Global indices reacted sharply to the US Labor Department posting a less-than-expected unemployment rate which increased the likelihood of further interest rate hikes. Chinese stocks tanked amidst poor economic outlook and rising Covid-19 cases. Europe also was trading in red amidst increasing tension between Russia and Ukraine.
Indices trimmed their losses to end 0.4% lower with Sensex dropping 200 points and Nifty 75
Indian benchmark indices started the day in deep red but trimmed their losses to close with a drop of around 0.4%. A better-than-expected unemployment rate in the US concretised the belief among investors that further rate hikes are in store.
Sensex shed 200 points to close at just below 58,000, at 57,991. Meanwhile, Nifty closed at 17,241, a drop of 75 points.
IT was the only index to remain stable in today's session, with FMCG, Consumer Durable, Media and Realty sinking the most.
Among stocks, Tata Motors tanked 4%. Tata Consumers and Hero MotoCorp also featured among laggards shedding 2% each. Axis Bank and TCS were among the stocks that ended in the green.
Global stocks slipped lower after a surprise drop in US unemployment quashed any thought of a pivot on policy tightening ahead of an inflation reading, which is expected to see core prices move higher again.
China stocks tumbled to half-year lows as trade resumed after a week-long holiday. The markets were dominated by concerns over the latest US crackdown on the chip-making industry, weak economic data and fresh COVID-19 cases. The blue-chip CSI 300 Index slumped 2.2% and the Shanghai Composite Index lost 1.7%. The Hang Seng Index declined 3%.
Tokyo and Seoul markets remained closed for the holidays.
European shares fell for the fourth-straight session on Monday as investors worried about the impact of increasing Ukraine-Russia tensions and a negative economic outlook. The region-wide STOXX 600 index was down on Monday morning.
All sectoral indices except IT remain in red towards the end of the market; FMCG, Media, Realty and Consumer Durable shed the most
After iPhone 14, Apple AirPods to be made in India: IT Ministry
Apple's wireless earphones AirPods will be manufactured in India, CNBC TV18 quoted India's IT ministry as saying on Monday. The iPhone 14 will be manufactured by December this year at the Foxconn's facility in Chennai, the report added. The iPhone 14 will be manufactured by December this year at the Foxconn's facility in Chennai. (Read More)
Goyal urges small biz to look at dual listing by tapping Gift City
Commerce and Industry Minister Piyush Goyal on Monday urged small businesses to consider “dual listing" to widen their capital raising options.
The minister said small companies have the option to list on the main bourses' SME platforms and also on the Gift City in Gandhinagar.
Speaking at an event to mark the 400th listing on the BSE's SME platform, he said there is a need to tap into more sources of capital as that can give a fillip to the small business sector.
“Possibly you can look at the International Financial Services Centre at the Gift City. We also need to see whether we can encourage some of these companies to explore getting listed through the Gift City platform or a dual listing between Mumbai and the Gift City," he said, adding the same option can also be explored by companies looking at overseas listing. (PTI)
Gold prices today see biggest single-day fall in nearly 3 months, silver rates tumble
Gold rates fell sharply in Indian markets today, tracking a weak trend in international rates. On MCX, gold fell 1.3% or around ₹700 per 10 gram to ₹51,329 per 10 gram, its biggest single-day fall in about 3 months. Silver on MCX tumbled ₹1,500 or 2.5% to ₹59340 per kg. In international markets, the yellow metal was down 0.7% at $1,682 per ounce as renewed bets of sharp rate hikes by Fed lifted US dollar. The dollar index rose 0.2%, making gold costlier for buyers holding other currencies. (Read More)
India, Australia deny Delhi’s russia ties risk Quad Partnership
India’s close military and trade ties with Russia won’t undermine the effectiveness of the Quad security partnership, Australia’s top diplomat said, despite high tensions between Moscow and western nations over Russia’s war in Ukraine.
