Markets rallied 1% on hopes of accommodative stance by RBI in upcoming credit policy but situation has suddenly turned grim after Brent crude prices rose from USD 78 a bbl to USD 81 a bbl in late afternoon. With Nifty already holding Bearish Dark Cloud Cover in the previous week, markets are at a risk of major meltdown and a move above 74.50 in USDINR could add fuel to fire during a downslide. Brent crude prices are now positioned for hitting USD 110 a bbl in coming days and Nifty may see knee jerk reaction on move below 17600.
U.S indices fell on Monday as investors worried about the potential for renewed U.S.-China trade tensions, stalled talks in Congress and rising inflation as oil prices surged to multi-year highs.The Dow Jones Industrial Average fell 0.94% to 34,002.92, the S&P 500 lost 1.30% to 4,300.46 and the Nasdaq Composite dropped 2.14% to 14,255.49 as investors dumped Big Tech stocks in the face of rising Treasury yields.
Stocks in news
- Energy Crisis Deepens in India as Power Plants Face Outages
o Court to continue hearing arguments in the case on Oct. 5
• RBI Supersedes Srei Infra, Srei Equipment Finance Boards
• Adani Says Total Green Investments to Top $50 Billion by 2030
• ICICI Lombard Holder Seeks Up to $372m in Share Placement
• Aditya Birla Money -SEBI impose 10.2m rupees fine on ABML
• Hindustan Organic -Restarts Kochi plant after temporary shutdown
• Hindustan Zinc -2Q integrated metal production 209,000 tons; 2Q mined metal production 248,000 tons
• JSW Energy – Signs 591mw wind turbine procurement contract with Senvion India
• Mahindra & Mahindra Financial -Total Sept. disbursement INR19b, while collection efficiency 100%
• Mercator -Defaults on payment obligations; total financial indebtedness at INR13.3b
• Rail Vikas Nigam -In accord with Tata Steel for implementation of infrastructure projects
• Reliance Industries -Aramco CEO says due diligence on Reliance deal still ongoing
• S Chand & Co. – Approves INR400m working capital facility from SBI; Co. to use funds to take over existing credit facilities
• Srei Infrastructure- RBI supersedes board of SREI Infra & Srei Equipments
• Vedanta -2Q aluminum output up 21% y/y at 570,000 tons
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