Indices at 10:00 am
▲ Nifty50 12,815 (+0.34%)
▲ Sensex 43,753 (+0.35%)
▲ Nifty Midcap 100 18,953 (+0.80%)
▲ Nifty Smallcap 100 6,156 (+0.74%)
In the news
- Injectables maker, Gland Pharma debuted today with 13% gain over its issue price of ₹1,500 per share. The ₹6,480 crore IPO was oversubscribed two times.
- It was the 12th IPO of this year, wherein all but one (UTI AMC) have delivered positive returns till date.
- Oxford Economics, a global forecasting firm, has revised downwards its India growth forecast to an average 4.5% over 2020-25. Its pre-pandemic projection was at 6.5%.
- However, the firm believes that from 2021 onwards, India will be one of the most rapidly growing economies in the world.
- Meanwhile, rating agency Moody’s has lowered the FY21 GDP contraction rate to 10.6% (versus 11.5% earlier) citing positives from the stimulus measures announced by the government.
US data surprises
- On one hand, higher than expected unemployment claims indicate that the US economy is slowing down and forcing more companies to cut jobs, during the pandemic.
- On the other hand, the US housing market is booming with sales of previously owned homes hitting a 15-year high. Low mortgage rates and preference for larger homes that double as office space are fueling the housing demand.
- Amidst these contrasting data points, the Dow Jones index gained marginally (+0.1%).
- Among the key sectoral indices, the Nifty Realty index is up 0.8% backed by a rise in Phoenix Ltd (+2.7%) and Godrej Properties (+1.5%).
- PSU banks extended the fall after yesterday’s decline. The Nifty PSU Bank index is down 0.4% mainly due to a fall in SBI (-0.8%) and Bank of Baroda (-0.7%).
- Key Asian markets showed mixed reactions to global cues.
- Japan’s Nikkei 225 extended its decline from yesterday and is down 0.5% today. Hong Kong’s Hang Seng is up 0.3% and China’s SSE Composite is nearly flat at +0.1%.
Fact of the day
Astronauts on the International Space Station see 16 sunrises and sunsets everyday.
Source: The Atlantic
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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.