India Market Recap

Indian equity benchmarks ended higher on Tuesday, supported by gains in IT, Realty and PSU Bank stocks. Market sentiment also received a boost after Finance Minister Nirmala Sitharaman indicated the possibility of reviewing long-term capital gains (LTCG) tax and securities transaction tax (STT) at the Bloomberg New Economy Forum. The discussion raised expectations of a potential review of the taxation framework for capital markets. On the technical front, Nifty support is placed around 22,600–22,500, while resistance is seen in the 22,800–23,000 range.

US Market Recap

US equity futures remained largely unchanged on Tuesday night as investors awaited the September consumer inflation report for fresh cues on the Federal Reserve’s interest-rate outlook. S&P 500 futures slipped 0.03%, while Nasdaq-100 futures declined 0.1%, following a second consecutive session of losses for the underlying indices. Meanwhile, Bank of America shares fell more than 2% in extended trading after the company reportedly faced over $1.2 billion in federal penalties related to alleged failures to report more than $5 billion in suspicious transactions. Inflation data and corporate developments remain key near-term market drivers.

Asian Market Update

Asian markets opened mixed on Wednesday as investors remained cautious ahead of the US consumer inflation report. South Korea’s Kospi advanced 1.92%, while Japan’s Nikkei 225 gained 0.32%. In contrast, Australia’s S&P/ASX 200 declined 0.71%, while Hong Kong’s Hang Seng Index and China’s Shanghai Composite were largely unchanged. Regional sentiment remained influenced by movements in US equity futures, expectations for Federal Reserve policy and ongoing geopolitical uncertainty.

Commodity Check

Crude oil prices moved higher as fresh attacks on tankers in the Strait of Hormuz raised concerns over the recovery of oil shipments from the Persian Gulf. Brent crude rose above $106 per barrel after declining 0.9% in the previous session, while West Texas Intermediate (WTI) advanced towards $95. Although the US said it had helped facilitate the movement of more than 19 million barrels of crude through the strategic waterway, the latest attacks have raised doubts about whether shipments can return to pre-war levels. Brent crude has gained more than 70% this year amid the US-Iran conflict, which has disrupted energy markets and heightened concerns over Gulf supplies. Continued uncertainty around the Strait of Hormuz remains a key risk for global oil prices, inflation and oil-importing economies such as India.

Stocks In News

• Bharat Electronics: Receives additional orders worth Rs 533 crore since September 17 across communication equipment, avionics, cybersecurity, drones, jammers, software, upgrades and services.
• HEG Advanced Materials: Registrar of Companies approves the name change from HEG Graphite to HEG.
• Ujjivan Small Finance Bank: Board to consider raising funds through equity issuance on a preferential basis on October 16.
• Urban Company: Board to meet on October 16 to consider a fundraise.
• Greaves Cotton: Subsidiary Greaves Finance appoints Mukul Kanchan as CEO effective October 1.
• Share India: NCLT Ahmedabad revises the appointed date for the merger of Silverleaf Capital Services with the company from October 1, 2023, to April 1, 2026.
• Signpost India: Secures exclusive advertising rights on premium bus services operated by Chalo Mobility, with gross advertising revenue of nearly Rs 36 crore over five years.
• Wipro: Says suspension of the PERM programme is not expected to impact business; 80% of its US workforce is locally hired, reflecting its localisation strategy.
• Ceigall India: Receives a completion certificate for its Rs 1,660 crore highway project and will undertake operations and maintenance at Rs 2.88 crore annually.
• Aequs: Ministry of Civil Aviation rejects the proposed merger with three subsidiaries; the company is evaluating further options.
• Adani Enterprises: Signs an MoU with Jabil for a 50:50 data centre joint venture in India to manufacture and assemble AI racks, servers and storage equipment.
• RailTel: Receives a Rs 49 crore order from the Odisha Education Department for developing digital application modules, to be completed by May 2027.
• Hindustan Oil: Appoints Debabrata Das as CFO effective October 16, following Allen Joseph Andrade’s resignation effective October 15.
• JK Tyre: Receives a tax demand of Rs 95 crore from the Chennai GST authority.
• Great Eastern Shipping: Extinguishes 18.59 lakh equity shares under its share buyback programme.
• Maithan Alloys: Search and seizure proceedings commenced on October 9 and concluded on October 10; operations continued without disruption, with no financial impact identified so far.
• Dr Lal PathLabs: Subsidiary PathLabs Unifiers acquires the remaining 30% stake in Centrapath Labs at Rs 1,608.352 per share.
• Lloyds Metals: Board to consider raising funds through non-convertible debentures and dollar-denominated bonds on October 14.
• Paytm: Gaming subsidiary First Games receives a revised GST demand of Rs 704 crore, reduced from Rs 5,712 crore; the company says there will be no impact on its books and is evaluating legal options.
• TeamLease Services: Receives a show-cause notice involving Rs 53 crore from the Bengaluru authority.
• Hyundai Motor: Group plans to invest $15.5 billion in India between 2026 and 2032, including $700 million for an R&D centre, while expanding manufacturing capacity through Hyundai and Kia India.
• PNC Infra: Company and its SPV receive a Delhi High Court order staying NHAI's debarment orders issued on September 11 and September 3.
• Lemon Tree Hotels: Signs an agreement to establish a 52-room hotel in Bareilly.
• Bharat Coking Coal: Raises prices of select coking coal grades by 0.1%–14%, revising prices for the non-regulated sector, steel coal and washery coal.
• GSFC: Plans to establish phosphoric acid and sulphuric acid plants at its Sikka facility, with capacities of 600 MTPD and 1,800 MTPD, respectively.
• SBI Funds Management: Appoints R. S. Srinivas Jain as Joint CEO effective October 13.
• Zydus Lifesciences: USFDA issues five observations to its Ahmedabad manufacturing unit following an inspection of the Moraiya facility from October 5 to 13.