When IPOs get over-subscribed 100 times and then open 100% higher, it's a sign the market is topping out. When expensive stocks get more expensive and cheap stocks cheaper, it's a sign the bull market is turning. These are wisdoms of market veterans who would have seen many market cycles over the last two-three decades. Jim Rogers says these signs always show up towards the end of a bull market, when people turn to things that they think are safe. And then it ends up with a blow-off. Which is why the key thing to watch in the latest market rebound is sectoral orientation. If the market action shifts out of the first set of leaders, you may be safe for some time.
MARKET CUES: Where do we stand >>>  | Nifty futures on the Singapore Exchange traded 10 points up at 7 am (IST) this morning, indicating a flat start for Dalal Street. |
| On Monday, After reclaiming the 11,000 level in the previous trading session, Nifty50 on Monday cemented its gains by topping the 11,200 mark and settled above its 50-day EMA, indicating strengthening of the uptrend |
| Asian stocks outside of Japan rose. Japan's stock market fell as many shares traded without the right to dividends. Australia and South Korea climbed. Japan's Topix index fell 0.9%, Australia's S&P/ASX 200 gained 0.3% and South Korea's Kospi 0.9%. |
| Wall Street rallied to close sharply higher on Monday as investors sought bargains among sectors hardest-hit by the coronavirus recession. The Dow rose 410.1 points, or 1.51%, to 27,584, while the S&P500 gained 53.14 points, or 1.61%, and the Nasdaq 203.96 points, or 1.87%. |
| A weakening US dollar helped drive up oil prices. Brent crude settled up 51 cents, or 1.22%, at to $42.43 a barrel while WTI crude rose 35 cents, or 0.87%, to $40.60 a barrel |
| The rupee pared initial gains to settle 18 paise lower at 73.79 against the US dollar on Monday on account of suspected oil related dollar buying |
| The dollar extended losses. The pound extended an advance on speculation that successful Brexit trade talks could help shield Britain from a messy rupture with the EU. The yen traded at 105.45 per dollar. |
| Gold and silver prices continued to be under pressure in Indian markets on Monday. On MCX, gold futures fell 0.4% to Rs 49,460 per 10 gm, extending last week's sharp fall, while silver tumbled 1% to Rs 58,473 a kg. In global markets, gold was up at $1,886.37 an ounce on Tuesday. |
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UTI AMC IPO opens today... UTI Asset Management Co has raised Rs 644.6 crore through allotment of 1.16 crore shares from anchor investors at Rs 554 per share. Aditya Birla Sun Life Trustee, Invesco Trustee, Sundaram MF, Goldman Sachs Singapore, Nomura Singapore, HSBC Global Investment Funds, PGIM India Trustees and Morgan Stanley Asia (Singapore) were among the anchor investors. The IPO will be open for subscription from Sept 29 to Oct 1.
Read More Residential realty market picks up… The Indian residential property market showed signs of picking up momentum in the quarter ending September compared to April-June that was largely marked by lockdowns after the outbreak of the Covid-19 pandemic. Housing sales in top seven markets including Mumbai, Delhi-NCR, Bengaluru, Hyderabad, Chennai, Pune and Kolkata rose to 14,415 apartments, up 34% from the previous quarter, JLL India data showed. Mumbai was the largest contributor to sales, accounting for 29% in the quarter, while 22% of sales were contributed by Delhi-NCR. Growth in sales activity was also driven by stronger demand in Chennai, Hyderabad and Pune.
Read More $2b AIF in the works for startups… Small and emerging startups looking for growth capital could soon have a domestic alternative to private equity and venture capital money. The central government is in discussions with a global pension fund and the insurance and capital market regulators about floating an alternative investment fund (AIF) that will pool domestic capital from insurance companies and some private equity funds to invest in growth-hungry startups that need funding. A foreign pension fund will also be an investor in the AIF and the corpus could be around $2 billion (Rs 14,766 crore).
Read More Coal mining bids set to be opened … The government will open bids received for commercial coal mining blocks on Wednesday as the Supreme Court refused to stay the auctions. Vedanta Group, Adani Group, Jindal Steel & Power and JSW Steel are among the companies believed to be eyeing the coal blocks with which India will open up the coal sector for commercial mining to private players. People aware of the matter said the apex court refused the plea made by the Jharkhand government to stay the auction process.
Read More Stocks on F&O radar... Traders are betting on companies with exposure to the agriculture sector and on beaten-down stocks that have bounced driven by news flow. While auto and auto-ancillary companies could move up further on hopes of better sales numbers for September, analysts are advising caution on multiplex operators and Vodafone Idea.
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Sebi orders action against defaulting brokers… Sebi has asked stock exchanges and clearing corporations to liquidate assets of defaulting brokers within six months of declaring them as defaulters. This move comes in the wake of defaults by Mumbai-based broker Anugrah Stock and Broking. Sebi said stock exchanges must try and recover assets not in their possession before the appropriate court of law. Sebi noted that in some of the recent cases where brokers defaulted, there was a shortfall of funds or securities with the brokers to meet the obligation of clients or stock exchanges.
Read More Limited upside likely in Nifty... Expecting limited upside on the Nifty, brokers like Axis Securities have suggested an inexpensive call ladder for their clients wishing to play for the upside momentum. The strategy can be unwound for profit even if the Nifty hits 11,411, a key technical retracement level, they add.
Read More Why RBI deferred policy meeting… RBI deferred this week's scheduled Monetary Policy Committee meeting a day before it was to start with the government not having finalised the three independent members of the six-member panel that sets policy interest rates. That's unlikely to disturb RBI's market-related functioning, as investors weren't expecting any interest rate action, as indicated in an ET poll of 20 market participants on the weekend.
Read More Kirloskar fraud blocks Ind Director appointment…The Kirloskar family feud took a surprise twist when Kirloskar Industries Ltd (KIL), a promoter of Kirloskar Brothers Ltd (KBL), voted against the reappointment of an independent director to KBL's board during its AGM on Friday citing mistrust of the director's independence and impartiality. The resolution to re-appoint Kishor Chaukar on the board of Kirloskar Brothers was blocked with only 65.7% votes in his favour. Re-appointment of an independent director is a special resolution and needs 75% of shareholder votes to pass.
Read More I-T to seek AG view on Voda verdict… The income tax department will seek the attorney general's opinion on what course it should take after having lost the retrospective tax arbitration case against British telecom company Vodafone Group last week. India has the option of appealing against the decision of The Hague-based Permanent Court of Arbitration at the Singapore-based appellate tribunal.
Read More Meanwhile... FY21 fiscal deficit may hit 13%... India's combined fiscal deficit may climb to 13-13.4% of gross domestic product (GDP) in the current fiscal, more than double the government's target of 6.4%, even if there is no further fiscal stimulus, CARE Ratings said in a report Monday. The report projects the Centre's deficit to touch Rs 17.8 lakh crore against the target of Rs 8 lakh crore, while states are likely to record a deficit of Rs 7.73 lakh crore over the budgeted Rs 6.35 lakh crore.
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