– India may not opt for an outright ban on cryptocurrencies
– Fuel price cut to help RBI restrain inflation
– Global COVID-19 cases near 250 million
– China escalates border tension on Twitter
Now lemme give you a quick glance on the state of the markets.
Asian stocks opened higher, only to give up their gains and slip lower on Monday following strong US jobs data that pushed Wall Street shares to new records. MSCI’s index of Asia-Pacific shares outside Japan was down by 0.20 per cent.
Elsewhere, the yield on 10-year Treasuries rose two basis points to 1.47%. The dollar made a steady start to the week on Monday but was kept below Friday peaks, as currency traders seek a path between markets’ volatile interest rate projections and central bankers vowing to keep rates low even as inflation surges. Indian gold prices on Wednesday tumbled by Rs 375 to Rs 46,411 per 10 grams amid a decline in the international prices of precious metals as well as rupee appreciation. Oil prices rose on Monday after Saudi Arabia’s state-owned oil producer Aramco raised the official selling price for its crude, suggesting demand remains strong at a time of tighter supplies. Brent crude was up by 90 cents or 1.1% at $83.64 a barrel.
That said, here’s what is making news.
The optimism over the recent record-setting run on Wall Street could rub off on Indian stocks early this week but sharp upsides are unlikely unless foreign fund inflows pick up. The flood of share sales, including Paytm parent One97 Communications’ record ?18,300-crore initial public offering (IPO), could divert the attention of investors to these issues, putting a lid on likely market gains.
The revenue visibility of Larsen & Toubro’s core engineering and construction (E&C) business has increased amid the rising order book and improving labour availability. In addition, the country’s largest engineering company has demonstrated better margin control notwithstanding the rising input costs. As a result, the stock has outperformed the benchmark Nifty50 by nearly 5% over the past month.
India is considering a middle path on cryptocurrencies, as it finalises legislation on the virtual asset to be introduced in the upcoming winter session of Parliament. The hard-line stance for an outright ban of cryptos is not being found feasible in view of large investments in such instruments by Indians, and these unregulated virtual currencies are also unlikely to be allowed as a legal tender, ET reported.
If you are searching for the next winner stock, it may not pay to be invested in companies with dominant retail shareholding. An analysis of the shareholding pattern of NSE-listed companies for the September quarter and their share price movements shows stocks with higher retail participation have had lower returns. For instance, retail investors have increased their stakes in 1,034 stocks in the September quarter. The average returns from these stocks during the period was just 3.78%, showed data from primeinfobase.com.
NOW Before I go, here is a look at some of the stocks buzzing this morning…
Adani Group has made a one-time payment of Rs 2,440 crore to
the Airports Authority of India (AAI) for the six airports that the state-owned airport operator has transferred to the Ahmedabad-based company after it won bids for six airports.
Leading drug makers Sun Pharma and Lupin are recalling different products in the US, the world’s largest market for medicines.
Realty firm Godrej Properties’ sales bookings rose 18 per cent to Rs 3,072 crore during the April-September 2021 period, driven by higher demand of its residential properties in Delhi-NCR.
A vulnerability at a CDSL subsidiary, CDSL Ventures Limited (CVL), has exposed personal and financial data of over 4 crore Indian investors twice in a period of 10 days, according to cyber security consultancy startup CyberX9.
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!