S&P 500 had its worst month with a continued fall yesterday! Nifty to open gap down! What next?

Good Morning, Everyone, Nifty went into a selling mode on the expiry yesterday and closed lower, and today, we are again seeing weak global cues, which could actually mean, that the Nifty could open lower.

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Global Markets:

US Stocks fell broadly yesterday and closed out September with their worst monthly loss since the beginning of the pandemic. The S&P 500 notched its first monthly drop since January, falling over 1 percent Thursday. DJIA slipped over 1.6 percent and tech-heavy Nasdaq slipped half a percent.

Shares in Asia-Pacific slipped in this morning's trade following an overnight drop on Wall Street. Australian stocks led losses regionally, with the S&P/ASX 200 falling over 2 percent. In Japan, the Nikkei 225 fell 1.41 percent. Elsewhere, South Korea’s Kospi dipped 1.31 percent. In Southeast Asia, the Straits Times index in Singapore declined about 1 percent. MSCI’s broadest index of Asia-Pacific shares outside Japan traded 0.74 percent lower.

Indian Market:

Though the Global markets are weak, I feel the Indian market can retract back next week after a temporary consolidation this week, as Most of these new attributes might turn things positive for India as we have been discussing in our weekly meeting.

The trends on the SGX Nifty indicate a major gap-down opening in Nifty with an almost 150 points fall. The first 1 hour is crucial to understand how the market will react to the global cues. So let's watch that and discuss more in our group.

FII and DII data

Foreign institutional investors (FIIs) net sold shares worth Rs 2,225.60 crore, while domestic institutional investors (DIIs) net bought shares worth Rs 97.18 crore in the Indian equity market on September 30.

Stock Specific News:

Oil, gas, and fertilizer companies | The government has raised the price of domestically produced gas by 62 percent to $2.90 per million British thermal units.

Maruti Suzuki India | Owing to a supply constraint of electronic components due to the semiconductor shortage situation, the automaker is expecting an adverse impact on vehicle production in October in both Haryana and its contract manufacturing company, Suzuki Motor Gujarat. The total vehicle production volume across both locations could be around 60 percent of normal production.

Paras Defence and Space Technologies | Shares of the company will make a debut on the bourses today. The IPO was open for subscription between September 21 and 23.

Bharti Airtel and Vodafone Idea | The Department of Telecommunications has issued notices to Vodafone Idea and Bharti Airtel to pay Rs 3,050 crore in cumulative penalties within three weeks for flouting license conditions by denying Reliance Jio Infocomm adequate points of interconnection in 2016, which affected the quality of services, as per reports.

G R infra projects | The company has received a letter of award from the National Highways Authority of India for the construction of four-six-lane greenfield Ludhiana-Rupnagar National Highway, on hybrid annuity mode at a bid cost of Rs 951 crore.

Rane Holdings | The company has further acquired a 12.72 percent stake in its subsidiary Rane t4u, pursuant to the subscription to the rights issue made by Rt4u. The aggregate equity shareholding of the company in Rane t4u post this acquisition stands increased to 97.46 percent.

Sun Pharma Advanced Research Company | The shareholders have approved raising of funds through equity shares, convertible warrants, preference shares or bonds or debentures, or any other instruments.

PNB Gilts | CRISIL Ltd has reaffirmed the credit rating of 'CRISIL A1+' as assigned to Rs 1,000 crore commercial paper program of PNB Gilts.

Welspun Corp | The Capital Market Authority, the regulatory authority responsible for capital markets in the Kingdom of Saudi Arabia, has approved the Initial Public Offering of the company's Saudi Joint Venture, East Pipes Integrated Company for Industry for the offering of 6,300,000 shares representing 30 percent of its share capital.

Suryoday Small Finance Bank | The lender will discontinue ATM banking services from today.

Just Dial | Nalanda India Equity Fund Ltd sold another 5.17 lakh shares of the company at Rs 991.44 per share.


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