Today’s Stock Markets: On September 29, according to preliminary statistics from the National Stock Exchange (NSE), foreign institutional investors (FII) sold shares worth Rs 1,685.70 crore, while domestic institutional investors (DII) purchased shares worth Rs 2,751.49 crore.
The benchmark Sensex and Nifty indices are expected to start slightly higher on October 3 as trends in the GIFT Nifty suggest to an initial gain of 7 points for the larger index.
After a day of sharp decline at the previous close, the BSE Sensex increased 320 points to 65,828 and the Nifty50 increased 115 points to 19,638. -Today’s Stock Markets
On the daily chart, the Nifty has created a bullish harami candle. The 50-day exponential moving average (DEMA) of 19,562 provided support for the index as it steadily increased, according to SAMCO Securities derivatives and technical analyst Ashwin Ramani.
GIF Nifty
With a gain of 7 points, the GIFT Nifty signals a somewhat good start for the larger index. After reaching a high of 19,609 points, GIFT Nifty futures were at 19,600 points. – Today’s Stock Markets
European Markets
As a result of data showing ongoing pressure on the manufacturing sector, European stock markets closed lower on Monday. Following a cautiously upbeat session opening, the Stoxx 600 index finished 1% lower. Utilities fell by 2.8% while chemicals fell by 1.8%.
That comes after the Stoxx 600 finished the year’s worst quarter and two consecutive months of falls. On Monday, the most recent round of purchasing managers’ index surveys showed that manufacturing output was currently declining as new orders decreased by a near-record amount.
US Markets
On Monday night, there was little movement in stock futures. S&P 500 futures saw an increase of 0.3%, while Nasdaq 100 futures saw an increase of 5%. Futures for the Dow Jones Industrial Average fluctuated close to zero. After politicians in Washington reached a short-term compromise over the weekend that prevented a government shutdown, stocks began trading in October. The 30-stock Dow ended Monday’s trading down 74.15 points, or 0.2 percent, while the S&P 500 edged up 0.01 percent. The Nasdaq Composite increased by 0.67 percent, posting its fourth straight day of gains. September saw a loss of roughly 5% in the S&P 500 alone. It also signals the beginning of the profits reporting season and important economic figures, like the Friday deadline for the payroll reports from last month.
Asian Markets
Even after manufacturing data from China rebounded to expansion territory, stocks in the Asia-Pacific region slumped. According to official data released over the weekend, China’s factory activity increased in September for the first time since April. The Topix fell 0.39 percent to conclude at 2,314, while the Nikkei 225 of Japan traded 0.31 percent lower to close at 31,759.88. The highly monitored central bank tankan survey revealed that the sentiment of Japan’s major manufacturers rose to a score of 9 in the third quarter, up from 5 in the previous three months. S&P/ASX 200 Australia closed at 7,033.2, down 0.22 percent.
The Nasdaq Composite closed with a 0.1 percent gain. US lawmakers avoided a government shutdown over the weekend by coming to a short-term compromise. – Today’s Stock Markets
Weak demand and macro challenges may negatively impact IT earnings in Q2; Nomura maintains caution
The brokerage company Nomura predicts that ongoing macro uncertainty and persistent demand weakening will have a negative impact on the financials of information technology businesses as they prepare for the forthcoming July-September earnings season.
The range of -1 to +2 percent on-quarter revenue increase is what Nomura anticipates from large-cap IT players, while 0.7 to +3.3 percent sequential growth in constant currency is predicted for midcaps.
Sangam India expects its income to reach close to Rs 4,000 crore by the end of the year.
Following capacity development at its seven production sites in Bhilwara, Rajasthan, Sangam India, a producer of ready-to-stitch fabrics, PV-dyed yarn, and cotton, anticipates achieving revenue of about Rs 4,000 crore by 2024–25. “We generated Rs 2,730 crore in revenue in FY23, and we project Rs 3,000 crore in revenue this fiscal year. By 2024–25, we hope to generate close to Rs 4,000 crore in sales thanks to the increase of our capacity across a number of product categories, according to Sangam India managing director and CEO SN Modani.
Oil Prices
On Monday, oil prices dropped by around 2% to a three-week low as a Brent contract with a higher price expired, the US currency rose, and traders made profits out of fear of increased crude supplies and pressure from high interest rates on demand. Brent futures for December delivery fell to $90.78 a barrel on its first day as the front-month, down $1.42 (1.5%) from Friday’s closing and about 4% below where November was still the front-month. Since late May, that was the largest daily percentage decrease for the Brent front-month. The price of a barrel of US West Texas Intermediate (WTI) crude dropped by $1.90, or 2.1 percent, to $88.89.
Gold Prices
As a result of a strong dollar and the possibility of increased US interest rates, gold lost value for the sixth session in a row on Monday, reaching a low that is over seven months old. At $1,835.40 per ounce, spot gold was down 0.8% from its March 10 high. United States gold futures fell 0.7 percent to $1,853.00.
The currency markets typically experience stronger and more persistent trends. The gold market is under pressure due to the possibility that the US dollar’s gain will continue.
Dollar Index
While the price of one dollar was about around Rs 83.20, the Dollar index traded 0.61 percent higher in futures at 106.87.
