Opening Bell:
Gift Nifty is down by 69.0 points in the early morning trade, indicating a negative opening for Indian stock market.
The Asia-Pacific markets are mixed as investors look toward inflation data from across the region this week. Singapore and Australia are expected to report inflation figures for August this week, while Japan will release inflation data for the Tokyo region. The capital region’s inflation data is seen as a leading indicator of nationwide trends. In Australia, the S&P/ASX 200 rose 0.11%. Japan’s Nikkei 225 climbed 0.85% and the Topix was up 0.39%. South Korea’s Kospi slid 0.49% and the Kosdaq tumbled 2.12% and marking a seven-day losing streak. Hong Kong’s Hang Seng index slipped 1.65% in its final hour of trade, with mainland Chinese markets also in negative territory. The benchmark CSI 300 was down 0.65%.
Stock futures remained flat on Monday evening, with Dow Jones futures down 0.07%, S&P 500 futures down 0.05%, and Nasdaq 100 futures down 0.06%. During regular trading, all three major indexes saw modest gains, with the S&P 500 up 0.4%, Nasdaq Composite up 0.45%, and Dow up 0.13%, breaking their four-day losing streaks. September is historically weak for stocks, and the recent Federal Reserve meeting signaled higher interest rates and fewer cuts in 2024. Investors are also watching Washington for progress on a spending bill to avert a government shutdown potentially happening on October 1.
Stocks News:
👉 Tata Steel: Global credit rating agency Moody’s has upgraded the corporate family rating of Tata Steel from Ba1 to Baa3, and changed the outlook from Positive to Stable. The rating agency expects company’s profitability to increase even as softer steel prices dent revenues, and company to maintain conservative financial policies with a well-balanced capital allocation and financial metrics appropriate for its Baa3 rating.
👉 Wipro: The IT major has sold a 14-acre plot of land in Chennai, Tamil Nadu, along with a 20-year-old building, to Casagrand Bizpark Private Limited for ₹266.38 crore. The property is located in Sholinganallur, a prime IT corridor in Chennai.
👉 Fortis Healthcare: The healthcare provider has announced that its board has approved the acquisition of a 99.9% stake in Artistery Properties Private Ltd for ₹32 crore. The acquisition is part of Fortis Healthcare’s expansion plans, particularly in the vicinity of Fortis Hospital, Anandpur, Kolkata.
👉 Welspun Corp: The leading pipe manufacturer has announced that its wholly owned subsidiary Sintex BAPL has signed a Memorandum of Understanding (MoU) with Telangana government to set up a manufacturing unit in the state with an investment of up to ₹350 crore. The proposed project will be under the state government’s incentive scheme and will manufacture water tanks and pipes. The project is expected to be completed within the next two years.
👉 Foreign institutional investors (FII) sold shares worth Rs 2,333.03 crore, while domestic institutional investors (DII) bought Rs 1,579.28 crore worth of stocks on September 25, provisional data from the National Stock Exchange (NSE) showed.
Domestic and International Events
- In a notification, the Directorate General of Foreign Trade (DGFT) said: “Export of 75,000 MT of non-Basmati white rice to the UAE is permitted through National Cooperative Exports Limited.” India exported $2.2 billion of non-Basmati white rice in FY23 of which Kenya, Madagascar, Benin and the UAE were among the top destinations.
- Investors have around $2 trillion available to invest, with $100 billion to $150 billion focused on India, according to Anu Aiyengar, JPMorgan Chase’s global head of mergers and acquisitions. Aiyengar highlighted India’s fast-rising GDP and its growth characteristics, stability, and tech, healthcare, and infrastructure solutions as attractive qualities.
- Oil prices held steady on Monday after Russia relaxed its fuel ban, taking the edge off earlier gains on a tighter supply outlook and wariness over interest rates that could curb demand. Brent crude futures were up 17 cents, or 0.18%, at $93.44 a barrel after settling 3 cents lower on Friday. U.S. West Texas Intermediate crude was up 7 cents, or 0.08 percent, at $90.10.
- Gold prices were subdued on Monday as the dollar and US Treasury yields firmed on the Federal Reserve’s higher-for-longer stance on interest rates. Spot gold was steady at $1,925.77 per ounce, while US gold futures fell 0.2 percent to $1,942.40.
Key Equity Indices
| EMERGING | LATEST | % 1D |
| Hang Seng | 17,729 | (1.8) % |
| Shanghai Composite | 3,116 | (0.5) % |
| DEVELOPED | LATEST | % 1D |
| Dow Jones | 34,007 | 0.1 % |
| DAX | 15,405 | (1.0) % |
| FTSE 100 | 7,624 | (0.8) % |
| Nikkei | 32,679 | 0.9 % |
| Straits Times | 3,215 | 0.3 % |