Australian Foreign Minister Penny Wong and her Indian counterpart External Affairs Minister Subrahmanyam Jaishankar told a press conference in Canberra on Monday that the so-called Quad partnership was “functioning extremely well."
“The level of strategic trust and strategic consistency amongst Quad partners is deep and firm," Wong said.
The Quad regional partnership, which is made up of Australia, India, Japan and the US, met for the first time in person in September 2021. The grouping was envisioned more than a decade ago to help democratic nations coordinate a response to China’s rise, and discussions to reform the dialog began in 2017 under then-President Donald Trump. (Bloomberg)
China tech shares sink as U.S. export curbs raise chip sector hurdles
Shares in Chinese tech giants Alibaba Group and Tencent as well as in chipmakers slumped on Monday, as investors were spooked by new U.S. export control measures aimed at slowing Beijing's technological and military advances.
The Biden administration published a sweeping set of export controls on Friday, including a measure to cut China off from certain semiconductors made anywhere in the world with U.S. equipment.
The raft of measures, some of which take immediate effect, could amount to the biggest shift in U.S. policy toward exporting technology to China since the 1990s.
Experts said the new rules will have a broad impact, slowing China's efforts to develop its own chip industry and advance commercial and state research involving military weapons, artificial intelligence, data centres and many other areas that are powered by supercomputers and high-end chips. (Reuters)
Consumer Durable drags, sheds 1.5%, most stocks in red
Rakesh Jhunjhunwala portfolio stock hits upper circuit despite weak markets
Despite weakness in stock market today, Rakesh Jhunjhunwala-backed DB Realty shares have hit upper circuit in early morning deals. DB Realty share price today opened with an upside gap and went on to hit its intraday high of ₹113.15 apiece, logging 5 per cent rise and locking-in upper circuit as well. (Read More)
Carbon credits imperative for climate positive plans: EKI Energy Services
EKI Energy Services on Monday welcomed the government's stance on carbon credits and said that carbon credits and its trade is an imperative for climate positive plans.
Union Minister for New and Renewable Energy R K Singh on October 6, said that the government is taking measures to make India a market for carbon credit which will be utilised to meet the country's NDC goals.
India has submitted its updated Nationally Determined Contribution (NDC) under the Paris Agreement to the UN Framework Convention on Climate Change, emphasising that it is a step forward towards its long-term goal of reaching net zero by 2070. (PTI)
Jaiprakash Power Ventures board approves sale of Nigrie cement grinding unit in Madhya Pradesh
Jaiprakash Power Ventures Ltd (JPVL) on Monday said it has decided to sell its cement grinding unit in Nigrie, Madhya Pradesh along with other non-core assets.
"The board of directors in its meeting held on October 10, 2022, has decided to divest Nigrie cement grinding unit as well as other non-core assets," the company said in a BSE filing. T
The meeting was convened to apprise the board of the recommendations of the audit committee regarding proposals of divestment of the unit and review the progress made in the reduction of company's debt. (PTI)
Vijay Kedia portfolio stock rallies as firm to issue warrants to the ace investor
Shares of Atul Auto Ltd rallied more than 10% to ₹235 apiece on the BSE in Monday's trading session after the company during the weekend informed the company's board has approved a preferential issue of ₹115 crore worth of warrants to promoters and non-promoters of the company, including Indian ace investor Vijay Kishanlal Kedia. (Read More)
As this auto stock forays into EVs, brokerages turn bullish, see strong upside
Hero MotoCorp has made its entry into the electric vehicles (EVs) space with a premium scooter. The company has launched its first own-developed E2W VIDA V1, which is positioned at the upper end of the electric scooter market.
