BSE Stock has received approval for introducing the Electronic Gold Receipt (EGR) from SEBI

Opening Bell:

SGX Nifty is up by 38 points in the early morning trade, indicating a gap up opening for Indian stock market.

Asian indices were mixed on Tuesday after sharp sell off on Monday. The Japanese Nikkei rose by 0.65 percent, South Korea’s Kospi was lower by 0.2 percent and Hong Kong’s Hang Seng is trading flat with a negative bias of 0/12 percent in early morning deals.

US markets slid deeper with the S&P 500 and Down Jones closing in lower as investors worried about the Federal Reserve’s aggressive campaign against inflation could throw the US economy into a sharp downturn.

Dow Jones Industrial Average fell 1.11 percent, while the S&P 500 lost 1.03 percent. The Nasdaq Composite dropped 0.6 percent.

Stocks News:

?Amar Raja Batteries has proposed a transaction to integrate the battery plastic component business of Mangal Industries into its fold through a scheme of arrangement. The process involves the demerger of Mangal Industries’ plastics component battery business with the company.

?Mahindra Logistics acquired B2B express business of Gurugram-based logistics firm Rivigo Services, which will help the company accelerate its capabilities in this space. It will acquire the express business including the customers, team and assets of Rivigo’s B2B express business and its technology platform.

?BSE Stock has received the final approval from the capital markets regulator Sebi for introducing the Electronic Gold Receipt (EGR) on its platform. This comes after the BSE received in-principle approval from the Sebi in February, after which the exchange conducted several mock trading sessions in the test environment for its members.

?Small Cap World Fund acquired 1.82 percent Mastek company stake worth over Rs 96.74 crore through an open market transaction.

?Jyoti Structures has secured a contract worth Rs. 237 crore from Sterlite Power Transmission for turnkey supply and construction of double circuit transmission line in Goa & Karnataka. It will be commissioned in a phased manner by December 2023 and July 2024.

?Foreign institutional investors (FIIs) have net sold shares worth Rs 5,101.30 crore, while domestic institutional investors (DIIs) net bought shares worth Rs 3,532.18 crore on September 26, as per provisional data available on the NSE.

Domestic and International Events

• The Brent crude fell below $85 a barrel on Monday, as recession fears weighed and the US dollar surged. Brent futures for November settlement shed 2.1 percent
• South Korean consumers’ inflation expectations fell in September for a second month after six months of rises, although the decline was small, a central bank survey showed on Tuesday.
• Bank of England is monitoring the drop in the pound and would not hesitate to boost interest rates to control inflation. The central bank on Monday reiterated its intention to make a full assessment” of the government’s tax and spending plans at the next meeting of its Monetary Policy Committee which is now scheduled for November.
• US Federal Reserve officials on Monday ignored the rising volatility in global markets, from slumping stocks to currency turbulence abroad, and said their priority remained controlling domestic inflation.

Key Equity Indices