Scan to Download
US futures declined in pre–market hours as investors braced themselves for remarks from several Federal Reserve officials, who will speak at different events later today. Moreover, markets await Fed September meeting minutes.
The S&P 500 futures was 0.12% down at 5,793.25, and the Down Jones Industrial Average futures declined 0.10% to 42,331.00. The Nasdaq 100 Futures declined 0.19% to 20,260.75 as of 3:30 p.m.
US: Federal Reserve Bank of Atlanta President Raphael Bostic will speak at the Greater Atlanta Home Builders Association — 5:30 p.m. IST
US: Federal Reserve Bank of Dallas President Lorie Logan will speak at the Greater Houston Partnership Future of Global Energy Conference
US: Energy Information Administration Crude Oil Inventory Report — 8:00 p.m. IST
US: Federal Reserve Bank of Chicago President Austan Goolsbee will deliver opening remarks at the Chicago Payments Symposium — 8:00 p.m. IST
US: Federal Reserve Governor Philip Jefferson will speak at the Charlotte Economics Club Lunch — 10:00 p.m. IST
US: US FOMC September meeting minutes — 11:30 p.m. IST
US: Federal Reserve Bank of Boston President Susan Collins will speak at the Worcester Regional Research Bureau — 2:30 a.m. IST
US: Federal Reserve Bank of San Francisco President Mary Daly will participate in moderated discussion about monetary policy and the economic outlook at Boise State University, Idaho — 3:30 a.m. IST
Japan: PPI — 5:20 a.m. IST
-Rupee closed flat at 83.96 against the US dollar.
-It closed at 83.96 on Tuesday.
Source: Bloomberg
Nifty and Sensex erase their gains in last hour to close near day's lows
Both indices continued downtrend after one-day rise
Nifty ends 0.12% or 31.20 points lower at 24981.95
Sensex ends 0.21% or 167.7 points down at 81467.10
Broader indices outperformed benchmarks; Nifty Midcap 100 ended 1.07% up and Nifty Smallcap 250 closed 1.24% higher
Most sectoral indices end higher; Nifty FMCG fell the most and Nifty Realty was top gainer
Trent and Cipla were top Nifty gainers
ITC and Nestle fell the most
Diamond Power Infrastructure Letter of Intent Worth Rs 109 crore from Swastika infrastructure for supply of power cables. Swastika Infrastructure is a contractor of Madhya Gujarat Vij company, it said in an exchange Filing.
The euro and the pound sterling declined against the US dollar as investors await the release of US Federal Open Market Committee's September meeting minutes.
The euro was trading 0.15% down at 1.096 against the greenback, while the Pound sterling was 0.185 down at 1.308 as of 3:06 p.m.
Implementation unlikely given challenges such as inconvenience to users, disruptions to a growing payments ecosystem and the lack of monetisation models for smaller players.
Google Pay, PhonePe to not meet Dec deadline for reducing market share
NPCI declined to answer NDTV Profit
NPCI had drawn up 30% market share cap on UPI transactions by volume
NPCI first proposed the cap in November 2020, and extended the deadline to December 2022 and then to 2024.
PhonePe has 48% market share, Google Pay at 37%
Diamond Power Infrastructure Ltd. is to consider stock split proposal n October 15, it said in an exchange filing
NCLT Ahmedabad approved the delisting of ICICI Securities from stock exchanges.
Objections from minority shareholders were rejected by the NCLT Ahmedabad bench.
NCLT Mumbai gave a similar ruling last month.
Shareholders of ICICI Securities will receive 67 ICICI Bank shares for every 100 ICICI Securities shares.
ICICI Securities will become a wholly-owned subsidiary of ICICI Bank after the scheme is implemented.
This is the largest IPO globally in 2024 so far.
First automaker to list in India in over two decades.
Company has sold 12 million cars in India so far.
Vedanta Ltd. received Rs 92 crore penalty and Rs 10 crore fine from Customs Department. The company will decide next course of action in due course, the company said in an exchange Filing.
Happiest Mind Technologies Ltd. introduced Secureline360, a packaged Managed Detection and Response. The service offering is powered by Generative Artificial Intelligence, it said in an exchange filing.
JSW Infrastructure Ltd. received a Letter of Intent from Maharashtra Maritime Board for Development and Operation of all Weather and Multipurpose Port in the state, it said in an exchange filing.
Glenmark Life Sciences Ltd.'s board approved to change the name of the company to Alivus Life Sciences Ltd, it said in an exchange filing.
Honasa Consumer Ltd.'s MamaEarth partnered with Meesho to amplify reach in Tier 3 and beyond. The company targets Rs 100 crore ARR in one year. The ARR Stands For Annual Recurring Revenue, the company said in an exchange filing.
TVS Motor Co. Ltd. partnered with Ecofy to transform EV Three-Wheeler financing in India, it said in an exchange filing.
Ceinsys Tech Ltd. received an order worth Rs 331.6 crore From Maharashtra Government, it said in an exchange filing.
Kalpataru Projects International Ltd. entered into a pact to sell 100% stake in unit Vindhyachal Expressway for enterprise value of Rs 775 crore. The company will sell unit to Actis Atlantic Holdings, it said in an exchange filing.
The yield on the 10-year bond declined by 6 bps to 6.74%, according to Bloomberg. It closed at 6.80% on Tuesday.
India's near term inflation environment is vulnerable to oil prices. Upside risks to food inflation on weather events need to be kept in mind. Shift to neutral sets up expectations for a cut in December, said Katrina Ell, director, economic research Moody’s Analytics.
