Morning Update for 19 March 2021

Indices at previous closing

Nifty50: 14,557 ▼ 163 (-1.1%)

Sensex: 49,216 ▼ 585 (-1.1%)

Nifty Bank: 33,856 ▼ 372 (-1.0%)

In the news

FDI limit in insurance to be raised

• The Rajya Sabha has passed the bill to hike foreign direct investment (FDI) in the insurance sector from 49% to 74%. The government believes that insurance companies are facing liquidity issues and fresh funds can help them compete well. 
• The news came after market hours yesterday. HDFC Life and ICICI Pru Life declined more than 1% yesterday, while those of SBI Life gained 0.1%. 

Nazara Tech IPO sees strong response 

• The ₹583 crore issue of the online gaming company has been subscribed 10.5 times on Day 2. 
• The company is offering to issue 29.2 lakh shares at a price band of ₹1,100-1,101 per share. Today is the last day of the IPO, and you can apply for it and other IPOs on Upstox here.

Delhi HC puts RIL-Future deal on hold

• The Delhi high court has maintained its earlier order and restrained the Future Group from taking further action on its ₹24,713 crore deal with RIL. 
• The single-judge bench held that Future Retail "wilfully violated Singapore Arbitrator's order." While the news came after market hours, shares of Future Retail closed 3.8% lower yesterday and that of Reliance Industries were down 2.2%. 

US markets and oil slide on multiple fears

• The Nasdaq (-3%) and Dow Jones (-0.4%) witnessed a fall due to rising treasury yields and fresh woes around coronavirus in Europe. Treasury yields rose to a 14-month high of 1.75%.
• Further, France has imposed a one-month lockdown in Paris. The fear of new lockdowns raise demand concerns for crude oil, which dropped 7% yesterday.

Sectoral indices (18 March)

Global markets (at 9:00 am today)

Fact of the day

In 1994, IBM released 'Simon', a cell phone with a touchscreen and email. It could send and receive faxes and work as a pager. It is considered to be the “world’s first smartphone.”
Source: BBC

Tweet this

Yay ? or  ? Nay?
We'd love your thoughts on this morning update.

The IPOs of Suryoday SFB and Nazara Technologies are live! You can subscribe to them with Upstox here.

If you haven't already, open your Upstox account to get IPO-ready today! Click here to sign up.

Disclosures and Disclaimer

Investment in securities markets are 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.