 4,455.48 and the Nasdaq Composite dropped 4.55 points, or 0.03 percent, to 15,047.70.

Asian shares got off to a cautious start this morning as a jump in oil prices to three-year highs could inflame inflation fears and aggravate the recent hawkish turn by some major central banks.

MSCI's broadest index of Asia-Pacific shares outside Japan was flat, after three consecutive weeks of loss. Japan's Nikkei gained 0.4% on hopes for further fiscal stimulus once a new prime minister is chosen.

Indian Market:

Trends on the SGX Nifty indicate a big gap-up opening which might help create another record in the Nifty today, Watch out for that!

Hectic fundraising through initial public offerings (IPOs) is expected in October-November, with at least 30 companies are looking to collectively raise over Rs 45,000 crore through initial share sales, merchant banking sources said. Of the total fundraising, a large chunk would be garnered by technology-driven companies.

The firms that are expected to raise funds through their IPOs during October-November include Policybazaar (Rs 6,017 crore), Emcure Pharmaceuticals (Rs 4,500 crore) Nykaa (Rs 4,000 crore), CMS Info Systems (Rs 2,000 crore), MobiKwik Systems (Rs 1,900 crore), the merchant banking sources said.

The country's banking sector needs to be scaled up with four to five lenders of the size of State Bank of India (SBI), the country's largest state-run lender, Finance Minister Nirmala Sitharaman said on September 26. "We need to scale up banking. The need is for at least four-five more SBI-sized banks," Sitharaman said.

Sitharaman said there was an urgent need to scale up banking to not only meet the growing needs of the industry but also to ensure that all economic centers of the country are covered with at least one physical or digital banking presence.

Stock Specific News:

Multiplex operators | Theatres in Maharashtra will open after October 22 while observing all COVID safety protocols and a standard operating procedure is in the works and will be declared soon.

Biocon | The US Food and Drug Administration has issued six observations after the inspection of the manufacturing facility of its Malaysian subsidiary Biocon Sdn Bhd.

Dalmia Bharat | The company has announced the commencement of commercial production of Line 2, having a capacity of 2.25 million tonnes at its Kapilas Cement Manufacturing Works Unit near Cuttack, Odisha.

Shoppers Stop | Private labels and the beauty businesses will be among the growth drivers for the company, which aims to launch new private labels that would cater to emerging lifestyle needs and more than double this business over the next 12 months. On the beauty front, it will launch 50 new brands in the next 12 months, while doubling its online beauty business.

HDFC Bank | The private bank announced that it will double its rural reach to 2 lakh villages in the next 18-24 months. The lender plans this expansion through a combination of branch networks, business correspondence, business facilitators, CSC partners, virtual relationship management, and digital outreach platforms.

Nucleus Software Exports | The board of directors has approved the proposal to buy back its own fully paid equity shares at a price of Rs 700 per share, through the tender offer route.

SJVN | The company has bagged the full quoted capacity of 1000 MW at a Viability Gap Funding support of Rs 44.72 Lakh per MW by the Indian government through request for proposal floated by Indian Renewable Energy Development Agency Ltd. The tentative cost of the construction and development of this project is Rs 5,500 crore.

Alankit | The company entered into a project from Punjab National Bank related to a request for proposal for engagement of corporate business correspondents for financial inclusion by providing banking services through kiosks. For this, Alankit will receive from Punjab National Bank a substantial amount.

Finolex Cables | The boards of two major corporate shareholders of the company will meet today to assess the situation after two proxy advisory firms raised corporate governance issues.

Vodafone Idea | The company's Managing Director and CEO Ravinder Takkar said he has had several interactions across various parts of the government leading up to the announcement of telecom reforms. In all his conversations, it was absolutely clear that the government has no interest in owning or acquiring, or running any other telecom company, Takkar added, as per reports.

Shriram City Union Finance | Acacia II Partners LP and others sold 3 lakh shares in the company through open market on September 17, reducing shareholding to 3.01 percent from 3.46 percent earlier.


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