Thursday, December 9, 2021
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Listen In: Is the retail army now in charge of Dalal Street? | The Economic Times Podcast


Hi there, Good Morning. Welcome to ETMarkets Morning, the show about money, business and markets. I am Nikhil Agarwal. Let’s start with the headlines first.

– Mauritius may be out of FATF Grey List this month
– Average spot power prices drop as rains bring relief across states
– India set to update its 2030 climate targets under Paris Agreement
– Ecommerce sales boom this festive month

Now lemme give you a quick glance on the state of the markets.

Dalal Street is likely to have a positive start this morning. Nifty futures on the Singapore Exchange traded 27 points higher at 8:50 hours (IST). Asian shares were on edge on Monday morning ahead of the release of Chinese economic data for the third quarter. MSCI’s broadest index of Asia-Pacific shares outside Japan was little changed in early trading on Monday, off 0.07 per cent.

Elsewhere, the yield on 10-year Treasuries rose one basis point to 1.58%. The dollar made a wobbly start to the week on Monday with the kiwi and sterling edging higher after a red-hot inflation readout in New Zealand and hawkish remarks from Britain’s central bank chief that put rate rises in investors’ sights. Bitcoin rallied back above $62,000 as the first US Bitcoin futures ETF may debut Monday. Oil prices hit new multi-year peaks, continuing their recent surge amid a global energy shortage, with US crude at a fresh seven-year high and Brent at a three-year high. Brent crude oil futures rose 87 cents, or 1 per cent, to $85.73 a barrel, the highest price since October 2018.

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That said, here’s what is making news.

Indian stock indices could extend their record-breaking rally this week as continued purchases by bullish domestic investors into under-owned stocks could keep the momentum going. With optimism around the corporate earnings seasons so far helping the market look beyond the worries around higher crude oil prices and a weakening rupee against the dollar, investors are in no mood to bet against the optimism at this juncture.

The current rally is broadbased in more ways than one. For starters, it is not confined to any specific pocket of the Nifty leader-board. Additionally, it has unmistakable signs of wider retail participation — so much so that the climb of the last 2,000 points on the gauge may well have had a distinct ‘retail’ flavour. While there is no official data on direct retail flows, brokers said a decline in foreign and domestic institutional flows shows retail investors might have driven the rally.

Global investors and offshore funds entering India through Mauritius are betting that in a few weeks the tax haven will shed some of its stigma and come out of the ‘grey list’ of the Financial Action Task Force (FATF) – an intergovernmental policy body that monitors the colour of money by setting anti-money laundering standards.

LASTLY,

Retail sales of passenger vehicles and two-wheelers in the festive season’s initial phase appear relatively dull pan-India, in comparison with record property registrations in Mumbai. A chronic chip shortage and tepid demand for commuter motorcycles is causing a rare shrinkage in an otherwise booming consumer economy. According to industry sources, passenger vehicle makers retailed around 85,000 units, versus 1,75,000 units last year.

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NOW Before I go, here is a look at some of the stocks buzzing this morning…

Domestic electronics manufacturing firm Dixon Technologies has started manufacturing 5G millimetre waves smartphones which will be the first set of devices in the segment to be exported from India, a top company official said on Sunday.

Enterprise communication service provider Route Mobile has received shareholders approval to raise Rs 2,000 crore through sale of securities, according to the company’s regulatory filing. A majority of shareholders also approved to increase limits of foreign portfolio investments in the company.

HDFC Bank reported an 18 per cent increase in its consolidated net profit at Rs 9,096 crore for the second quarter ended September 2021, even as there is a marginal increase in bad loans.

Avenue Supermarts, which owns and operates retail chain D-Mart, reported a twofold increase in its consolidated net profit to Rs 417.76 crore for the second quarter ended September 2021.

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Do also check out over two dozen stock recommendations for today’s trade from top analysts on ETMarkets.com.

That’s it for now. Stay with us for all the market news through the day. Happy investing!



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