Coal India’s coal production in Sept 2022 increased by 12.3% to 45.7 million tonnes

Opening Bell:

SGX Nifty is down by 209 points in the early morning trade, indicating a negative opening for Indian stock market.

The Japanese Nikkei fell 0.22 percent, South Korea’s Kospi declined 0.71 percent and Hong Kong’s Hang Seng is trading 0.71 percent down in early morning deals.

Wall Street stocks fell in Friday closing the week with significant losses. The S&P 500 has touched a new 2022 low level. For the first time Wall Street has posted three consecutive quarters of losses since the aftermath of global financial crisis.

Market participants will look up to US Manufacturing PMI due on 3rd October. European stocks ended Friday 1.3% higher following a muted relief rally but ended September with sharp losses.

Dow Jones Industrial Average declined by 1.7 percent, while the S&P 500 dropped 1.5 percent. The Nasdaq Composite was down by 1.5 percent.

Stocks News:

?Eicher Motor’s unlisted subsidiary of the company VE Commercial Vehicles, has sold 6,631 vehicles in September 2022, which grew by 9.2% compared to 6,070 units sold in year-ago month, while in the first half of FY23, it registered a massive 67.6% YoY growth in sales at 35,085 vehicles.

?Zydus Lifesciences has received approval from the USFDA to market Sildenafil, the high blood pressure drug (pulmonary hypertension). The drug will be manufactured at the group’s formulation manufacturing facility at Baddi, Himachal Pradesh.

?Coal India’s coal production in September 2022 increased by 12.3% to 45.7 million tonnes, and offtake rose by 1.1% to 48.9 million tonnes compared to same period last month. These are provisional numbers.

?Poonawalla Fincorp gets a credit rating upgrade from Care Ratings on its long term debt, to ‘AAA’ with Stable outlook. This rating is applicable for bank loan facilities, non-convertible debentures, market linked debentures and subordinated debt.

?63 Moon Technologies will provide software support services to Multi Commodity Exchange of India (MCX) for three months effective from October 1. Its ongoing software support and maintenance agreement ended on September 30.

Domestic and International Events

Oil prices jumped more than 3% in early Asian trade on Monday as OPEC+ considers cutting output of up to 1 million barrels per day at a meeting this week to support the market.
Market participants will closely look at the foreign exchange reserves data for the week ended September 30 to be shared on October 7, as the last print was at the lowest since August 2020 with the RBI intervening to steady the rupee amid global volatility.
The Indian rupee appreciated by 50 paise against the US dollar after the RBI move, the rally in equity markets and a drop in the greenback. On weekly basis, however, the Indian currency weakened by 36 paise to settle at 81.35 after slipping to a record low of 81.95 against the dollar during the week.
With rising bond yields and further policy tightening, foreign institutional investors (FIIs) have once again started withdrawing money from India. They net sold nearly Rs 15,900 crore worth of shares last week, taking the monthly outflow to over Rs 18,300 crore against Rs 22,000 crore of buying in the previous month.