“Hero intends to build an ecosystem for EVs under VIDA, which will include multiple product launches, omni-channel distribution including a D2C model with several ownership options, and financing and service subscription plans," said global brokerage house Jefferies while rating Hero Moto shares with a Buy rating and a target price of ₹3,000 apiece. (Read More)
Tata Consultancy Services stock price gains ahead of its quarterly results
Multibagger infra stock announces 1:10 stock split. Details here
Multibagger infra stock Sanmit Infra Ltd has declared stock split in the ratio of 1:10 that means one stock of face value of ₹10 into ten shares of face value of Re 1 per equity share. The board of directors of the small-cap company has also fixed 31st October 2021 as record date for stock split. (Read More)
JSW Steel registers sequential decline in Q2 production
JSW Steel registers sequential decline in Q2 steel productionGovernment’s export duty on steel products is beginning to hurt production schedule of domestic steel producers with private sector steel maker JSW Steel reporting a 3% decline in crude steel production sequentially in July-September quarter of FY23.In a statement the company said that though at the group level, combined crude steel production at 5.68 million tonnes for Q2 FY’23 registered a growth of 12% YoY (over 5.07 mt last year), sequentially the production slipped 3%, indicating re-emergence of demand slowdown. (Read More)
China urges 'patience' as COVID cases rebound ahead of key congress
China called for "patience" with its COVID policies and warned against any "war-weariness" as local cases soared to their highest since August, days ahead of a pivotal Communist Party congress.
Many parts of the world are learning to co-exist with COVID-19, but China has repeatedly quashed any speculation of a let-up in its tough counter-epidemic policies, which can range from locking down a local community to sealing an entire city, even though fatalities remain low by global standards and symptoms, if any, are mostly mild.
Pressure on local officials to stop outbreaks as soon as they spring up has risen in recent weeks as the highly transmissible Omicron sub-variants BF.7 and BA.5.1.7 appeared in mainland China for the first time, ensnaring travellers during a just-ended week-long national holiday. (Reuters)
Cryptocurrency prices today rise as Bitcoin, ether trade with slight gains
Bitcoin price today rose marginally as the world's largest and most popular cryptocurrency was 0.6% higher at $19,469. The global crypto market cap today was below the $1 trillion mark, even as it was up slightly in the last 24 hours at $983 billion, as per CoinGecko. (Read More)
Hero MotoCorp stock drags in today's sessions, sheds more than 2%
Noon Update: Indices trim losses with Sensex trading around 400 points lower and Nifty 120 points
Tata Motors and Hero MotoCorp stocks are under pressure in today's session.
French central bank trims third-quarter growth outlook
France's economy likely grew by 0.25% in the third quarter compared with the previous three months, the country's central bank said in its monthly economic outlook on Monday, slightly downgrading a previous 0.3% forecast mainly due to poor industrial activity.
"In an economic environment marked by the energy crisis and difficulties in supply and recruitment, activity continues to be resilient overall, but industry is more affected than other sectors", said the Bank of France.
Business activity in the country's struggling industrial sector was flat in September, while the services sector grew further, the bank said in its outlook based on a survey of business leaders.
As it had done last month, the central bank said executives had reported higher uncertainty, mainly driven by worries over energy prices and power availability. (Reuters)
Sugar stock climbs to 52-week high after giving 115% YTD return. Do you own?
Despite heavy sell-off in early morning deals, Renuka Sugar shares have hit 52-week high of ₹65.15 per share on NSE. Renuka Sugar share price today opened upside and went on to climb to a new 52-week high though sentiments on Dalal Street is bearish. (Read More)
SHREE RENUKA SUGARS
Tata Motors shares fall as JLR wholesale volumes disappoint, JPMorgan downgrades stock
Shares of Tata Motors Ltd declined around 5% to ₹393 apiece on the BSE in Monday's early deals after the automaker reported lower-than-expected wholesale volumes for its Jaguar Land Rover (JLR) business, and global brokerage JP Morgan downgrading the auto stock.
