Sensex, Nifty at Lifetime Highs, Rally to Continue

TUESDAY • AUGUST 31, 2021 CHENNAI ₹10 • Pages 10 • Volume 28 • Number 242 DATA FOCUS ONE DISTRICT ONE PRODUCT SCHEME 5G ROLLOUT Venture capital, debt funding surpass Dedicated team set up to identify products Airtel intends to roll out 5G network 2019 levels as pentup economic from 739 districts and devise plan for in key cities at the earliest, says activity and recovery chip in p2 export promotion p3 Chairman Sunil Bharti Mittal p7 Bengaluru Chennai Coimbatore Hubballi Hyderabad Kochi Kolkata Madurai Malappuram Mangaluru Mumbai Noida Thiruvananthapuram Tiruchirapalli Tirupati Vijayawada Visakhapatnam Regd. TN/ARD/14/2012-2014, RNI No. 55320/94 Powell effect: Sensex, Nifty at Malaysia lockdown may dent upcoming festival auto sales lifetime highs, rally to continue tain parts. We are also trying to Adds to the woes find out availability from the Sensex nears 57k, rupee gains 40 paise cent trading takes place in it. of OEMs that are stockists and directly purchas So, when it falls, it simply ing them at a higher price,” on Fed’s dovish stance; midcaps revive means that investors are buy already facing severe Chandra said. ing assets and hence pushing chip shortage According to Shashank OUR BUREAU prices and stock prices. Mar up its price. In India, the trend Srivastava, Senior Executive Dir Mumbai, August 30 kets are likely to remain posit has been that IT stocks rise S RONENDRA SINGH ector (Marketing & Sales), Amid the perception that ive and rising for the next one when the dollar rises since New Delhi, August 30 Maruti Suzuki India (MSIL), the stock market valuations were year at least. When people go their business largely comes The domestic automobile man Acute shortage of chipsets is demand and supply of cars re near their peaks, India’s short on dollars and sell them, from the US and other mar ufacturers, who are facing a driving firms to buy directly flect the semiconductor short equity index Sensex and Nifty they are usually buying assets, kets. But when the greenback tough situation following the from suppliers at higher price age. “This has been a month (Au touched a new lifetime high which are equities and other falls, the share price of com shortage of semiconductors, gust) when we had limited on Monday, thanks to the commodities,” he said. moditylinked businesses may have to further cut produc Shailesh Chandra, President, production because of the semi dovish stance taken by the US A heavy buildup of posi rises. tion in September due to lock Passenger Vehicles Business, conductor shortages,” he said. Federal Reserve chief in his an tions in the derivatives seg Metals stocks saw a sharp down in Malaysia, which is one Tata Motors told BusinessLine. Earlier this month, Suzuki nual Jackson Hole economic ment for August expiry was stick with the waitandsee ap rally in India in the past few of the largest chipsuppliers. The Tata Motors has been man Motor Gujarat had announced speech. The Sensex rose preventing the indices from proach giving reassurance months. On Monday, the gains original equipment manufac aging the semiconductor issue three Saturdays as no produc 765.04 points or 1.36 per cent hitting the new peak for the that the easy money policy in the market were led by turers (OEMs) are now worried, at ‘multiple levels’, including tion days which hit sales. The to close at a record high of past few weeks and markets will continue this year with a benchmark stocks including as it comes at a time when com closely working with the tierI company may go for shut down 56,889. The Nifty index rose regained their momentum smaller rate of tapering.” Bharti Airtel, Tata Steel, Axis panies are preparing for festival suppliers and coordinating for a few days in September too. 225 points or 1.35 per cent to post that expiry, analysts told Bank, Titan Company, Maruti season sales. with suppliers, said Chandra. RC Bhargava, Chairman, MSIL, close at 16,931. The rupee also Business Line. Spurt in rupee Suzuki India and Bajaj Fin The Malaysian crisis is adding The shortage of chipsets is so had said that it was not clear appreciated about 40 paise to Vinod Nair, Head of Re The rupee opened about 23 ance. Small and midcap in stress to the existing semicon much that the companies are how long the situation of chip close at 73.2925 a dollar search at Geojit Financial Ser paise stronger on Monday. dexes that were on a down ductor shortage issuesand com also buying directly from the shortages would last, and till against the previous close of vices, said, “Following a Last Friday, rupee had risen ward spiral for the past few panies may run into huge op suppliers at a higher price. things improve, production 73.6950. strong gapup opening, about 53 paise