Nifty traded above the 19,750 mark; PSU banks in demand.

Street Investment

The domestic equity benchmarks continued to trade near the flat line in mid-morning trade. The Nifty traded above the 19,750 mark. PSU bank shares saw bargain buying after declining in the past three trading sessions.

The barometer index, the S&P BSE Sensex, was down 49.43 points or 0.07% to 66,233.31. The Nifty 50 index added 3 points or 0.02% to 19,754.05.

The broader market outperformed the benchmark indices. The S&P BSE Mid-Cap index rose 0.36% while the S&P BSE Small-Cap index gained 0.51%.

The market breadth was positive. On the BSE, 2,126 shares rose and 1,435 shares fell. A total of 199 shares were unchanged.

Earnings Today:

HDFC Bank (down 0.39%), CEAT (down 0.96%), Choice International (up 0.43%), Cyient DLM (up 0.39%), Federal Bank (up 0.60%), ICICI Securities (up 0.28%), Jio Financial Services (up 0.16%), Bank of Maharashtra (up 0.75%), NELCO (up 0.57%), Oriental Hotels (up 0.49%), Tinplate Company of India (up 1.37%) and Yatra Online (up 0.62%) will announce their quarterly earnings later today.

Buzzing Index:

The Nifty PSU Bank index rose 0.78% to 5,088.55. The index had declined 2.2% in past three trading sessions.

Union Bank of India (up 1.75%), Canara Bank (up 1.69%), Indian Bank (up 1.23%), Punjab National Bank (up 1.13%), Bank of Maharashtra (up 0.75%), Punjab & Sind Bank (up 0.58%), Bank of Baroda (up 0.32%), Indian Overseas Bank (up 0.23%), Central Bank of India (up 0.21%) and State Bank of India (up 0.16%) advanced.

Buzzing Index:

The Nifty Consumer Durables index rose 0.80% to 29,396.75. The index slipped 0.17% in the past trading session.

Rajesh Exports Ltd (up 3.23%), Blue Star Ltd (up 1.44%), Titan Company Ltd (up 1.32%), Kajaria Ceramics Ltd (up 1.3%), Relaxo Footwears Ltd (up 1.06%), V-Guard Industries Ltd (up 0.97%), Dixon Technologies (India) Ltd (up 0.62%), Havells India Ltd (up 0.42%), Voltas Ltd (up 0.42%) and Crompton Greaves Consumer Electricals Ltd (up 0.25%) advanced.

On the other hand, Amber Enterprises India Ltd (down 0.79%), Whirlpool of India Ltd (down 0.62%) and TTK Prestige Ltd (down 0.48%) edged lower.

Stocks in Spotlight:

J.Kumar Infraprojects advanced 2.79% after the civil construction services provider announced that it has received a letter of acceptance (LOA) from Mumbai Metropolitan Regional Development Authority (MMRDA).

Tata Steel Long Products gained 0.86% to after the company's consolidated net loss narrowed to Rs 438.11 crore in Q2 FY24 as compared to a net loss of Rs 646.22 crore recorded in Q2 FY23.

Dalmia Bharat added 0.11%. The cement manufacturer reported a consolidated net profit of Rs 123 crore in Q2 FY24, steeply higher than Rs 47 crore posted in Q2 FY23. Revenue from operations grew by 6% year on year to Rs 3,149 crore in the quarter ended 30 September 2023.

Kalpataru Projects International added 2.05% after the company said that it has bagged new orders/notification of awards of Rs 2,217 crore.

BLS International Services surged 7.35% after the company announced that it has signed an exclusive global visa outsourcing contract for Slovakia in 18 countries with more than 54 offices.

Anant Raj rose 1.92% after the company announced the start of two new projects. The first project, called Anant Raj Centre, is located in Mehrauli, South Delhi, and encompasses approximately 700,000 square feet. The second project, Anant Raj Aashray-11, is an affordable housing project situated in the Electronic Manufacturing Cluster 2 (EMC 2) in Tirupati, Andhra Pradesh.

