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Market’s today with EZWealth – 30 Sept, 2021
[/vc_column_text][/vc_column][/vc_row][vc_row][vc_column][vc_column_text]The story of Indian markets has been commendable; the kind of sector rotation we are witnessing, it’s almost like seeing a 400m-relay race, racers passing on the baton to the next link. COVID has definitely changed this for the economy.
India and China’s benchmark indices, hit their maximum level together, but unlike China, India’s stock market took a turn for the better to the upside but China has found little support. Technically speak, that gap between the green and the red line is what I am talking about as the little support.
Indian Indices as well as the Indian Economy performed better in percentages terms and now with Evergrande fiasco and the Energy crisis, theirs is walking on tight rope
China’s factory activity unexpectedly shrank in September as high raw material prices and power cuts pressured manufacturers in the world’s second-largest economy. The official manufacturing Purchasing Manager’s Index (PMI) was at 49.6 in September versus 50.1 in August, data from the National Bureau of Statistics (NBS) showed on Thursday, slipping into contraction for the first time since February 2020.
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Despite this, the yuan has been the subject of almost no short recommendations. Even among bearish analysts, few suggest betting against it directly amid soaring trade surpluses, negative carry for short positions and potential intervention by the People’s Bank in the case of Evergrande’s collapse. Evergrande has debts of more than $300 billion, equivalent to over 2% of China’s gross domestic product, not to mention its potential impact on suppliers across local markets and industries. Yet while the offshore yuan lost 0.9% in the four days before the company’s first missed interest-payment deadline, it has since bounced back with one-month implied volatility also returning to early-September levels.
The rupee weakened sharply versus the US dollar on Thursday because of global dollar strength as the US Federal Reserve signaled that it could begin tapering its bond purchases as early as November and then tighten monetary policy soon after, dealers said. At 1035 (IST) the Indian currency was at 74.3475 per US dollar as against 74.1475 per dollar on Wednesday.
Profit booking seeing in the Indian indices; 17600 hold firm for the NIFTY, currently trading at the bottom range of the hourly channel; next support stands at 17530
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Gautam Adani & family earned Rs 1,002 crore a day in the last one year to quadruple their wealth to Rs 5,05,900 crore from Rs 1,40,200 crore a year-ago. That made them the second wealthiest family in India and helped Adani, 59, topple China’s bottled water producer Zhong Shanshan as Asia’s second richest, the IIFL Wealth Hurun India Rich List, 2021 showed.
Paper stocks were back in buzz on Thursday after DGTR recommended anti-dumping duty on decor papers from China. According to the initial reports, the DGTR has recommended levying $100-$540 per metric tonne of paper import. The investigation was demanded by ITC and Pudumjee Papers. Following the development, Pudumjee Paper Products soared 11 per cent to Rs 44.2, whereas JK Paper gained 7 per cent to Rs 238.15 on Thursday.
Tata Mutual Fund has bought 11 lakh shares of property developer Sunteck Realty NSE 3.28 % at Rs 465.12 per share. Sunteck Realty Ltd plans to invest Rs 2,500-3,000 crore over 7-8 years on a luxury township project in Mumbai. Sunteck Realty NSE 3.38 % has entered into an agreement to jointly develop a prime 50-acre land parcel at Kalyan near Mumbai. The company plans to develop an integrated residential township on the plot that has a total development potential of 10 million sq ft. The deal with a total value of Rs 51.16 crore was executed on Wednesday. The asset management company has bought these shares through one of its funds, Tata Money Market Fund.
This is the fourth such project acquisition by Sunteck Realty since the outbreak of Covid19 pandemic. Prior to this Kalyan project, the company has made three project acquisitions at Vasai, Vasind and Borivali, totalling 8 million sq ft. With this project’s development potential of 10 million sq ft, the company has added a total 18 million sq ft to its portfolio in the last few quarters.
A trade can be seen on the charts of Sunteck Realty as attached below; CMP – 481, T1 522 and SL at 465; holding period about 5-10 trading sessions[/vc_column_text][/vc_column][/vc_row][vc_row][vc_column][vc_single_image image=”67799″ img_size=”full” alignment=”center”][/vc_column][/vc_row][vc_row][vc_column][vc_column_text]Airtel to invest Rs 5,000 crore to scale up its data centre business. The telecom major on Thursday unveiled a refreshed brand identity ‘Nxtra by Airtel’ for its data centre business.
Global Health Limited, which operates and manages hospitals under the Medanta brand, has filed preliminary papers with capital market regulator Sebi to raise funds through an initial share-sale. The initial public offering (IPO) consists of a fresh issue of equity shares aggregating to Rs 500 crore, and an offer for sale of up to 4.84 crore equity shares, according to the draft red herring prospectus (DRHP).
SpiceJet, the low-cost carrier has joined hands with online travel platform EaseMyTrip for holiday bookings. As part of the exclusive partnership, EaseMyTrip will develop a holiday booking platform for SpiceJet which will allow the airline’s customers to book holiday packages. Both the stocks are trading in red.
Lincoln Pharmaceuticals trading 4.45% up. Promoter Ashish Rajanibhai Patel picked 31,000 equity shares in the company via open market transaction on September 27, increasing shareholding to 5.16 per cent from 5 per cent earlier.
Birla Corporation trading 4% up. The MP Birla Group firm said it is aiming to almost double its cement manufacturing capacity to 30 million tons per annum in the next five years by 2027.
TCS wins large deal from MCX to build new trading platform; The project, dubbed Udaan, is among the largest and most complex projects that TCS is currently undertaking in India, bringing low-latency, high volumes and high resilience to the MCX platform, R Vivekanand, co-head of TCS Financial Solutions, told ET in an interaction.
Persistent Systems up almost 4% after announcing two acquisitions in the US market. The stock had initially jumped 6%
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