As per the provisional closing data, the barometer index, the S&P BSE Sensex, was at 58,765.58, down 360.78 points or 0.61%. The Nifty 50 index closed 86 points or 0.49% lower at 17,532.05.
In the broader market, the S&P BSE Mid-Cap index was down 0.11% while the S&P BSE Small-Cap index rose 0.48%.
The market breadth was positive. On the BSE, 1814 shares rose and 1416 shares fell. A total of 178 shares were unchanged.
COVID-19 Update:
Total COVID-19 confirmed cases worldwide stood at 233,713,190 with 4,782,640 deaths. India reported 275,224 active cases of COVID-19 infection and 448,339 deaths according to the data from the Ministry of Health and Family Welfare, Government of India.
In the last 24 hours, India records 26,727 new cases. Active cases accounted for less than 1% of total cases, currently at 0.82%. Active caseload stood at 2,75,224, lowest in 196 days. The recovery rate currently stands at 97.86%, highest since March 2020. The country reported 28,246 recoveries in the last 24 hours taking total recoveries to 3,30,43,144.
A total of 89,08,78,472 COVID-19 vaccine doses have been administered in the country so far, with over 64.26 lakh doses being given yesterday, according to the Co-WIN dashboard.
Economy:
The gross GST revenue collected in the month of September 2021 came at Rs 1,17,010 crore, up by 23% year on year. Of this, CGST is Rs 20,578 crore, SGST is Rs 26,767 crore, IGST is Rs 60,911 crore (including Rs 29,555 crore collected on import of goods) and Cess is Rs 8,754 crore (including Rs 623 crore collected on import of goods).
The government settled Rs 28,812 crore to CGST and Rs 24,140 crore to SGST from IGST as regular settlement. The total revenue of Centre and the states after regular settlements in the month of September 2021 is Rs 49,390 crore for CGST and Rs 50,907 crore for the SGST.
Meanwhile, the government's fiscal deficit stood at Rs 4.68 lakh crore or 31.1% of the budget estimates at the end of August, as per data released by the Controller General of Accounts (CGA) on Thursday. Net tax receipts were Rs 6.45 lakh crore while total expenditure was Rs 12.77 lakh crore, the data showed.
Further, the seasonally adjusted IHS Markit India Manufacturing Purchasing Managers' Index (PMI) rose to 53.7 in September, from 52.3 in August, highlighting a stronger expansion in overall business conditions across the sector.
New Listing:
Shares of Paras Defence and Space Technologies were locked in an upper circuit of 5% at Rs 498.75 on the BSE, a premium of 185% as compared with the issue price of Rs 175 per share. The stock was listed at a price of Rs 475 per share, at a premium of 171.43% to the issue price. On the BSE, over 7.53 lakh shares of the company were traded in the counter so far. The initial public offer (IPO) of Paras Defence and Space Technologies received bids for 217.26 crore shares as against 71.40 lakh shares on offer on Friday (24 September 2021). The issue was subscribed 304.26 times. The issue opened for bidding on Tuesday (21 September 2021) and closed on Thursday (23 September 2021). The price band of the IPO was fixed at Rs 165-175 per share.
September Auto Sales:
Tata Motors was down 0.08%. The Tata Group announced that its sales in the domestic & international market for Q2 FY22 stood at 1,71,270 vehicles, up by 55.2% from 1,10,345 units during Q2 FY21. The company's total sales in the domestic market rose by 28% to 59,156 vehicles in September 2021 from 46,129 vehicles in September 2020. Total domestic sales increased by 55% to 1,71,270 vehicles in Q2 FY22 over Q2 FY21.
Maruti Suzuki India fell 2.48% after the company said its total sales declined 46.16% year-on-year to 86,380 units in September 2021. Total sales in the month include domestic sales of 66,415 units (down 55.74% YoY), sales to other OEM of 2,400 units (down 6.54% YoY) and exports of 17,565 units (up 124.21% YoY). The company said its sales volume in September 2021 was adversely impacted due to shortage of electronic components. The company took all possible measures to limit the adverse impact.
Eicher Motors fell 0.75%. The company said that its subsidiary VE Commercial Vehicles (VECV) has sold 6,070 units in September 2021, registering a growth of 73.1% on a YoY basis. The commercial vehicles sales were higher by 26.6% as compared with 4,793 units sold in August 2021. Total domestic sales of Eicher trucks & buses increased 77.8% to 5,226 units.
Ashok Leyland fell 2.5%. The company's total commercial vehicle (CV) sales rose 14% to 9,533 units in September 2021 from 8,332 units in September 2020. The company's CV sales have increased by 2% from 9,360 units sold in August 2021. While the total sales of medium & heavy commercial vehicles (M&HCV) jumped 39% to 5,060 units, sales of light commercial vehicles (LCVs) declined by 5% to 4,473 units in September 2021 over September 2020.
