Sensex, Nifty Clock Longest Losing Streak In Over Month

Indian equity benchmarks extended declines for the third consecutive trading session, their longest losing streak in over a month.

The S&P BSE Sensex fell 0.94 percent or 362 points to close at 38,305 and the NSE Nifty 50 declined 1 percent to end at 11,359. The broader markets represented by the NSE Nifty 500 Index fell 1.12 percent.

The 31-stock index had declined 740 points intraday and the 50-share gauge had declined as much as 2 percent to 11,247.90.

The declines in markets are technical in nature rather than fundamental, according to Deven Choksey of KRChoksey Investment Managers.

“The markets are seeing collateral damage because of the failure of the co-operative bank. Besides, some derivative contracts are now under delivery, which could have led to offloading and squaring-off of these contracts,” Choksey told BloombergQuint in an interaction, adding that he does not expect the markets to further fall beyond these levels.

Dalton Capital Advisors’ UR Bhat, however, expects markets to decline further. “The markets might continue to correct a bit especially due to uncertainties in the banking sector,” Bhat told BloombergQuint.

“The revival in banks, which was expected, might get postponed as exposure to NBFCs is quite high. Besides, auto sales numbers have been dismal which has also led to the negative sentiment,” he added.

The market breadth was tilted in favour of sellers. About 1,367 stocks declined and 410 shares advanced on National Stock Exchange.

All the 11 sectoral gauges compiled by NSE traded lower, led by the NSE Nifty Media Index’s 4.3 percent fall.

“The markets might continue to correct a bit especially due to uncertainties in the banking sector,” Dalton Capital Advisors’ UR Bhat told BloombergQuint.

“The revival in banks, which was expected, might get postponed as exposure to NBFCs is quite high. Besides, auto sales numbers have been dismal which has also led to the negative sentiment,” Bhat said.

Shares of Bosch fell as much as 9.4 percent, the most since August 2015, to Rs 12,735.95.

Of the shares traded, 41 percent were at the ask price and 38 percent were at the bid, according to Bloomberg data.

The Indian rupee, which reversed opening gains at around noon, was trading near day’s low against the U.S. dollar.

The home currency depreciated 0.31 percent against the greenback. The local legal tender had depreciated 0.35 percent intraday.

Container Corporation

• Stock rose as much as 10.1 percent to Rs 666.
• The government plans to seek approval for stake sale in Container Corporation of India and Shipping Corporation of India, Bloomberg reported quoting unnamed official.

Adani Gas

• Stock rose as much as 5.6 percent to Rs 136.40.
• Oil Ministry cuts price of locally produced natural gas.
• Price cut to $3.23 per metric miilion British thermal unit from $3.69.

Escorts

• Stock rose as much as 5.5 percent to Rs 612.
• September Sales up 2.2 percent at 10,855 units.

General Insurance Corporation

• Stock rose as much as 4.9 percent to Rs 230.75.
• Trading volume was three times its 20-day average.

Indian equity benchmarks are set for their longest losing streak in over a month.

The S&P BSE Sensex fell 0.97 percent to 38,292 as of 3 p.m. and the NSE Nifty 50 fell 0.99 percent to 11,365. The broader markets represented by the NSE Nifty 500 Index fell 1.09 percent.

The declines in markets are technical in nature rather than fundamental, according to Deven Choksey of KRChoksey Investment Managers.

“The markets are seeing collateral damage because of the failure of the co-operative bank. Besides, some derivative contracts are now under delivery, which could have led to offloading and squaring-off of these contracts,” Choksey told BloombergQuint in an interaction, adding that he does not expect the markets to further fall beyond these levels.

KPIT Technologies

• Stock fell as much as 3 percent to Rs 92.45.
• Trading volume was 20 times its 20-day average.

Quess Corp

• Stock fell as much as 4.1 percent to Rs 450.55.
• Trading volume was more than four times its 20-day average.

Container Corp

• Stock rose as much as 10.1 percent to Rs 666.
• Trading volume was more than seven times its 20-day average.

Mphasis

• Stock fell as much as 2.4 percent to Rs 934.40.
• Trading volume was more than five times its 20-day average.

The market breadth was tilted in favour of sellers. About 1,460 stocks declined and 306 shares advanced on National Stock Exchange

Shares of the lenders extended declines in the afternoon trade, led by the declines in Yes Bank Ltd. and RBL bank Ltd.

“The debt cleanup among mid-sized corporates only started this financial year and could last about 12 months,” Bloomberg reported quoting Abhinesh Vijayaraj, an analyst at Spark Capital. “Mid-sized banks that have more exposure to the mid-sized corporates will bear the brunt,” Vijayaraj added.

“The recent fraud at PMC Bank and the stress faced by a few NBFCs in the real estate space are being extrapolated to the financial services sector. It reflects the market's nervousness. It appears that the NPAs are not yet at the bottom,” TCG Advisory Services’ Chakri Lokpriya said.

Besides, Kotak Mahindra Bank Ltd. and HDFC Bank Ltd. were the only gainers.

Indian equity indices accelerated losses to trade at day’s low.

