22nd September, 2020 Morning Brief

Market will open on a positive note today after a fall registered yesterday because of global selloff on the claim of money laundering for terrorists by some big international banks.

Asian markets have opened lower after a weak closing on Wall Street, despite a rebound from the sessions lows. Markets in Japan are shut for a holiday today as well.

Wall Street’s main indexes tumbled on Monday with also concerning about new lockdowns in Europe and possible delays in fresh stimulus from Congress raised fears the U.S. economy faces a longer road to recovery than previously hoped for. But a short covering in second half erased some dent while closing. 

The Dow Jones Industrial Average fell 2% to end at 27,102.99 points, while the S&P 500 lost 1.28% to 3,276.87. The Nasdaq Composite dropped 0.22%, to 10,769.20.

Oil falls 5% as economic outlook dims with rising virus cases. 

India government bonds miss out on JP Morgan index inclusion.

SEBI puts in place framework to handle near zero, negative prices in commodity futures.

US FinCEN names 26 Indian banks partaking in dubious transactions: Report

A number of banks, regardless of whether they were private, public or foreign, helped in carrying out transactions that were red-flagged by the government between 2010 and 2017. According to a Business Standard report, the International Consortium of Investigative Journalism (ICIJ) obtained top-secret Suspicious Activity Reports, or SARs, of over $2 trillion globally. While these transactions do not serve as outright proof of malicious activity, they are red-flagged by US authorities as suspicious.

In the case of India, these files so far have established sender-receiver connections for 406 transactions involving all major banks, including the country's largest lender, State Bank of India.

🎯 News & Impact 🎯 

🎯 Chemcon Speciality Chemicals : Issue subscribed 5.2 times on the first day. Institutional subscription at zero, non-institutional subscription at 1.24 times while retail subscription at 9.86 times.

🎯 CAMS : Issue subscribed 0.82 times on day 1. Institutional subscription at 0.25 times, non-institutional subscription at 0.3 times while retail subscription at 1.4 times.

🎯 Aarti Drugs : October 1 set as the record date for the company's bonus issue 3:1. Positive for the stock. 👍 

🎯 GMM Pfaudler : Promoters to sell up to 40.93 lakh shares or 28% stake through an Offer for Sale. Negative for the stock. 

🎯 MEP Infra Developers : Promoter Sudha Mhaiskar revoked pledge of 4.5 lakh shares on September 17. Positive for the stock. 👍 

🎯 Apollo Micro Systems : Promoter KR Baddam created pledge of 8 lakh shares on September 8. Negative for the stock. Negative for the stock. 

🎯 HFCL : Promoter MN Ventures acquired 20 lakh shares on September 21. Positive for the stock. 👍 

🎯 Mindtree: Promoters sold 4.34 lakh shares between September 15-17. Negative for the stock. 

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Edited by Sharp.