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Trades Ahead with EZ Wealth – 29 Sept, 2021
[/vc_column_text][/vc_column][/vc_row][vc_row][vc_column][vc_column_text]India’s benchmark indices fell on Tuesday amid rising bond yields and crude oil prices. The Sensex plunged as much as 1242 points from the day’s high before recouping more than half the losses in the last hour of trade.
Many analysts see Tuesday’s correction as a trend reversal that could last a while because of steady rise in the 10-year US bond’s yield. It has risen about 25bps since the beginning of September as investors seeks higher yields as compensation for persistently high inflation. Higher yields or interest on US government bonds makes equities less attractive
US stocks fell on Tuesday, with tech names dragging down the Nasdaq and the broader markets as Treasury yields traded near-three months highs. Fed Chair Jerome Powell told the senate that the central banks has “all but met” the test to tapering bond buying, while the test for raising rates is substantially higher[/vc_column_text][/vc_column][/vc_row][vc_row][vc_column][vc_single_image image=”67780″ img_size=”large” alignment=”center”][/vc_column][/vc_row][vc_row][vc_column][vc_column_text]Traders today heavily bought the 17,500 and 17,200 strike price put options of the Nifty50 suggesting that they see more weakness ahead. Further, the 17,800 and 17,900 strike price call options saw selling pressure, which indicates that the levels could act as resistance on Wednesday.
IRCTC (Rs 2465 crore), RIL (Rs 2114 crore), Bharti Airtel (Rs 1533 crore), Bajaj Finance (Rs 1192 crore), Infosys (Rs 1107 crore), HCL Tech (Rs 1087 crore), Tata Steel (Rs 1038 crore), HDFC Bank (Rs 1025 crore), Maruti Suzuki (Rs 1001 crore) and ICICI Bank (Rs 969 crore) were among the most active stocks on Dalal Street in value terms.
Vodafone Idea (Shares traded: 31.9 crore), BHEL (Shares traded: 11.7 crore), YES Bank (Shares traded: 11.5 crore), IDBI Bank (Shares traded: 8.95 crore), PNB (Shares traded: 8.7 crore), Trident (Shares traded: 5.8 crore), ONGC (Shares traded: 4.6 crore), Coal India (Shares traded: 4.2 crore), NTPC (Shares traded: 3.6 crore) and IDFC First Bank (Shares traded: 3.6 crore) were among the most traded stocks in the session.
IDBI Bank, Finolex Industries, Oil India, Cera Sanitaryware and PFC witnessed strong buying interest from market participants as they scaled their fresh 52-week highs, signaling bullish sentiment.
CarTrade Tech, Metalyst Forgings, Krsnaa Diagnostics and Marine Electricals witnessed strong selling pressure and hit their 52-week lows, signaling bearish sentiment on these counters.
News today:
China’s power-hungry commodities producers are in Beijing’s firing line, but the government’s efforts to stave off a full-blown energy crisis are also fueling rallies in everything from fertilizer to silicon. Production of metals from aluminum to steel has been spluttering for months as power curbs have intensified across key industrial provinces. Now factories producing high-end goods are starting to feel the pinch too, creating burgeoning risks to the nation’s economic growth. What’s worse, the energy crunch is spreading to a sector that alarms Beijing the most: food.
China, the world’s top coal consumer, is in dire need of more supply and is willing to pay any price — a move that threatens to leave less fuel for energy-starved rivals. With winter on the way for much of the world and natural gas prices at record levels, economies across the globe are competing for a finite supply of coal. At the center of the scramble is China, where stockpiles are low and demand is at an all-time high. The dirtiest fossil fuel, which was struggling against cleaner energy sources, is now seeing its biggest comeback ever, complicating international climate talks set to begin in just a few weeks. China will expand coal procurement at “any price to ensure heating and power generation in winter,” the China Electricity Council said in a statement on Monday. While more than 90% of the fuel the country uses is mined locally, it’s difficult to raise local output at short notice.
Cotton futures raced past $1 a pound for the first time in nearly a decade as adverse weather and shipping snags threaten supplies, driving up costs for clothing around the world.
Indian drug regulator on Tuesday allowed Serum Institute of India to conduct trials of Novavax Covid-19 vaccine on children between seven and 11 years. The firm has started trials on those aged between 12 and 17 years
The National Company Law Tribunal’s Mumbai Bench has allowed Future Group firms to hold EGMs of their shareholders and creditors to seeks approval for selling assets to Reliance Retail Ltd. The NCLT has further rejected the intervention application filed by Amazon
TCS signs a 5-year IT deal with German Bank Nord/LB
Reliance Jio has introduced a 20% cash back offer on select prepaid plans, intensifying competition in the Indian Telecommunication market
The coronavirus induced suspension of scheduled internal passenger flights has been extended till October 31
Bharat Petroleum Corp (BPCL NSE 2.14 %) plans to add 1,000 electric vehicles (EV) charging stations in the ‘short term’ to tap new business opportunities and as a ‘hedge against displacement of auto fuels’, chairman Arun Kumar Singh said.
Shreyas Shipping & Logistics has signed a Memorandum of Agreement (MOA) for acquisition of one bulk carrier of 35,152 DWT.
Atul Auto: The commercial production at Bhayla, Ahmedabad plant of the company for manufacturing three-wheeler automobiles commenced on September 27
Lupin launched Droxidopa capsules, a generic equivalent of Northera capsules of Lundbeck NA, in the United States. The drug is indicated for the treatment of orthostatic dizziness and lightheadedness.
TCI Express: ICRA reaffirmed credit rating in respect of the company’s commercial paper programme as A1+
Bharti Airtel: CRISIL has upgraded long-term rating on bank loan facilities of Rs 20,000 crore to AA+/Stable from AA/Stable[/vc_column_text][vc_column_text]
Disclosure:
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