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US markets fell, while Asian markets recover. Can Nifty continue to be strong?

Good Morning Everyone, The Indian market consolidated for the entire week, and on Thursday finally moved up slightly to end the week flat from where it started on Monday.

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Global Markets:

The Dow Jones Industrial Average fell 0.78% to close at 34,607.72 points, while the S&P 500 lost 0.77% to 4,458.58. The Nasdaq Composite dropped 0.87% to 15,115.49. As discussed in our weekly meet, US markets are looking weaker than the Indian market as of now due to the Delta variant of Corona sharply spreading in the country.

MSCI’s broadest index of Asia-Pacific shares outside Japan eased 0.1 percent; Japan's Nikkei 225 index was near peaks last visited in 1990.

Indian Market:

Trends on the SGX Nifty indicate indicates a flat opening to the Nifty today, which might be good for the market to move upwards, but can it sustain the present levels is the question? Any fall below 17300 can get into a selling mode temporarily!

As the low base effect slowly wears off, industrial production in India expanded by 11.5 percent year-on-year (YoY) in July, down from 13.6 percent in June.

Measured by the Index of Industrial Production (IIP), data which was released by the Centre on September 10, industrial output has maintained significant growth from March 2021, aided by a continuing low base effect. FYI, industrial production rose by 28.6 percent in May and a massive 134 percent rise in April.

Continuing the buying in Indian markets, foreign institutional investors (FIIs) pumped in a net sum of Rs 7,605 crore in September so far. According to data from depositories, overseas investors invested Rs 4,385 crore into equities and Rs 3,220 crore in the debt segment during September 1-9. During this period, the total net investment stood at Rs 7,605 crore.

FII and DII data

Foreign institutional investors (FIIs) net bought shares worth Rs 423.44 crore, while domestic institutional investors (DIIs) net purchased shares worth Rs 704.21 crore in the Indian equity market on September 9.

Stock Specific News:

Infosys | The company has launched Infosys Equinox to help enterprises securely deliver hyper-segmented, personalised omnichannel commerce experiences for B2B and B2C buyers.

Zomato | The company will stop its grocery delivery service due to gaps in order fulfillment, poor customer experience, and increasing competition from rivals.

Coal India | The company might raise prices of the dry fuel by at least 10-11 percent to mitigate the impact of increased costs and an impending wage revision, PTI reported.

Punjab National Bank | The bank’s board has approved raising up to Rs 6,000 crore by issuing bonds.

Indiabulls Housing Finance | The company has received the Competition Commission of India's (CCI) approval to divest its mutual fund business to Groww for Rs 175 crore.

Dilip Buildcon | The company’s subsidiary Bangalore Malur Highways has received financial closure from the National Highways Authority of India.

Reliance Infrastructure | The company won an arbitration award against Delhi Metro Rail Corporation (DMRC). The Supreme Court directed DMRC to pay damages of Rs 2,950 crore plus interest up to the date of payment to Reliance Infrastructure promoted Delhi Airport Metro Express Pvt Ltd (DAMEPL). The proceeds from the arbitral award will be utilized for debt reduction, the company said.

BHEL | The company has implemented a +800 kV, 6,000 MW Ultra High Voltage Direct Current (UHVDC) link between the western region grid and the southern region grid.

Arvind SmartSpaces | The company has raised Rs 85 crore from HDFC Capital Affordable Real Estate Fund-1 (H-CARE 1) and promoters at a price of Rs 124 per share.

Tejas Networks | Tata Sons’ subsidiary Panatone Finvest have been allotted 1,93,79,845 equity shares of Tejas Networks by way of a preferential issue on a private placement basis. With this, the total shareholding of Tata Sons in Tejas Networks increased to 37.7 percent from 24.8 percent earlier.

Reliance Industries | JioPhone Next is in advanced trials and will be launched ahead of Diwali.

SBI Life Insurance Company | Canada Pension Plan Investment Board has offloaded 2.3 crore equity shares in SBI Life at Rs 1,171.07 per equity share, whereas BNP Paribas Arbitrage acquired 96,35,692 equity shares at Rs 1,171 per share on the BSE, the bulk deals data showed.

TVS Motor Company | The company launched the new TVS Apache RTR 200 4V in Nepal.

Cerebra Integrated Technologies | The company on September 17 will consider and evaluate proposals for raising funds.

Shyam metalics and Energy | The company entered into an agreement for the sale of shares in subsidiary/step down subsidiary and associate the company with Dorite Tracon Pvt Ltd and Shyam Sel & Power Ltd.


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