Opening Bell:
Gift Nifty is up by 13.0 points in the early morning trade, indicating a positive opening for Indian stock market.
Asia-Pacific markets fell on Thursday due to rising Treasury yields and oil prices impacting Wall Street sentiment. The 10-year US Treasury yield reached its highest level since 2007, and US crude futures settled at $93.68 per barrel. Japan’s Nikkei 225 and Topix both declined, with losses of 1% and 1.05%, respectively. Australia’s S&P/ASX 200 also fell by 0.25%. Hong Kong’s Hang Seng index futures indicated a weaker opening. South Korean markets were closed for a public holiday.
Stock futures were near flat Wednesday night as investors readied for the final trading days of what’s shaping up to be a weak month and quarter. Futures tied to the Dow Jones Industrial Average added 24 points, trading near flat. S&P 500 futures and Nasdaq 100 futures both added 0.1%. The moves follow a mixed session on Wall Street. The S&P 500 and Nasdaq Composite added 0.02% and 0.2%, respectively, while the Dow finished 0.2% lower. The 10-year US Treasury yield hit a level not seen in more than 15 years in the session.
Stocks News:
👉 Dixon Technologies: The company said its subsidiary, Padget Electronics entered into a strategic agreement with Xiaomi Technology India. This agreement encompasses the manufacturing of smartphones and various related products exclusively for Xiaomi.
👉 SJVN: The company has initiated the mechanical commissioning of the first unit, with a capacity of 60 MW, at the Naitwar Mori Hydro Electric Project situated in Mori, Uttarakhand. This project is expected to produce an annual electricity output of 265.5 million units.
👉 Tata Power: Arm Tata Power Renewable Energy Ltd announced its plans to establish a 41 MW captive solar power facility in Tamil Nadu, specifically to cater to TP Solar’s forthcoming 4.3 GW solar cell manufacturing unit.
👉 Vodafone Idea: The telecom company saw a decline of more than 1.3 million subscribers in July, according to Trai data. This marks the third consecutive month of substantial subscriber losses, with a drop of around three million subscribers each in both April and May. Additionally, Vodafone’s subscriber growth rate decreased by 0.58% compared to the previous month.
👉 Foreign institutional investors (FII) sold shares worth Rs 354.35 crore, while domestic institutional investors (DII) bought Rs 386.28 crore worth of stocks on September 27, provisional data from the National Stock Exchange (NSE) showed.
Domestic and International Events
- India’s vegetable oil imports are expected to decrease by 6% in the new marketing year, starting in November, due to higher carryover stocks of oilseeds. The country, which is the largest importer of vegetable oils globally, is projected to purchase 15.6 million metric tons of cooking oils in the 2023-24 oil year, down from 16.6 million metric tons in the current year.
- India’s industrial output is expected to ride the festive wave, expanding around 6 percent on year in the next couple of months with an improvement in monsoon rains, cooling inflation, and election-related rise in spending. Industrial growth hit a three-month high of 5.7 percent in July from 3.8 percent in June. Inventory build-up of consumer durables is expected to keep the Index of Industrial Production elevated for the coming months.
- Oil prices ticked up in early trade on Wednesday, as markets focused on supply tightness heading into winter and a ‘soft landing’ for the US economy. Brent crude futures gained 33 cents, or 0.4%, to $94.29 a barrel by 0015 GMT, while the US West Texas Intermediate crude futures climbed 31 cents, or 0.3%, to $90.70. Industry data released on Tuesday showed US crude oil stockpiles climbed last week by about 1.6 million barrels, against analysts’ expectations for a drop of about 300,000 barrels. However, markets continued to worry about U.S. crude stockpiles at the key Cushing, Oklahoma, storage hub falling below minimum operating levels.
- Gold prices dropped to a more than one-month low on Wednesday, beaten down by an assurgent US dollar as markets made adjustments to a rising interest rate scenario. Spot gold was down 0.2% to $1,896.43 per ounce by 0505 GMT, hitting its lowest level since August 22. US gold futures eased 0.3% to $1,914.40.
Key Equity Indices
| EMERGING | LATEST | % 1D |
| Hang Seng | 17,612 | 0.8 % |
| Shanghai Composite | 3,107 | 0.2 % |
| DEVELOPED | LATEST | % 1D |
| Dow Jones | 33,550 | (0.2) % |
| DAX | 15,217 | (0.3) % |
| FTSE 100 | 7,593 | (0.4) % |
| Nikkei | 32,372 | 0.2 % |
| Straits Times | 3,200 | (0.5) % |
