Weekly performance of Indian Markets

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Weekly performance of Indian Markets: 01/10/21 to 08/10/21

Nifty 50 has started its October journey on a positive note. It gained 363.15 points from 17,532.05 on October 1st to 17,895.20 on October 8th. It is equal to 2.07% rise.

Top 5 gainers on Nifty 50 Index: Tata Motors: 14.90% ONGC: 10.05% Titan Co.: 8.99% IndusInd Bank: 6.37% Mahindra & Mahindra: 6.03%

Government’s proposals made stocks like IEX and MCX to soar. In a big development, government has decided to sell the stake in Air India to Tata Group. Air India will return to Tata Group after serving as a government company for 68 years. The Tata group’s holding company, Tata Sons through its wholly-owned subsidiary Talace Pvt Ltd submitted a winning bid of Rs .18,000 Crore as the Enterprise Value of Air India. The Tata Group will retain ₹ 15,300 crore of Air India’s debt and pay ₹ 2,700 crore cash to the government.

The partial and/or total shutdown of chemical plants in China made chemical stocks to rally. Especially, Deepak Nitrite was in focus. In a nutshell, our markets were predominantly buoyant, regardless of the performance of global markets.

Raghuveer Jandhyala

Editor, Tax Concept. I have written on market, finance, management, and technology.

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