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Global negativity and No major cues in India! Nifty reversal or consolidation?

Good Morning, Everyone, as discussed in the meet on Saturday, we might see some weakness after this big bull run last week. Global markets are already weak, And the Indian market does not have any local cues to support them. So I will watch the market carefully today and stay away from short-term bets for now.

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Global Markets:

The Dow Jones Industrial Average fell 166.44 points, or 0.48%, to 34,584.88; the S&P 500 lost 40.76 points, or 0.91%, at 4,432.99; and the Nasdaq Composite dropped 137.96 points, or 0.91%, to 15,043.97 on Friday.

All eyes will be on the FED meeting on Wednesday in the US, repercussions of the same can be seen in the Indian market on Thrusday.

MSCI’s broadest index of Asia-Pacific shares outside Japan dropped 1.4 percent, after shedding 2.5 percent last week, amid thin trade as the Japanese, Chinese, and South Korean markets were closed for a holiday.

Indian Market:

Trends on the SGX Nifty indicate a gap down opening in Nifty today at close to 17450, 17300 will be a level to be watched, which if crossed, might see further down move.

There is some good news for the aviation sector as Domestic carriers can now operate flights at 85 percent of pre-Covid levels, up from 72.5 percent at present, the Ministry of Civil Aviation said in a circular issued on September 18.

India's residential property market is expected to witness a strong consumer demand during the festival season with various banks, including SBI, providing concessional interest rates on home loans, according to real estate developers and consultants.

Foreign portfolio investors (FPIs) remained net buyers in Indian markets so far in September by investing a net sum of Rs 16,305 crore. As per depositories data, overseas investors invested Rs 11,287 crore into equities and Rs 5,018 crore in the debt segment on a net basis between September 1-17. During this period, the total net investment stood at Rs 16,305 crore.

FII and DII data

Foreign institutional investors (FIIs) net bought shares worth Rs 1,552.59 crore, while domestic institutional investors (DIIs) net sold shares worth Rs 1,398.55 crore in the Indian equity market on September 17

Stock Specific News:

Lupin | The US Food and Drug Administration has concluded an inspection at the company's Goa facility and has closed with seven observations.

Rail Vikas Nigam | The company has bagged an order from Madhya Pradesh Metro Rail Corporation for Rs 10.34 billion.

Vodafone Idea | Promoters of the company, Vodafone Group Plc and Aditya Birla Group, may reportedly infuse fresh equity capital in the company, reciprocating the government's reform package that largely intended to revive their financially troubled Indian telecom entity.

Welspun India | The company's board has approved an expansion plan of about Rs 6,565 million over FY22 and FY23.

Wipro | The company has announced the launch of the Wipro-Google Cloud Innovation Arena in Bangalore.

Sobha Ltd | Subhash Mohan Bhat has resigned from the position of Chief Financial Officer and Key Managerial Personnel of Sobha Ltd. The board has appointed Yogesh Bansal as the CFO with effect from the close of business hours on November 15, 2021.

Bajaj Holdings & Investment | The board of directors has declared an interim dividend of Rs. 90 per equity share for the financial year ending March 31, 2022.

Mrs Bectors Food Specialities | The company has incorporated a wholly-owned subsidiary company in the UAE for carrying out the business of bakery products and confectionery.

Elgi Equipments | The company has formed a wholly-owned subsidiary in Malaysia to undertake the business of sale, purchase, repair, service, import, export of air compressors, spare parts, fittings, and accessories.

Dish TV | The board has sought more time to convene the next annual general meeting citing regulatory clearances required for accommodating Yes Bank’s proposals for a board change.

Zee Entertainment Enterprises | BlackRock Inc. (on behalf of discretionary management clients) picked more than 3.01 lakh equity shares in the company via open market transaction, increasing shareholding to 5.01% from 4.98% earlier.

Aster DM Healthcare | The company acquired an 86% stake in Hindustan Pharma Distributors Private Limited. The Vanguard Group Inc A/C Vanguard Total International Stock Index Fund (P8) acquired 26,59,223 equity shares in healthcare company Aster DM Healthcare at Rs 216.42 per share on the NSE

KEI Industries | The Vanguard Group Inc A/C Vanguard Total International Stock Index Fund (P8) & Vanguard Emerging Markets Stock Index Fund A Series of V I E I F together bought 9,86,771 equity shares in cable manufacturer KEI Industries at Rs 847.56 per share on the NSE

Cadila Healthcare | Zydus Cadila received final approval from USFDA for Vortioxetine tablets which are used to treat depression.

Motilal Oswal Financial Services | The company intends to issue 1,000 secured principal-protected market-linked redeemable non-convertible debentures of the face value of Rs 10 lakh each, amounting to Rs 100 crore on a private placement basis, in one or more tranches.

Nazara Technologies | NODWIN Gaming, an independent subsidiary of Nazara Technologies, acquired the Gaming and adjacent IP business of OML Entertainment for Rs 73 crore.

Narayana Hrudayalaya | Group CFO Venugopalan Kesavan tendered his resignation w.e.f November 12, 2021.

Great Eastern Shipping | The company has delivered its 2003 built Aframax Crude Carrier 'Jag Lata' to the buyers. The vessel was contracted for sale in July 2021.

Reliance Power | Integrated Core Strategies (Asia) Pte Ltd sold 2,04,35,178 equity shares in Reliance Power at Rs 13.75 per share on the NSE, the bulk deals data showed.


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