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Here’s What Mutual Funds Bought, Sold In March; Do You Own Any?
Equity funds saw inflows of Rs 9,115 crore in March against outflows of Rs 10,468 crore in the month prior.
Views of Rahul Bajoria, Chief India Economist, Barclays India, on WPI inflation
In a material upside surprise, the wholesale price index surged 7.4 percent year-on-year (YoY) in March, reaching a 102-month high. The March print also ensured that WPI inflation will exceed CPI inflation (5.5 percent YoY) after running below it for 23 months.
Adverse base effects and strong sequential momentum drove WPI inflation higher, with sharp month-on-month price gains continuing in the fuel and manufacturing segments, which could become a cause for concern. We expect WPI inflation to continue to rise for a few more months, possibly reaching double digits the first time since September 2011 in May 2021.
Nippon Life India enters into strategic collaboration with Cathay SITE:
Cathay SITE (Securities Investment Trust) the largest Asset Manager in Taiwan, signed a Letter of Intent (LOI) for an exclusive strategic collaboration with Nippon Life India Asset Management Limited (NAM India), a subsidiary of Nippon Life Insurance, as per the press release.
Nippon Life India Asset Management was quoting at Rs 331.80, up Rs 2.50, or 0.76 percent on the BSE.
Gaurav Garg, Head of Research, CapitalVia Global Research:
The market opened with a gap up but with increased concerns over rise in Covid cases, the market could not maintain the higher levels and corrected till the level of 14400. The US market closed with a mixed sentiment in the market. Asian markets were trading mixed, after Singapore’s central bank retained its monetary policy stance as the policymakers viewed it appropriate amid weak outlook for core inflation and continuing economic recovery.
Market continues to trade in a range between 14250-14800 with 14200 being a major support in the short period of time. On the sectoral front, Metal and Health Care have shown some strength while Auto and IT sector being the top losing sectors each shredding nearly 2 percent. Cipla and ONGC are the top gainers while Grasim and Eicher Motor are the top losers.
Rupee Updates:
Indian rupee has erased early losses and trading at day’s high at 75.00 per dollar, amid selling seen on the domestic equity market.
It opened 14 paise lower at 75.19 per dollar against Monday’s close of 75.05.
NMDC revises lump ore and fines prices:
The company has fixed the prices of Lump Ore (65.53, 6-40mm) at Rs 6,950/- per ton and Fines prices (643, -10mm) at Rs 5,060/- per ton w.e.f. 14-04-2021, company said in press release.
NMDC was quoting at Rs 141.10, up Rs 3.00, or 2.17 percent on the BSE.
Coinbase Makes Its Nasdaq Debut; Here’s How Indian Investors Can Invest: Vinay Bharathwaj Of Stockal
We are seeing investors go beyond FAANG companies, it was popular initially when we launched and when investors just wanted to get some global exposure, says Bharathwaj.
ICRA upgrades rating of bank facilities of Jindal Steel & Power:
Credit rating agency, ICRA, has upgraded its rating from [ICRA] BBB + with “Stable” outlook to [ICRA] A with “Stable” outlook on the Long Term Bank Facilities and from [ICRA]A2 to [ICRA]A1 for short term facilities of Jindal Steel & Power, company said in its release.
Jindal Steel & Power was quoting at Rs 415.15, up Rs 5.65, or 1.38 percent on the BSE.
Sensex, Nifty Volatile; 5 Factors That Are Weighing On The Market
The market failed to extend the gains of the previous session and succumbed to profit-taking after opening higher.
JUST IN | March WPI inflation was at 7.39% versus 4.17%. Food inflation stood at 5.28% versus 3.31% and manufactured products inflation was at 7.34% versus 5.81%, MoM.
Nifty Auto index slipped 1 percent dragged by the Eicher Motors, Bharat Forge, Maruti Suzuki
