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Global markets are weak, Can Nifty sustain at this level?

Good Morning Everyone, Yesterday the Nifty closed flat at almost the same level as on Friday last week after a gap up opening and huge volatility as we approach the monthly derivative expiry. Billionaire Mukesh Ambani-led Reliance Industries' shares scaled a record high on Monday, cementing the oil-to-telecom conglomerate's position as the country's most valuable company. With the gain in RIL shares, the group's market capitalisation touched the Rs 17 lakh crore mark for the first time ever, just days after reaching the Rs 16 lakh crore mark.

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Global Markets:

The US markets ended lower, The S&P 500 and the tech-heavy Nasdaq fell 0.3 percent and 0.5 percent, respectively. The Dow Jones Industrial Average rose 0.2 percent, as did a measure of small-company stocks.

Goldman Sachs has cut China’s economic growth forecast for 2021 to 7.8%, from 8.2% as energy shortages and deep industrial output cuts add “significant downside pressures”.

Stocks in Asia-Pacific largely declined in Tuesday morning trade. South Korea’s Kospi slipped 0.81 percent. Goldman Sachs estimated that as much as 44% of China’s industrial activity has been affected, leading to a 1-percentage point decline in annualised GDP growth in the third quarter, and a 2-percentage point cut from October to December, it said.

Mainland Chinese stocks declined, with the Shanghai composite down 0.2 percent. Hong Kong’s Hang Seng index outperformed regionally as it gained 0.68 percent. In Japan, the Nikkei 225 fell 0.72 percent. The S&P/ASX 200 in Australia dipped 0.28 percent. MSCI’s broadest index of Asia-Pacific shares outside Japan traded 0.29 percent lower.

Indian Market:

Trends on the SGX Nifty indicate an almost flat opening to the Nifty today. However, with the monthly expiry nearing, we will continue to see volatility in the market today too. However, the silver lining would be the news that Rating agency ICRA on Monday revised up its 2021-22 real GDP growth estimate for India to 9 percent from the earlier 8.5 percent.

India reported a 29 percent surge in employment across nine sectors, the All-India Quarterly Establishment-based Employment Survey for the April-June 2021 quarter showed on September 27. The survey was conducted by Labour Bureau to help the government assess employment generation across nine sectors on a quarterly basis.

FII and DII Data:

Foreign institutional investors (FIIs) were net buyers of Indian equities worth Rs 442.5 crore on Friday. Domestic institutional investors (DIIs), however, offloaded stocks worth a net Rs 515.9 crore, exchange data showed.

Stock Specific News:

Cyient | The company was recently recognized by Amazon Web Services as a Select-Tier Consulting Partner in the AWS Partner Network.

Reliance Industries | Glance, already backed by RIL's partner Google, could give the Mukesh Ambani-led company access to content on the lock screen for its upcoming Google-Jio, as per reports.

Bharat Petroleum Corporation Ltd | The disinvestment of BPCL is intended to be completed by March 2022, according to company Chairman, Arun Kumar Singh. Further, BPCL plans to invest over Rs 1 lakh crore over the next five years in raising petrochemical production capacity, gas business, clean fuel, and augmenting marketing infrastructure.

Maruti Suzuki India | The company has told its component suppliers to be ready for the production of 160,000-180,000 cars and SUVs in October, as the automaker is making arrangements to secure the supply of chipsets through multiple channels, as per reports.

RBL Bank | Reserve Bank of India imposes a penalty of Rs 2 crore on RBL Bank for breaching deposit and board composition norms.

Bharti Airtel | The company's direct-to-home arm plans to stop imports of high-definition set-top boxes by the end of this year, having started domestic manufacturing of the devices in Noida in partnership with Skyworth Electronics, reports said.

GAIL India | Record-high liquefied natural gas prices will hurt the sector in the long run, slow industries' switch to natural gas, and delay India's plan of launching LNG-powered trucks. While higher prices are expanding GAIL's margins, they are a setback to consumers.

Whirlpool of India | The company has entered into a share purchase agreement with Elica S.p.A to acquire an additional stake in Elica PB India. Whirlpool currently owns a 49 percent stake in the Elica PB India and will acquire an additional around 38 percent equity interest for $57 million to bring its total equity ownership to around 87 percent.


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