Morning Update for 22 September 2021

Indices at previous closing

Nifty50: 17,562 ▲+165 (+0.9%)
Sensex: 59,005 ▲+514 (0.8%)
Nifty Bank: 37,235 ▲+90 (+0.2%)

For more updates on F&O, click here.

In the news

Realty stocks soar on stamp duty cuts

To prep-up the real estate market, the Karnataka government has reportedly cut the stamp duty from 5% to 3% on residential homes. The duty cut will be applicable on the affordable housing segment priced between ₹35-45 lakh. 

Experts believe that the move is a step in the right direction and would be more effective if the sops are extended to the upper price bracket as well. Meanwhile, the shares of Bengaluru based realtor Brigade Enterprises (+9.8%) and Prestige Estates (+5.9%) were top gainers among the major real stocks.

ONGC rises on uptick in gas prices

Shares of the state-owned oil exploration and production companies ONGC (+5.1%) and Oil India (+7.1%) in the wake of an uptick in global gas prices. International gas prices have been rising for the past six months and have gained over 95% so far in 2021. 

The gas prices have been rising due to various factors such as a pre-pandemic recovery, extreme weather hurting supplies and lower inventories. Experts believe companies like ONGC and Oil India will continue to benefit if global gas prices remain at the current level.    

Texmaco Rail upbeat on positive outlook

Leading railway wagons maker, Texmaco Rail is upbeat as demand for rolling stocks from the Indian railways remained strong despite the ongoing pandemic. As per the company, it has an order book of ₹3,400 crore which is around 2 times its FY21 revenue. 

The company also expects more opportunities for growth over the next two to three years with the entry of private players in the railway segment. While its shares were down by 1.6% yesterday, they have nearly 5% so far this month.

Sectoral indices (September 21)

Global markets (at 8:00 am)

Fact of the day

Samsung, one of the world’s leading phone manufacturers, was founded in 1938 by Lee Byung-Chull as a grocery trading store. It forays into the electronics sector in 1969.

Source: Britannia  

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