Mutual Funds: Listen Up: Mutual Fund Investors Should Take a Blow

Hi hello. Welcome to ETMarkets Morning, the money, business and markets show. I am Nikhil Agarwal. Let’s start with the headlines first.

– Electric vehicle sales in India more than tripled in FY22
– PM Modi to host virtual interaction with US President Joe Biden today
– Latest iPhone 13 model made in India

Now let me give you a quick overview of the state of the markets.

Asian stocks fell on Monday ahead of a week full of central bank meetings and inflation data in the United States. The mood in equity markets was cautious, with MSCI’s broadest Asia Pacific ex-Japan equity index losing 0.1%. The Japanese Nikkei fell 0.6%, after losing 2.6% last week.

Elsewhere, the yield on 10-year Treasury bills rose two basis points to 2.72%. A dollar gauge is hovering at levels last seen in 2020. Bitcoin was down, falling to around $42,100. Oil prices fell $2 a barrel at the start of Asian trading on Monday, following a second straight weekly decline after global consumers announced plans to release a record volume of crude and petroleum products from strategic stocks and as lockdowns in China continued.

That said, here’s what’s making the news.

TCS is expected to report continued business momentum for the March 2022 quarter, although sequential growth may moderate from the prior quarter due to seasonal weakness as customers review their IT spending for the calendar year. In terms of rupees, the topline is expected to cross the 50,000 crore mark in a single quarter, rising 3.2% to reach 50,395 crore rupees.

Technical analysts expect the Nifty to touch 18,100-18,200 in the near term. Getting past 18,200 would be a bigger challenge, however, they added. The index gained 0.6% last week and outperformed all its regional peers except Indonesia.

The Reserve Bank of India (RBI) and the Securities and Exchange Board of India (Sebi) are exploring the possibility of synchronizing trading time for all markets – stocks, bonds, currencies and commodities, ET reported. The aim is to ensure ease of operations for investors who bet on all asset classes as well as for the background staff of intermediaries.

FINALLY,

Investors in mutual fund debt schemes are set to take a hit as benchmark bond yields rise more than 20 basis points after the Reserve Bank of India (RBI) shifted its focus to controlling inflation after nearly three years of making growth a priority .

NOW Before we go, here’s a look at some of the action buzzing this morning…

Sale bookings at Bengaluru-based property company Sobha Ltd rose 23% to its all-time high of Rs 3,870.2 crore in the 2021-22 financial year on the back of higher volumes, mainly due to low interest rates on home loans.

Torrent Pharmaceuticals and KKR-controlled JB Chemicals are among the latest contenders to acquire Chennai-based Curatio Healthcare for around ₹2,500 crore in what could be the pursuit of M&A deals in the space pharmaceutical and life sciences.

JSPL plans to set up a coal gasification plant, the second in the country, at its Raigarh plant in Chhattisgarh.

Edible oil major Ruchi Soya said on Friday it had repaid loans of Rs 2,925 crore to banks and had become a debt-free business.

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Also, check out over two dozen stock recommendations for today’s trade from top analysts at ETMarkets.com.

That’s all for the moment. Stay with us for all market news throughout the day. Good investment!

Dolores W. Simon