Opening Bell:
Gift Nifty is down by 1.0 points in the early morning trade, indicating a negative opening for Indian stock market.
Asia-Pacific markets rise after U.S. Treasury yields eased from 16-year highs following much weaker-than-expected jobs data. In Japan, the Nikkei 225 traded 1.8%, and the Topix gained 2.02%. South Korea’s Kospi dipped 0.09%, while the Kosdaq slipped 0.79 after the country’s consumer price index for September came in 3.7% higher compared to a year ago, and higher than Reuters’ forecast of a 3.4% rise. In Australia, the S&P/ASX 200 traded 0.51% higher. Hong Kong’s Hang Seng index is trading 0.33% higher. China’s markets remain closed for the weeklong holiday.
Overnight in the U.S, all three major indexes closed in the green. The Dow Jones Industrial Average broke a three-day losing streak to close 0.39% higher at 33,129.55. The S&P 500 added 0.81% and closed at 4,263.75. Similarly, the Nasdaq Composite gained 1.35% to close at 13,236.01.
European stocks closed higher Thursday after U.S. Treasury yields pulled back following weaker-than-expected jobs data. The Stoxx 600 index closed up 0.3% after three negative sessions. Sectors were mixed, with travel stocks up 1.5%, and oil and gas slightly lower.
Stocks News:
👉 Sun Pharma: The company said that it has decided to acquire a 37.76 percent stake in Ezerx Health Tech Private Limited, which is engaged in the production, marketing, and distribution of non-invasive diagnostic and ancillary medical devices. The acquisition will cost about Rs. 29 crore.
👉 Adani Wilmar: The company announced that it delivered “strong” volume growth in “double-digits”, on the back of large opportunities in packaged staple foods and strong execution. Rural sales have been growing at a faster rate due to a higher focus on increasing the rural distribution network, it said. The Food & FMCG business continued to grow rapidly, with segment revenue growth of around 25 percent YoY and an underlying volume growth of 18 percent for the quarter on a standalone basis, the company said.
👉 InterGlobe Aviation: IndiGo (InterGlobe Aviation Ltd), India’s largest airline, has imposed a fuel surcharge in the range of ₹300-1,000 on airfares due to the steep rise in jet fuel prices, the airline said. The surcharge will be added to airfares booked from 6 October onwards. “The decision follows the significant increase in aviation turbine fuel (ATF) prices, which have surged in the last three months with consecutive price hikes every month,” the airline said.
👉 PB Fintech: Japanese tech giant SoftBank is set to divest an additional 2.54% stake in PB Fintech, the parent company of the renowned online insurance platform Policybazaar, according to reports. This divestment will take place through a block deal, as confirmed by multiple industry insiders familiar with the matter. The offer price range for this transaction falls between ₹752 and ₹767 per share which represents a discount of 0-2%.
👉 Foreign institutional investors (FII) offloaded shares worth Rs 1,864.20 crore, while domestic institutional investors (DII) purchased Rs 521.41 crore worth of stocks on October 5, provisional data from the National Stock Exchange (NSE) showed.
Domestic and International Events
- India-focused M&A activity has reached a three-year low, falling 56.6% to $65.6bn in the first nine months of 2023, according to the India Investment Banking Review. Domestic M&A activity fell 60% to $44.1bn, while inbound M&A dropped 47% to $16.4bn. The financial sector accounted for the largest share of deal activity at 46.7%, totalling $30.6bn, down 56% from last year.
- The Reserve Bank of India (RBI) will announce its fourth bi-monthly monetary policy today, October 6. The three-day meeting of RBI Governor Shaktikanta Das-led Monetary Policy Committee (MPC) began on Wednesday, October 4, and its outcome is due on Friday. The central bank is widely expected to keep the repo rate unchanged at 6.50% and maintain a hawkish pause. Economists also expect no change in stance, as RBI will keep liquidity tight. Meanwhile, commentary on inflation and growth trajectory will be watched.
- Gold prices edged lower for a ninth straight session on Thursday, as U.S. data indicating tight labor market conditions raised worries about Federal Reserve keeping interest rates higher for [some time]. Spot gold eased 0.2% to $1,818.39 per ounce. U.S. gold futures fell 0.2% to $1,830.40 per ounce.
- Oil prices dipped on Thursday as an uncertain demand outlook overshadowed an OPEC+ decision to maintain oil output cuts, keeping supply tight. Brent crude oil futures fell 68 cents, or 0.8%, to $85.19 a barrel. U.S. West Texas Intermediate crude futures were 67 cents, or 0.8%, lower at $83.55. At their session lows, both benchmarks were down more than $1.
Key Equity Indices
| EMERGING | LATEST | % 1D |
| Hang Seng | 17,214 | 0.1 % |
| Shanghai Composite | 3,110 | 0.1 % |
| DEVELOPED | LATEST | % 1D |
| Dow Jones | 33,120 | (0.0) % |
| DAX | 15,070 | (0.2) % |
| FTSE 100 | 7,452 | 0.5 % |
| Nikkei | 31,075 | 1.8 % |
| Straits Times | 3,155 | 0.3 % |
