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Market upbeat: Sensex and NSE Nifty 50 up              Sensex 51430  Nifty: 15218

The Indian markets open higher on Wednesday tracking gains in international markets. The trend on SGX Nifty also indicates a positive start for the broader index in India. The Nifty futures were trading 65.50 points or 0.43 percent higher at the 15,226.00 level on the Singaporean Exchange at 8:00 am.

  1. Wall Street | US stocks advanced on Tuesday, with the Nasdaq jumping about 4 percent to recoup its losses from the previous session, as US bond yields retreated and investors scooped up battered technology stocks. The Dow Jones Industrial Average, after earlier topping 32,150, rose 0.1 percent to end at 31,832.74, the S&P 500 gained 1.42 percent and the Nasdaq Composite added 3.69 percent.
  2. Asian markets | Asian stocks were set to track US gains on Wednesday, as falling bond yields eased concerns about surging inflation, although focus will shift to Chinese markets amid worries about policy tightening in the world’s second-largest economy. The Nikkei 225 rose 0.67 percent in early trade while the Topix index gained 0.27 percent. South Korea’s Kospi jumped 1.27 percent and the Kosdaq was up 1.44 percent. In Australia, the benchmark ASX 200 rose 0.24 percent.
  3. Indian market on Tuesday | The Indian benchmark equity indices ended Tuesday’s volatile session higher led by gains in private banks, IT and financial services stocks. The Sensex ended 584.41 points, or 1.16 percent higher at 51,025.48, while the Nifty gained 142.20 points, or 0.95 percent to close at 15,098.40. Selling was seen in metals, pharma and auto indices, while broader markets, smallcap and midcap indices underperformed the benchmarks.
  4. Crude oil | Oil prices backed off early highs in choppy trading, with Brent dipping back to the $68 mark as investors weighed easing concerns over supply disruption in Saudi Arabia with the likelihood of limited supply from OPEC+ output limits. Crude futures settled at $64.01 per barrel, down $1.04 or 1.60 percent. Brent crude futures settled at $67.52 per barrel, down 72 cents or 1.06 percent.
  5. Rupee | The rupee on Tuesday spurted by 32 paise to close at 72.93 against the US dollar on the back of a rally in domestic stocks and the greenback retreating from three-month highs in global markets. At the interbank forex market, the local unit opened at 73.16 against the greenback and witnessed an intra-day high of 72.91 and a low of 73.25. It finally ended at 72.93 against the American currency, registering a rise of 32 paise over its previous closing.
  6. OECD raises 2021 global growth forecast | The Organisation for Economic Co-operation and Development (OECD) has sharply raised its 2021 global growth forecast on Tuesday as the deployment of vaccines and a huge US stimulus programme have greatly improved economic prospects. The OECD says it now expects the global economy to grow by 5.6 percent, an increase of 1.4 percentage points from its December forecast.
  7. Potential risk in brand value due to data breach could be USD 223 bn for 100 top cos | The potential risk in brand value on account of a data breach could amount to as much as USD 223 billion for the world’s 100 most valuable brands, a joint report by Infosys and Interbrand said. The report ‘Invisible Tech. Real Impact’ examined the long-term impact of data breaches on value of the world’s top brands across sectors.
  8. Banks sanction Rs 2.46 lakh cr to 92 lakh borrowers under credit guarantee scheme | Banks have sanctioned loans worth Rs 2.46 lakh crore to about 92 lakh accounts under the Rs 3-lakh crore Emergency Credit Line Guarantee Scheme for the MSME sector, Minister of State for Finance Anurag Thakur on Tuesday said.  As informed by National Credit Guarantee Trustee Company Ltd (NCGTC), the implementing agency of Emergency Credit Line Guarantee Scheme, as on February 28, 2021, the amount of loan sanctioned under ECLGS is Rs 2.46 lakh crore, he said in a written reply to the Rajya Sabha.
  9. E-invoice mandatory for business with over Rs 50 crore turnover from April 1 | The government has made it mandatory for businesses with over Rs 50 crore turnover to generate e-invoices for B2B transactions from April 1. E-invoicing will be extended to companies with turnover over Rs 50 crore from April 1, the Central Board of Indirect Taxes and Customs (CBIC) said in a notification. Under e-invoicing, taxpayers have to generate invoices on their internal systems (ERP/accounting/billing software) and then report them online to the Invoice Registration Portal (IRP).
  10. GST compensation shortfall released to states reaches Rs 1.06 lakh crore | The Ministry of Finance and the Department of Expenditure have released the 19th weekly installment of Rs 2,104 crore to the States to meet the GST compensation shortfall. Including this installment, a total of Rs 1.06 lakh crore has been released to the states so far. Until now, 96 percent of the total estimated GST compensation shortfall has been released to states and UTs, the ministry said in a press note.

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