Bajaj Auto rose 0.21%. The company's total auto sales in September 2021 stood at 4,02,021 units, down by 9% from 441,306 units sold in September 2020. The total auto sales were higher by 7.7% as compared with 3,73,270 units sold in August 2021. While the company's domestic sales contracted by 16% to 192,348 units, export sales fell by just 1% to 209,673 units in September 2021 as compared with the same period last year.
Escorts fell 0.79% after the company's total tractor sales declined by 25.6% YoY to 8,816 units in September 2021 from 11,851 units sold in September 2020. Tractor sales of the company's Agri Machinery products segment (EAM) are higher by 54.9% as compared with August 2021. Domestic tractor sales in September 2021 were at 7,975 tractors as against 11,453 tractors in September 2020, registering a degrowth of 30.4% on a YoY basis.
Stocks in Spotlight:
Zee Entertainment Enterprises (ZEEL) lost 2.86%. The company said it will not convene the extraordinary general meeting (EGM) called by Invesco. The company said the decision has been taken in the best interest of the company, shareholders and stakeholders. ZEEL board met today, 1 October 2021, to deliberate the course of action in relation to the requisition notice issued by Invesco Developing Markets Fund and OFI Global China Fund on 11 September 2021. Punit Goenka did not attend, participate, or vote in the board meeting. Based on legal advice from the company's counsel, the ZEEL board unanimously concluded that the requisition notice is not valid, as it suffers from multiples legal infirmities. The board decision came a day after the Mumbai bench of the National Company Law Tribunal (NCLT) directed ZEEL to consider positively the requisition for an extraordinary general meeting (EGM) made by shareholder Invesco under the Companies Act. It also directed ZEEL to "comply with section 100 of the Companies Act" and posted Invesco's application for compliance on 4 October 2021.
Cummins India fell 7.48% after the Union Power Ministry urged diesel generating (DG) set users to shift to renewable energy in five years. The Union Power Ministry on Thursday issued an amendment to the Draft Electricity (Rights of Consumer) Amendment Rules, 2021. The Ministry has advised consumers using DG sets to shift to a cleaner technology, such as renewable energy with battery storage, in five years. "Consumers, who are using the Diesel Generating sets as essential back up power, shall endeavor to shift to cleaner technology such as RE with battery storage etc in five years from the date of the publication of this amendment or as per the timelines given by the State Commission for such replacement based on the reliability of supply by the distribution company in that city," the Ministry notified.
Phillips Carbon Black was down 0.77%. The company launched its QIP issue on Thursday and approved the floor price of Rs 255.85 per share. The floor price is at a discount of 4.31% to Thursday's closing price.
Bank of India rose 2.07%. The state-owned bank on Thursday said it has raised Rs 1,800 crore by issuing Basel-III-compliant bonds on a private placement basis.
GMR Infrastructure soared 7.1% after the airports regulator reportedly allowed GMR Hyderabad International Airport to gradually increase user development fee (UDF) from 1 April 2022. The media reported that the Airports Economic Regulatory Authority has allowed GMR Hyderabad International Airport (GHIAL), which manages Rajiv Gandhi International Airport, to gradually increase UDF on embarking domestic as well as international passengers from 1 April 2022.
G R Infraprojects rose 3.24% after the company received Letter of Award (LoA) for the construction of four/six lane Greenfield Ludhiana - Rupnagar National Highway in Punjab on Hybrid Annuity Mode. The bid project cost is Rs 951 crore and the completion period for the project is 730 days from appointed date. The operation period is set for 15 years from commercial operation date.
Global Markets:
European shares fell across the board while most Asian markets closed in the red on Friday, following an overnight drop on Wall Street.
German inflation hit 4.1% in September 2021, its highest level for 29 years. The data showed that price of energy and food items were the most affected by inflation.
Japan's factory activity grew at the slowest rate in seven months in September as overall output and new orders shrank due to the fallout from the coronavirus pandemic, a survey showed on Friday. The final au Jibun Bank Japan Manufacturing Purchasing Managers' Index (PMI) in September slipped to 51.5 on a seasonally adjusted basis from 52.7 in the previous month.
Wall Street ended sharply lower on Thursday wracked by concerns over COVID-19, inflation fears and budget wrangling in Washington.
Investors were also keeping an eye on Washington as Congress passed a bill that would fund the government through early December. The bill would avert a government shutdown but Congress still has not raised the debt ceiling, which Treasury Secretary Janet Yellen says will be reached on October 18.
Yellen and Fed Chair Jerome Powell testified before the House Financial Services Committee on Thursday. Yellen reiterated her call for Congress to raise the debt ceiling, saying that failure to do so would be catastrophic.
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