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Negative Global ques keep Nifty away from its highs!

Good Morning Everyone, The Nifty opened with a big gap down yesterday and did try to rise up but failed to cross 17800. Today again we could see volatile movements, being the monthly expiry.

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Global Markets:

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.

The pan-European STOXX 600 index jumped one percent in early hours, following a 2.2 percent slump the previous day.

Nikkei 225 slipped 0.67%, while the Topix index declined 0.65%. South Korea’s Kospi dipped 0.17%.

Indian Market:

Trends on the SGX Nifty indicate a gap down opening, down by about 40 points from yesterday's close, due to global negativity.

India's external debt rose modestly by 2.1 percent year-on-year to $570 billion as of March-end 2021, notwithstanding the COVID-19 pandemic, according to the finance ministry. The external debt-to-GDP ratio rose marginally to 21.1 percent from 20.6 percent as of end-March 2020.

Reserves to external debt ratio, however, increased to 101.2 percent from 85.6 percent during the same period, thereby consolidating the country's position as a net creditor to the world, as per the status report on India's external debt released by the ministry.

India expects to achieve double-digit growth in the current year and economic reforms are likely to push future growth prospects, Krishnamurthy Subramanian, chief economic adviser at the finance ministry, said at a virtual summit of U.S. and Indian industry captains.

India is among key markets globally with cross-border real estate investment projections of $2.5 billion in the year 2022, Knight Frank’s Active Capital report 2021 has said. US, UK, Germany, France, and the Netherlands are forecast to be top destinations for cross-border real estate investment in 2022.

Stock Specific News:

Blue Dart Express | The company announced its general price increase effective from January 1, 2022. The average shipment price increase will be 9.6 percent compared to 2021, dependent on the shipping profile.

Persistent Systems | The company will acquire Software Corporation International and its affiliate, Fusion360, and Shree Partners including its subsidiary in India, thereby expanding its cloud capabilities.

Reliance Industries | RIL defended the appointment of Saudi Aramco chairman Yasir Al-Rumayyan as an independent director after two of the Indian conglomerate’s institutional investors said they would oppose the move.

HDFC Bank | The bank levied a fee to deter customers who submitted forged documents to obtain loans instead of reporting them to law enforcement, as per reports.

Karur Vysya Bank | Foreign portfolio investor Olympus India Holdings has sold 2.6 percent stake in the lender.

Just Dial | Nalanda India Equity Fund has sold 10.18 lakh shares at a price of Rs 990.1 apiece.

NIIT | The company's subsidiary and Axis Bank have launched its second program on virtual sales and relationship management that offers a great sales career with the lender.

Indian Overseas Bank | The Reserve Bank of India has lifted the curbs on the lender and has taken the bank out of the Prompt Corrective Action framework.

Adani Total Gas | The company had claimed authorisation for Sanand, Bavla, and Dholka areas of Ahmedabad, but the Supreme Court dismissed its plea.

Zee Entertainment Enterprises | Shareholders of the company, Invesco Developing Markets Fund, and OFI Global China Fund LLC, have filed a petition against the company, before the National Company Law Tribunal, Mumbai Bench, inter alia requesting the tribunal to order an extraordinary general meeting of the company.

Birla Corporation | The company will increase its annual cement production capacity to 30 million tonnes by 2027 as compared to its earlier target of raising production capacity to 25 million tonnes by 2025.

IRCTC | The company has fixed October 29 as the record date for the stock split. The company will split Rs 10 shares into 5 shares of the face value of Rs 2 per share.


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