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US market fall big with concerns over rising bond yields! Will Nifty follow?

Good Morning Everyone, Yesterday the Nifty opened with a small gap up and then after some volatile movement downwards and then upwards, finally closed flat. Also, the global markets are weak as investors are concerned over the rising bond yields & also waiting for the outcome of the Evergrande Issue.

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Global Markets

Wall Street stocks fell early Tuesday with tech shares hit hard as Treasury Secretary Janet Yellen urged Congress to quickly raise the debt ceiling to keep the US government operating.

In a letter to lawmakers, Yellen warned that the government would run out of cash by around October 18 unless Congress raises the borrowing limit.

The warning comes amid intense partisan fighting over President Joe Biden's agenda.

Both Yellen and Federal Reserve Chair Jerome Powell are slated to testify later Tuesday before Congress. Powell, who has signaled a possible tapering of stimulus spending as soon as this year, has also endorsed raising the debt ceiling.

The Dow Jones Industrial Average fell 569.38 points, or 1.63%, to 34,299.99; the S&P 500 lost 90.48 points, or 2.04%, at 4,352.63; and the Nasdaq Composite dropped 423.29 points, or 2.83%, to 14,546.68, which is one of the biggest falls in last few months.

Asia-Pacific stocks fell in this morning's trade following an overnight tumble on Wall Street. In Japan, the Nikkei 225 slipped 2.41 percent. South Korea’s Kospi declined 1.85 percent. Hong Kong’s Hang Seng index declined 1.81 percent before paring some losses. Mainland Chinese stocks slipped as the Shanghai composite shed 0.98 percent. The S&P/ASX 200 in Australia fell 1.39 percent. MSCI’s broadest index of Asia-Pacific shares outside Japan traded 1.3 percent lower.

Indian Markets:

Trends on SGX Nifty indicate a negative opening for the index in India with a 107-points loss. However, need to see if the market can recover after such a big gap down. Also, the Volatility is here to stay till tomorrow as the monthly expiry is tomorrow.

Gold prices declined by Rs 208 to Rs 46,159 per 10 gram Tuesday in line with weak global cues. Silver prices declined sharply by Rs 184 to Rs 60,634 per kg. In the international market, gold was trading lower at USD 1,737 per ounce and silver was flat at USD 22.53 per ounce.

The rupee tumbled 23 paise to close at 74.06 against the US dollar on Tuesday, as weaker Asian peers and massive sell-offs in domestic equities weighed on investor sentiment. The dollar index was trading 0.26 percent higher at 93.62.

FII and DII data

Foreign institutional investors (FIIs) net sold shares worth Rs 1,957.70 crore, while domestic institutional investors (DIIs) net bought shares worth Rs 161.45 crore in the Indian equity market on September 28

Stock Specific News:

Lupin | After receiving approval from the US Food and Drug Administration, Lupin announced the launch of Droxidopa Capsules which is a generic equivalent of Northera Capsules of Lundbeck NA. Droxidopa Capsules had estimated annual sales of $294 million in the US.

HDFC Asset Management Company | Promoter Standard Life will sell 1.6 crore shares of the company with a floor price of Rs 2,870 which means a near 7 percent discount to Tuesday's closing price. The deal size is about Rs 3,042 crore.

Aditya Birla Sun Life AMC | The company's initial public offer opens for bidding today and closes on October 1. The company plans to raise Rs 2,768.25 crore through its public issue and the price band was fixed at Rs 695-712 per share.

Reliance Industries and Future Group companies | The National Company Law Tribunal allowed Kishore Biyani-led Future Group companies to hold meetings of its shareholders and creditors to seek approval for the sale of assets to Reliance Retail.

Max Healthcare Institute | Kayak Investments, one of the promoters of the company, will offload about 6.3 crore shares of Max Healthcare for at least 2,220 crore. Shares could be sold at a price between Rs 350-370 per share.

Shreyas Shipping and Logistics | The company has signed a memorandum of agreement for acquiring one Bulk carrier of 35,152 DWT which will be delivered between October 15 and November 30.

Aviation companies | Government extended the ban on scheduled international flights till October 31. Meanwhile, American Airlines has signed a codeshare agreement with IndiGo, which allows the former to sell seats on the Indian carrier's flights operating on 29 routes.

Atul Auto | The commercial production at the company's Bhayla Plant for manufacturing three-wheelers has commenced on September 27.

Housing Development Finance Corporation | HDFC will raise Rs 6,000 crore via bond issue. The bids for subscription will open on September 29 and close on the same day.


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