Updated on: Tuesday, September 28, 2021, 10:19 AM IST

Stock market indices open firm amid mixed global cues; Bank Nifty at record high, tops 38,350

The stock market indices opened higher on Tuesday (September 28, 2021) with Nifty Bank at a new high-38,360.00, up 188.70 points or 0.49 percent. | File Image

The stock market indices opened higher on Tuesday (September 28, 2021) with Nifty Bank at a new high-38,360.00, up 188.70 points or 0.49 percent. | File Image


The stock market indices opened higher on Tuesday (September 28, 2021) with Nifty Bank at a new high-38,360.00, up 188.70 points or 0.49 percent.

At 09:16 AM, the Sensex was up 25.29 points or 0.04 percent at 60,103.17, and the Nifty was up 17.10 points or 0.10 percent at 17,872.20. About 1170 shares have advanced, 461 shares declined, and 103 shares are unchanged.

HCL Tech was the top loser in the Sensex pack, shedding over 2 per cent, followed by Infosys, Tech Mahindra, TCS and Asian Paints.On the other hand, NTPC, UltraTech Cement, PowerGrid and SBI were among the gainers.

Foreign Institutional Investors (FIIs) were net sellers in the capital market as they offloaded shares worth Rs 594.63 crore on Monday, as per exchange data.

On September 27 (Monday), the Nifty ended flat after going in and out of positive territory. At close, Nifty was up 1.9 points or 0.01 percent to 17855.

Nifty could not breach the highs of Friday on Sept 27 and ended almost flat. Advance decline ratio deteriorated during the day to end at below 1:1. Broader market is seeing lack of buying/participation while the largecaps are seeing rotational buying with Auto coming back in favour while IT going out. However large scale sell-off is not yet seen in the markets and hence hopes of Nifty touching 18000 level over the next few days still remains alive, said Jasani.

Sebi board meeting today

The board of Securities and Exchange Board of India (Sebi) meeting is scheduled to be held today. It may consider raising shareholding cap for stock exchanges, clearing corporations and depositories. at easing mutual fund ownership norms, and relaxation of eligibility criteria for issuance of superior voting rights shares. It may also discuss ownership norms for MIIs.

Asia-Pacific stocks decline in early trade

Stocks in Asia-Pacific largely declined in Tuesday morning trade as various firms downgraded China’s GDP forecasts. South Korea’s Kospi slipped 0.81 percent. In Japan, the Nikkei 225 fell 0.72 percent while the Topix index shed 0.99 percent. The S&P/ASX 200 in Australia dipped 0.28 percent.

China's economic growth forecast cut

Goldman Sachs has cut China’s economic growth forecast for 2021 to 7.8 percent, from 8.2 percent as energy shortages and deep industrial output cuts add “significant downside pressures”, it said in a note on Tuesday.

Goldman Sachs estimated that as much as 44 percent of China’s industrial activity has been affected, leading to a 1-percentage point decline in annualised GDP growth in the third quarter, and a 2-percentage point cut from October to December, it said.

Oil prices up for fifth straight day

Oil prices gained on Monday for a fifth straight day, with Brent at its highest since October 2018 and heading for $80, as investors fretted about tighter supplies because of rising demand in parts of the world.

Brent crude was up $1.44, or 1.8 percent, to settle at $79.53 a barrel, having posted three straight weeks of gains. US crude futures rose $1.47, or 2 percent, to settle at $75.45 a barrel, its highest since July, after rising for a fifth straight week.

Employment figures surge to 29% in April-June

India reported a 29 percent surge in employment across nine sectors, the All-India Quarterly Establishment-based Employment Survey for the April-June 2021 quarter showed on September 27. The survey was conducted by Labour Bureau to help the government assess employment generation across nine sectors on a quarterly basis.

The survey covers establishments with more than 10 workers. The nine selected sectors are Manufacturing, Construction, Trade, Transport, Education, Health, Accommodation and Restaurant, IT/ BPO and Financial Services.

Profits in China's industrial firm grow at weak pace in August

Profits at China’s industrial firms grew at a weaker pace in August from a year earlier, slowing for a sixth consecutive month, as manufacturers struggled with high commodity prices, COVID-19 and shortages in some key components.

Profits rose 10.1 percent on year to 680.3 billion yuan ($105 billion) last month compared with a 16.4 percent gain in July.

The momentum in the world’s second-biggest economy has weakened in recent months with its vast manufacturing sector buffeted by gathering headwinds.

Sebi's revised risk management framework

To protect the interests of investors and to ensure that mutual funds render high standard of service, the capital market regulator Securities Exchange Board Of India (SEBI) has come out with a revised risk management framework.

The bond schemes closure by Franklin Templeton AMC has left many investors in the lurch. After reviewing the risk management framework for mutual funds in the Mutual Funds Advisory Committee (MFAC), the recommendations of the panel have been incorporated by the regulator in the new risk management framework (RMF).

Paradeep Phosphates gets Sebi's nod for IPO

Leading fertilizer company Paradeep Phosphates has received Sebi's go-ahead to mop up funds through an initial public offering (IPO). The IPO comprises fresh issue of equity shares worth Rs 1,255 crore and an offer for sale (OFS) of up to 12,00,35,800 shares by its existing shareholders and promoters, according to the draft red herring prospectus (DRHP).

Under the OFS, Zuari Maroc Phosphates (ZMPPL) will offer up to 75,46,800 shares and up to 11,24,89,000 equity shares will be offered by Government of India.

Eight stocks under F&O ban

Eight Stocks – CANBK, ESCORTS ,IBULHSGFIN, IDEA ,IRCTC ,PNB ,SAIL & ZEEL are under F&O ban today.

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Published on: Tuesday, September 28, 2021, 09:23 AM IST