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Nifty continues to flirt with 18000, while world markets are still weak!

Good Morning Everyone, Nifty again flirted with 18000 and closed just below at 17992 yesterday. However the good news is that The Consumer Price Index-based (CPI) inflation for September 2021 came in at 4.35 percent, compared with 5.30 percent in August, data released by the National Statistical Office (NSO) showed on October 12. This is the lowest retail inflation print since April 2021.

The fall in headline retail inflation was primarily on the back of a sharp cooling in food inflation. Consumer Food Price Inflation (CFPI) for September stood at 0.68 percent in September, compared with 3.11 percent in August.

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Global Markets:

The Dow Jones Industrial Average fell 117.72 points, or 0.34%, to 34,378.34, the S&P 500 lost 10.54 points, or 0.24%, to 4,350.65 and the Nasdaq Composite dropped 20.28 points, or 0.14%, to 14,465.93.

MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.1% in early trading, steadying after falling over 1% a day earlier, in what was its worst daily performance in three weeks.

Moves were muted in most markets. Chinese blue chips were flat, Australia eeked out a 0.06% gain, while Japan's Nikkei shed 0.2%.

Hong Kong's stock market was closed in the morning because of a typhoon.

Also contributing to the uneasy mood, investors are waiting for a raft of data releases due to be published Wednesday, including Chinese trade figures, U.S. consumer price inflation data, and minutes of the U.S. Federal Reserve's September policy meeting.

Indian Market:

Trends on the SGX Nifty indicate a small gap-up opening. With weak global cues, India still has strong positive cues as Inflation is down which is good. However, it will be the major IT industry results that can move the market today. Let's watch that closely today.

Industrial production grew 11.9 percent in August mainly due to a low-base effect and good performance by manufacturing, mining, and power sectors that surpassed the pre-COVID level.

IMF retained India’s growth outlook for both the current and the next fiscal. It pegs India’s real GDP growth at 9.5 percent for FY22, 8.5 percent for FY23, and 6.1 percent by FY27. It pegged world economic growth at 5.9 percent for 2021, marginally lower than its July forecast of 6 percent.

Domestic flights will be allowed to operate at full capacity from October 18, the government said in an order issued on October 12.

The decision to ease the norms was taken after reviewing the current air travel demand, the Ministry of Civil Aviation said.

Results on October 13

Infosys, Wipro, Mindtree, Advik Laboratories, Aditya Birla Money, Morarka Finance, National Standard, Perfect-Octave Media Projects, Plastiblends India, Raghav Productivity Enhancers, SDC Techmedia, Sanathnagar Enterprises, Stratmont Industries, and Unistar Multimedia will release quarterly earnings on October 13.

FII and DII data

Foreign institutional investors (FIIs) net sold shares worth Rs 278.32 crore, while domestic institutional investors (DIIs) net sold shares worth Rs 741.22 crore in the Indian equity market on October 12.

Stock Specific News:

IT companies | Infosys, Wipro, and Mindtree will announce their September quarter earnings later today.

RIL | NexWafe GmbH (NexWafe) announced the induction of Reliance New Energy Solar Ltd (RNESL), a wholly-owned subsidiary of Reliance Industries Ltd (RIL), as a strategic lead investor in its $45 million Series C financing round with an investment of $29 million in phase one. Separately, RNESL and Denmark-based Stiesdal A/S have signed a cooperation agreement for technology development and manufacturing of Stiesdal’s hydrogen electrolyzers in India.

Vodafone Idea | Promoters Vodafone Group Plc and Aditya Birla Group are likely to invest as much as $400 million in fresh equity in the telecom operator.

Tata Motors | Private equity major TPG Capital will invest Rs 7,500 crore in Tata Motors Ltd's new electric vehicle subsidiary. TPG Capital's new climate-focused financial fund, TPG Rise Climate, along with co-investors shall invest Rs 7,500 crore in compulsory convertible instruments to secure an 11 to 15 percent stake in the auto company translating to an equity valuation of up to $9.1 billion.

Indraprastha Gas | IGL hiked CNG and PNG prices for the second time in the last two weeks. The company has increased CNG price by Rs 2.28/kg and PNG by Rs 2.10/SCM.

TCS | Tata Consultancy Services’ artificial intelligence-powered enterprise digital twin platform--TCS TwinX--for risk-free business simulations, is now available on Google Cloud.

Nazara Technologies | The company which recently raised about Rs 315 crore to accelerate its acquisition strategy, has cast its net as far as the US and Europe. The company is now looking to fill some gaps in its casual, social multiplayer, e-sports, and real money gaming segments, a report said.

Choice International | The company has acquired the mutual fund distribution business of Centcart Money Services by step-down subsidiary Choice Wealth.

Centrum Capital | The Reserve Bank of India issued a licence to Unity Small Finance Bank, a step-down subsidiary of the company, to carry on small finance bank business.


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