Morning Update for 10 March 2021

Indices at previous closing

Nifty50: 15,098 ▲ 142 (+0.9%)

Sensex: 51,025 ▲ 584 (+1.1%)

Nifty Bank: 35,865 ▲ 589 (+1.6%)

In the news

Auto registrations plunge in February

• According to the Federation of Automotive Dealers Associations of India (FADA), total vehicle registrations in February fell 13.4% YoY.
• Passenger vehicles (PV) grew by 10.6% YoY, mainly due to the low base of last year FADA mentioned that PV had a waiting period of about 8 months due to scarcity of semiconductors. Meanwhile, two-wheeler and commercial-vehicle registrations plunged by 16.1% and  29.5%, respectively. The Nifty Auto index fell 0.4% yesterday.

Godrej Properties raises funds through QIP

• The real estate developer has placed a qualified institutional placement (QIP) at a floor price of ₹1,513.39, a 3.4% premium over Tuesday’s closing price. 
• Up to 2.61 crore shares will be reportedly sold during the QIP. The fundraise is part of the company’s plan to raise ₹3,750 crore in tranches. Its shares closed flat on Tuesday. 

US tech stocks surge with falling bond yields

• After falling for three consecutive weeks, the Nasdaq gained 3.6%, its largest single-day gain since November, on account of retreating treasury yields. 
• Investors flocked to beaten-up tech stocks such as Tesla (+19.6%), Apple (+4.0%), Amazon (+3.7%) and Microsoft (+2.8%), all of which posted their largest single-day gains in recent weeks. 

Gold prices bounce back

• After weeks of decline, MCX gold futures prices found some support around ₹44,000 (per 10 grams) due to a retreat in the dollar index and US Treasury yields. 
• The $1.9 trillion US Covid relief bill is expected to pass today, putting pressure on the dollar. Further, after the recent sell-off, fresh buying in bonds resulted in a reduction in their yields. MCX gold futures prices closed with gains of 1.4%, yesterday. Meanwhile, silver futures prices rose at a faster clip at 2.4%.

Events of the week

• Wednesday: CPI and Crude oil inventories (US)
• Thursday: Initial jobless claims (US), Holiday (India)
• Friday: Consumer Inflation and IIP (India)

Sectoral indices (9 March)

Global markets (at 8:30 am today)

Fact of the day

The time on every official photo of the iPhone is 9:41. This is the time Steve Jobs unveiled the first iPhone.
Source: Inc.com

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