Nifty50: 17,629 ▲+110 (+0.6%)
Sensex: 59,141 ▲+417 (+0.7%)
After a volatile start, markets resumed their upward journey and scaled newer heights. Out of the Nifty50 pack, 28 stocks made gains.
Among the Nifty sectoral indices, PSU Bank (+5.4%) and Bank (+2.6%) were top gainers. Whereas, Media (-1.7%) and IT (-0.6%) were top losers today.
|Top gainers||Today's change|
|IndusInd Bank||▲ 7.3%|
|Top losers||Today's change|
|Bharti Airtel||▼ 1.3%|
Here are the top stories of the day.
Lupin to settle US litigation
Shares of pharma major Lupin closed 3% lower today as it has decided to settle a US litigation related to the Glumetza, a drug for treatment for diabetes. Lupin would pay $250 million (~₹1,800 crore) to settle the dispute.
Meanwhile, it has launched generic Duexis tablets in the US market which are used to provide relief of symptoms of rheumatoid arthritis and osteoarthritis. As per IQVIA, estimated annual sales of this drug in the US is about $765 million (~₹5,700 crore).
Sansera IPO receives strong interest
The auto component maker ’s IPO was oversubscribed 11.4 times on the final day. There was strong demand especially from qualified institutional buyers (QIB). The QIB portion was oversubscribed 26 times.
Besides this, more companies are making a beeline to list on the exchanges. Paras Defence and Space Technologies is launching its IPO, on 21 September, with a price band of ₹165 to ₹175. You can apply for this IPO on Upstox.
India’s GDP to grow at 7.2%
According to a United Nations report, India’s GDP is expected to grow at 7.2% in 2021 on a low base of the previous year. However, the report adds that the GDP growth could slow down to 6.7% in the next year.
The slowdown in GDP growth could be due to the ongoing human and economic cost of the pandemic as well as the negative impact of food inflation on consumption. Meanwhile, Nifty50 has continued its upward march to record highs and closed 0.6% higher today. It has risen 26% so far in 2021.
The markets scaled new highs and the support was largely provided by the banks. Shares of most private and public banks were upbeat ahead of the finance minister’s address today. The street expects announcements related to the bad bank. The bad bank is expected to comprise of an asset reconstruction company (ARC) and an asset management company (AMC) to consolidate and take over the stressed debt of banks. Meanwhile, the bounce back in the European and US indices was a positive cue for Indian markets.
Good to know
What is GDP?
The gross domestic product (GDP) is the aggregate market value of all goods and services produced in the country in a specific timeframe. It is calculated in three ways - through expenditure, output or income. This acts as an indication of the economic health of a country. Policy makers, businesses and investors look at the GDP numbers to understand the prevailing macro environment.
We'd love your thoughts on this market recap.
Haven't tried out Upstox yet? Click here to open your account now!
To catch our latest educational videos, join our Telegram channel here.
Disclosures and Disclaimer
Investment in securities markets is subject to market risks; please read all the related documents carefully before investing. The securities quoted are exemplary and are not recommendatory. Past performance is not indicative of future results. Details provided in the above newsletter are for educational purposes and should not be construed as investment advice by RKSV group. Investors should consult their investment advisor before making any investment decision.