Stock Market Live Updates: Sensex Opens Strongly, Nifty Above 17,400

Nifty Flat in pre-open

Sensex flat in pre-open

see full image

Nifty View: Nagraj Shetty, Technical Research Analyst at HDFC Securities

The short term trend of Nifty remains positive and further upside can be expected in the near term. A permanent move above 17,640 on NSE Nifty is likely to negate the bearish setup and it could open further upside as per the daily and weekly time frame charts. Nifty’s immediate support has been placed at the level of 17,260.

PLI Boost: Telecom gear makers record ₹6,200 crore production

Telecommunications equipment manufacturers have produced more than Products worth Rs 6,200 crore with investment of close to Rs. 247 crores since the launch of the Production-Linked Incentive (PLI) scheme for the segment, Economic Times has reported.

Production and investments have so far been driven by large multinational players such as Ericsson and Nokia, with Indian companies seeking expansion to meet their targets, saying they have just four months to meet the first year milestone. have met.

multinational companies invested 151 crore, the official told ET. Big Indian manufacturers invested 86 crore, while the rest The investment of 9.7 crores was from MSMEs.

RBI-appointed administrator moves court to retain Srei’s control over Trinity: Report

At the heart of the bankruptcy proceedings of Srei and its subsidiary, one of India’s largest non-banking financial companies, is a lesser-known asset management firm called Trinity, which operates multiple funds with diversified investments. Fearing that Trinity may spiral out of control, the Reserve Bank of India (RBI)-appointed administrator has moved the court to block the change in shareholding of Trinity Alternative Investment Managers Ltd, The Economic Times has reported.

Shrey Infrastructure Finance owns 51% in the main Shrey company, Trinity, and the remaining 49% equity is held by Payash Capital, a Singapore-based entity. The administrator swung into action – first, by giving a legal notice to Trinity, and then seeking an adjournment before the Kolkata Bench of the National Company Law Tribunal in an attempt to block the rights issue proposed by Trinity’s board of directors.

Oil starts new year on positive note, pandemic worries curb gains

Oil prices rose on Monday as the market kicked off 2022 on a positive note, though concerns about a slowdown in demand due to the fast-spreading COVID-19 pandemic limited gains.

Brent crude was up 67 cents, or 0.86%, to $78.45 a barrel as of 0102 GMT. US West Texas Intermediate crude futures rose 77 cents, or 1.02%, to $75.98 a barrel.

Last year, oil prices rose nearly 50%, driven by a global economic recovery from the COVID-19 pandemic slowdown and producer restraint, even as infections hit record highs around the world.

NBFC growth will see an improvement this year; There may be a slight uptick in NPAs

Non-Banking Financial Companies (NBFCs) showed resilience in 2021 despite the crisis caused by the coronavirus pandemic and are expected to see a sustained pick-up in growth this year.

This year, the growth will be driven by booming economy, strong balance sheet, higher provisions and better capital position of NBFCs.

On the other hand, the gross non-performing assets (NPAs) of NBFCs are likely to rise after the Reserve Bank of India (RBI) stepped in to tighten the NPA norms in November 2021.

Senior Director and Deputy Chief Rating Officer, CRISIL Ratings Ltd. said, “Our basic belief is that the worst-case scenario is behind them (NBFCs) and here things will start improving. We expect NBFCs to show higher growth and they Growth of the economy will benefit.” Krishnan Sitaraman said.

Sitaraman said the asset under management (AUM) of shadow banking players is expected to grow at 6-8 per cent in the current fiscal and 8-10 per cent in the next financial year.

Reliance Industries plans to raise up to $5 billion in US debt

Reliance Industries Limited plans to raise up to $5 billion in dollar-denominated debt and use the proceeds primarily to refinance its existing borrowings.

The Mukesh Ambani-owned oil-to-telecom conglomerate said the proposal for a fixed rate note, which can be issued in one or more tranches, was approved by the board in a meeting on Saturday.

Although the company did not provide further details about the use of the proceeds, the Economic Times newspaper said it would be used to refinance earlier debt from international investors, with a bundle of loans coming to maturity in the next three to four months. .

The paper said the offer would be the largest one-time offshore raise by an Indian borrower, adding that the move would be debt-neutral for the company.

SGX Nifty futures were trading 26 points lower at 17,413.50 in early deals

Most Asian markets closed; Chian’s Evergrande Shares to Stop Trading

Financial markets in Australia, China, Japan, New Zealand and Thailand remain closed on Monday for a public holiday.

Hong Kong shares opened higher on Monday, starting the new year on a positive note after a healthy end to 2021, though traders remained bullish on a range of issues, including the fast-spreading Omicron virus version.

The Hang Seng index rose 0.48%, or 112.87 points, to 23,510.54.

China Evergrande Group said its shares would be suspended from trading on Monday without assigning any reason. The troubled asset developer has more than $300 billion in liabilities and is scrambling to raise cash by selling assets and shares to repay suppliers and creditors.

On Friday, US stocks closed out a quiet day of trading with minor losses, even as Wall Street closed the books on another banner year. Major indices spent most of the day swinging between small gains and losses. The S&P500 index fell 12.55 points, or 0.3%, to 4,766.18. The Dow closed down 59.78 points, or 0.2%, at 36,338.30. The Nasdaq fell 96.59 points, or 0.6%, to end at 15,644.97.