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Positive data, hopes of healthy Q3 results lift markets

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Bombay-Stock-Exchange

 India’s key equity indices rose during Tuesday’s late-afternoon trade session on the back of positive economic data and hopes of healthy Q3 results.

Prior to the rise, the two key indices had a gap down opening and remained subdued for the better part of the day’s trade.

Globally, Asian shares followed a broad sell-off on Wall Street to weaken for a third straight session on Tuesday, as investors feared oil prices hitting multi-year highs would add to inflationary pressures caused by supply chain disruptions.

Sector wise, Oil & Gas, Power and Telecom indices gained the most, whereas Realty and Healthcare indices fell the most.

Consequently, the 30-scrip sensitive index traded at 59,692.66 points around 2.40 p.m., up 393.34 points or 0.66 per cent.

Besides, the NSE Nifty50 traded at 17,816 points, up by 124.75 points or 0.71 per cent.

“Nifty opened lower on October 5 and remained in a range for the better part of the morning. After 12.40 p.m., it started to rise. Volumes on the NSE are a bit on the higher side, while the advance decline ratio was sharply in the positive,” said Deepak Jasani, Head of Retail Research, HDFC Securities.

“Services sector activity in India continued to remain strong in September despite a small fall from August. According to the monthly IHS Markit India Services Purchasing Managers’ Index (PMI) survey, services PMI stood at 55.2 in September, down from 56.7 in August.”

According to Gaurav Garg, Head of Research, CapitalVia Global Research: “NSE Nifty is bouncing back after testing its immediate support of 17,452 and this time the 50 stocks index may go beyond 18,000 levels by the end of October 2021.”

“India Ratings and Research (Ind-Ra) in its latest report has said that short-term power prices are likely to remain elevated in the near term on account of a continued increase in imported coal prices.”

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Piyush Goyal highlights India’s growing strengths as global hub for talent, innovation

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New Delhi, Oct 3: Commerce and Industry Minister Piyush Goyal on Saturday said he highlighted India’s growing strengths as a global hub for talent, innovation and business services, and the potential for deeper India-US business partnerships.

During his US visit, the minister met several global leaders and CEOs.

“Met Greg Case, CEO of Aon, and discussed the company’s operations in India and the opportunities for further expansion,” Goyal posted on social media platform X.

He also met Paul Grewal, Chief Legal and Global Affairs Officer at Cognition, and exchanged views on leveraging Cognition’s pioneering AI solutions and deepening its presence in India.

“Highlighted how India’s rich engineering ecosystem and dynamic startup culture provide a strong launchpad for building and deploying next-generation technologies for the world,” said Goyal.

During an engaging interaction with the Institute of Chartered Accountants of India (ICAI) leadership and members from Chicago, Michigan, and Ohio Chapters, the minister discussed the expanding opportunities in the India-US economic partnership and “highlighted how India’s economic momentum, marked by record FDI inflows and strong GDP growth, reflects PM Narendra Modi’s vision of a confident, self-reliant and globally competitive India”.

“Chartered Accountants have a pivotal role in strengthening this partnership by helping businesses navigate cross-border taxation, regulatory compliance and financial governance, while making Indian enterprises investment-ready for global capital,” the minister noted.

Goyal also delivered the keynote address at the USIBC Roundtable in Chicago.

“Discussed venture investment, commercialisation, and corporate partnerships to help Indian and US startups scale across markets. Explored opportunities to deepen India–US innovation linkages and foster the next generation of high-growth enterprises,” Goyal said.

He met Juan Ricardo Luciano, Chair of the Board and CEO of Archer Daniels Midland (ADM).

They discussed avenues to expand ADM’s presence and investment opportunities in India.

“With our rapidly expanding food processing sector, modernising agricultural value chains, and massive consumer base, India offers tremendous potential for sustainable growth and long-term collaboration,” said Goyal.

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Dharavi Experience Centre will build trust among area residents: CM Fadnavis

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Mumbai, Oct 2: Maharashtra Chief Minister Devendra Fadnavis on Friday said that the ‘Dharavi Experience Centre’ will not merely showcase blueprints of the redevelopment project but allow the area’s residents to directly experience their future homes, neighbourhoods, and workplaces.

In an interaction with the media, he stated that this initiative will help curb rumours, misconceptions, and incomplete information, creating an atmosphere of trust around the redevelopment.

