Morning Update for 17 September 2021

Indices at previous closing

Nifty50: 17,629 ▲+110 (+0.6%)
Sensex: 59,141 ▲+417 (+0.7%)
Nifty Bank: 37,668 ▲+816 (+2.2%)

In the news

Cabinet approves bad bank

The finance minister on Thursday said that the union cabinet has approved setting up of a bad bank or National Asset Reconstruction Company with ₹30,600 crore government guarantee. This bad bank will take over non-performing assets (NPAs) of banks for which complete provisioning has been done. 

The bad bank will manage and dispose off these NPAs, which will help in cleaning up of banks’ balance sheets. Ahead of this announcement, Nifty PSU Bank and Bank index were top gainers yesterday and went up 5.4% and 2.2%, respectively. 

Sunteck Realty plans luxury township

Mumbai-based premium property developer, Sunteck Realty, plans to develop a luxury township on a 50 acre land in Shahad (Kalyan) under asset-light joint development agreement (JDA) model with Amar Dye chem. 

The project is expected to generate revenue of around ₹9000 crore over next 7-8 years which will have a positive effect on the company's balance sheet. This project will help the company strengthen its presence in the eastern suburbs of Mumbai. Yesterday, the shares of the company rose by 2.3%.

Gold prices at five-week low

Gold prices are on a downward trajectory as investors are wary about the US central bank’s next week meeting. Experts believe that the US Federal Reserve will give guidance on when it will be reducing liquidity and hiking interest rates. 

This can lead to an uptick in the treasury yields and strengthening of the dollar index, which makes gold less attractive for investors. Against this backdrop, the prices of yellow metal fell below the key $1,800-mark and were trading at their five-week low.

Now, enjoy intraday trading of all NSE 500 stocks! Click here to read more. 

Sectoral indices (September 16)

Global markets (at 8:00 am)

Fact of the day

The world’s most popular cryptocurrency Bitcoin generates 2.2 crore kilogram of e-waste each year.

Source: Financial Express 

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