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Global markets continue to be weak, and Nifty to open with a gap down! What next?

Good Morning Everyone, Yesterday Nifty opened flat and went on to close higher supported by the majority of the sectors with buying coming in from both FIIs & DIIs.

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Global Markets:

Globals markets tumbled as oil prices kept increasing and this has increased the concerns of increasing inflation. Oil prices reached a three-year peak on Monday after OPEC+ confirmed it would stick to its current output policy as demand for petroleum products rebounds, despite pressure from some countries for a bigger boost to production.

The Dow Jones Industrial Average was up 102.30 points, or 0.30%, at 34,402.29, the S&P 500 was up 6.90 points, or 0.16%, at 4,359.53, and the Nasdaq Composite was down 37.51 points, or 0.26%, at 14,509.17. Tech stocks saw profit booking and Nasdaq was still down.

Shares in Asia-Pacific fell in Tuesday morning trade following overnight losses on Wall Street. In Japan, the Nikkei 225 dropped 3.39 percent. South Korea's Kospi shed 2.57 percent. The Hang Seng index in Hong Kong dropped 1.42 percent. Shares in Australia also slipped, with the S&P/ASX 200 down 1 percent. MSCI's broadest index of Asia-Pacific shares outside Japan traded 1.29 percent lower. Markets in mainland China remain closed on Tuesday for the holidays.

Indian Market:

With a major sell-off in global markets, we will see a gap-down opening in Nifty today. But with FIIs & DIIs buying in the market yesterday, I feel they don't have an opportunity to book profits and hence, might control the fall in the market.

The Reserve Bank of India on Monday gave a license to the Rs 6,000 crore National Asset Reconstruction Company Ltd (NARCL), a move that will help kickstart operations of the bad bank.

Home sales have recorded a 92 percent growth in volume over the last one year with 64,010 units being delivered in the third quarter of 2021, according to an agency study.

Hyderabad and Kolkata have seen the strongest recovery to the pre-COVID levels in terms of sales as well as launches, the report by Knight Frank India said.

FII and DII data

Foreign institutional investors (FIIs) net bought shares worth Rs 860.50 crore, while domestic institutional investors (DIIs) net purchased shares worth Rs 228.06 crore in the Indian equity market on October 4

Stock Specific News:

Mahindra & Mahindra Financial Services | In September 2021, the company’s total disbursement grew about 23 percent on-year, while during Q2 FY22, its total disbursement saw a 60 percent on-year surge over Q2 FY21. Meanwhile, the collection efficiency was reported at 100 percent for September 2021 and a further improvement over levels of 95 percent and 97 percent in July and August, respectively.

ICICI Lombard General Insurance Company | Key shareholder, Axa SA, will sell 3.57 percent of its stake in the company via block deal at an indicative price of Rs 1,497 to Rs 1,576 per share. The deal size is estimated to value around Rs 2,620 crore.

HDFC Bank | The bank’s advances grew over 15 percent on-year as of September 30, 2021, and deposits were up 14 percent.

Rail Vikas Nigam | The company has entered into an agreement with Tata Steel in connection with the implementation of infrastructure projects.

Bharti Airtel | The company's Rs 21,000-crore rights issue will open on October 5 and close on October 21.

HFCL | The company has bagged an order of about Rs 287.96 crore from RailTel Corporation of India Ltd for setting up of secured optical packet switched network for Defense Forces.

Oil companies | With the OPEC+ agreeing to maintain its schedule of gradual monthly production increases, crude oil prices hit multi-year highs. Brent crude oil crossed $81 a barrel reacting to the development.

Adani Green Energy | The company has completed the acquisition of solar power producer SB Energy India for an enterprise value of $3.5 billion.

PVR | The company has reportedly tied up with Nodwin Gaming to stream gaming tournaments in its theatres.

Zee Entertainment Enterprises | National Company Law Tribunal must make a mandatory order on Extraordinary general meeting being called, said senior advocate Mukul Rohatgi, who was representing Invesco Developing Markets in the NCLT hearing.


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