to the dollar. weeks too saw a boost on portunity losses, running up to “Wherever possible, we are try across the industry would be af The Fed Chair Jerome H equity benchmark indices Anindya Banerjee, Deputy Monday. BSE Midcap index thousands of crores in value ing to see if we can optimise the fected with temporary shut Powell on Friday said that he maintained the trend VicePresident, Currency De and Smallcap index gained by terms. Sources in the industry use of microcontrollers in cer downs. would not rush to hike key in throughout the day in line rivatives & Interest Rate Deriv 1.72 per cent and 1.55 per cent said Mahindra & Mahindra is terest rates and continue the with the strength in global atives, Kotak Securities, fore respectively. Broader indices one of the biggest victims of bond buying programme at markets. Global markets cast that, over the near term, also rallied, outperforming this semiconductor shortage as Maruti to hike prices from the usual pace. “The timing strengthened as the anxiety rupeedollar can trade with a the benchmarks. many of its vehicles are lying and pace of the coming reduc over the Jackson Hole sym downward bias within a 73 Nifty Midcap 50 was up 1.95 idle in its factories for want of next month, 4th since Jan tion in asset purchases will posium subsided following 73.60 levels on spot. per cent and Nifty Smallcap chipsets. not be intended to carry a dir the dovish tone of the Fed The dollaris the reserve cur 50 rose 1.39 per cent. The S&P OUR BUREAU “Commodity prices are ect signal on the timing of in Chair. Jerome Powell stated to rency for the world as 90 per BSE Midcap was up 1.72 per Supply issues New Delhi, August 30 high since April 2020. For in terest rate liftoff, for which cent while the S&P BSE “Demand will not be an issue, It Bullish Bytes Maruti Suzuki India has said it stance, prices of steel have we have articulated a different Smallcap was up 1.55 per cent. will be on the supply side and is will hike prices across models gone up from ₹38,000 per and substantially more strin ■ The Fed might wind down its $120-billion monthly The volatility index fell 0.65 the only fear that we have. The from next month amid rising tonne last year to ₹65,000 per gent test,” Powell had said. bond-buying by year end, but was in no per cent to 13.32. semiconductor issue has been input costs. This is the fourth tonne now. Copper from hurry to raise short-term interest rates Binod Modi, Head Strategy the showstopper as far as in price hike this calendar year $6,200/tonne to $10,200/ Markets to remain positive from near zero at Reliance Securities said, dustry numbers are concerned. since January. In January, the tonne,” RC Bhargava had said. Rohit Srivastava, chief ■ “Strong buying in midcap While we were dealing with this company had increased the Although the company did Inflation is transitory and driven mainly strategist, Indiacharts, said and smallcap stocks contin uncertainty, the Malaysia Covid prices by 1.6 per cent across all not specify the quantum of by durable goods sector and energy the Fed comments have cre ued today as recent correction restrictions kicked in. This is categories; by 1.9 per cent in price rise, sources said it will ated a weak dollar and refla ■ The pandemic is responsible for made riskreward proposi just adding to the concern that April; and by 0.4 per cent in be in the range of ₹5,000 tion in the system. “It is posit supply-chain bottlenecks tions favourable for we already had because of the July only on CNG vehicles. ₹22,000, across models. ive for rising commodity investors.” semiconductor issues globally,” Amazon writes to SEBI to revoke approval for Future-Reliance deal Ecommerce firm proceedings, and the Supreme Amazon at SIAC, which passed Court has upheld the enforce an interim award in its favour. cites SC order ability of the EA order which Meanwhile, both Future Retail stalling the deal had injuncted inter alia the and Reliance moved applica presentation, pursuit and car tions with the relevant author FORUM GANDHI riage of the applications before ities, including SEBI and the Mumbai, August 30 the Indian stock exchanges. Competition Commission of In Amazon has written a letter to “Accordingly, we request dia, in January 2021. the Securities and Exchange your good offices to direct the Board of India (SEBI) requesting Indian stock exchanges to with Conditional nod to revoke the conditional ap preme Court, Amazon requests draw the o bservation l etters Giving a conditional nod, SEBI proval given by the market reg you to take all such action as is with immediate effect,” it had said, “It is observed that ulator to the ₹25,000crore Fu necessary to comply with the requested.

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