Markets fell on the first day of the trading week. Today, both the Sensex and the Nifty have closed in on the red mark. The Sensex fell 98 points, or 0.25 percent, to close at 38,756.63 at the end of trading. Meanwhile, Nifty fell 43 points, or 0.38 percent, to close at 11,421.05. Nifty Bank fell 379 points to close at 22,101. The midcap index gained 441 points to close at 17,207.
Small Cap Index Saw a Major Intra-Day Boom
The midcap index hit a rapid hat-trick. In today’s business, the Smallcap index saw a major intra-day boom of 6 years. The smallcap index gained momentum after May 19, 2014. The IT index also closed at record highs today. The IT index saw its biggest boom since July 15. TCS and HCL Tech closed at record highs. Realty, auto and pharma stocks were bought. Today, 20 out of 30 stocks of Sensex were sold. At the same time, 33 of the 50 stocks of Nifty were sold. 8 out of 12 Nifty Bank stocks were sold.
IRCTC has Reported Poor Results in the June Quarter
Today small business banks have gained momentum in the business. The Finance Minister introduced Supplementary Demands for Grants in Lok Sabha, a provision that has been made to infuse Rs 20,000 crore into public sector banks this year.
The IRCTC reported poor results in the June quarter. There was a loss of Rs 24.6 crore in the first quarter against a profit of Rs 150.6 crore, while income also saw a decline of 78 percent. Speaking on the results and further outlook, the company’s CMD Mahendra Pratap Mal said that 9 to 10 lakh tickets were booked in Pre-COVID. As of September 10, 5 lakh tickets have been booked. Ticket bookings have increased due to the festive season. 3 lakh tickets are expected to go on sale by the end of September.
Travel will increase with the introduction of the vaccine. By the end of the year, 60-70 percent of demand is expected to return. He further said that the company’s EBITDA is expected to come out positive soon. Policy changes are expected in the catering business. The catering business does not have CAPEX. An expansion plan is underway for the hotel and tourism.
Crude Oil, Gold and Silver
Crude oil prices are rising today. It has received support from the storm again in the Gulf of Mexico. But there is a concern about demand, due to which the edge is limited. Mixed business is taking place in base metals today. Copper and nickel are strong but the rest of the metals are weak.
Gold appears to be near the Rs 51,500 level on MCX. At the same time, the gold has gone over $ 1,950 on Comex. Gold has gained support due to weakness in the dollar. AstraZeneca has resumed vaccine trials. Markets will be watching the U.S. Fed meeting this week.
It is priced at a discount of $ 30 in the spot market. Silver has gone above Rs 68,000 on MCX. Silver has gained support due to weakness in the dollar. The rupee has opened 15 paise stronger today against the dollar. The rupee today opened at 73.39 against 73.54 against the dollar.
Carlyle Group may Invest $ 2 Billion in Reliance Retail
American company Carlyle Group may buy a stake in India’s RRVL (Reliance Retail Ventures Ltd.). According to media reports, private equity firm Carlyle Group is an Indian billionaire and Asia’s largest dhankuber Mukesh Ambani -led Reliance Industries Ltd. can buy a stake in Reliance Retail for about $ 2 billion. He has given this information to the people associated with this case. Earlier last week, Silver Lake also announced an investment of Rs 7500 crore in a subsidiary of Reliance Industries.