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The global market is still weak! But institutions keep buying in India!

Good Morning Everyone, Yesterday we saw a V-shaped recovery in the Nifty supported by the huge buying by both FIIs & DIIs. There is nothing really special driving the market, but institutions buying continuously at such high levels adds to optimism in the market.

Foreign institutional investors have been bullish on Indian shares for much of 2021. FIIs have invested a net Rs 64,202 crore in Indian equities so far this year. That is more than double the net purchases of Rs 28,347 crore in the first nine months of 2020.

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Global Markets:

The US markets tried to rebound after the big fall in previous days, but could not recover, and in fact, closed down again before the FED meet this evening. The Dow Jones Industrial Average fell 50.63 points, or 0.15%, to 33,919.84, the S&P 500 lost 3.54 points, or 0.08%, to 4,354.19 and the Nasdaq Composite added 32.50 points, or 0.22%, to 14,746.40.

Investors are waiting for the end of this week's Fed meeting that may shed light on when its massive purchase of government debt will begin to ease.

The Nikkei 225 in Japan slipped 0.3 percent in early trade. In Australia, the S&P/ASX 200 dipped fractionally. MSCI’s broadest index of Asia-Pacific shares outside Japan traded 0.13 percent lower.

Indian Market:

Trends on the SGX Nifty indicate a flat start to the market, which will trigger some buying in the market and hence will rise to higher levels, but then today being Wednesday (A day before weekly expiry) we can see huge volatility in the market.

FII and DII data

Foreign institutional investors (FIIs) net bought shares worth Rs 1,041.92 crore, while domestic institutional investors (DIIs) net purchased shares worth Rs 2,167.62 crore in the Indian equity market on September 21

Stock Specific News:

Zee Entertainment Enterprises | The company's board has unanimously provided in-principle approval for the merger between Sony Pictures Networks India and Zee Entertainment Enterprises.

Infosys | The company announced its collaboration with ServiceNow to provide enterprise-level service management for customers in manufacturing industries.

HDFC Bank | The lender plans to double the number of loans it makes to retail borrowers over the next couple of years as consumer demand ramps up from a pandemic-induced slowdown, as per reports.

Mphasis | The company's wholly-owned subsidiary has acquired Blink Interactive for a total consideration of up to $94 million.

Vedanta | The company's proposal to invest Rs 1,240 crore to expand the capacity of an aluminum smelter in Odisha has been reportedly turned down by an expert panel of the Union Ministry of Environment.

Shoppers Stop | With footfalls recovering faster than expected post the COVID-19 second wave, the company has lined up aggressive growth plans for each of its business segments and expects to double its business in 3-4 years, said Venu Nair, MD & CEO of Shoppers Stop.

Torrent Power | The company has entered into a share purchase agreement with CESC, Haldia Energy, and other nominal shareholders to acquire Surya Vidyut at an enterprise value of Rs 790 crore.

MTAR Technologies | The company has received NADCAP certification for its export-oriented unit and unit 5 in Telangana.

Nucleus Software Exports | The company's board will meet on September 24 to consider the proposal for the buyback of fully paid-up equity shares of the company.

Heranba Industries | Promoter bought around 0.4 percent stake in the company through open market on Monday.

Hotels stocks | Sanjay Sethi, MD & CEO of Chalet Hotels, said the hotel industry should completely recover by the second half of 2023.


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