Midday Review News

Midday Review

Date Heading Details
25-Oct-2021   14:55 Hrs IST Benchmarks turn flat in late afternoon session <p align="justify">Indian benchmarks turned flat in late trade with high volatility as traders remained on sidelines ahead of F&amp;O series expiry this week on Thursday. Weakness in select IT and financial shares too dragged key gauges lower, while buying in banking and metal stocks helped markets to trade near neutral lines. Traders were concerned after foreign portfolio investors (FPIs) have turned net sellers in Indian market by pulling out Rs 3,825 crore in October so far. In the past two months, huge buying was witnessed in the debt segment when FPIs had Rs 13,363 crore in September and Rs 14,376.2 crore in August. Sector wise, Real estate sector remain in focused, as Niti Aayog CEO Amitabh Kant has said that the real estate sector plays a multiplier effect in the development of the economy and is expected to reach a market size of $1 trillion by 2030, accounting for 18-20 per cent of India's GDP.</p><p align="justify">On the global front, Asian markets were trading mixed after Federal Reserve Chairman Jerome Powell said at a virtual conference that the present high-price pressure may not subside soon and that the central bank was on track to start tapering its stimulus. European markets were trading mostly in green as traders prepared for a flurry of Big Tech earnings reports, delivered against a backdrop of high inflation and signs of impending monetary policy tightening.</p><p align="justify">The BSE Sensex is currently trading at 60,845.95, up by 24.33 points or 0.04% after trading in a range of 60449.68 and 61404.99. There were 11 stocks advancing against 19 stocks declining on the index.<br></p><p align="justify">The broader indices were trading in red; the BSE Mid cap index declined 1.35%, while Small cap index was down by 1.38%.<br></p><p align="justify">The only gaining sectoral indices on the BSE were Bankex up by 2.44% and Metal was up by 0.27%, while Consumer Discretionary down by 1.68%, Utilities down by 1.65%, Auto down by 1.45%, Power down by 1.44% and Realty was down by 1.42% were the top losing indices on BSE.<br></p><p align="justify">The top gainers on the Sensex were ICICI Bank up by 10.85%, Axis Bank up by 3.73%, SBI up by 1.33%, Tata Steel up by 0.89% and Mahindra &amp; Mahindra up by 0.63%. On the flip side, Bajaj Finserv down by 2.46%, Asian Paints down by 2.32%, Bajaj Auto down by 2.14%, HCL Tech down by 2.09% and Maruti Suzuki down by 1.76% were the top losers.</p><p align="justify">Meanwhile, in a bid to ease the rollout of communications networks, the Department of Telecom (DoT) has notified an amendment in rules where it has fixed a nominal one-time fee for overground cables at Rs 1,000 per kilometer. It has also waived off all other fees other than administrative fee and restoration charges for establishing, maintaining, working, repairing, transferring or shifting the underground and overground telegraph infrastructure. Further, DoT has also simplified documentation for laying overground telecom cables. These amendments will ease Right of Way Related permission procedures for establishment and augmentation of Digital Communications Infrastructure across the country.<br></p><p align="justify">The Central Government has notified the Indian Telegraph Right of Way (Amendment) Rules, 2021 on October 21, 2021 to incorporate the provisions related to nominal one-time compensation and uniform procedure for establishment of Overground Telegraph Line in the Indian Telegraph Right of Way Rules, 2016.<br></p><p align="justify">Meanwhile, Industry body Digital Infrastructure Providers Association (DIPA) stated that optical fibre is a fundamental and structural part of both mobile and fixed broadband networks, and faster rollout of fibre is important for backhauling a large amount of data at high throughput, improving reliability, and reducing latency.<br></p><p align="justify">The CNX Nifty is currently trading at 18098.80, down by 16.10 points or 0.09% after trading in a range of 17968.50 and 18241.40. There were 16 stocks advancing against 34 stocks declining on the index.<br></p><p align="justify">The top gainers on Nifty were ICICI Bank up by 10.87%, Axis Bank up by 3.88%, ONGC up by 3.15%, SBI up by 1.30% and Cipla up by 1.20%. On the flip side, Asian Paints down by 2.46%, Bajaj Finserv down by 2.37%, Bajaj Auto down by 2.32%, SBI Life down by 2.29% and HCL Tech down by 2.07% were the top losers.<br></p><p align="justify">Asian markets were trading mixed; Shanghai Composite gained 27.26 points or 0.76% to 3,609.86, KOSPI rose 14.38 points or 0.48% to 3,020.54, Taiwan Weighted strengthened 5.50 points or 0.03% to 16,894.24 and Hang Seng was up by 5.10 points or 0.02% to 26,132.03. On the flip side, Straits Times trembled 2.03 points or 0.06% to 3,203.11, Jakarta Composite lost 18.04 points or 0.27% to 6,625.70 and Nikkei 225 was down by 204.44 points or 0.71% to 28,600.41.<br></p><p align="justify">European markets were trading mostly in green, UK's FTSE 100 increased 35.83 points or 0.5% to 7,240.38 and Germany's DAX was up by 23.72 points or 0.15% to 15,566.70. On the flip side, France's CAC was down by 5.68 points or 0.08% to 6,728.01.</p>