Tata Motors shares declined around 5% to ₹393 apiece on the BSE in Monday's early deals. (Read More)
Large Indian lenders shun rupee mechanism in Russia trade-sources
Large Indian lenders are reluctant to process direct rupee trade transactions with Russia months after the mechanism was put in place for fear of becoming the target of sanctions by the United States and Europe over the invasion of Ukraine, sources said.
Two smaller lenders have moved to adopt the system after the Reserve Bank of India (RBI) said in July that it had set up an arrangement for international trade settlements in Indian rupees with immediate effect.
But bigger lenders with more exposure to the international financial system, and in particular the dollar, are worried their businesses could be disrupted if targeted by sanctions. (Reuters)
Adani Group in talks to buy Jaiprakash Power's cement unit for ₹5,000 crore
Billionaire Gautam Adani-controlled Adani Group is in advanced talks with debt-laden Jaiprakash Power Ventures Ltd. to buy its cement unit, people familiar with the matter said.
The acquisition will be made by one of the cement units recently acquired by Asia’s richest person, the people said, adding an announcement was expected as early as this week. While discussions are advanced, they could still be delayed or fall apart, the people said. Indian news channel ET NOW reported the deal earlier without disclosing a value. (Read More)
Auto Index tumbles, all stocks in red
Oil falls as investors take profit on China demand concerns
Oil prices fell on Monday, snapping five days of gains, as investors took profits after a report on slowing economic activity in China, the world's biggest crude importer, re-ignited concerns about falling global fuel demand.
Brent crude futures for December settlement fell by as much as 1.1%, and was last down 85 cents, or 0.9%, at $97.07 a barrel by 0500 GMT.
West Texas Intermediate crude for November delivery declined by as much as 1.1% and was at $91.84 a barrel, down 80 cents, or 0.9%.
Services activity in China during September contracted for the first time in four months as COVID-19 restrictions hit demand and business confidence, data showed on Saturday. (Reuters)
Easy Trip Planners announces stock split and bonus issue; shares jump
Easy Trip Planners Ltd on Monday informed that its board has approved bonus issue of three shares for every one share held i.e., 3:1 ratio and also has given nod for the stock split in the ratio of 1:2. Shares of Easy Trip jumped more than 4% to ₹419 apiece on the BSE in early trading session.
It added that bonus shares will be issued out of free reserves created out of profits of the company available as at March 31, 2022 and the estimated date by which such bonus shares would be credited/dispatched would be within 2 months from the date of board approval i.e. by December 8, 2022. (Read More)
EASY TRIP PLANNERS
Axis Bank gains amidst a weak market, shares up by 0.5%
Indian rupee could hit 84-85/USD by March on trade deficit, oil woes -Elara Global
The Indian rupee could drop to 84-85 to the dollar by March due to rising crude oil prices, high trade deficit and depleting foreign exchange reserves, Elara Global Research said in a note Monday, when the currency hit a record low of 82.6825.
"The rupee, so far, has borne the brunt of aggressive global tightening as a hawkish (U.S.) Federal Reserve and interest rate differentials weigh on its outlook," Garima Kapoor, an economist at Elara, said.
"Elevated trade deficit prints and the recent surge in crude oil prices add to the near-term headwinds."
Kapoor expects the rupee to fall to 83.50 per U.S. dollar by December, before slipping even further to 84-85 by March.
The rupee on Monday extended its recent slide to a record low of 82.6825 following the U.S. jobs report. (Reuters)
Angel One and Ashika Stock Broking views on today's market
Sameet Chavan, chief analyst-technical and derivatives, Angel One Ltd: Despite SGX NIFTY indicating a sluggish start, our markets opened with marginal gains on Monday by completely shrugging off global cues. However, since the global developments over the previous weekend were a bit unfavorable, we failed to capitalize on this promising start, because things had to come to equilibrium and hence, we witnessed sustained selling throughout the session. Fortunately, the bulls made a remarkable comeback on the very next day to reclaim the 17200 mark. In the latter half, although we tested 17400 after a one-day break, the market saw some sluggishness to conclude the week above 17300 as bulls managed to pocket more than a percent on a weekly basis.
