The market is likely to open lower as trends in the SGX Nifty indicate a negative opening for the broader index in India with a loss of 190.50 points.
The 30-pack Sensex rallied 1,017 points, or 1.8 percent, to 57,427, while the Nifty climbed 276 points, or 1.6 percent, to 17,094, much above its 200-day simple moving average (16,982) and formed a bullish engulfing pattern on the daily chart.
As per the pivot charts, the key support level for the Nifty is 16,832, followed by 16,570. If the index moves up, the key resistance levels to watch out for are 17,272 and 17,449.
Stay tuned to Moneycontrol to find out what happens in the currency and equity markets today. We have collated a list of important headlines across news platforms which could impact Indian as well as international markets:
US Markets
The S&P 500 closed the books on its steepest September decline in two decades on Friday, skidding across the finish line of a tumultuous quarter fraught with historically hot inflation, rising interest rates and recession fears. All three major indices veered to a sharply lower end, having quashed a brief rally early in the session.
The Dow Jones Industrial Average fell 500.1 points, or 1.71 percent, to 28,725.51; the S&P 500 lost 54.85 points, or 1.51 percent, to 3,585.62; and the Nasdaq Composite dropped 161.89 points, or 1.51 percent, to 10,575.62.
Asian Markets
Asian markets were trading mostly lower with Straits, Times, Hang Seng and Taiwan Weighted down 0.25-0.9 percent, while Nikkei was up 0.6 percent.
SGX Nifty
Trends in SGX Nifty indicate a negative opening for the broader index in India with a loss of 190.50 points. The Nifty futures were trading around 16,897.50 levels on the Singaporean exchange.
Credit rating agencies: Sebi extends deadline for standardised framework implementation till November 30
Markets regulator Sebi on Friday extended the deadline by two months till November 30 for the implementation of standardised framework for the classification of industry by credit rating agencies. The framework is for rating exercise and research activities.
The deadline was to end on Friday. In view of representation received from credit rating agencies, it has been decided to extend the date of applicability of the standardised industry classification to November 30 2022, the Securities and Exchange Board of India (Sebi) said in a circular.
Under the guidelines, credit rating agencies will have to implement standardised industry classification for the purpose of rating exercise, peer benchmarking and research activities. The standardised framework will help bring about uniformity in the classifications being used across sectors and in securities market.
GST collections rise 26% on-year to Rs 1.48 lakh crore in September
India collected Rs 1.48 lakh crore as Goods and Services Tax (GST) in September, registering an increase of 26 percent from the same month last year, the finance ministry said on October 1. The September GST mop-up was 2.8 percent higher from August.
Monthly GST revenues have been more than Rs 1.4 lakh crore for seven months in a row, the finance ministry said in a statement, adding that collections continue to show very high buoyancy.
Shrinking foreign currency assets make $8.13-billion hole in India's forex kitty
The country's forex kitty continued its southward journey, with the overall reserves declining by $8.134 billion to $537.518 billion for the week ended September 23, the RBI data showed on Friday.
The reserves, which have been dipping as the central bank deploys the kitty to defend the rupee amid global volatility, had declined by over $5.2 billion to $545.54 billion in the previous reporting week.
The fall in the reserves for the week ended September 23 was on account of a dip in the foreign currency assets (FCA), a major component of the overall reserves, according to the Weekly Statistical Supplement released by the RBI. The FCA decreased by $7.688 billion to $477.212 billion during the reporting week.
Sebi removes minimum shareholding norm for non promoters for OFS
The Securities and Exchange Board of India (Sebi) on September 30 modified a few guidelines for non promoters seeking to offload stake via offer-for-sale (OFS).
The markets regulator removed the minimum 10 percent shareholding requirement for non promoter shareholders to sell shares through the offer-for-sale mechanism. Earlier, the capital market regulator allowed non promoters having 10 percent stake in the firm and willing to offer shares of at least Rs 25 crore as eligible to offer their shares through OFS mechanism.
Sebi includes mutual fund units in Insider Trading regulations
Capital market regulator Securities and Exchange Board of India (Sebi) in its board meeting on September 30 decided to include mutual fund units in the Sebi (Prohibition of Insider Trading) Regulations, 2015.
On July 8, Sebi had issued a consultation paper with a proposal to include mutual fund units under the purview of insider trading regulations. The regulator doesn’t want those aware of unpublished price-sensitive information to unfairly exit a scheme.
Sebi’s decision stems from some instances it had observed in recent years when senior officials of a mutual fund house or part of the mutual fund industry eco-system had sold their units when they got a whiff of turbulence within the fund house.
Core sector growth slowed to 3.3% in August
India's eight core sectors grew 3.3 percent in August, slowing from 4.5 percent in July, the commerce ministry has said.
Output in six of the eight core sectors grew in August.
These sectors include coal, refinery products, electricity, fertilisers, cement and steel, said the ministry.
FII and DII data
Foreign institutional investors (FIIs) net sold shares worth Rs 1,565.31 crore, while domestic institutional investors (DIIs) net bought shares worth Rs 3,245.45 crore on September 30, as per provisional NSE data.
April-August fiscal deficit comes in at Rs 5.42 lakh crore
The central government's fiscal deficit stood at Rs 5.42 lakh crore in April-August, accounting for 32.6 percent of the full-year target, data released by the Controller General of Accounts showed.
The fiscal deficit for April-August 2021 had accounted for 31.1 percent of the FY22 target.
The fiscal deficit in the first five months of FY22 was Rs 4.68 lakh crore. As such, the fiscal deficit in April-August of the current financial year is 15.7 percent higher on a year-on-year basis.
The Centre is targeting a fiscal deficit of Rs 16.61 lakh crore for FY23, or 6.4 percent of GDP.
With inputs from Reuters and other agencies