Global Markets:

Asian stocks declined across the board as investors look ahead to key economic data from China and Japan this week. Most notably, China will release its third-quarter gross domestic product numbers on Wednesday. Japan's September inflation data is expected on Friday. South Korea's central bank will also announce its rate decision on Thursday.

US stocks ended the day mixed on Friday, pressured by a spike in oil prices and rising inflation expectations. Deteriorating consumer sentiment data and the Middle East conflict soured investors on riskier bets and overshadowed upbeat quarterly earnings from some of the largest U.S. banks.

Street Investment

The frontline indices traded in a narrow range with significant cuts in mid-morning trade. The Nifty traded below the 19,700 level. IT stocks declined for the third day in a row.

The barometer index, the S&P BSE Sensex, was down 363.85 points or 0.55% to 66,044.54. The Nifty 50 index shed 102.50 points or 0.52% to 19,691.50.

The broader market outperformed the benchmark indices. The S&P BSE Mid-Cap index rose 0.06% while the S&P BSE Small-Cap index gained 0.18%.

The market breadth was positive. On the BSE, 1,794 shares rose and 1,682 shares fell. A total of 160 shares were unchanged.

Economy:

India's retail inflation, as measured by the Consumer Price Index (CPI), declined to a three-month low of 5.02% in September due to easing food prices, according to data released by the National Statistics Office (NSO) on Thursday. In July 2023, India's CPI stood at 7.44%, while in August 2023, it was at 6.83%.

Industrial output as measured by the Index of Industrial Production (IIP) was 10.3% in August 2023. Factory output measured in terms of the IIP had contracted by 0.7% in August 2022.

Buzzing Index:

The Nifty IT index declined 0.97% to 31,692.40. The index fell 2.69% in three trading sessions.

Mphasis (down 3.29%), Infosys (down 2.42%), Wipro (down 1.76%), Tech Mahindra (down 1.29%), LTIMindtree (down 1.02%), Coforge (down 0.95%), Persistent Systems (down 0.9%), L&T Technology Services (down 0.28%) slipped.

On the other hand, HCL Technologies (up 1.32%) and Tata Consultancy Services (up 0.41%) edged higher.

Infosys declined 2.42% after the IT major trimmed its FY24 revenue guidance agsin to 1% - 2.5%. The company has lowered its FY24 revenue guidance from the previous quarter's projection of 1% - 3.5% to 1% - 2.5% in constant currency, while maintaining the operating margin guidance at 20% - 22% for the same fiscal year.

The IT giant's consolidated net profit rose 4.5% to Rs 6,215 crore on 2.8% increase in revenues to Rs 38,994 crore in Q2 FY24 over Q1 FY24. On a year on year basis, the company's net profit and revenues grew by 3.1% and 6.7%, respectively as compared with Q2 FY23. The total contract value (TCV) of large deal wins was $7.7 billion in Q2 FY24, with net new of 48%.

HCL Technologies added 1.32% after the IT major reported 8.43% rise in consolidated net profit to Rs 3,832 crore on 1.43% increase in revenue from operations to Rs 26,672 crore in Q2 FY24 over Q1 FY24. Compared with Q2 last year, the company's net profit and revenue were higher by 9.83% and 8.05%, respectively.

For FY24, the company slashed its revenue growth guidance to 5%-6% YoY in CC from 6%-8% estimated in the previous quarter, while maintaining the EBIT margin guidance at 18% - 19%. Services revenue guidance is revised to be in between 4.5%-5.5% from 6.5%-8.5% YoY in CC and company's organic revenue growth is expected to be between 4%-5% YoY in CC for the same fiscal year. In Q2 FY24, the company bagged 16 large deals - 10 in the Services segment & 6 in the Software segment. Total contract value (TCV) of new deal wins was $3,969 million.

Stocks in Spotlight:

Anand Rathi Wealth fell 2.45%. The company reported 34% rise in consolidated net profit to Rs 57.7 crore on a 37% increase in total income to Rs 189.1 crore in Q2 FY24 as compared with Q2 FY23.