With reference to our previous commentary, we mentioned how the ‘Bullish Engulfing’ pattern formed last Friday can provide some strength in our market. Although Monday's session was a bit intimidating, the configuration remained intact and as the week progressed, it certainly proved its worth. Now, since Nifty has managed to surpass 17200 and is maintaining its position above this, 17200 – 17000 now becomes a sacrosanct zone for our market. Additionally, we can now observe yet another technical indicator i.e. positive crossover in daily ‘RSI-Smoothened’ is likely to provide a helping hand for bulls.
If the global market supports us, we being the stronger market is likely to continue in the upward direction. As far as levels are concerned, 17400 - 17500 - 17650 to be seen as immediate hurdles for our benchmark index. We advise traders to remain sanguine and looking at the placement of the NIFTY MIDCAP 50 index, it’s better to keep focusing on stock-specific moves.
Tirthankar Das, technical & derivative Analyst, retail, Ashika Stock Broking Ltd: On the technical front, Nifty formed a small positive candle on the daily chart with upper and lower shadows hence possibility of an elevated consolidation level amidst the narrow range of 17000-17450 can be experienced. Key to note, that Index is presently flirting around the crucial 200dma sustaining above or below which would dictate the direction of the Index. However, for the Index to end its prolonged correction, it needs to provide a decisive close above 17350. Presently a trader needs to show patience and need to avoid trading aggressively in the market as the risk of a bare minimum correction of 38.2% of the entire rally from 15,183 to 18,096 comes around 16990 followed by 50% correction at 16650 remains. During the day index is likely to open on a negative note due to weak global cues. Formation of lower high- lower low signifies corrective bias. Hence, until and unless Index provides a decisive close above 17350, it would be a sell-on-rise market.
Jaiprakash Power shares jump after announcement of divestment. Should you buy?
Despite weakness in stock market today, Jaiprakash Power shares witnessed strong buying interest in opening bell today. In early morning deals, bulls outperformed bears as Jaiprakash Power share price today opened upside and went on to hit intraday high of ₹8.45 apiece levels, logging around 3.50 per cent higher from its Friday close of ₹8.15 apiece on NSE. However, profit booking soon triggered in this energy stock and the stock retraced near 2.5 per cent from its intraday high to ₹8.10 apiece levels. (Read More)
JAIPRAKASH POWER VENTURES
Tata Motors drags the most as it sheds more than 3.5% in early trading
Angel One outlook on Commodities: Gold continues to retrace, Crude settles near 5-week high
Prathamesh Mallya, AVP- research, non-agri commodities, and currencies, Angel One Ltd outlook on:
Gold: We expect gold to trade lower towards 51630 levels, a break of which could prompt the price to move lower to 51400 levels.
Crude: Crude prices might remain elevated post the OPEC+ cuts the output, however, a strong dollar index might cap the gains on the upside.
Base Metals: We expect copper to trade lower towards 643 levels, a break of which could prompt the price to move lower to 633 levels.
Abhu Dhabi fund buys stake in Ashish Kacholia-owned multibagger stock that surged 650% in 2 years
Abu Dhabi Investment Authority (ADIA) — a globally-diversified sovereign wealth fund owned by the Emirate of Abu Dhabi — has bought stake in Ashish Kacholia portfolio stock Gravita India. As per the BSE bulk deals, ADAI has bought 5,56,493 Gravita India share in a bulk deal executed on 7th September 2022. The Abu Dhabi wealth fund bought these shares paying ₹332 apiece. This means the Ashish Kacholia portfolio stock has attracted foreign portfolio investment (FPI) to the tune of ₹18,47,55,676 or ₹18.47 crore. (Read More)
Reliance Securities Stock in Focus for today: KEC International
STOCK IN FOCUS
KEC International (CMP Rs.429)
We expect KPP to be one of the key beneficiaries of the strong transmission capex in both domestic and global markets.
