Morning Update for 24 September 2021

Indices at previous closing

Nifty50: 17,822 ▲+276 (+1.5%)
Sensex: 59,885 ▲+958 (+1.6%)
Nifty Bank: 37,771 ▲+827 (+2.2%)

For more updates on F&O, click here.

In the news

Accenture posts strong Q4 numbers

In the August ending quarter, the global IT major net profit rose 10% year-on-year to $1.4 billion. The bottom line received a boost from 24% YoY growth in the revenue. The company follows the September to August fiscal year. 

Further, its revenue guidance for the first quarter is above street estimates and the company expects its fiscal year 2022 revenues to grow at 12%-15%. This bodes well for the Indian IT sector as Accenture’s performance is widely seen as an indicator for it. The Nifty IT Index was up 1% yesterday.     

JSPL bags iron ore mine

Jindal Steel and Power (JSPL) said that it has been granted a mining lease for Kasia iron ore mine in Odisha. This mine is in close proximity from the JSPL’s Barbil pellet plant. Further, it has a large resource of 278 million tonnes of iron ore, with an environmental clearance (EC) of 7.5 million tonnes annually. 

The mine’s large base and high quality ore is expected to provide JSPL with significant raw material security. The company doesn’t envisage any major capex related to the mine. Shares of JSPL were up 1.2% yesterday.  

Gas crunch could fuel oil demand

OPEC nations warned that the global natural gas crunch could impact the oil markets. Iraq expects the demand for oil to rise as consumers look for an alternative to gas. Experts believe that a shortage of gas in the cold winter could fuel the prices of oil. 

International oil prices were trading 2% higher yesterday and are nearing their year’s high. Meanwhile, shares of oil and gas exploration major ONGC were up 3% yesterday.   

Sectoral indices (September 23)

Global markets (at 8:00 am)

Fact of the day

A rare copy of the first edition of the US constitution is up for auction with the bids starting at $20 million.

Source: CNN

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