Nifty Rally Continues

Welcome back, readers!

Hope everyone had an amazing weekend.

A lot happened over the weekend so let’s dive right into what’s moving markets!

Markets at a glance

A greener end to the Indian indices as the market extended its rally at the top, creating new highs.

A host of economic factors played the role catalyst during last weeks’ rally including strong GDP and GST numbers. India also posted an 18-month high PMI figure.

All sectoral indices ended higher except FMCG as Sensex ended above 58K for the first time.

What made headlines over the weekend?

  • The August service sector PMI numbers were up at 56.7 way above the 50 threshold and also July’s 45.4 (Mint)

    PMI or the Purchasing Managers’ Index is a good trend indicator of the health of the economy. It indicates whether the economy is expanding or contracting from a purchasing managers’ perspective. It summarises various factors including production levels, inventories, employment numbers, supply deliveries and new orders. (MORE)

  • After the chip shortage setback, carmaker Maruti (NSE:+1.12%) is hit by yet another crisis as it recalls more than 181,000 PV cars due to faults in their motor (AC)

  • Oil behemoth RIL’s (NSE:+4.15%) commitment to pivot to green energy sources was reiterated by Mota Bhai Mukesh Ambani as the company is set to invest up to ₹75,000Crores over a span of 3 years (Mint)


Where’s the money flowing?

  • HDFC Life Insurance Co. (NSE:-3.29%) to acquire Exide Life Insurance co. for ₹6,687 Crores (Hindu)

  • We surely know where the money is not flowing, Byju’s the ed-tech startup is leaking money as net losses increased 30-fold (MC)

  • Believe it or not! E-commerces’ neglected 3rd child Snapdeal is in talks with IBs to get listed on the Indian Markets and possibly raise up to $400 Million (check meme)(ET)

  • Clootrack, a real-time customer experience analytics platform raises $4 Million in a Series A funding round led by Inventus Capital India (TC)

  • RIL subsidiary, Reliance Strategic Business Ventures acquires Strand Life Sciences for ₹393 Crores (BS)

  • Vijaya Diagnostics saw its IPO subscribed 4.5x whereas Ami Organics was subscribed 64x (ET)

More news?

  • India finishes its stellar performance at the Tokyo 2020 Paralympics with 19 medals, ranks 24th overall (NDTV)

  • Japan’s Yoshihide Suga steps down from his position as Prime Minister (Reuters)

  • Youtuber Jarvo finally arrested after several pitch invasions during India’s tour of England (Reuters)

  • Hyundai’s luxury brand Genesis sets its eyes on the Indian market (TOI)

Meme of the day?