View on market: Stay Cautious, be with quality business:

Asian stocks were mixed Wednesday after a dip in U.S. shares on concern that the delta coronavirus variant is slowing the economic recovery from the pandemic. Japanese shares edged up but Australia and South Korea retreated. U.S. futures fluctuated after the S&P 500 fell and the Nasdaq 100 climbed to a record as investors sought more defensive areas of the market. Chinese technology equities listed in the U.S. jumped on bets that the worst of Beijing’s regulatory crackdown has passed. The Singapore-traded SGX Nifty, an early indicator of India’s Nifty 50 Index’s performance, rose 0.27% to 17,425.50 as of 8:05 a.m.A selloff across bond markets has intensified in part due to a flood of debt sales. The 10-year U.S. Treasury yield trimmed an advance but remained above 1.36%. Strategists are now evaluating how long a recent bout of yield-curve steepening might last. The dollar held a rally.

Major economic Data:

  • INR: Industrial Production (YoY) (Jul) on 10th September, 2021
  • INR: Deposit Growth and Bank Loan Growth on 10th September, 2021
  • USD: Initial Jobless Claims on 9rd September, 2021
  • USD: Crude Oil Inventories on 9th September, 2021

Brokerage Radar:

CLSA ON INSURANCE: SBI Life leads with the strongest growth. Private Insurers’ individual APE in Aug up 39% YoY & 31% vs August 2019. SBI life leads listed life insurers with strong 67% YoY growth. There could be upside to their APE & VNB estimates if current trends continue. HDFC Life & ICICI Pru reported 34-37% growth YoY. Max life’s APE growth of 9% YoY is low but it had a strong FY21. SBI life is their top pick among life insurers.

International Markets:

U.S & Europe

Particulars 7th Sept Chg Chg(%)
Nasdaq 15,374.33 10.81 0.07
Dow 35100.00 -269.00 -0.76
FTSE 7,149.37 -37.81 -0.53
CAC 6,726.07 -17.43 -0.26
DAX 15,843.09 -89.03 -0.56
Dow Fut.* 35124.00 33.00 0.09

Asian markets:

Particulars 8thSept Chg Chg(%)
SGX Nifty 17,425.50 46.5 0.27
Nikkei 30,161.31 245.17 0.82
Straits Times 3,085.32 -23.21 -0.75
Hang Seng 26,540.41 186.78 0.71
Shanghai 3,694.57 17.98 0.49

ADR Watch:

Particulars 7thSept Chg Chg(%)
Dr Reddy 66.52 -0.57 -0.85
HDFC Bank 77.1 0.46 0.6
ICICI Bank 19.6 -0.19 -0.96
Infosys 23.43 -0.6 -2.5
Tata Motor 19.76 -0.44 -2.18
Wipro 9.64 0.04 0.42

Commodities & Currency

Particulars Current Price Chg(%)
USD/INR 73.57 0.46
Brent 71.66 -0.04
Gold 1801.40      0.16
Silver 24.438 0.27

FIIs & DII

Particulars 7th Sept         6th Sept
FIIs -145.45 -589.36
DIIs -136.57 547.31

News Update:

Dr Reddy’s Laboratories: Citius buys Dr Reddy’s license for Oncology Immunotherapy.The company has initiated the supply of the first dose component of the Russian COVID-19 vaccine Sputnik V to partner hospitals all over the country.

Wipro: The company has partnered with Securonix to deliver managed security services. Securonix’s cloud-first SIEM, analytics-driven detection and automated response tools with Wipro’s global reach and cybersecurity intelligence capabilities will provide organizations with improved governance and security threat protection, the company said.

MAS Financial Services: The company has entered into a strategic co-lending partnership with Bank of India for lending to micro, small and medium enterprises.

TVS Motor Company: Appointed ETG Logistics as new distributor. ETGL will operate 30 dealerships for TVS Motor in South Africa as part of this partnership.

EID-Parry (India): To set up 120 KLPD Grain/Sugar Syrup/Molasses based distillery at the company’s Sankili unit in Andhra Pradesh. The distillery will cost company Rs 92.50 crore and the work is expected to be completed by November 2022.

ICRA: Life Insurance Corporation of India sold more than 2.07 lakh equity shares of the company, reducing shareholding to 5.81% from 7.96% earlier.

PSP Projects: The company is in receipt of Letter of Intent(s) for projects worth Rs 132.57 crore towards industrial and precast segment from different clients in Gujarat.

Vidhi Specialty Food Ingredients: The company has set up 2 MW Solar Power Plant at Rambhapur in Akola, Maharashtra.

Setco Automotive: India Resurgence Fund, of Piramal Enterprises and Bain Capital Credit, to invest Rs 615 crore in Setco group.

HDFC Life Insurance Company: The company has convened an extraordinary general meeting (EGM) of its shareholders on September 29 to seek their approval for the issuance of preference shares to Exide Industries in the Rs 6,687-crore deal to acquire Exide Life.

Cipla: The company has written to the National Pharmaceutical Pricing Authority (NPPA) to allow price hike of certain respiratory drugs citing a substantial increase in the cost of a critical ingredient called propellant P227.

Bajaj Consumer Care: ICICI Prudential Asset Management Company sold 1.5 lakh equity shares in the company via open market transaction, reducing shareholding to 3.83 percent from 3.93 percent earlier.

Source: Moneycontrol,Livemint,, Bloomberg,Investing

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