SGX Nifty signals an upbeat start; GST Council meeting in focus

September 17,2021

SGX Nifty:

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could advance 93 points at the opening bell.

Meanwhile, all eyes are on the GST Council meeting scheduled today, 17 September 2021 in Lucknow. The agenda for the GST Council meet includes considering taxing petrol, diesel and other petroleum products under the single national GST regime.

Meanwhile, the Union Cabinet has approved central government guarantee up to Rs 30,600 crore to back security receipts (SRs) to be issued by National Asset Reconstruction Company Limited (NARCL) for acquiring stressed loan assets.

NARCL proposes to acquire stressed assets of about Rs 2 lakh crore in phases within extant regulations of Reserve Bank of India (RBI). It intends to acquire these through 15% cash and 85% in SRs.

Global markets:

Overseas, Asian stocks are trading mixed on Friday, as traders weighed risks from China to the global recovery and the prospect of reduced Federal Reserve stimulus.

U.S. stocks closed mostly lower on Thursday after swinging between gains and losses after unexpectedly strong retail sales data underscored the strength of the U.S. economic recovery.

US retail sales increased in August, rising 0.7% from the previous month. The initial estimate for July, however, was revised down to a decline of nearly 2% from a month-over-month gain of 0.5%. Meanwhile, the latest unemployment insurance weekly data showed 332,000 first-time jobless claims last week.

Domestic markets:

Back home, benchmark indices ended with robust gains on Thursday, supported by firmness in banks and FMCG stocks. The barometer index, the S&P BSE Sensex, jumped 417.96 points or 0.71% at 59,141.16. The Nifty 50 index advanced 110.05 points or 0.63% to 17,629.50.

Foreign portfolio investors (FPIs) bought shares worth Rs 1,621.88 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 795.13 crore in the Indian equity market on 16 September, provisional data showed.

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