Panacea Biotec declined 1.25%.the drug maker said that the United States Food and Drug Administration (USFDA) conducted an inspection at its material wholly-owned subsidiary, Panacea Biotec Pharma at Baddi facility, Himachal Pradesh. The inspection was conducted from 3 October 2023 to 12 October 2023 at Baddi, Himachal Pradesh, India facility.

At the end of inspection, USFDA issued a FDA Form 483 with nine observations which are related to improvements in existing procedures and are addressable.

Global Markets:

Asian stocks declined across the board on Friday as Treasury yields surged after the latest US inflation data bolstered bets on Federal Reserve rate hikes. Latest data on continued weakness in China's economy added to the gloom.

China's Consumer Price Index (CPI) stagnated at 0% YoY in September after accelerating by 0.1% in August. China's Producer Price Index (PPI) dropped 2.5% YoY in September, compared with a 3% decline registered previously.

Singapore's central bank kept its monetary policy unchanged for a second straight meeting, maintaining the rate of appreciation of its Singapore dollar nominal effective exchange rate policy band. Singapore's GDP grew faster than expected and expanded 0.7% year-on-year in the third quarter, advanced estimates from the government showed.

US stocks indices fell on Thursday after a treasury auction sent bond yields higher.

Consumer prices rose 3.7% over last year in September, matching August's increase. On a month-over-month basis, consumer prices rose 0.4%.

Street Investment

The benchmark indices traded with significant gains in morning trade. The Nifty traded above the 19,800 level. Realty shares extended gains for the second consecutive trading session.

The barometer index, the S&P BSE Sensex, was up 431.19 points or 0.65% to 66,510.55. The Nifty 50 index added 126.35 points or 0.64% to 19,816.20.

The broader market outperformed the benchmark indices. The S&P BSE Mid-Cap index rose 0.98% while the S&P BSE Small-Cap index gained 1.01%.

Buyers outnumbered sellers. On the BSE, 2,527 shares rose and 818 shares fell. A total of 181 shares were unchanged.

Buzzing Index:

The Nifty Realty index rose 0.91% to 611.70. The index jumped nearly 5% in two trading sessions.

Prestige Estates Projects (up 2.61%), Phoenix Mills (up 2.55%), Macrotech Developers (up 2.26%), Mahindra Lifespace Developers (up 1.58%) Godrej Properties (up 0.47%), Swan Energy (up 0.31%) and DLF (up 0.12%) edged higher.

On the other hand, Sobha (down 0.96%), Brigade Enterprises (down 0.19%) and Oberoi Realty (down 0.05%) declined.

Stocks in Spotlight:

Laxmi Organic Industries surged 11.01% after the specialty chemicals maker announced the successful conclusion of its qualified institutions placement (QIP) for the company's equity shares. The QIP, which commenced on 5 October 2023, concluded on 10 October 2023, with a total of 9,625,579 equity shares being allotted. The shares were priced at Rs 269.20 per share, resulting in an issue size of approximately Rs 259.12 crore.

The issue price of Rs 269.20 is at a discount of Rs 14.07 or 4.97%, to the floor price of Rs 283.27 per equity share set for the QIP issue.

NCL Industries advanced 2.48% after the company announced that its cement production for the second quarter of FY24 was 659,300 MT, registering a growth of 9% on YoY basis. Cement dispatches increased by 11% to 669,587 in Q2 FY24 as compared with Q2 FY23.

Shiva Cement jumped 5.28% after the company announced the receipt of approval from Odisha's pollution control board for doubling its existing production capacity.

Tata Consultancy Services (TCS) added 0.13%. Country's largest software services firm TCS will announce its Q2 results today, 11 October 2023. Moreover, TCS board will also consider a proposal for share buyback in its meeting.

Titan Company rose 0.34%. The meeting of the board of directors of the company is scheduled on 17 October 2023 to consider and approve the proposal for issuance of rated, listed, redeemable, unsecured Non-Convertible Debentures on a private placement basis, within the permissible borrowing limits under Section 180 of the Companies Act 2013.

