Financial News

Share Market LIVE: Sensex, Nifty may open in green; Centre allows states to borrow 75% of annual limit by Q3

Products You May Like

Share Market Today, Share Market LiveShare Market Today, Share Market LiveSGX Nifty surged 65 points during the early hours of Monday.
(Image: REUTERS)

Share Market News Today | Sensex, Nifty, Share Prices LIVE: Domestic equity benchmark indices may open in the green for the first trading session for the week as SGX Nifty surged 65 points during the early hours of Monday. S&P BSE Sensex currently sits at 47,878 while Nifty 50 is placed at 14,341. Cues from global cues were positive after Wall Street indices ended with gains on Friday. NASDAQ and S&P 500 jumped over 1% each. Among Asian peers, Shanghai Composite, Hang Seng, Nikkei 225, TOPIX, and KOSPI were all sitting in the green.

The centre has allowed state governments to borrow 75% of their annual market borrowing limit of 4% of their respective Gross State Domestic Product (GSDP) in the first nine months of the current fiscal year. The move comes during a time where there are revenue constraints on state governments and the coronavirus delays recovery. Coupled with the central government securities, the state development loans could boost supplies, leading to hardening of bond yields in the coming few months, unless the RBI steps up open market operations, analysts feel.

Reliance Industries Limited (RIL) and bp today announced the start of production from the Satellite Cluster gas field in block KG D6 off the east coast of India. RIL and bp have been developing three deep-water gas developments in block KG D6 – R Cluster, Satellite Cluster and MJ – which together are expected to produce around 30 mmscmd (1 billion cubic feet a day) of natural gas by 2023, meeting up to 15% of India’s gas demand. The developments will each utilize the existing hub infrastructure in the KG D6 block. RIL is the operator of the block with a 66.67% participating interest and bp holds a 33.33% participating interest.

SGX Nifty was trading in the positive territory surging nearly 100 points higher before the opinion bell on Dalal Street, hinting at a gap-up start for domestic markets. However, on the charts, the short term trend is expected to bumpy for Sensex and Nifty. “The inability to show any meaningful upside bounce or failing to sustain the highs post upside bounce could be a cause of concern and this may not be a good sign for bulls. Normally, this action could eventually result in a decisive downside breakout of the support/range in the near term,” said Nagaraj Shetti, Technical Research  Analyst, HDFC Securities. Analysts suggest going for stock-specific trades at this juncture.

Read full story

SGX Nifty was up 65 points during the early hours of trade on Monday. Domestic markets could open with gains.

Bucking the trend in other infrastructure sectors which suffered on account of the pandemic, 2020-21 turned out to be a stellar year for the highway sector. A record 13,298 km of highways were constructed in the financial year, as against around 10,240 km in FY20, which made for ~30% y-o-y growth and a pace of 36.4 km/day. On the award front, 10,467 km of projects were awarded, up ~17% over 8,948 km in the preceding year. A host of industry-friendly measures taken by the government are said to be behind this performance, with analysts holding that continuation of measures to boost liquidity and relaxation in norms for bidders could see construction pace crossing the 40 km/day mark in the new fiscal.

Read full story

Given the revenue constraints and an evolving Covid-19 situation, the Centre has allowed the state governments to borrow 75% of their annual market borrowing limit of 4% of their respective Gross State Domestic Product (GSDP) in the first nine months of the current fiscal, a senior finance ministry official told FE. This compares with the permission given to them to borrow up to 50% of the annual threshold in the year-ago period.

Read full story

Share Market Today | Sensex, Nifty, BSE, NSE, Share Prices, Stock Market News Live Updates

Products You May Like

Articles You May Like

‘Friday Night Lights’ & More Shows & Movies You Won’t Be Able To Watch On Netflix In 2023: Full List
How Tom Brady Feels About Celebrating Christmas Late With His Kids
Eddie Cibrian’s Wife: Everything To Know About His Marriages To Brandi Glanville & LeAnn Rimes
Tasting the Sherry-Aged Spirits of Gonzalez Byass (2022)
Eddie Cibrian Addresses “Untrue” Piper Perabo Affair Allegation