25-Oct-2021   12:47 Hrs IST Benchmarks continue to trade in green <p align="justify">Indian benchmarks have continued to trade in the green holding on to their gains in afternoon session on sustained buying by funds and retail investors amid firm Asian cues. Sentiments got some support with industry chamber -- PHD Chamber of Commerce and Industry's statement that it expects strong GDP growth in the coming quarters with the economic recovery gaining momentum. Traders took note of a private report which suggests that if global prices of crude oil, natural gas, coal &amp; electricity were to stay at current levels till December 2021 and rise by a modest 5 per cent till March 2022, the total potential impact on the consumer price inflation (CPI) back home will be around 1 percentage point. On the global front, Asian markets were trading mostly higher ahead of a week packed with major quarterly earnings announcements.</p><p align="justify">Back home, the market breadth was favoring negative trend; there were 2246 shares on the losing side against 979 shares on the gaining side, while 180 shares remain unchanged. In scrip specific development, Sportking India touched roof on getting nod for installation of rooftop solar power project and Tatva Chintan Pharma Chem traded jubilantly on reporting 9-fold jump in Q2 consolidated net profit.<br></p><p align="justify"></p><p align="justify">The BSE Sensex is currently trading at 61071.21, up by 249.59 points or 0.41% after trading in a range of 60449.68 and 61404.99. There were 5 stocks advancing against 25 stocks declining on the index.</p><p align="justify">The broader indices were trading in red; the BSE Mid cap index lost 1.86%, while Small cap index was down by 1.68%.</p><p align="justify">The only gaining sectoral index on the BSE was Bankex up by 3.15%, while Realty down by 2.54%, Consumer Discretionary down by 1.87%, IT down by 1.74%, Utilities down by 1.61% and Auto was down by 1.53% were the top losing indices on BSE.</p><p align="justify">The top gainers on the Sensex were ICICI Bank up by 12.42%, Axis Bank up by 4.95%, SBI up by 1.82%, Mahindra &amp; Mahindra up by 0.77% and Larsen &amp; Toubro was up by 0.59%. On the flip side, Bajaj Auto down by 2.60%, HCL Tech down by 2.38%, Asian Paints down by 2.22%, Bajaj Finserv down by 1.93% and Nestle was down by 1.76% were the top losers.</p><p align="justify">Meanwhile, government has notified guidelines for the recently announced Production Linked Incentive (PLI) scheme for specialty steel. In order to boost production of specialty steel in India, attract additional investment of about Rs 40,000 crore and generate fresh 5.25 lakh job opportunities, the Union Cabinet chaired by Prime Minister Narendra Modi had approved the Rs 6,322-crore PLI scheme. The Ministry of Steel said ‘guidelines offer clarity on operational aspects of the scheme such as the application, eligibility, disbursement of incentive and so on'.</p><p align="justify">It said the five categories of specialty steel which have been included in the PLI scheme are coated/plated steel products, high strength/wear resistant steel, specialty rails, alloy steel products, steel wires and electrical steel. According to the guidelines, a company looking to avail the benefits of the scheme should be registered in India under the Companies Act. Joint Venture companies may also apply for incentives under the scheme. A transparent selection process will be followed to select the eligible company. It said preference shall be given to eligible companies ‘committing to front load their investment during the scheme period'.</p><p align="justify">As per the ministry, it is expected that the specialty steel production in India will become 42 million tonnes by the end of 2026-27. This will ensure that approximately 2.5 lakh crore worth of specialty steel will be produced and consumed in the country which would otherwise have been imported. Similarly, the export of specialty steel will become around 5.5 million tonnes as against the current 1.7 million tonnes. Specialty steel is a value added steel wherein normal finished steel is worked upon by way of coating, plating, heat treatment, etc to convert it into high value added steel which can be used in various strategic applications like defence, space, power, apart from automobile sector, specialised capital goods, etc.</p><p align="justify">The CNX Nifty is currently trading at 18154.00, up by 39.10 points or 0.22% after trading in a range of 17968.50 and 18241.40. There were 9 stocks advancing against 41 stocks declining on the index.</p><p align="justify">The top gainers on Nifty were ICICI Bank up by 12.52%, Axis Bank up by 5.09%, ONGC up by 2.01%, SBI up by 1.79% and Cipla was up by 1.20%. On the flip side, Divi's Lab down by 2.90%, Wipro down by 2.88%, Bajaj Auto down by 2.69%, Eicher Motors down by 2.49% and HCL Tech was down by 2.35% were the top losers.</p><p align="justify">Asian markets were trading mostly higher; Jakarta Composite soared 12.08 points or 0.18% to 6,655.82, Hang Seng increased 24.79 points or 0.09% to 26,151.72, KOSPI rose 17.30 points or 0.58% to 3,023.46, Taiwan Weighted strengthened 5.50 points or 0.03% to 16,894.24 and Shanghai Composite was down by 16.64 points or 0.46% to 3,599.24.</p><p align="justify">On the flip side; Straits Times trembled 0.86 points or 0.03% to 3,204.28 and Nikkei 225 was down by 204.44 points or 0.71% to 28,600.41.<br> <br></p>
25-Oct-2021   12:07 Hrs IST Key gauges bounce back in late morning deals; Sensex reclaims 61K mark
25-Oct-2021   11:12 Hrs IST Markets pare losses in a very volatile trade; Sensex reclaims 60,800 mark
25-Oct-2021   10:01 Hrs IST Benchmarks trade under pressure in early deals
22-Oct-2021   14:56 Hrs IST Markets extend losses in late afternoon session
22-Oct-2021   12:48 Hrs IST Bourses trade flat with negative bias in noon session
22-Oct-2021   12:06 Hrs IST Sensex, Nifty cut gains in late morning session
22-Oct-2021   11:03 Hrs IST Benchmarks continue to trade on positive note in morning deals
22-Oct-2021   09:55 Hrs IST Markets extend opening gains to trade firm; Nifty regains 18,300 mark