Wipro gained 0.87%. The IT major had signed a definitive agreement to subscribe to equity share capital in FPEL Ujwal Private Limited (FPEL), engaged in the business of developing, building, and managing a portfolio of solar power assets. The company has completed its subscription in equity share capital of FPEL on 10 October 2023.

Bank of Baroda slipped 2.01%. The Reserve Bank of India has directed Bank of Baroda to suspend, with immediate effect, any further onboarding of customers onto its 'bob World' mobile application, based on certain supervisory concerns that RBI had observed in the Bank's mobile banking onboarding processes. Further onboarding of customers on the ?bob World? application will be subject to further strengthening of related processes by the Bank to the satisfaction of RBI.

Numbers to Watch:

The yield on India's 10-year benchmark federal paper declined 0.34% to 7.326 from its previous close of 7.351.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 83.2250, compared with its close of 83.2500 during the previous trading session.

MCX Gold futures for 5 December 2023 settlement added 0.04% to Rs 57,652.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.06% to 105.77.

The United States 10-year bond yield fell 0.39% to 4.635.

In the commodities market, Brent crude for December 2023 settlement gained 25 cents or 0.29% to $87.90 a barrel.

Global Markets:

Asian stocks were trading higher on Wednesday mirroring moves on Wall Street as U.S. Treasury yields fell and oil prices slightly eased.

US stocks climbed on Tuesday as investors awaited key inflation data out of the world's largest economy, with the producer price index and consumer price index readings for September out Wednesday and Thursday, respectively.

Street Investment

The domestic equity benchmarks extended gains in morning trade. The Nifty traded above the 19,600 level. Realty shares witnessed buying demand after declining in the past trading session.

The barometer index, the S&P BSE Sensex, was up 339.80 points or 0.52% to 65,852.19. The Nifty 50 index added 99.35 points or 0.51% to 19,611.70.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index rose 0.76% while the S&P BSE Small-Cap index gained 1.08%.

Buyers outnumbered sellers. On the BSE, 2,505 shares rose and 785 shares fell. A total of 151 shares were unchanged.

Buzzing Index:

The Nifty Realty index advanced 2.95% to 600.05. The index declined 0.79% in the past trading session.

Prestige Estates Projects (up 5.73%), DLF (up 2.95%), Phoenix Mills (up 2.89%), Godrej Properties (up 2.83%), Oberoi Realty (up 2.41%), Mahindra Lifespace Developers (up 1.55%), Sobha (up 1.49%), Macrotech Developers (up 1.39%), Brigade Enterprises (up 1.23%) and Swan Energy (up 1.17%) rallied.

Stocks in Spotlight:

Genus Power Infrastructure hit an upper circuit of 5% after the company's wholly owned subsidiary received two letter of awards (LoAs) worth Rs 3,115.01 crore for appointment of Advanced Metering Infrastructure Service Providers.

Bhageria Industries jumped 7.76% after the company announced its one turnkey international Solar Engineering, Procurement, and Construction (Solar EPC) projects with comprehensive Operation & Maintenance and Water Proofing in APM Terminal, Kingdom of Bahrain. Aggregating to a capacity of 11.40 MWp, this project has a total order value of about Rs 104.49 crore (including comprehensive O&M and Water Proofing), without taking taxes into account.

Mazagon Dock Shipbuilders (MDL) rallied 5.34% after the company said that it has signed a letter of intent (LoI) with an European client for construction of six firm and four optional units of 7500 DWT multi- purpose hybrid power vessels. The prices for which would be firmed up at the time of signing of contract.

IDFC First Bank added 0.62%. IDFC First Bank has entered into agreement(s) with National Securities Depository Limited for the sale of bank's office premises located at Naman Chambers, Bandra-Kurla Complex, Mumbai, as a part of consolidation of bank's operations near its corporate office. The consideration for the office premises amounts to around Rs 198 crore.

Glenmark Life Sciences gained 1.59%. The board of directors of the company has declared an interim equity dividend for the financial year 2023-24 of Rs. 22.50/- per equity share.

