Opening Bell:
Gift Nifty is up by 19.5 points in the early morning trade, indicating a positive opening for Indian stock market.
Asian markets started the week with the Nikkei down 1.69% and the Kospi dropping 0.55%. China is set to release its Q3 GDP numbers, expected to show a 4.4% year-on-year expansion, down from the previous quarter’s 6.3%. The People’s Bank of China is likely to maintain the one-year medium-term lending facility rate at 2.50%. Japan’s September inflation data is anticipated on Friday ahead of its central bank’s policy meeting on October 30 and 31. South Korea’s central bank will announce its rate decision on Thursday, with rates remaining unchanged at 3.5% for the fifth consecutive meeting since February.
The S&P 500 and the Nasdaq closed lower on Friday as deteriorating consumer sentiment data and the Middle East conflict soured investors on riskier bets and overshadowed upbeat quarterly earnings from some of the largest U.S. banks. Wall Street’s three major indexes opened higher but lost ground after a preliminary reading on U.S. consumer sentiment showed a sharp fall in October. The Dow managed a small gain. The Dow Jones Industrial Average rose 0.12%, the S&P 500 lost 0.50% and the Nasdaq Composite dropped 1.23%.
Stocks News:
👉 Tata Motors: The automobile major has entered into share-purchase agreements with certain investors for the sale of a 9.9% stake in its subsidiary Tata Technologies for Rs 1,613.7 crore. TPG Rise Climate SF Pte Ltd., a climate-focused private equity fund, is buying a 9% stake in Tata Technologies, and Ratan Tata Endowment Foundation is acquiring a 0.9% stake in Tata Motors. The transaction will be completed by October 27. Meanwhile, Mitsuhiko Yamashita will cease to be a non-executive, non- director of Tata Motors, from October 27.
👉Avenue Supermarts: The Mumbai-based company, which owns and operates D-Mart stores, has recorded a 9.2% on-year decline in consolidated profit at Rs 623 crore for the quarter ended September FY24, impacted by a lower margin and a high base. In Q2 FY23, the profit was supported by lower tax costs. Revenue from operations grew by 18.67% year-on-year to Rs 12,624 crore, while EBITDA increased by 12.67% to Rs 1,005 crore, but margin dropped 40 basis points to 8% during the same period due to a lesser contribution from the higher margin general merchandise and apparel business.
👉 Dalmia Bharat: The cement manufacturing company recorded consolidated profit of Rs 124 crore for the quarter ended September FY24, growing 121.4% over the year-ago period, driven by healthy operating numbers with a fall in power and fuel expenses. Revenue from operations for the quarter grew by 6% year-on-year to Rs 3,149 crore. Cement volume increased 6.6% YoY to 6.2 million metric tonnes, which was in line with estimates. Further, the subsidiary has received board approval to increase cement grinding capacity by 0.5 million metric tonnes at Rohtas Cement Works, Bihar, at a cost of Rs 91 crore, which is expected to be completed in FY25.
👉Tata Steel Long Products: The Tata Group company’s net loss for the quarter ended September FY24 narrowed to Rs 135.8 crore from Rs 333.4 crore in the year-ago period despite a lower topline, aided by lower input costs. Revenue from operations fell 9.4% YoY to Rs 1,734 crore during the quarter.
👉 Foreign institutional investors (FII) bought shares worth Rs 317.01 crore, while domestic institutional investors (DII) sold Rs 102.88 crore worth of stocks on October 13, provisional data from the National Stock Exchange (NSE) showed.
Domestic and International Events
- India’s foreign exchange reserves declined for a fifth straight week and stood at $584.74 billion as of October 6, the lowest in more than five months, data from the Reserve Bank of India (RBI) showed on Friday. That was a decrease of $2.17 billion from the previous week. Reserves had fallen by a total of nearly $12 billion in the prior four weeks.
- India’s merchandise trade deficit for September 2022 was $19.37 billion, lower than the previous month’s $26.72 billion. Exports slowed by 2.6% to $34.47 billion, while imports decreased by over 15% to $53.84 billion. The government revised August’s exports to $38.45 billion and imports to $60.1 billion. Services exports in September were $29.37 billion, while imports were $14.91 billion.
- The fall in China’s exports moderated further in September. Overseas shipments fell 6.2% from a year ago to $299 billion, a slower rate than the 8% decline forecast by economists in a Bloomberg survey. Imports decreased 6.2%, down for seven months in a row. The resulting trade surplus was $77.7 billion.
- Oil prices eased in early Asia trade on Monday, reversing last Friday’s rally as investors waited to see if the Israel-Hamas conflict draws in other countries, which could drive up prices further and deal a fresh blow to the global economy. Brent futures fell 36 cents, or 0.4%, to $90.53 per barrel and U.S. West Texas Intermediate (WTI) crude dropped 37 cents, or 0.4%, to $87.32 a barrel by 2215 GMT on Sunday.
Key Equity Indices
| EMERGING | LATEST | % 1D |
| Hang Seng | 17,813 | (2.3) % |
| Shanghai Composite | 3,088 | (0.6) % |
| DEVELOPED | LATEST | % 1D |
| Dow Jones | 33,670 | 0.1 % |
| DAX | 15,187 | (1.6) % |
| FTSE 100 | 7,600 | (0.6) % |
| Nikkei | 32,316 | (0.6) % |
| Straits Times | 3,186 | (1.0) % |
