8th April, 2021 Morning Brief

Market will open with a gap up today. 

The RBI POLICY declared yesterday, has been dovish as supported by fall in bond yields and this should also benefit the equity markets by keeping borrowing costs in check for some time and was the reason, interest rates sensitive stocks flared. 

Most Asian markets have opened lower this morning, despite the S&P 500 scaling another record high overnight. Sentiment in the U.S. was boosted by the Federal Reserve's commitment to supportive policy.

Major averages hovered near unchanged on Wednesday, with the S&P 500 closing up slightly after the Federal Reserve released minutes from its most recent meeting that reinforced the U.S. central bank's position to remain patient before raising rates.

The Dow Jones Industrial Average rose 16.02 points, or 0.05%, to 33,446.26, the S&P 500 gained 6.01 points, or 0.15%, to 4,079.95 and the Nasdaq Composite dropped 9.54 points, or 0.07%, to 13,688.84.

🎯 News & Impact 🎯 

🎯 Reliance Industries : 

SEBI has imposed Rs 25 crore penalty on Mukesh Ambani, Anil Ambani, Nita Ambani, Tina Ambani and other members of their family. SEBI order pertains to increase in Reliance Industries’ promoter shareholding in 2000.

🎯 Bharti Airtel : 

Has launched 'Airtel loT' - an integrated platform that enables enterprises to harness the power of Internet of Things and be ready for the emerging era of connected things.

🎯 IRCTC : 

Has temporarily suspended Lucknow-New Delhi Tejas Express until April 30, due to recent increase in coronavirus cases. 

🎯 Hindustan Construction Company : The company's loan default amount as of March 31 stands at Rs 1,959.41 crore and the total outstanding borrowing from lenders stands at Rs 4,010.93 crore.

🎯 SBI Cards and Payment Services : Promoter SBI Life Insurance Company sold 4,298 shares on April 6.

Negative for the stock. 

🎯 Aurobindo Pharma : 

Promoter Kambam Reddy created a pledge of 3.50 lakh shares on April 3.

Negative for the stock.