Dilip Buildcon rose 1.58%. The company has received letter of acceptance (LOA) from Water Resources Zone, Udaipur, Rajasthan, for the construction of Dewas III and IV Dams in Gogunda, Udaipur, The project cost is Rs 396.93 crore.

Numbers to Watch:

The yield on India's 10-year benchmark federal paper declined 0.41% to 7.356 from its previous close of 7.386.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 83.2300, compared with its close of 83.2825 during the previous trading session.

MCX Gold futures for 5 December 2023 settlement gained 0.25% to Rs 57,714.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.02% to 106.06.

The United States 10-year bond yield fell 0.11% to 4.635.

In the commodities market, Brent crude for December 2023 settlement jumped 31cents or 0.35% to $87.84 a barrel.

Global Markets:

Asian stocks climbed across the board, as markets rally despite pressures from the attack on Israel by Palestinian militant group Hamas.

Wall Street's major indexes closed higher on Monday while energy stocks rallied as investors digested the latest news about the conflict between Israel and the Palestinian Islamist group Hamas.

The key equity barometers hit fresh intraday high in mid-morning trade. The Nifty managed to hold tad above the 19,600 level. Realty stocks extended gains for second consecutive session.

The barometer index, the S&P BSE Sensex, was up 201.47 points or 0.31% to 65,833.04. The Nifty 50 index advanced 62.60 points or 0.32% to 19,608.35.

In the broader market, the S&P BSE Mid-Cap index rose 0.32% while the S&P BSE Small-Cap index gained 0.31%.

The market breadth was strong. On the BSE, 2163 shares rose and 1262 shares fell. A total of 172 shares were unchanged.

RBI MPC Meet Outcome:

The Reserve Bank of India's Monetary Policy Committee (MPC) at its meeting today (October 6, 2023) decided to Keep the policy repo rate under the liquidity adjustment facility (LAF) unchanged at 6.50%.

The standing deposit facility (SDF) rate remains unchanged at 6.25% and the marginal standing facility (MSF) rate and the Bank Rate at 6.75%.

The MPC also decided to remain focused on withdrawal of accommodation to ensure that inflation progressively aligns to the target, while supporting growth.

These decisions are in consonance with the objective of achieving the medium-term target for consumer price index (CPI) inflation of 4% within a band of +/- 2%, while supporting growth.

CPI inflation is maintained at 5.4% for 2023-24, with Q2 at 6.4%, Q3 at 5.6% and Q4 at 5.2%, with risks evenly balanced. CPI inflation for Q1:2024-25 is maintained at 5.2%. Inflation is expected to improve in the near term due to a correction in vegetable prices and the recent reduction in LPG prices. The future trajectory will depend on factors such as lower pulses area, falling reservoir levels, El Ni?o conditions, and volatile global energy and food prices.

Real GDP growth for 2023-24 is maintained at 6.5%, with Q2 at 6.5%, Q3 at 6.0%, and Q4 at 5.7%, with risks evenly balanced. Real GDP growth for Q1:2024-25 is maintained at 6.6%. Domestic demand is expected to be the key driver of growth in the near term, but global headwinds need to be monitored closely.

The next meeting of the MPC is scheduled during 6-8 December 2023.

Buzzing Index:

The Nifty Realty index added 0.82% to 574.65. The index has gained 1.12% in two sessions.

Godrej Properties (up 1.77%), Brigade Enterprises (up 1.46%), DLF (up 0.91%), Prestige Estates Projects (up 0.9%) and Macrotech Developers (up 0.55%) were the top index gainers.

Stocks in Spotlight:

Angel One advanced 2.15%. The stockbroker's its client base jumped 47.6% to 17.07 million in September 2023 as against 11.57 million in September 2022. On sequential basis, the company's client base rose by 4.4% month on month (MoM) from 16.36 million in August 2023.