CM Fadnavis inaugurated the state-of-the-art ‘Dharavi Experience Centre’, which offers physical and digital previews of the Dharavi Redevelopment Project plan, rehabilitated homes, industrial spaces, and upcoming social infrastructure, built near the BKC in the PMGP Colony’s H Block.

The event was attended by Adani Group Managing Director Pranav Adani, BMC Commissioner Ashwini Bhide, Mumbai Slum Rehabilitation Authority (SRA) CEO Dr Mahendra Kalyankar, Dharavi Redevelopment Project CEO and SRA Secretary Vipin Paliwal, Adani Navbharat Developers Private Ltd (the Special Purpose Vehicle executing the redevelopment project) CEO Anil Sardana, among others.

After inspecting the centre, Fadnavis said: “Dharavi is not just a slum; it is a major economic engine. A significant economy thrives here through Kumbharwada’s pottery industry, leather business, food processing, plastic recycling, and various micro, small, and medium enterprises. The redevelopment plan respects these industries and focuses on providing them with better, well-planned workspaces. This is an effort toward comprehensive urban transformation while preserving Dharavi’s existing social, cultural, and economic identity.”

He added that this serves as an ideal example of the urban transformation taking place across the country under the leadership of Prime Minister Narendra Modi.

The Chief Minister noted that the ‘Dharavi Experience Centre’ will provide real-time information to everyone on how the Dharavi redevelopment project will look, what Dharavi is today, and how its structure will evolve in the future. This centre will play a crucial role in addressing the questions and confusion among Dharavi residents regarding their future post-redevelopment. He expressed confidence that by offering information on homes, roads, open grounds, social amenities, and employment opportunities all under one roof, the centre will be valuable for citizens, stakeholders, and urban planning researchers across the country.

The Dharavi Experience Centre highlights the journey from Dharavi’s present to its future transformation through modern audio-visual and digital technology. During his visit, CM Fadnavis also launched a special song titled “Dharavi Ka Kal”, sung by renowned singer Shankar Mahadevan, portraying the changing face of Dharavi, and released the book “Mere Sapno Ki Dharavi”.

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Markets extend weekly losing streak as FII selling, global risks weigh

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Mumbai, Oct 2: Indian equity markets extended their losing streak to an eighth consecutive week on Thursday as benchmarks fell about 3 per cent each amid persistent foreign fund outflows, elevated US bond yields and geopolitical concerns.

Nifty 50 closed at 22,421.95, a decline of 3.1 per cent against the previous Friday’s closing of 23,140.5.

Similarly, Sensex declined 2.7 per cent to 71,909.7 compared with 73,895.7 a week earlier.

Broader markets also declined with midcap and smallcap indices falling 3.5 per cent and 3.3 per cent, respectively.

Sector-wise, BSE IT index was the only gainer, rising 0.2 per cent over the week.

In contrast, auto sector was the worst-performing sector, falling 5.5 per cent followed by consumer durables, down 5.3 per cent. FMCG and metal indices declined 4.2 per cent each, while energy, healthcare and realty indices fell between 3.3 per cent and 3.6 per cent. While banking, capital goods and power indices declined 2.4 per cent, 2.4 per cent and 2.6 per cent, respectively.

The latest decline marks the longest weekly losing streak for the benchmark indices in nearly 25 years.

Moreover, foreign institutional investors (FIIs) continued to sell Indian equities, while domestic institutional investors (DIIs) provided some support, cushioning the decline.

According to market experts, investor sentiment remained weak due to persistent geopolitical tensions, elevated crude prices, foreign fund selling and concerns over monetary policy.

Crude oil prices remained above $100 a barrel amid continued geopolitical tensions, while the US 10-year Treasury yield remained elevated, adding to pressure on emerging-market assets.

They further noted that the southwest monsoon ended with a 13 per cent rainfall deficit, raising concerns over agricultural output and food inflation.

The recent increase in minimum support prices for key rabi crops has also added to expectations of a cautious monetary policy stance, according to the experts.

Moreover, the Reserve Bank of India’s Monetary Policy Committee is scheduled to meet next week, with the policy decision due on October 7.

In addition, the coming week will also mark the start of the second-quarter earnings season.

The near-term market outlook could remain sensitive to global yields, crude oil prices, foreign fund flows and geopolitical developments, while the upcoming earnings season will provide further direction to equities, according to analysts.

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