Opening Bell:
Gift Nifty is down by 119.0 points in the early morning trade, indicating a negative opening for Indian stock market.
The Asia-Pacific markets are set for a positive start to the week as Chinese markets come back from the Golden Week holidays. Investors will be watching inflation readings and trade data out from China and India later this week, as well as a monetary policy decision from Singapore’s central bank. Japan and South Korea’s markets are closed Monday for a holiday. In Australia, the S&P/ASX 200 was up 0.61% in early trading. This comes after the index notched a five-day losing streak and fell below the 7,000 mark for the first time since March on Friday. Futures for Hong Kong’s Hang Seng index stood at 17,724, pointing to a stronger open compared to the HSI’s last close of 17,485.98. Trading in the Hong Kong stock market has been halted for the morning session after the country raised its typhoon warning to Signal 8 for Typhoon Koinu.
On Friday, stocks rallied after the release of stronger-than-expected US jobs data and a pop in Treasury yields. The Dow Jones Industrial Average gained 0.87%, The S&P 500 added 1.18%. The tech-heavy Nasdaq Composite rose 1.60%, The US economy added 336,000 jobs in September, the US Labor Department said. Economists polled by Dow Jones expected 170,000 jobs. To be sure, wages rose less than expected last month.
Stocks News:
👉 Reliance Industries: The Abu Dhabi Investment Authority’s (ADIA) subsidiary will invest Rs 4,966.80 crore in Reliance Retail Ventures, the subsidiary of Reliance Industries. This investment values Reliance Retail Ventures at a pre-money equity value of Rs 8.381 lakh crore. This investment by ADIA will translate into an equity stake of 0.59% in Reliance Retail Ventures on a fully diluted basis.
👉 Titan Company: The jewellery-to-watch-to-eyewear company has recorded a revenue growth of 20% YoY for the quarter ended September FY24, with the jewellery division growing 19%, watches and wearables 32%, and the eyecare segment registering 12% YoY growth. Emerging business growth stood at 29% YoY, while CaratLane grew by 45% YoY for the quarter. Titan has added 81 stores in Q2 FY24, taking its retail presence to 2,859 stores as of September FY24.
👉 MCX: Multi Commodity Exchange of India (MCX) received approval from the SEBI technical advisory committee to go live with its commodity derivative platform (CDP), said MCX on Sunday. Earlier, the Securities and Exchange Board of India (SEBI) had advised MCX to postpone the proposed go-live of CDP as it involved technical issues. At that time, the matter was sent for discussion with the SEBI Technical Advisory Committee. However, SEBI’s tech panel gave the green signal for the launch of CDP.
👉 Bank of Baroda: The public sector lender said its total business crossed the Rs 22-lakh-crore mark in the quarter ended September FY24, up 15.88% over a year-ago period, as per provisional numbers. Total advances at the bank grew by 17.43% YoY and 3.51% QoQ to Rs 10.25 lakh crore, and deposits increased by 14.63% YoY and 4.15% QoQ to Rs 12.49 lakh crore as of September FY24.
👉 Foreign institutional investors (FII) offloaded shares worth Rs 90.29 crore, while domestic institutional investors (DII) purchased Rs 783.25 crore worth of stocks on October 6, provisional data from the National Stock Exchange (NSE) showed.
Domestic and International Events
- RBI Governor Shaktikanta Das on Friday said that the government is sticking to its fiscal consolidation roadmap with no major problems or worries. The announcement from the governor came in a press conference post announcement of the key decisions taken by the RBI MPC in its bi-monthly meeting.
- The violence in Israel will likely prompt a move into safe-haven assets as investors closely watch events in the Middle East to gauge geopolitical risk to markets. Gunmen from the Palestinian group Hamas entered Israel in an unprecedented attack on Saturday. Western countries, led by the United States, denounced the attack and pledged support for Israel. Rising geopolitical risk could see buying in assets like gold and the dollar, and potentially boost demand for U.S. Treasuries, which have been sold off aggressively
- Oil prices rose on Friday but remained posted their steepest weekly losses since March, after another partial lifting of Russia’s fuel export ban compounded demand fears due to macroeconomic headwinds. On Friday, Brent futures settled up 51 cents at $84.58 per barrel. U.S. West Texas Intermediate crude futures settled up 48 cents at $82.79.
- Gold prices gained on Friday, helped by a technical rebound after a nine-day losing streak, although robust US jobs data raised worries over another US rate hike and kept bullion on track for its second weekly drop. Spot gold was up 0.6% at $1,831.09 per ounce but on track for its second straight weekly loss, down 0.9% so far.
Key Equity Indices
| EMERGING | LATEST | % 1D |
| Hang Seng | 17,486 | 1.6 % |
| Shanghai Composite | 3,110 | 0.1 % |
| DEVELOPED | LATEST | % 1D |
| Dow Jones | 33,408 | 0.9 % |
| DAX | 15,230 | 1.1 % |
| FTSE 100 | 7,495 | 0.6 % |
| Nikkei | 30,995 | (0.3) % |
| Straits Times | 3,174 | 0.6 % |
