India Market Recap

Indian equity benchmarks extended their gains for a second consecutive session, supported by buying across Pharma, FMCG and Oil & Gas stocks amid the weekly derivatives expiry. The BSE Sensex gained 685.34 points, or 0.95%, to close at 73,067.81, while the Nifty 50 advanced 220 points, or 0.98%, to 22,776.10. On the technical front, Nifty support is placed around 22,550–22,650, while resistance is seen in the 22,900–23,000 range. Reserve Bank of India's monetary policy committee will give its verdict on the central bank's repo rate on Wednesday, with many experts and analysts anticipating a rate hike amid inflationary conditions. If the MPC hikes the repo rate, it would be the first time since February 2023. In the last meeting, RBI kept key lending rates unchanged at 5.25%. 

US Market Recap

US equities advanced on Tuesday, with the S&P 500 and Nasdaq Composite touching fresh intraday records as easing crude oil prices and Treasury yields supported risk appetite. The S&P 500 gained 0.58% to close at 7,818.93, while the Dow Jones Industrial Average rose 0.49% to 51,521.28. The Nasdaq Composite advanced 0.45% to 27,599.89. The decline in energy prices and softer bond yields provided support to equity valuations, particularly technology stocks.

Asian Market Update

Asian markets traded mixed on Wednesday, October 7, as investors assessed Wall Street’s record highs alongside elevated US Treasury yields and ongoing geopolitical risks. Japan’s Nikkei 225 was flat at the open, while the broader Topix gained 0.14%. South Korea’s Kospi advanced 0.28%, whereas the Kosdaq declined 1.21%. Australia’s S&P/ASX 200 slipped 0.13%, while mainland Chinese markets remained closed for a holiday.

Commodity Check

Crude oil prices moved back above the $100-per-barrel mark, with Brent rising 1.06% to $101.65 per barrel and WTI gaining 1.05% to $90.41 per barrel. Higher oil prices remain a key factor for inflation and broader market sentiment. Gold prices also remained elevated, with 24-carat gold trading around Rs.1.50 lakh per 10 grams and 22-carat gold around Rs.1.27 lakh per 10 grams. Silver was quoted near Rs.2.28 lakh per kg. On MCX, gold rose Rs.3,590, or 2.44%, to Rs.1,50,130 per 10 grams, while silver gained Rs.1,125, or 0.49%, to Rs.2,27,365 per kg.

Stocks In News

• United Breweries: Receives Rs 101 crore tax refund from the Income Tax Department.
• Apollo Tyres: CFO Gaurav Kumar resigns to pursue opportunities outside the company.
• Balmer Lawrie: Challenges GST order in Karnataka High Court over FY21 GST dispute.
• Laurus Labs: Invests Rs 12 crore to acquire 1.2 crore shares of KRPL.
• Container Corp: Receives Rs 87 crore order for supply of 12 BLSS wagon rakes.
• Sun Pharma: Establishes endowed professorship at Mount Sinai to advance dermatologic care.
• Axis Solutions: Receives Rs 43.5 crore project from John Cockerill Hydrogen Belgium.
• Mphasis: Bags £35.4 million contract from Social Security Scotland; expands partnership to support over 2 million citizens.
• Marsons: Approves JV with Cleanhill Partners in the US to import and sell transformers in the US and Canada.
• Godrej Consumer Products: Inaugurates first phase of new manufacturing facility in Indonesia.
• Panorama Studios: Income Tax Department concludes search operations; company says business operations continue normally.
• JSW Cement: Commissions 1 MTPA grinding unit in Nagaur; total grinding capacity rises to 25.1 MTPA.
• HCLTech: To invest Rs 500 crore to expand Lucknow IT City.
• TVS Supply Chain: JV TVS SCS ALA allots 1.02 crore shares to TVS Supply Chain and 98 lakh shares to ALA Mena in 51:49 ratio.
• Endurance Technologies: Arm acquires 100% stake in Anna Milena and Fondalpress for €12.34 million.
• KIMS: To acquire 22% stake in Splendid Hospitals for Rs 40 crore, To acquire 51% stake in Insignia Healthcare, To acquire 6% stake in Ushahkal Abhinav Specialty for Rs 15 crore, To acquire 51% stake in Sarvottam Health for Rs 80 crore.
• Ola Electric Mobility: Board to meet on Oct. 7 to consider rights issue of up to Rs 1,000 crore.
• Shukra Pharma: Approves allotment of 17.35 lakh shares to promoters.
• Blue Dart Express: Signs MoU with National Capital Region Transport Corporation to explore express parcel movement on the Delhi-Meerut Namo Bharat corridor.
• Arvind: Acquires 46% equity stake in Arvind GCC.
• Spectrum Electrical Industries: Receives NSE and BSE trading approval for 13.7 lakh shares allotted on preferential basis at Rs 2,002 per share.
• Pace Digitek: Total planned capacity expansion of 10 GWh by FY2027-end
• Dhanuka Agritech: Receives tax order of ~Rs 55 crore from Gurugram tax authority.
• Mahindra Lifespace Developers: Arm launches 13.46-acre residential project in Pune with estimated GDV of Rs 3,500 crore.
• ABB India: Appoints Suneel Kumar Munaga as CFO effective Jan. 1, 2027.
• Gabriel India: Enters JV with FASI; approves initial investment of Rs 9.9 crore in JV company.
• Persistent Systems: Shareholders approve increase of borrowing limit up to $1.25 Bn