ASHOKLEY (PREVIOUS CLOSE: 160) SELL
For today’s trade, short position can be initiated in the range of ₹162- 164 for the target of Rs.157 with a strict stop loss of ₹166.
CIPLA (PREVIOUS CLOSE: 1131) SELL
For today’s trade, short position can be initiated in the range of ₹1137-1145 for the target of Rs.1110 with a strict stop loss of ₹1155.
ONGC (PREVIOUS CLOSE: 134) BUY
For today’s trade, long position can be initiated in the range of ₹130- 132 for the target of Rs.136 with a strict stop loss of ₹129.
All indices are red but FMCG is dragging the most; almost all FMCG stocks in red
Adani in talks with global investors to raise $10bn
Billionaire Gautam Adani and his family are in early talks with investors, including Temasek, Singapore’s sovereign wealth fund GIC, and other wealth and private equity funds, to raise at least $10 billion to fund the group’s expansion plans in clean energy, ports and cement businesses. (Read More)
Indices drag on Monday with Sensex and Nifty shedding 800 and 200 points, respectively.
Paytm's loan distribution business scales to 9.2 million
The loan distribution business of payment gateway Paytm witnessed accelerated growth with disbursements through the platform now at an annualized run rate of ₹34,000 crore in the month of September this year, according to an official release by the company.
According to the latest data, the number of loans disbursed grew 224% y-o-y to 9.2 million loans in the quarter ended September 2022, while the value of loans disbursed grew 482% y-o-y to ₹7,313 crore ($894 million). (Read More)
Sensex plunges 800 points at preopen; Ambuja Cements, HDFC, IDBI in focus
Geojit Financial Services on today's market: The big question is whether India would continue to outperform
Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
"The paradoxical construct of good economic news turning out to be bad news for markets played out again last Friday in the US. The surprisingly low US unemployment rate at 3.5 percent implies that the Fed will have to continue raising interest rates longer than the markets had discounted. As Warren Buffet famously said, “interest rates act like gravity on markets." For the near-term equity markets will be in uncertain territory with a downward bias. The big question is whether India would continue to outperform.
Q2 results starting today with TCS would influence IT stock movements. The management commentary would be more important than the results.
Since the dollar index and US bond yields are rising again, FIIs may continue to sell. This will provide opportunities for long-term investors to buy high-quality stocks, particularly in financials."
TCS Q2 preview: Will margins improve? Key things to watch out
IT-giant, Tata Consultancy Services (TCS) will be in focus on Monday ahead of their September 2022 quarterly result. Investors will keenly watch how TCS betters on a sequential basis. Majority of experts believe TCS to continue its revenue growth momentum while operating margins are likely to improve from the wage hike impact that was seen in Q1. TCS is seen to record healthy growth across verticals. Among key things to watch out for will be attrition rate, EBIT margin outlook, rupee depreciation benefit, and deal wins. (Read More)
INDIA BONDS-Bond yields seen tracking rise in U.S. peers, oil prices
Indian government bond yields are expected to rise in early trades on Monday, tracking a continued jump in U.S. yields and elevated oil prices.
The benchmark Indian 10-year government bond yield is seen in a 7.45%-7.50% band, a trader with a private bank said. The yield, which ended at 7.4596% on Friday, has risen an aggregate 29 basis points in the last four weeks.
"There was some support for the benchmark after strong bidding at the auction, but the twin rise in oil (prices) as well as U.S. yields could again see test of 7.50% today (Monday)," the trader said.
Yields on 10-year U.S. Treasury notes inched towards 3.90% after a strong jobs report largely extinguished any remaining hopes that the Federal Reserve could alter its path of aggressive rate hikes in its bid to combat inflation. (Reuters)
Nifty could open with a sharp 250-point plus downward cut at 17,050 levels
Nifty could open with a sharp 250-point plus downward cut at 17,050 levels, signals the Singapore-traded SGX Nifty.