The RBI has set the stage for a rate cut in December, but risks from changes in external conditions remain, Ell said.
Rupee Strengthens Ahead of RBI MPC Meet Outcome
RBI Monetary Policy Live Updates: Interest Rate Kept Unchanged In 5:1 Decision, Stance Changed To 'Neutral'
SpiceJet Ltd. settled $131.9 million dispute with Babcock & Brown Aircraft Management. The dispute with Babcock & Brown Aircraft Management resolved for $22.5 million, it said in a press release.
Market breadth was skewed in favour of buyers. Around 2,384 stocks advanced, 489 stocks declined, and 90 stocks remained unchanged on BSE.
The NSE Nifty 50 was trading 0.21% higher at 25,065.80, and the BSE Sensex was trading 0.39% higher at 81,954.58.
The yield on the 10-year bond opened flat at 6.80%. It closed at 6.79% on Tuesday.
Source: Bloomberg
Rupee strengthened by 4 paise to open 83.92 against the US dollar. It closed at 83.96 on Tuesday.
Source: Bloomberg
Buy, TP Raised to Rs 2920 from Rs 1710
Board approval for Rs 10 bn fund raise, which believe is aimed at capitalizing on inorganic growth opportunities as well as new lines of biz
Increase FY25/ 26/ 27 EPS est by 3%/ 8%/ 18%
The US FDA Inspection ended with zero observations for oncology formulation facility in Gujarat. The US FDA Inspection Was Conducted On October 7 And 8, according to an exchange filing
Downgrade from Outperform to Underperform with TP 188 from 258 earlier, Downside 15%
Subdued demand and subsequent de-rating driving downgrade
Believe 10% decline in domestic truck sales in 1HFY25 signals start of CV down cycle
Fleet owners are showing preference for used truck purchases versus buying new trucks
Build in 5% YoY decline in MHCV sales in FY25/FY26
Falling scale and rising risk of discounts are key margin headwinds
Forecast an FY26 Ebitda margin of 10.4% vs 12.4% in FY24
Lower EV/ Ebitda multiple from 11x to 10x,
Lower contribution from stake in NBFC arm from Rs23/share to Rs11/share
Maintains 'Overweight' at Rs 3325 target, implying 21% upside
RIL rises to #5 from #6 in brokerage's preference order
Continues cyclical challenges in refining and retail priced in
Expect Q2FY25 Ebitda to grow 3% QoQ, but fall on an annual basis
Lower FY25 gross refining margin estimate by $2.7 per barrel
Lower FY25/26 EPS estimates by 12%/7%
Re-rating to regain traction after retail profitability improves, new energy cashflows kick in
Shortly after opening, CSI 300 index plunged over 6% on Wednesday as concerns rose that the latest stimulus announcement may not be enough to revive the world's largest economy.
The index declined 6.12% to 3,995.83 so far today. The index pared losses to trade 4.83% lower at 4,050.43 as f 08:34 a.m.
The Hang Seng continued to slid after posting its biggest drop in 16 years on Tuesday, as Bloomberg reported. The index was trading 2.19% lower at 20,468.07 as of 08:35 a.m.
BJP’s win in Haryana should be an investor sentiment booster in the interim
Manifesto shows that cash transfers/populism remains on the rise
BJP’s victory provides comfort at a national level on the political front
Politically important Maharashtra stare likely to have elections in Nov 2024
In may 24 national elections, BJP could secure only 18 off 48 seats in Maharashtra, making upcoming states elections tough
Haryana victory is good for capex stocks
Both BJP/Congress have initiated income transfer schemes, targeting women
Estimate 0.8-1% of GDP being spent on annualised basis on such scheme
The Reserve Bank of India will announce its interest rate decision on Wednesday. To track live updates click here.
Gold future prices extended its fall to sixth day while market participants await the release of US Federal Reserve's September policy meeting minutes.
The bullion continued to extend decline as expectation of aggressive rate cuts waned after Fed officials emphasised on data–based approach. Meanwhile, new job growth in the US grew the most in six months, data showed last week.
The yield on the benchmark 10-year US Treasury note declined in Asian trade as traders expects the Federal Reserve will likely ease monetary condition gradually. Traders priced in gradual rate cut after Fed officials expressed the need to be data dependent going forward.
The yield on the benchmark 10-year US Treasury note was trading 0.10% down at 4.009% as of 07:58 a.m. It settled at 4.013% on Tuesday, according to Bloomberg data.
Repo rate currently at 6.5%
First MPC post appointment of three new external members
External members include Ram Singh, Saugata Bhattacharya, and Nagesh Kumar.
Some signs of a slowdown in economic growth visible
CPI inflation at 3.65% in August, vs 3.54% in July.
Inflation within the central bank's target of 4% aided by the base effect.
Inflation expected at closer to 5% in September
RBI expected to continue to focus on domestic fundamentals
After delivering the biggest intraday drop in more than a year, crude oil future prices continued to recover in Asian trade. Concerns over China's economic condition weighed on the crude oil prices on Tuesday. Intraday, oil prices plunged 5.65% to $76.36 a barrel on Tuesday.
The brent crude was trading 0.69% higher at $77.71 a barrel as of 07:28 a.m.
Asian Stocks Echo Wall Street Gains Ahead Of Fed Minutes
On Tuesday, the S&P 500 and Dow Jones Industrial Average ended 0.97% and 0.30% higher, respectively. The Nasdaq Composite ended 1.45% higher.
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.
