While markets saw a sharp bounce on Friday, investor sentiment continued to remain subdued for another week. Indian benchmark indices closed another week in the red. Nifty closed the week down by over 1.3%, while Sensex declined around 1.15%, down for the third straight week.
Here’s how the sectoral indices fared in the week ended 30th September;
Benchmark indices closed the volatile session lower, losing over 1.1% following weak trends in global markets. Futures on Dow and Nasdaq indicate a good start for US markets.
Brent Crude: 88.47 3.73% USD INR Spot: 81.8725 0.65% India 10Y Bond yield: 7.47 0.97%
India’s factory growth dipped to a three-month low in September to 55.1 in from 56.2 in August due to a moderation in demand and output, despite easing inflationary pressures and strong business confidence: S&P Manufacturing PMI
Adani Ports & Special Economic Zone reported a 13% year-on-year growth in cargo volumes in September at 26.1 MMT (million metric tons) in the month as per the company’s filing.
Maruti Suzuki India reported an over two-fold rise in its vehicle production at 1,77,468 units in September 2022.
Cities worldwide are warming by 0.5 degree celsius on average per decade, 29% faster than in rural areas, according to a study by Researchers from Nanjing University in China which suggests that climate change and urban expansion are accelerating surface temperatures.
Inflation in Switzerland unexpectedly slowed to 3.3% in September on a weaker rise in energy costs, defying soaring prices across Europe.
The U.K. government said Monday that it won’t proceed with the removal of a 45% top rate of income tax, dropping a key element of the mini-budget announced late last month that triggered turmoil in the country’s financial markets and an intervention by the Bank of England.
Nifty and Sensex surged by over 2.2% as markets around the world surged sharply. US futures are trading higher, indicating a positive opening for US markets.
Brent Crude: 90.32 1.91% USD INR Spot: 81.52 -0.43% India 10Y Bond yield: 7.362 -1.42%
Labour market conditions improved substantially in India in September 2022 as the unemployment rate dropped from 8.3% in August to 6.4%. This is the lowest unemployment rate recorded by India in the past four years — since August 2018.
Automobile retail sales in India rose 11% at 14,64,001 units in September as better supplies from manufacturers enabled dealers to ramp up customer deliveries amid the ongoing festive period: FADA
The government has approved a sum of Rs. 26,000 crore to set up 25,000 telecommunication towers in the country over the next 500 days, as connectivity is vital for Digital India, telecom minister Ashwini Vaishnaw has said.
Telecom gear maker Nokia will enhance its manufacturing capacity in the country by 1.5x over the next few years to support the 5G service rollout, as per the company’s India head of mobile networks business Tarun Chhabra.
Nestle announced that it will invest more than 1 billion Swiss francs ($1 billion) by 2030 to encourage farmers supplying its Nescafe brand to employ more sustainable farming methods as climate change and extreme weather threaten crops.
Benchmark indices failed to hold gains in a choppy session, ending the day with gains around 0.30% amid weak global cues. US futures are trading lower.
Brent Crude: 93.32 -0.05% USD INR Spot: 82.096 0.57% India 10Y Bond yield: 7.454 1.25%
In consultation with the SEBI, stock market offenses may soon face severe sentences as the central government considers tightening laws that might lead to criminal prosecution of market offenders.
The World Trade Organization has lowered its forecast for global trade volume growth to 1% from 3.4% earlier. According to the report, global trade may slow in the second half of 2022 and stay weak in 2023 as several shocks such as recession worries and the war in Ukraine.
Demand for daily groceries and household goods may rebound in the second half of the fiscal year 2022-23 as inflationary pressures ease and the monsoon returns to normal. The hikes had an impact on customer goods sales in the second quarter ended in September.
ONGC Videsh intends to raise its stake in a Brazilian offshore hydrocarbon block by investing around $1 billion. Petrobras, Brazil’s state-owned oil company, holds 75% of the BM Seal-4 block, with OVL holding the rest 25%.
The Organization of Petroleum Exporting Countries (OPEC) and its allies, including Russia, agreed to significant production cutbacks, limiting supplies in an already tight market.
Government opened the door for investor bids to privatize IDBI Bank by selling a total of 60.72% of the bank. The government owns 45.48% of the public sector lender, while LIC holds a 49.24% stake. The bid deadline is set for December 16.
The RBI announced that it will soon start the pilot launch of the e-Rupee for specific use cases as it tests digital currency in India in a concept note on Central Bank Digital Currency.
The Securities and Exchange Board of India (SEBI) approved the BSE to create a social stock exchange (SSE) as a separate segment of the BSE.
Sun Pharmaceutical Industries Ltd. Chairman Dilip Shanghvi intends to “fully participate” in the upcoming rights issue of the company, according to a statement released by Suzlon Energy. The company aims to raise 1200 crore from the rights issue by issuing an additional 240 crore shares.
The International Monetary Fund stated it will again cut its growth predictions, citing a darkening global economic outlook and rising recession risks, according to CNN. The IMF estimates that between now and 2026, the global economy might lose $4 trillion in economic output.
Brent Crude: 88.47 3.73%
USD INR Spot: 81.8725 0.65%
India 10Y Bond yield: 7.47 0.97%
Lupin was the top gainer.
Adani Enterprises was the top loser.
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