Easing yields, oil prices lift Sensex 320 pts; Pharma stocks steal the show

Closing Bell on September 29, 2023: The Nifty50, on the other hand, gained 115 points to shut shop at 19.638. Sectorally, the Nifty Pharma index jumped the most, up 2.7 per cent

8:54 AM

Two-wheeler majors TVS, Bajaj Auto close the gap with startups in EV game

The two players have upped their share in the EV two-wheeler market sharply after subsidies were cut by the government in May  – from 24.5 per cent in June to 37.1 per cent in September till date. The figures are based on registrations data from the government’s VAHAN portal. READ MORE

8:49 AM

India-US bond yield spread falls to lowest level in more than 17 years

The development comes at a time when the spread between the benchmark 10-year government of India bond and the 10-year US government bond has declined to its lowest level in more than 17 years. Low yield spreads make Indian bonds less attractive to foreign portfolio investors (FPIs). READ MORE

8:46 AM

ALERT :: Godrej Properties acquires approx 109 acres land parcel in Nagpur

>> The project will have an estimated saleable area of approx 2.2 msf

8:42 AM

Stocks to Watch: Adani Group, TVS, Bajaj Auto, ICICI Lombard, Emami

Bajaj Auto, TVS Motor: Bajaj Auto has virtually closed the gap with Ather Energy in September, notching up 6,423 EV registrations compared to 6,466 registrations by Ather as on Thursday. Similarly, TVS Motor too has gained a substantial share in the electric two-wheeler segment.  READ MORE

 

Eveready Industries: With a focus on premiumisation, Eveready is pushing ‘Ultima’ as a sub-brand to power the segment.  The newly-launched Ultima Pro alkaline battery range boasts of up to 800 per cent longer-lasting claim. The target is high-drain applications such as toys, video games, smart remotes, wireless keyboards, trimmers, and medical equipments. READ MORE

8:37 AM

Nifty Energy index awaits breakout; Auto looks weak on charts

The defined range comprises an upper level at 27,350 and a lower level at 26,975. Such range-bound conditions typically indicate a period of market indecision, where buyers and sellers are in equilibrium. Breakouts from these ranges can lead to significant price movements, which traders should be ready to capitalize on.  READ MORE

8:34 AM

Option Trading Strategy: Bear Spread on Nifty for 12-Oct expiry; here's why

Rationale:

Short rollover is seen in the Nifty Futures on Thursday where Open Interest rose by 30% (Prov) with Nifty falling by 1 per cent.

 

Short term trend of the Nifty turned weak as it has closed below its 5-, 11- and 20-day EMA. READ MORE

8:30 AM

Fund Flow :: DIIs buy equities worth Rs 2,711.48 crore on Sept 28

8:24 AM

Fund flow :: FIIs sell equities worth Rs 3,364.22 crore on Sept 28

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8:21 AM

Gift Nifty check :: Index at 19,647, up 10 points

8:19 AM

ALERT :: Sebi advises MCX to keep the new trading platform in abeyance

>> Sebi has forwarded a copy of the letter from Chennai Financial Markets and Accountability (CFMA) regarding CDP.

>> It may be noted that writ petitions filed by CFMA on CDP is pending before the Madras High Court for disposal

>> The regulator has informed that since the matter involves technical issues, the same would be discussed in the Sebi Technical Advisory Committee meeting, which would be held shortly.

8:15 AM

China’s economic activity again weakened in September, China Beige Book survey shows

>> China’s small economic rebound appears to have stalled in September, with retail sales and pricing power as well as manufacturing production and loan growth weaker than the print for the month before.

>> Several August economic indicators underscored nascent signs of stabilization in the slowdown in the Chinese economy.

>> Official retail sales and industrial production data last month had in fact, beat expectations, corroborating encouraging signs from other data points — from inflation rates to the purchasing managers index, typically seen as leading indicators.

8:11 AM

ALERT :: US pending home sales fall more than expected in August

>>  Contracts to buy US existing homes fell more than expected in August, tumbling by the most in nearly a year as high mortgage rates erode affordability, according to a survey released on Thursday.

>> The National Association of Realtors' Pending Home Sales Index fell 7.1% to 71.8 from July's revised 77.3.

>> The decrease, the largest since September 2022, exceeded the median economist forecast for a 0.8% fall, according to a Reuters poll.

>> The average mortgage payment rose to $2,170 in August, up $331 - or 18% - year-over-year, according to another data published on Thursday by the Mortgage Bankers Association.

Source: Reuters

8:08 AM

US GDP growth unrevised at 2.1% in second quarter as economy shows resilience

>> Gross domestic product increased at an unrevised 2.1% annualized rate last quarter, US government said in its third estimate of GDP for the April-June period.

>> Growth for the first quarter was raised to a 2.2% rate from the previously reported 2.0% pace.

>> However, a looming government shutdown and an ongoing strike by auto workers are dimming the outlook for the rest of 2023.

>> Some economists believe the economy's resilience combined with high inflation could give the Federal Reserve ammunition to raise interest rates again in November. 

Source: Reuters

8:04 AM

ALERT :: Indian bonds still on FTSE watchlist, no inclusion yet, says report

>> Indian bonds will continue to remain on the FTSE Fixed Income Country Classification watch list for a potential inclusion in the FTSE Emerging Markets Government Bond Index, an official statement said.

>> India was added to the FTSE Fixed Income Country Classification watch list in March 2021.

>> Some of the issues highlighted by FTSE  include the efficiency of Foreign Portfolio Investor (FPI) registration, operational issues related to the settlement cycle, trade matching, and tax clearance processes.

Source: TV reports

8:00 AM

ALERT :: Japan's industrial and retail activity better than expected

>> Japan’s factory output came in flat in August compared to July, defying expectations for a 0.8% fall 

 

>> Year on year, industrial output slid for a third straight month, falling 3.7%.

 

>> Separately, retail sales rose 7% year on year, higher than expectations of 6.6% 

 

>> Japan’s unemployment rate also remained unchanged, at 2.7% in August.

Source: CNBC