stock market news briefing: ETMarkets Morning Podcast: Was Maruti’s 8% rally on Tuesday a flash in the pan? | The Economic Times Podcast

– CCI asked to rule on Amazon issue in 2 weeks
– Vodafone Idea in talks to raise debt, equity funds by FY22 end
– Sebi proposes cap on startup IPO proceeds for M&A

Now lemme give you a quick glance on the state of the markets.

Asian stocks opened on weaker note despite gains on Wall Street on Tuesday, as investors eye key economic and inflation data. MSCI’s index of Asia-Pacific shares outside Japan was down by 0.55 per cent.

Elsewhere, the yield on 10-year Treasuries was at 1.63%. The US dollar hit a fresh high since March 2017 against the yen and traded close to a 16-month peak versus a basket of major peers on Wednesday, as a run of strong economic data boosted bets for earlier Federal Reserve interest-rate hikes. Bitcoin was trading below $60,000.

That said, here’s what is making news.

The government is unlikely to shut the door on cryptocurrencies and instead take a nuanced approach. They may not be permitted as currency to settle transactions and make payments but could be held as an asset like shares, gold or bonds. Active solicitation by companies including exchanges and platforms would be barred, people with knowledge of the matter told ET.

Maruti shares have underperformed the market in the past three years. The stock gained 10% compared to 31% jump by the BSE Auto index and 70% surge by the Sensex. On Tuesday, around 27 lakh shares changed hands compared to an average of 10 lakh shares in the previous 10 sessions. The stock advance on Tuesday was highest in a day since April 8, 2020. Morgan Stanley said the chip shortage should be over with output from Malaysia increasing in October.

At first glance, FPI involvement in India’s secondary markets has lately been uncharacteristically circumspect. But data from the primary market show that FPIs are very much in the driver’s seat, investing more than ?46,000 crore into the primary market in 2021. By comparison, their net investment in listed stocks seems more in the order of chump change – at ?2,200 crore.

LASTLY,

Reserve Bank of India (RBI) governor Shaktikanta Das drew a distinction between the uses of technology such as blockchain for economic advancement, and for mining cryptocurrencies, which could pose a threat to financial stability, according to him.

NOW Before I go, here is a look at some of the stocks buzzing this morning…

The government wants state-owned oil and gas explorer ONGC o carve out non-producing high-potential areas of the prolific Mumbai High and Bassein fields for privatisation, not privatise entire fields, oil secretary Tarun Kapoor told ET.

Vodafone Idea (Vi) needs to raise around $2.5 billion (Rs 18,750 crore approx) via the equity route and double its capex run rate to hold onto its current 19% revenue market share (RMS), say analysts.

The Mumbai bench of the National Company Law Tribunal (NCLT) on Tuesday adjourned to December 14 a case filed by Invesco, which had sought a direction to Zee Entertainment Enterprises for convening an extraordinary general meeting (EGM) of shareholders.

Home First Finance Company India on Tuesday said it is planning to raise up to Rs 99 crore by issuing bonds on a private placement basis. “A meeting of the committee of directors of the company is scheduled to be held on Monday, November 22, 2021,” the non-banking financial company said in a regulatory filing.

Do also check out over two dozen stock recommendations for today’s trade from top analysts on ETMarkets.com.

That’s it for now. Stay with us for all the market news through the day. Happy investing!