FSN E-Commerce Ventures (Nykaa) added 2.21%. The company has witnessed strong momentum in Q2 FY24. At the consolidated level, for Q2 FY24, the company expects net sales value to grow in the mid-twenties and revenue to grow in the early twenties on YoY basis, both at levels similar to Q1 FY24. Overall, the H1 FY24 performance sets up well for the year with second half historically witnessing superior consumer demand.

Global markets:

Asian stocks are trading higher following much weaker-than-expected jobs data. China's markets remain closed for the weeklong holiday.

US stocks ended lower Thursday as investors looked toward key jobs data on Friday that could determine the next move for interest rates. Weekly initial jobless claims came in at 207,000 for the week ending September 30, up just 2,000 from the prior week's numbers.

The domestic equity benchmarks edged higher in early trade as the bourses witnessed significant buying in key index pivotals. The Nifty traded above the 19,500 level. Stocks across sectors advanced, with IT, autos and bank shares gaining the most.

The barometer index, the S&P BSE Sensex, was up 296.91 points or 0.46% to 65,522.95. The Nifty 50 index added 85.20 points or 0.44% to 19,521.30.

In the broader market, the S&P BSE Mid-Cap index gained 0.85% while the S&P BSE Small-Cap index rose 0.94%.

The market breadth was strong. On the BSE, 2104 shares rose and 403 shares fell. A total of 81 shares were unchanged.

The Reserve Bank Governor-headed six-member Monetary Policy Committee (MPC) meeting is scheduled for 4 to 6 October 2023. The MPC of the Reserve Bank of India (RBI) is likely to maintain a status quo on interest rates, as per reports.

Stocks in Spotlight:

Hero MotoCorp added 1.66%. The company has received 13,688 bookings for its newly launched flagship motorcycle, Karizma XMR. Dispatches of Karizma XMR to Hero MotoCorp dealerships have already started and customer deliveries will begin in the festive period this month.

Healthcare Global Enterprises (HCG) rose 0.26%. HCG announced the strategic acquisition of SRJ CBCC Cancer hospital in Indore. This acquisition marks HCG's entry into the key geography of Madhya Pradesh enhancing its commitment to delivering cancer care across India.

Sheela Foam shed 0.59%. The company has received a show cause cum demand notice from the commissioner of GST Intelligence, Gautam Budh Nagar, Greater Noida under section 16 of the Central Goods and Services Tax Act, 2017, alleging a tax demand of Rs 20.26 crores in addition with the an equivalent penalty of Rs. 20.26 crore and applicable interest on the demand.

Numbers to track:

The yield on India's 10-year benchmark federal paper declined 0.35% to 7.213 from its previous close of 7.238.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 83.2100, compared with its close of 83.2400 during the previous trading session.

MCX Gold futures for 5 October 2023 settlement advanced 0.28% to Rs 56,878.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.26% to 106.52.

The United States 10-year bond yield declined 0.32% to 4.718.

In the commodities market, Brent crude for September 2023 settlement gained 59 cents or 0.69% to $86.40 a barrel.

Global markets:

Asian stocks are trading higher on Thursday following a drop in oil prices and softer US labour data. China's markets remain closed for the weeklong holiday.

US stocks broke a three-day losing streak Wednesday as Treasury yields pulled back from multiyear highs following the release of much weaker-than-expected jobs data.

Wednesday's moves follow the release of new jobs data. ADP said 89,000 private payrolls were added last month. That's well below an upwardly revised 180,000 payroll additions from August.

Street Investment

The domestic equity benchmarks traded with significant losses in early trade. The Nifty traded below the 19,550 level. Except the FMCG and consumer durable stocks, shares across sectors declined with autos, banks and metals falling the most.

The barometer index, the S&P BSE Sensex, was down 329.62 points or 0.50% to 65,489.79. The Nifty 50 index lost 111.70 points or 0.57% to 19,526.60.

In the broader market, the S&P BSE Mid-Cap index fell 0.23% while the S&P BSE Small-Cap index added 0.12%.

The market breadth was almost even. On the BSE, 1,394 shares rose and 1,350 shares fell. A total of 165 shares were unchanged.