The SGX, a derivative of Nifty, traded at 17,056 at 8:30 am IST against the Nifty closing on Friday at 17,315. The Indian stock market opens at 9:15 am.
US stocks closed sharply lower on Friday, Indian night time, with Dow down 2% and Nasdaq seeing an almost 4% cut. (Read More)
Nomura says India's optimism misplaced, sharply moderates FY24 GDP growth forecast to 5.2%
Japanese brokerage Nomura has projected a sharp moderation in India's growth rate for FY24 to 5.2 per cent as compared to FY23, saying Indian policymakers are “misplaced" about their optimism on the country's growth prospects.
After a week-long meetings with policymakers, corporates, commercial banks and political experts, its economists said its FY23 GDP growth estimate is at 7 per cent – at par with the RBI's revised down forecast – but it expects a "sharp moderation" to 5.2 per cent in FY24.
“While we broadly agree with our interlocutors on the growth prospects in FY23, we believe the optimism in FY24 may be misplaced and that the spillover effects from the global slowdown are being underestimated," its economists Sonal Verma and Aurodeep Nandi said in a note.
The RBI has hiked repo rate by 190 basis points since May to tame inflation and is expected to do more, especially amid faster rate tightening by the US Fed, which is bound to impact growth. (PTI)
Stocks to Watch: Ambuja Cements, IDBI, HDFC, Suzlon, Tata Power, Bandhan Bank, Ruchira Papers, State Bank of India, IOL Chemicals, PNB Housing Finance,
Tata Consultancy Services and JTL Infra will be the focus as they declare the September quarter earnings today. (Read More)
Rupee poised for another record low on Fed rate, oil worries
The Indian rupee is tipped to extend its recent slide versus the dollar on Monday after the U.S. jobs report cemented bets of more large Federal Reserve rate hikes.
The rupee is expected at around a lifetime low of 82.70 per U.S. dollar, down from 82.32 from the previous session.
The local unit has repeatedly posted record lows in recent sessions on concerns over oil prices, rising Treasury yields, corporate outflows and offshore demand for the U.S. currency.
The Reserve Bank of India's interventions have not been able to arrest the slide in the rupee, unlike in prior occasions.
"The double whammy of higher U.S. rates and higher crude prices is back to haunt the rupee," said IFA Global Research Academy. (Reuters)
China stocks slide as grim reality grips traders after holidays
Chinese stocks fell on their return from the Golden Week holiday, hurt by a global equities selloff and bleak holiday-spending data that deepened concerns about an economic recovery.
The benchmark CSI 300 Index dropped as much as 1.2% to head for its lowest close since April 2020. Tech and consumer discretionary sectors drove the decline. The Hang Seng China Enterprises Index of Chinese stocks in Hong Kong slid nearly 3%. The onshore yuan edged higher against the dollar.
Grim reality faced mainland traders on Monday, with trends last week showing a sharp slide in holiday spending, a rebound in virus cases and no respite from the property crisis. Data Saturday showed China’s services activity contracted in September for the first time in four months amid Covid lockdowns in major cities.
With little conviction of a market bottom, investors are reluctant to build positions ahead of the Communist Party congress on Oct. 16, where leadership will be confirmed and key policies unveiled. (Bloomberg)
Amul will merge with five other cooperative societies: Amit Shah
Union Home and Cooperation Minister Amit Shah on Sunday said that Amul will be merged with five other cooperative societies to form a multi-state cooperative society (MSCS). He was addressing the 70th plenary session of the North Eastern Council (NEC) here.
The process for the merger has already started, said Shah, adding that Prime Minister Narendra Modi's government is prioritizing natural and digital agriculture for the certification of natural products, according to the news agency PTI. (Read More)
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