The buying frenzy of domestic investors pushed benchmarks higher on Tuesday. The S&P BSE Sensex gained almost 500 points while the Nifty50 finished above the 17,800 level.
Out of 50 scripts on Nifty50, 29 advanced, 20 went down, one remained unchanged at the close of the market today. Public sector unit stocks such as ONGC gained the most by around 11%, followed by IndusInd Bank by more than 5%, Coal India jumped by more than 4% and IOC by more than 3%.
See Zee Business Live TV Streaming below:
In contrast, Cipla and Hindalco fell more than 2 percent, while Shree Cement, Sun Pharma and Tata Consumers fell more than 1 percent in an otherwise positive market.
“The Nifty formed a base there in the first half of the session and leaped forward in the second half,” said Gaurav Ratnaparkhi, head of technical research, Sharekhan by BNP Paribas. “On the upside, the index crossed a 61.8% retracement of last week’s decline and hit near the 78.6% retracement mark of 17,840. is therefore immediate resistance to watch. ”
“The overall structure shows that the Nifty is still in a phase of near-term consolidation and is heading towards the higher end of the range, ie 17950, where it is likely to experience some selling pressure. On the downside, 17700-17640 will act as a short-term support zone, ”added Ratnaparkhi.
Stay tuned to Zeebiz.com to find out what could be impacting your business today. We’ve put together a list of the top 10 hot spots that could impact markets, businesses, or the economy:
Global equity markets rallied on Tuesday as US and European tech stocks rebounded and the dollar strengthened ahead of US wage data on Friday that could reveal the Federal Reserve’s next move to cut its support for the economy, Reuters reported.
Most major US and European stock indexes rose more than 1%, while yields on 10-year US Treasuries, a touchstone for investor sentiment, exceeded 1.5%. Another jump in crude oil futures fueled inflation fears, the report said.
Investors are focusing on Friday, when the US unemployment report for September could determine when the Fed will proceed with its intention to start cutting bond purchases by $ 120 billion per month.
European stocks closed 1.17% higher as the rise in bank stocks and encouraging results from chipmaker Infineon calmed nerves after a tech-fueled sell-off on Wall Street on Monday.
Europe’s tech sector jumped 2.2%, breaking a seven-game losing streak in which it fell 11.7%. Shares of European banks rose 3.5% to more than a year-and-a-half high.
On Wall Street, the Dow Jones Industrial Average gained 0.92%, the S&P 500 by 1.05% and the Nasdaq Composite by 1.25%.
Among Asian markets, Nikkei225 was trading at 27,602.50, down 219.62 points or 0.79%. Meanwhile, Hang Seng lost 315 points or more by 1.3% and traded at 23,788.90. Kospi was trading at 2,935.94, also down 26.23 or 0.89%.
SGX Nifty was trading with a negative bias and was trading at 17,803.50, down more than 46 points or 0.26% from the previous closing price on Tuesday.
Sebi refines standards for REITs and InvITs
Market regulator Sebi has fine-tuned the regulation of REITs and InvITs regarding the exit option for dissident unitholders in various scenarios, including acquisition and change of sponsors.
Real estate investment trusts (REITs) and infrastructure investment trusts (InvITs) are emerging investment vehicles.
The exit option for dissident unitholders would be available in the event of an acquisition, change of sponsor, inducted sponsor or change of control of sponsor or inducted sponsor as part of an open offer.
The government obtains a dividend of Rs 2,800 cr from CIL and ONGC during fiscal year 22
The government received more than 2,800 crore rupees in dividends from Coal India and ONGC during this fiscal year, the secretary of DIPAM said on Tuesday.
“The Indian government received approximately Rs 1426 cr from Coal India Ltd and Rs 1406 cr from ONGC respectively as a dividend during this fiscal year recently,” tweeted DIPAM Secretary Tuhin Kanta Pandey.
According to the Department of Investment and Public Asset Management (DIPAM) website, so far in the current fiscal year (April-March), the government has received 4,576 crore rupees in the form of dividend from CPSE.
The rupee collapses by 13 paise:
The rupee fell 13 paise to close at 74.44 (provisionally) against the US dollar on Tuesday, weighed down by the strengthening of the greenback in the overseas market and rising crude oil prices.
In the interbank foreign exchange market, the local currency opened on a low note and recorded an intraday high of 74.41 and a low of 74.63 against the US dollar in daily trading.
Local unit eventually settled at 74.44 per dollar, down 13 paise from its previous close. On Monday, the rupee stood at 74.31 against the US dollar.
India’s sugar exports hit a record 7.23 MT in 2020-21
Sugar factories exported a record estimated 7.23 million tonnes in MY 2020-21 which ended on September 30, with peak shipments to Indonesia, trade body AISTA said on Tuesday. .
Of the total shipment, 7.06 million tonnes of sugar were exported, while around 1,66,335 tonnes are being loaded during the 2020-21 marketing year (October to September), a t -he indicates.
According to All India Sugar Trade Association (AISTA), around 6 million tonnes of sugar were exported with a government subsidy and 7.85 lakh tonnes without a subsidy in MY 2020-21.
Oil climbs 2%, hits multi-year highs
Oil prices jumped 2% on Tuesday, with US crude reaching its highest level since 2014 and Brent futures hitting a three-year high after the OPEC + producer group walked away kept to its expected production increase rather than increasing it further.
U.S. West Texas Intermediate (WTI) oil rose $ 1.45, or 1.9%, to $ 79.07 a barrel by 12:50 p.m. EDT (1650 GMT). During the session, it climbed to $ 79.48, the highest in nearly seven years. Brent crude rose $ 1.55, or 1.9%, to $ 82.81. Earlier, it hit a three-year high of $ 83.13.
PE inflows plunge 30% in third quarter to $ 17 billion: report
Private equity inflows in the third quarter of 2021 fell 30% to $ 16.91 billion from $ 23.95 billion a year ago, but almost doubled sequentially from $ 8.5 billion, according to report of the sector.
The massive drop comes despite a huge jump in volumes in the third quarter to 457 deals involving 537 companies from just 231 deals across 282 companies, shows data gathered by Refinitiv, an LSG group entity that is a leading data provider and information on financial markets.
Moody’s raises outlook for India from negative to stable
Rating agency Moody’s Investors Service on Tuesday raised its outlook for India from negative to stable, saying downside risks to Asia’s third-largest economy and its financial institutions have declined.
Moody’s has confirmed India’s sovereign credit rating at Baa3.
“The decision to change the outlook to stable reflects Moody’s view that the downside risks associated with negative reactions between the real economy and the financial system are fading,” the agency said in a note.
FII and DII data:
Foreign portfolio investors (REITs) remained net sellers for Rs 1,915.08 crore in Indian markets, while domestic institutional investors (DII) were net buyers at Rs 1,868.23 crore, according to provisional data from the NSE.
Stocks under F&O ban on NSE
A stock – National Aluminum Company placed under the F&O ban. Securities subject to the blackout period in the M&O segment include companies in which the security has exceeded 95% of the market-wide position limit.
(With contributions from PTI, Reuters and other agencies)
(Disclaimer: The opinions / suggestions / advice expressed here in this article are solely by investment experts. Zee Business suggests that its readers consult their investment advisers before making a financial decision.)