Investor sentiment took a hit after top Federal Reserve officials, including Fed Governor Michelle Bowman, Vice Chair Michael Barr, Fed Chair Jerome Powell, and New York Fed Chief John Williams, have indicated their willingness to support an increase in the federal funds rate if economic data suggests a sluggish approach towards the central bank's 2% inflation target.

Despite considerable progress, these officials agreed that inflation remains elevated, hinting at the possibility of further rate increases. The current policy rate stands between 5.25% and 5.50%.

They also underscored the need for a restrictive monetary policy over an extended period to achieve their objectives.

Economy:

The gross GST revenue for September rose 2.2 per cent to Rs 1,62,712 crore from Rs 1,59,069 crore in August.Out of the Rs 1,62,712 crore GST collections for September, CGST was Rs 29,818 crore, SGST was Rs 37,657 crore, IGST was Rs 83,623 crore (including Rs 41,145 crore collected on import of goods) and cess was Rs 11,613 crore (including Rs 881 crore collected on import of goods).

It is for the fourth time that the gross GST collection has crossed Rs 1.60 lakh crore mark in 2023-24.

The gross GST collection for the first half of 2023-24 ending September (Rs 9,92,508 crore) is 11 per cent higher than the gross GST collection in the first half of 2022-23 (Rs 8,93,334 crore).

The Reserve Bank of India's (RBI's) six-member Monetary Policy Committee (MPC) will meet from Wednesday to Friday this week. The decision of the MPC will be announced by Das on Friday.

As per media reports, there could be divergence within the RBI's MPC as to the stance of the monetary policy, though unanimity on not changing the repo rate from the current 6.5 per cent is expected to be maintained. In the previous MPC meeting held from August 8-10, the members unanimously decided to retain the repo rate at 6.5 per cent, while there was on divergent view on the withdrawal of accommodation stance.

Stocks in Spotlight:

Vedanta advanced 2.40%. The company on Friday announced the creation of independent verticals through demerger of various companies, mainly its metals, power, aluminium, and oil and gas businesses to unlock value. The demerger will result in the formation of six separate companies, and each will be listed.

Coal India (CIL) shed 0.81%. CIL produced about 333 million tonnes (MTs) of coal ending first half of the current financial year posting a strong 11.3% year-on-year growth. Output for the month of September 2023 was 51.4 MTs, a 5.8 MTs jump or a growth of 12.6%.

Tata Motors declined 0.72%. The company has announced that its total domestic sales in September 2023 stood at 82,023 vehicles, a growth of 2%. Tata Motors sales in the domestic & international market for Q2 FY 2023-24 stood at 2,43,024 vehicles, compared to 2,43,387 units during Q2 FY 2022-23.

Mahindra & Mahindra (M&M) rose 0.72%. M&M announced that its overall auto sales for the month of September 2023 stood at 75,604 vehicles, a growth of 17%, including exports. M&M's Farm Equipment Sector (FES) said domestic tractor sales were at 42,034 units in September 2023, as against 47,100 units during September 2022.

Numbers to track:

The yield on India's 10-year benchmark federal paper rose 0.32% to 7.233 from its previous close of 7.238.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 83.2050, compared with its close of 83.0650 during the previous trading session.

MCX Gold futures for 5 October 2023 settlement declined 1.57% to Rs 56,209.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.20% to 107.12.

The United States 10-year bond yield advanced 0.02% to 4.688.

Global markets:

Asian stocks are trading lower on Tuesday after Federal Reserve officials cemented the view that U.S. interest rates are likely to remain elevated for some time, while the yen slid to near a one-year low, putting traders on watch for intervention from Japanese authorities. Chinese markets are closed for the week because of the Golden Week Holiday.

US stocks ended on a mixed note on Tuesday. U.S. Federal Reserve officials said that monetary policy will need to stay restrictive for some time to bring inflation back down to the Fed's 2% target.

The World Bank forecasts growth in in the developing East Asia and Pacific region to remain strong at 5% in 2023. However, its expects growth to ease in the second half of 2023 and fall to 4.5% in 2024, according to its regional update published on Sunday.