/ETMarkets Morning Podcast: FPIs step up Indian stock purchases & other top news

ETMarkets Morning Podcast: FPIs step up Indian stock purchases & other top news

Hi there! Welcome to ETMarkets Morning, the show about money, business and markets. I am Saloni Goel, and here is what we have to start your day.

>> FPIs step up Indian stock purchases
>> FinMin seeks valuer for LIC
>> Munot named new CEO & MD for HDFC Mutual Fund
>> Tesla to join S&P500 in Dec, stock rallies

And there is more. But first, a quick glance at the state of the markets…

>> Nifty futures on the Singapore Exchange traded 27 points lower at 7 am (IST), signalling indecisiveness on Dalal Street.


>> Asian stocks drifted at the open on Tuesday on optimism about a vaccine eased. Shares were little changed in Japan, Australia and South Korea.

>> On Wall Street, S&P500 closed at an all-time high after Moderna’s vaccine was shown to be 94.5% effective in a preliminary analysis of a large late-stage clinical trial. Dow rose 470 points, or 1.6%, while the S&P500 gained 41.76 points, or 1.16%, and the Nasdaq 94.84 points, or 0.8%.


>> Oil prices edged higher on expectations OPEC and its allies will extend oil production cuts for at least three months. Brent crude futures for January rose 16 cents, or 0.4%, to $ 43.98 a barrel while WTI crude for December added 13 cents, or 0.3%, to $ 41.47


>> The rupee settled on a flat note at 74.62 against the US dollar on Friday as importers and banks’ demand for the greenback continued to exert pressure on the Indian currency.

>> The dollar extended a decline. The yen rose 0.1% as did the offshore yuan. The euro traded 0.1% higher while the British pound rose 0.2%


>> Gold prices struggled in Indian markets while silver rates edged higher. On MCX, gold futures fell 0.12% to Rs 50,925 per 10 gm while silver futures rose 0.22% to Rs 63,941 a kg. In international markets, gold traded steady at $ 1,890.84 an ounce.

All in all, the trade setup looked weak on Dalal Street. On Friday, Nifty50 formed a small bullish candle on the daily chart. Analysts said the index is moving sideways and any further rise could attract selling pressure.

LET ME NOW GIVE YOU A HEADS-UP on some of the top news we are tracking at this hour.

… FPIs have stepped up purchases of Indian stocks in the past six trading sessions following a meeting between Prime Minister Narendra Modi and top overseas funds on November 5. These investors have pumped in close to ?30,200 crore since the meeting — where the government showcased recent reforms — as against Rs 21,826 crore in the whole of October ahead of an increase in India’s weightage on the MSCI indices by November-end.

… For the second time this month on the Covid vaccine front. Moderna said its vaccine appears to be 94.5% effective, according to preliminary data from the company’s still ongoing study. Major stock markets surged higher Monday — the Dow Jones Industrial Average hit a record of 29,923.49, up 1.51%, the S&P 500 gained 38.61 points, or 1.08%, and the Nasdaq Composite rose 75.21 points, or 0.64%.

… NBFCs are losing market share to banks in car and SUV financing and are shifting their focus to used cars, two-wheelers and commercial vehicles instead. A combination of capital constraints among NBFCs and renewed aggression from PSU banks has led to this situation, said auto financiers. In a bid to grow their retail portfolio, PSU banks are offering auto loans at 7.25% to 7.7% compared to NBFCs whose rates range from 8.75% to 11%.

…. Tesla Inc is set to join the S&P500 in December, a major win for Chief Executive Elon Musk that boosted the electric car maker’s shares 14% on Monday in anticipation of a $ 51 billion trade by index funds adjusting their holdings. S&P Dow Jones Indices announced that the company would join the S&P 500 index prior to the opening of trading on Dec. 21, potentially in two tranches making it easier for investment funds to digest.

…. The Finance Ministry on Monday invited bids from actuarial firms for arriving at the embedded value of LIC ahead of its stake sale. The government plans to sell minority stake in the insurance behemoth and list it on the bourses. It has already appointed Deloitte and SBI Caps as pre-IPO transaction advisors.

… After months of pause, the BPCL disinvestment process finally got going with “multiple” players evincing interest in acquiring the government’s 53% stake in the oil marketing company. While the names of the companies that have submitted expression of interests were not disclosed, sources said three-four players were in contention, although Reliance Industries, and global majors such as Saudi Aramco, BP, Total, ExxonMobil and Rosneft stayed away


A deadly fire that had been raging for nearly six months at a well operated by Oil India in the eastern Assam has been “doused completely,” the company said in a filing to exchanges on Monday.

Seasoned fund manager Navneet Munot is set to join HDFC Mutual Fund — the country’s second largest asset manager handling Rs 3.75 lakh crore of investor money — as its MD and CEO.

The RBI-appointed administrator of troubled DHFL has sought revised offers for the third time within the existing asset categories that Oaktree, Adani Capital, Piramal Group and SC Lowy bid for earlier.

L&T has emerged as the lowest bidder for a Rs 3,200 crore project to build a road bridge over the Brahmaputra river, according to an NHIDCL official.

State-owned construction firm NBCC on Monday said it bagged business orders worth Rs 1,165.52 crore last month

The country’s largest carmaker Maruti Suzuki India on Monday said it has sold over two lakh cars through the online channel.

That’s it for now. For all the market news through the day, do track ETMarkets.com. Have a great day ahead! Bye-bye

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