India Market Recap

Indian equity markets extended their sell-off on Thursday, with the Sensex and Nifty 50 declining sharply amid rising crude oil prices, concerns over the RBI’s repo rate hike, elevated US Treasury yields and escalating geopolitical tensions. The BSE Sensex plunged 1,045.46 points, or 1.44%, to close at 71,593.24, while the Nifty 50 fell 371.25 points, or 1.64%, to 22,231.80. The Bank Nifty also declined 540.50 points, or 0.98%, to settle at 54,515.05. On the technical front, Nifty support is placed around 22,100–22,000, while resistance is seen in the 22,350–22,450 range.

US Market Recap

US equities ended mostly lower on Thursday, with the Nasdaq Composite recording its biggest single-day decline since mid-August. The Dow Jones Industrial Average edged up 51.77 points, or 0.10%, to 51,231.64, while the S&P 500 declined 0.47% to 7,765.36. The Nasdaq Composite fell 345.35 points, or 1.25%, to 27,193.34. Technology stocks faced selling pressure as speculation surrounding OpenAI’s revenue revived concerns over the sustainability of heavy investment in artificial intelligence and the ability of companies to generate adequate returns from AI spending.

Asian Market Update

Asian markets traded lower on Friday, tracking overnight weakness on Wall Street amid renewed concerns over AI-sector valuations and elevated crude oil prices. The MSCI Asia Pacific Index declined 0.1%, while Japan’s Nikkei 225 fell 0.61% and the Topix eased 0.09%. Hong Kong’s Hang Seng futures indicated a marginally higher opening. Markets in South Korea and Taiwan remained closed for a holiday. Investors continued to monitor geopolitical developments, energy prices and sentiment towards technology stocks.

Commodity Check

Brent crude hovered near $104 per barrel on Friday after surging 4% in the previous session. Escalating Iranian attacks on tankers transiting the Strait of Hormuz, alongside supply disruptions linked to Hurricane Isaias in the Gulf of Mexico, heightened concerns over global oil availability. Brent was last trading 0.3% lower at $103.89 per barrel after settling 4% higher at $104.28 on Thursday. US West Texas Intermediate (WTI) crude futures gained 3.6% in the previous session to close at $91.49 per barrel. Persistent supply risks and geopolitical uncertainty continue to keep crude prices elevated, adding to inflation concerns and pressure on oil-importing economies such as India.

Stocks In News

• Orkla India: MTR launches eight new products in its sweets portfolio.
• PNC Infra: Incorporates a subsidiary, PNC Infratech (Kazakhstan).
• Dr Reddy’s: USFDA issues two observations to its Pydibhimavaram unit; inspection conducted from October 5–7.
• Pitti Engineering: GST officials initiate an inspection/search proceeding at its Maharashtra manufacturing unit; the company is cooperating with authorities.
• VRL Logistics: Announces a buyback of 87.5 lakh shares worth Rs 280 crore at up to Rs 320 per share.
• IKIO Tech: Subsidiary Royalux FZCO enters into a vendor exclusivity undertaking with Danube Home LLC.
• Supriya Lifescience: Files a petition before the Supreme Court concerning the September 23 matter, which remains sub judice.
• Pace Digitek: Secures a Rs 179 crore order from BSES Rajdhani Power for a 57.5 MW/115 MWh standalone BESS project in Delhi; executable order book exceeds Rs 11,500 crore.
• Hexaware Technologies: Announces a multi-year partnership with Anthropic and becomes a preferred partner in the Claude Partner Network.
• NCC: Secures a Rs 1,286 crore order from Hyderabad Growth Corridor for road construction on NH-167N, with an 18-month execution period.
• Travel Food: CFO Vikas Kapoor resigns effective October 7 to pursue personal career aspirations.
• ICRA: Appoints Ritesh Gupta as Chief Business Officer-Designate following L Shivakumar’s retirement.
• Steelcast: Achieves IRIS certification, supporting its entry into the European rail-road industry market.
• Shakti Pumps: Invests Rs 10 crore in its subsidiary, Shakti Energy Solutions.
• CMR Green: Federal Bank approves an enhancement of its credit facility to Rs 165 crore from Rs 148 crore.
• Avalon Technologies: Executes a lease deed for 25.1 acres of land at SIPCOT Industrial Park in Tamil Nadu to establish an industrial unit.
• Cummins India: Appoints Adegbile Adedapo Adewunmi as Managing Director for a three-year term.
• Isgec Heavy Engineering: Issues a Rs 61 crore letter of comfort in favour of its JV, Isgec Titan Metal Fabricators.
• Samvardhana Motherson: Approves conversion of 1.45 lakh CCDs and allots 10.3 crore shares at Rs 140.50 per share.
• Evonik Pharma (Novartis India): Approves raising up to Rs 900 crore through a rights issue.
• Waaree Renewable Technologies: Receives a letter of award for a 5 MWp grid-connected solar PV project, including 10 years of operation and maintenance.
• Polycab India: Challenges the NCLT’s admission of a Rs 2.79 crore insolvency petition before the NCLAT; the appeal is scheduled for hearing on October 9.
• KEC International: Secures new orders worth Rs 1,030 crore across businesses, including transmission lines in Bhutan and Saudi Arabia, a 300+ MW wind project, and orders for towers, cables and conductors.
• Lupin: Receives USFDA approval for Phytonadione Injectable Emulsion, used to treat low blood clotting.
• Tilaknagar Industries: CFO Rajesh Choudhary resigns to pursue external career opportunities.
• Krsnaa Diagnostics: Receives in-principle approval from NSE and BSE to issue 16.2 lakh warrants convertible into shares.
• Jubilant Pharmova: Subsidiary Jubilant Draximage Inc. plans to invest CAD 94.5 million to expand its Kirkland facility and double production capacity of RUBY-FILL.
• Jaykay Enterprises: Executes a loan agreement to provide Rs 100 crore to its subsidiary, JK Defence & Aerospace.