Sensex up 173 pts on Nomura upgrade, Nifty tops 19,700; all but banks gain

Closing Bell on September 27, 2023: Among sectors, most of the key indices settled in the positive zone with the Nifty Pharma index gaining the most, up 1.2 per cent

SI Reporter New Delhi

8:06 AM

China's industrial profits extend slump for Jan-Aug, but pace of downturn eases

>> Profits at China's industrial firms extended a double-digit drop for the first eight months, but the pace of declines eased slightly

>> The 11.7% year-on-year fall in profits narrowed from a 15.5% contraction for the first seven months, in line with expectations and potentially suggests a modest recovery is starting to take root for some businesses.

>> As Beijing steps up policy support for its faltering economy after a brief post-Covid recovery, recent data have shown signs of stabilisation with stronger-than-expected bank lending, industrial output and retail sales growth for August.

>> Still, persistent weakness in the crisis-hit property sector that accounts for one-fourth of the world's second largest economy remains a drag on growth.

Source: Reuters

8:00 AM

BoJ Meeting Minutes :: Members split over when to raise interest rates

>> Japan's central bank board was split over when should the Bank of Japan start to raise interest rates, according to minutes from its monetary policy meeting in July.

>> This was in light of inflation then hitting 15 straight months above the BOJ’s 2% inflation target.

>> A member said that there is a "still a significantly long way to go before revising the negative interest rate policy"

>> Another member noted that achievement of the 2% "in a sustainable and stable manner" seemed to have "clearly come in sight"

7:57 AM

US new home sales tumble in August

>> Sales of new US single-family homes fell more than expected in August as the rate on the popular 30-year fixed mortgage jumped above 7 per cent, driving potential buyers to the sidelines.

>> New home sales plunged 8.7 per cent to a seasonally adjusted annual rate of 675,000 units last month, the Commerce Department said on Tuesday.

>> July's sales pace was revised higher to 739,000 units from the previously reported 714,000 units.

Source: Reuters

7:54 AM

Global markets :: US index futures in green, help APAC shares come off lows

7:52 AM

Global markets :: Wall Street declines overnight as govt shutdown, slowdown fears rattle investors

>> Dow Jones Industrial Average saw its worst day since March, closed below its 200-day moving average for the first time since May.

>> The S&P 500 closed below 4,300 for the first time since June 9