Nifty ended with losses of 0.5% led by weakness in Bank Nifty while broader markets remained firm due to outperformance in midcap and small cap stocks. FIIs in the last 3 trading session has sold more than Rs 20,000 crore in cash plus future segment and this has occurred after BNY India Depository Receipt Index breached critical support on Tuesday. We expect aggressive selling in markets on move below 17400.
Wall Street ended sharply lower and the S&P 500 posted its worst month since the onset of the global health crisis, led by concerns over COVID-19, inflation fears. The Dow Jones Industrial Average fell 546.8 points, or 1.59%, to 33,843.92, the S&P 500 lost 51.92 points, or 1.19%, to 4,307.54 and the Nasdaq Composite dropped 63.86 points, or 0.44%, to 14,448.58. Asian stocks looked set to start October on the on a weak note, after their U.S. peers capped their biggest monthly selloff since March 2020 with further losses. Futures pointed lower in Japan and Australia as China begins a week-long holiday, with Hong Kong’s market shut Friday. Treasuries rallied with the 10-year yield closing below 1.50%. The dollar gave up some of this week’s gains and crude oil edged higher after a tumultuous session.
Stocks in news
Maruti Suzuki to cut October output by 40% due to semiconductor shortage
Oil & Natural Gas Says unit ONGC Videsh begins exploration well in Bangladesh’s offshore SS-04 block
Bank of Baroda To cut bad bank stake to 9.9% by Dec. from 13.3%
Canara Bank To hold 16.1% of NARCL, cut stake to 12% by Dec. 31
Jain Irrigation Says its unit completes recast of Singapore-listed bonds
Adani Wilmar Opens 12 Offline Stores for FMCG Products, HT Says
Paras Defence’s shares to start trading after gets a record 304 Times Shares Demand in India IPO
Aditya Birla Sun Life AMC IPO fully subscribed, gets 108% demand on 2nd day of sale, offer closes Oct. 1
Carlyle-Backed Indian Hospital Chain Medanta Files for IPO
India April-June Current Account Surplus $6.5B; Est. $2B
India Aug. Key Industries’ Output Rises 11.6% Y/y
India’s 2Q Current Account Surplus $6.5 Bln: Details
India’s April-Aug. Budget Deficit Reaches 31.1% of FY Target
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