Market Update for 18/08/2020: | Street-fluence

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WORLD MARKET

  • The Nasdaq 100 outperformed, while big banks sank after Warren Buffett’s Berkshire Hathaway Inc. pared stakes in many of the industry’s top names.
  • While a cash injection by China’s central bank Monday buoyed investors, the tension between Washington and Beijing continues to weigh on sentiment, with the U.S. announcing new restrictions on Huawei Technologies Co.
  • Minutes of the latest FOMC meeting are due Wednesday.
  • Google and Australia’s competition watchdog exchanged online fire after the U.S. company warned that an imminent law governing revenue-sharing with the media will force it to disclose sensitive data and jeopardize free services like YouTube.

STOCK WISE NEWS-

Bandhan Bank: RBI removes regulatory restrictions after bank complies with promoter shareholding norms. The restrictions on the CEO’s pay have now been lifted while those on prior approval for new branches were lifted earlier.

Telecom stocks: AGR dues case continues in the Supreme Court today at 2 PM.

Cholamandalam: Sees light CV demand to bounce back from the third quarter of FY21. The company says it is focussed on financing tractors, as per Bloomberg.

Also Read on FinMedium:  Accounting for sustainability - The Inquisitive Investor

AUTO Ancillary to be in Focus:

  • The sector to get PLI push
  • Sales pick up as festive season nears.
  • Strong management commentary post Q1 no’s
  • Scrappage policy awaited

Make for World gets big push 4-5 sectors identified, white goods, Auto ancillary, capital Goods to get incentives.

AA & AAA rated NBFCs in focus as Partial Guarantee Scheme gets extended by the government.

Government extends anti-dumping duty on caustic soda from China, Korea for 3 months till 17th November 2020 :
Impact on GHCL, Gujarat Alkali, Grasim

Ajanta Pharma promoter pledge release of 10.5 Lakh Shares.

EARNINGS TODAY: Zee Ent, HAL, FACT, JK Cement, KNR Constructions, Uflex
AGM today: Kotak, Alkem Labs, Bharti Airtel, Honeywell

FII bought 333 cr
GOLD- 2000
DXY- 92.6
CRUDE- 45.16

Metal Update:

  • China’s Iron Ore futures rise for the 4th consecutive session, up 1.6% to 847 yuan a tonne.
  • Spot iron ore prices hit six-year high boosted by the govt’s infrastructure push. Analysts remain optimistic about the demand in the coming months.



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Akshada Deo
Akshada posts the daily market updates in a summarized format. Stock Market, Literature, Music, and Design are her passions.
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