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Budget News

  • Benchmarks pare gains; metal stocks correct
  • September 24,2021  11:27
  • The domestic equity benchmarks came off the day's high in mid morning trade. The Nifty was trading tad below the 17,900 mark. Metal shares witnessed profit booking after advancing in the past three sessions.

    At 11:25 IST, the barometer index, the S&P BSE Sensex, was up 277.69 points or 0.46% to 60,163.05. The Nifty 50 index added 71.25 points or 0.40% to 17,894.20.

    The Sensex hit a record high of 60,333 while the Nifty hit an all-time high of 17,947.65 in morning trade.

    In the broader market, the S&P BSE Mid-Cap index slipped 0.19% while the S&P BSE Small-Cap index rose 0.19%.

    The market breadth was almost even. On the BSE, 1505 shares rose and 1552 shares fell. A total of 166 shares were unchanged.

    COVID-19 Update:

    Total COVID-19 confirmed cases worldwide stood at 230,558,634 with 4,728,274 deaths. India reported 301,640 active cases of COVID-19 infection and 446,050 deaths according to the data from the Ministry of Health and Family Welfare, Government of India.

    A total of 84,09,03,125 COVID-19 vaccine doses have been administered in the country so far, with over 72.01 lakh doses being given yesterday, according to the Co-WIN dashboard.


    The Reserve Bank of India (RBI) Governor Shaktikanta Das said that there are signs that the world is emerging from the shadow of coronavirus. While delivering the keynote address at the 48th National Management Convention of the All India Management Association, Das said the time is right to plan for an economy that is stronger, more inclusive and sustainable.

    Stating that the pandemic has provided a new impetus to technology-driven companies such as fintech, edtech and health tech, RBI Governor Shaktikanta Das said the forces of 'creative destruction' are expected to boost productivity by encouraging greater competition, dynamism and innovation in several sectors of the economy.

    Talking about the achievements of India's manufacturing sector, Das said the country has turned from being an importer to an exporter of mobile phones. He said the trend is likely to spill over to other sectors also; enhancing India's share in the Global Value Chain and increasing the competitiveness of India's large and Micro, Small and Medium Enterprises.

    However, warning of uneven global recovery, the RBI Governor said multilateralism will lose credibility if it fails to ensure equitable access to vaccines across countries. He added that securing the health and immunity of the poor would mean a great leap towards inclusive growth.

    Buzzing Index:

    The Nifty Metal index fell 1.09% to 5,555.10. The index had advanced 5.78% in the past three sessions.

    JSW Steel (down 2.25%), Tata Steel (down 2.24%), Jindal Steel & Power (down 1.16%), APL Apollo Tubes (down 0.74%), SAIL (down 0.72%) and MOIL (down 0.68%) declined.

    Stocks in Spotlight:

    Vedanta declined 1.65% at Rs 294.65. The company said that it will delist its American Depositary Shares (ADSs) from the New York Stock Exchange and terminate its American Depositary Share program.

    The company's board of directors has taken into account the recent low trading volume of its ADSs on the NYSE and the associated costs of maintaining the listing and related obligations. The company intends to file a Form 25 with the SEC on or about 29 October 2021, to delist ADSs, which will take effect in 10 days.

    IRCON International jumped 4.04% to Rs 46.35. The company has won a bid to set-up 500 MW solar power plant through e-reverse auction with a viability gap funding (VGF) of Rs 224.70 crore under CPSU Scheme-II floated by Indian Renewable Energy Development Agency (IREDA). The approximate cost of the project is Rs 2400 crore.

    Global Markets:

    Asian stocks were trading mixed on Friday. Investors breathed a sigh of relief as concerns over China Evergrande's debt woes receded somewhat. It, however, remains unclear if and how the developer will pay the more than $300 billion of liabilities that it owes.

    U.S. stocks rallied on Thursday as they staged a two-day relief rally after the Federal Reserve signaled no imminent removal of its ultra-easy monetary policy. Investors also bet that the debt crisis of China's real estate giant Evergrande wouldn't trigger a ripple effect across global markets.

    The number of Americans applying for unemployment aid rose last week for a second straight week to 351,000, a sign that the delta variant of the coronavirus may be disrupting the job market's recovery, at least temporarily.

    Meanwhile, the Bank of England on Thursday reportedly maintained its stimulus amount and record-low interest rate, even as it warned that UK annual inflation would top four percent this year. The BoE 's nine-strong monetary policy committee (MPC) voted unanimously to hold its key borrowing cost at 0.1%, a statement said.

    Policymakers reportedly voted 7-2 in favour of keeping its so-called quantitative easing stimulus at almost £900 billion ($1.2 trillion, 1.0 trillion euros).

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