Will Robinhood investors, who have jumped directly into equities, change the game for domestic mutual funds? Top money manager Navneet Munot says new investors make money in the first phase of the market, and then realise that it's better to spend time elsewhere and give the money to professional money managers. Industry veteran Nilesh Shah says online brokerages driven by new investors will help the MF industry expand investor base. Anand Radhakrishnan, another top honcho, says the entry of new investors has led to a gradual buildup of retail trading mentality, rather than investment mentality, which will have to change. And that may leave a bitter after-taste.
MARKET CUES: Where do we stand >>>  | Nifty futures on the Singapore Exchange traded 54 points lower at 7 am (IST) this morning, signalling a weak start ahead for Dalal Street. |
| On Friday, Nifty50 fell for the second straight session and barely held above the 11,500 level. The index formed a Bearish Belt Hold on the daily chart and an indecisive Doji-like candle on the weekly chart. |
| Asian stocks drifted at the open after a dip on Wall Street on Friday. Equities started the week little changed in Australia and South Korea, while Japan's equity market was shut. |
| Major US indices lost ground on Friday as the struggles for the tech sector continued. The Dow lost 245 points, making it roughly flat for the week. The S&P500 and Nasdaq Composite clinched weekly losses with Friday declines of 1.1% each. |
| Oil prices fell on Monday on the potential return of oil output from Libya even as rising coronavirus cases added to worries about global demand. Brent crude was down 20 cents, or 0.5%, at $42.95 a barrel while WTI crude fell by 27 cents, or 0.7%, to $40.84 |
| The rupee strengthened by 21 paise to close at 73.45 against the US dollar on Friday as weak American currency and positive domestic equities buoyed investor sentiment. |
| Top global currencies saw small moves, with the dollar largely steady against its main G-10 peers. The offshore yuan edged higher. The yen was little changed as was the euro. |
| Gold prices in India ended last week at Rs 51,720 per 10 gm, about Rs 400 higher that the previous week's levels. Silver ended the week at about Rs 68,002 a kg. Gold dealers hope that if prices remain stable, demand could improve in the coming weeks. In international markets, gold traded at $1,950 an ounce on Monday. |
| LOOK WHO'S |  |
IPO mart awaits brisk action… The strong debut of Happiest Minds last week has paved the way for a similar listing for Route Mobile on Monday and is expected to push investors to bid aggressively for initial public offers (IPOs) of CAMS, Chemcon Speciality Chemicals and Angel Broking this week, said market watchers. Happiest Minds debuted with 111% listing gains — the biggest ever surge by a company on listing.
Read More Promoter buying lifts sentiment… Promoters have been mopping up shares of their firms in the secondary market of late, signalling optimism about their companies' prospects amid challenging economic conditions. Since August 1, promoters of nearly 70 companies — mostly from mid- and small-cap segments — have increased their stakes. Some large companies, whose shares have been beaten down, too saw their promoters raising their holdings through open market purchases.
Read More Govt may sweeten Air India deal… The government has decided to go ahead with the process to divest stake in Air India and is discussing proposals to further sweeten the deal for prospective bidders by allowing some relaxations along the bidding process. However, any significant reduction in debt has been ruled out. Senior government officials said some options, including allowing interested parties to bid based on the enterprise value, are being considered.
Read More Business sentiment bouncing back… Business sentiment has bounced back between July and September as India gradually lifted restrictions imposed due to the outbreak of Covid-19, a confederation of Indian industry (CII) survey has pointed out. Even though capacity utilisation has been improving, weak domestic demand still remains a concern, the industry body said in its recent Business Outlook Survey.
Read More Malls seeing more footfall... Footfalls in most malls have doubled since the reopening on June 8, with many of them reporting up to 60% of the footfalls in comparison with pre-Covid levels. Mall operators said they expect to reach 80% level by November, with the festive season round the corner, no weekend lockdown in states and expectation of opening of cinemas next month.
Read More | AND WHO'S |  |
Independent directors ringfence assets… Several independent directors have begun ringfencing their assets by transferring titles to trusts or family members to safeguard their interests in case of any acts of financial mismanagement or fraud by the company promoter or management of boards they sit on. Some are doing this by way of creating a family trust where they can park their assets while others are simply transferring assets in the name of family members.
Read More Bank FDs may cease to be collateral… Brokers may cease to accept bank fixed deposits from clients as margins for stock market transactions. Clearing corporations — entities associated with stock exchanges to handle confirmation, settlement and delivery of all trades — are planning to remove FDs from the list of securities that can be put up as collaterals against trades, said people with direct knowledge of the development.
Read More Paytm says all option open against Google… Paytm founder and CEO Vijay Shekhar Sharma says "all options are open," to legal recourse against Google after the technology major temporarily removed the mobile payment platform's app from its Play Store for running a scratch card-based cricket promotion, which breached its gambling policies. He said the company would also seek government and regulatory intervention. Sharma tore into Google's practice of barring apps that were compliant with Indian laws, saying his 'fight' will be a long-drawn one.
Read More Meanwhile... States told to decide borrowing option… Any state that does not choose one of the borrowing options offered by the Centre to compensate for the revenue loss on account of GST transition may have to wait till June 2022 to get compensation, a senior government official has said. As many as 21states have backed the first option, entailing Rs 97,000 crore borrowing, more than the requisite number needed to pass a resolution in the GST Council if it is put to vote.
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