Today the market saw a great boom, Sensex flew about 360 points today. Nifty closed at around 11600. The Sensex gained 259 points to close at a level of 39,303. At the same time, Nifty gained 83 points to close at 11,605. Nifty Bank has closed 108 points at 22,574. Midcap has gained 60 points to close at 17,453. Midcap has gained 60 points to close at 17,453. 17 of the 30 Sensex stocks were traded. On the other hand, 29 of the 50 stocks of Nifty were seen. 6 out of 12 Nifty Bank stocks were traded.
Sundaram MF has launched a new NFO
Sundaram MF has launched a new NFO. The Sundaram Fund NFO is an open-ended equity scheme. It will primarily invest in large-cap blue-chip funds. NFO, open from today, will close on 30 September. The scheme will re-open on 14 October. This fund is meant for investors with a medium to long term perspective. It has a diversified large-cap portfolio of 45-50 shares. There will be a stock selection based on management, business model, and financials. This fund can invest 20% of its assets in midcap.
August Domestic Air Passenger Numbers fell by 76 Percent
According to the DGCA data, August domestic air passenger numbers fell by 76 percent year-on-year. According to DGCA data, IndiGo’s market share declined from 60.4 percent to 59.4 percent in August on a month-on-month basis. Meanwhile, SpiceJet’s market share has come down from 15.7 percent to 13.8 percent. Air India’s market share has grown from 9.1 percent to 9.8 percent. The aviation minister has told Rajya Sabha that 18,027 people have lost jobs in the aviation sector during the Corona era.
Dollar, Gold-Silver and Crude Oil
The rupee gained 13 paise to close at 73.52 against 73.65 today against the dollar. Today, gold and silver are trading strongly. The price on MCX is near the 2-week upper level.
Gold and silver are getting support due to weakness in the dollar. Gold on MCX is close to Rs 52,000. Silver is under Rs 69,000 on MCX. After yesterday’s 3% increase in crude oil, today there is a good rise again.
24 percent of production in the Gulf of Mexico has been stopped due to Hurricane Sally. Apart from this, crude oil is also getting support in the US due to decreasing inventories. Brent prices have reached above 41. China’s imports in August were near record levels.
In the US, inventory has decreased by 8.5 million barrels. On crude demand, the IEA said that its average demand for 2020 is expected to be 91.7 mbpd. Crude demand is expected to be the lowest since 2013.