Buzzing Stocks: Infosys, SBI, Hero Moto, Easy Trip Planners and other stocks in news today
Market at open: Sensex is up 281.23 points or 0.48% at 59422.39, and the Nifty added 79.70 points or 0.45% at 17709.20.
V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services: The market is now driven by momentum with valuations on the back burner. Even FIIs who were skeptical about valuations and sold heavily in July have come back strongly and are chasing the momentum. FIIs have invested Rs 5344 cr in the cash market during the last three days. Nifty has now appreciated by around 10000 points from the March 2020 lows. Even die-hard bulls would not have foreseen such a ferocious rally. Now the bulls are unlikely to let go off their grip on the market till 18000 on the Nifty/ 60000 on Sensex is reached.
In 2021, till date, the Nifty IT has been outperforming the Nifty while Bank Nifty has been underperforming. There is a possibility of change in leadership of the market away from IT, perhaps to banks. The announcement of the ‘bad bank’ road map and govt guarantees for security receipts to be issued by the NARCL will improve the prospects of banks, going forward.
Hot Stocks | Delta Corp, Hero Moto, Kotak Mahindra Bank Can Give Up To 27% Return In Short Term
Key support levels for Nifty are 17,254 (2-week low) and 16,722 (gap support). On the upside, key resistance levels are 18,111 (50 percent extension level of the rise from 7,511-15,431, projected from…
$1 trillion+ has flowed into global stocks in 2021. That’s bigger than the total money ($800 billion) that has come in the last 20 years!
Link: https://t.co/kbOeqgFmeM pic.twitter.com/sFin6XByio— Radhika Gupta (@iRadhikaGupta) September 16, 2021
Sebi mulls carving out separate AIF category to buy distressed loans from banks
Markets regulator Sebi is planning to carve out a separate category in Alternative Investment Funds (AIF) whereby such entities can purchase distressed loans from banks and NBFCs. Pointing out the growing number of AIFs, Sebi Chairperson Ajay Tyagi said on Thursday that the last financial year saw 90 new AIFs getting registered with the regulator under different categories, taking the total number to more than 700.
“This would unlock the capital of banks and NBFCs and make it available for fresh lending. A new sub-category of AIFs could be carved out for this purpose,” he added. Acknowledging the pick-up in launching of ESG-themed schemes by mutual funds in India over past few years, Tyagi said the regulator, at present, is engaging with the industry about disclosing certain broad ESG-related parameters in respect of such schemes.
Oil prices: Oil prices steadied on Thursday after hitting a multi-week high a day earlier as the threat to US Gulf crude production from Hurricane Nicholas receded. Brent crude ended the session up 21 cents, or 0.3%, at $75.67 a barrel. US West Texas Intermediate (WTI) ended the session unchanged at $72.61 a barrel.
Asian Markets: Shares in Asia-Pacific were mixed in Friday morning trade as investors react to mixed US economic data released overnight. The Nikkei 225 in Japan climbed 0.38% while the Topix index traded fractionally higher. South Korea’s Kospi shed 0.22%.
US Markets: The S&P 500 ended slightly lower on Thursday, paring losses in late trading after unexpectedly strong retail sales data underscored the strength of the US economic recovery.
The Dow Jones Industrial Average fell 62.22 points, or 0.18%, to 34,752.17, the S&P 500 lost 6.65 points, or 0.15%, to 4,474.05 and the Nasdaq Composite added 20.30 points, or 0.13%, to 15,181.83.
Top 10 Things To Know Before The Market Opens
Trends on SGX Nifty indicate a positive opening for the index in India with a 89-points gain.