News I read on 22nd July

1) The S&P 500 and the Dow indexes rose on Tuesday following a slate of positive earnings reports from top companies and on optimism over an eventual vaccine and fiscal stimulus to revive a pandemic-battered economy.
Ref: Reuters

2) Banks have sanctioned loans worth about Rs 1,27,582 crore under the Rs 3-trillion Emergency Credit Line Guarantee Scheme (ECLGS) for the MSME sector impacted by the economic slowdown triggered by Covid-19.
Ref: Business standard 

3) The Indian rupee strengthened on Tuesday to close at a two-week high against the US dollar tracking positive domestic equities and hopes of coronavirus vaccine.
Ref: Livemint 

4) Oil prices gained more than 3% to hit a more than four-month high on Tuesday, helped by positive news about coronavirus vaccine trials and a European Union stimulus deal.
Ref: Reuters 

5) Tranche II of Bharat Bond ETF received an overwhelming response, The issue was oversubscribed by 3.7 times mobilizing around Rs. 11,000 crores across 40,000 applications.
Ref: Livemint 

6) Shares of telecom services providers, mainly Bharti Airtel and Vodafone Idea, were underperforming the otherwise strong market on after the Supreme Court on reserved its order on the timeline of staggered payment of AGRrelated dues by telecom operators.
Ref: Business Standard

7) Capital markets regulator Sebi on Tuesday said stricter surveillance measures to tackle market volatility amid coronavirus pandemic will continue till August 27.
Ref: Business Standard 

8) FMCG major Hindustan Unilever on Tuesday reported a 5.7 percent increase in consolidated net profit to Rs 1,897 crore for the first quarter ended June 30.
Ref: Business Standard 

9) With the re-imposition of lockdown restrictions in many parts of the country, the pan India electricity demand is likely to decline by 5 percent to 6 percent in FY2021 over FY2020, rating agency ICRA
Ref: Business Standard 

10) Private sector lender Axis Bank Ltd on Tuesday reported a 31.29 percent year-on-year drop in profit before tax for the first quarter ended June 30 on higher provisions booked in the current quarter.
Ref: Business Standard

11) Online insurance platform Policybazaar aims to go public in 2021 at a valuation north of $3.5 billion, potentially becoming the first of India’s mega-start-ups to debut as its digital economy booms.

On Tuesday, NIFTY closed 140.05 Points higher at 11,162.25

VIX dropped by 1.15% and closed at 24.43, the usual safe range for VIX is between 12 to 20.

SGX Nifty trading 10.50 points higher at 08:00 am, Indian Time

By Kundan Kishore
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