The S&P BSE Sensex fell nearly 500 points to 38,164 as of 2 p.m. and the SNE Nifty 50 fell 1.38 percent to 11,320. The broader markets represented by the SNE Nifty 500 Index fell 1.7 percent.

Shares of RBL Bank fell as much as 21.8 percent, the most on record, to hit an all-time low at Rs 257.05.

The stock extended declines for the third consecutive trading session. Trading in the company's call options totalled 5,026 contracts, compared with the average of 4,590 over the past 20 days, Bloomberg data showed. Trading in the company's put options totalled 8,878 contracts, compared with the average of 3,998 over the same period.

The company has a "very tiny" exposure to Indiabulls Housing, RBL Bank's Executive Director Rajeev Ahuja told BloombergQuint in an interaction.

Here are the key highlights from the conversation:

• Don't have any sectoral issues in our portfolio.
• Issues related to specific companies are unrelated to any larger sectoral issues.
• Our exposure to the real estate & financial services group is very tiny & it's secured.
• We also have a lot of cash lying with us.
• Speculation about SFIO probe totally out of place.
• There's nothing of this sort happening.
• Don't see any reason for the rumour to be out there.
• There hasn't been any conversation with the SFIO.

Shares of Yes Bank erased opening gains and fell as much as 19.9 percent, to Rs 33.80, their lowest since September 2009. The stock had risen 7 percent during the opening trade.

The stock declined for the fifth consecutive trading session. Trading volume was more than two times its 20-day average, according to Bloomberg data. The Relative Strength Index was below 30, indicaint ghat the stock may be overbought, according to Bloomberg data.

The NSE Nifty Realty Index fell 2.1 percent, making it the worst NSE sectoral performer. The declines were led by Indiabulls Real Estate Ltd. Oberoi Realty Ltd. and Godrej Enterprises Ltd.

Indian equity indices continued to witness topsy-turvy trade as gain in HDFC twins were offset by losses Tata Consultancy Services Ltd. and Infosys Ltd.

The S&P BSE Sensex and the NSE Nifty 50 traded little changed at 38,679 and 11,477 as of 1 p.m. The broader markets represented by the NSE Nifty 500 fell 0.15 percent.

Escorts Ltd. sold 10,855 tractors last month, a rise of 2 percent from the year-ago period, according to its exchange filing.

Key Highlights (YoY)

• Domestic sales rose 1.2 percent to 10,521 units.
• Export sales jumped 51.1 percent to 334 units.

VE Commercial Vehicles Ltd., a subsidiary of Eicher Motors Ltd. sales fell 44 percent on a yearly basis to 3,673 units last month, according to its stock exchange filing.

Mahindra & Mahindra Ltd.'s auto sales fell 21 percent on a yearly basis to 43,343 units in September, according to tis stock exchange notification. Its tractor sales fell 2 percent year-on-year to 37,011 units.

“We are positive that this festive season, with the onset of Navratra, will augur well for us and the automotive industry. This, in addition to factors such as the good monsoon and recently announced positive government initiatives should help revive the industry in the short term,” Veejay Ram Nakra, chief of sales and marketing of automotive division at M&M said in a statement.

Key sales highlights (YoY):

• Passenger vehicle sales fell 33 percent to 14,333 units
• Utility vehicles sales fell 30 percent to 13,858 units
• Sales of cars and vans including sales in subsidiary of Mahindra Electric Mobility Ltd. fell 69 percent to 475 units
• Commercial vehicle sales fell 18 percent to 18,872 units
• Medium and heavy commercial vehicle sales fell 62 percent to 408 units
• Total domestic sales fell 21 percent to 40,692 units
• Total exports fell 29 percent to 2,651 units

Tractor sales highlights (YoY)

• Domestic tractor sales were flat to 36,046 units.
• Tractor exports fell 41 percent to 965 units.

U.S. and European stock futures climbed, Treasuries dropped and the dollar rose on the first trading day of the quarter.

• Topix Index rose 1 percent in Tokyo.
• Australia’s S&P/ASX 200 rose 0.8 percent.
• Futures on the S&P 500 Index rose 0.5 percent.
• Euro Stoxx 50 futures rose 0.4 percent.

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Source: Bloomberg

Kellton Tech Solutions signed a multi-year agreement with Food Corporation of India.

“The company has signed a multi-year agreement worth about Rs 39 crore with FCI for the development, implementation, and maintenance of a Human Resource Management System across all their administrative offices,” it said in a statement on the exchanges.

Shares of enterprise software application developer was locked in lower circuit of 5 percent at Rs 23.25.

Shares of Atul Auto rose as much as 9.6 percent, the most in nearly two weeks, to Rs 248.

The company sold 5,306 units in September, a rise of 3.92 percent from the year-ago month, the Gujarat-based automaker said in a stock exchange filing.

It’s total sales from April to September dropped almost 5 percent year-on-year to 22,773 units.

Ashok Leyland’s sales fell 55 percent to 8,780 units in September, according to its stock exchange filing.

Key Sales Highlights (YoY)

• Domestic medium and heavy commercial truck sales fell 74 percent to 3,131 units.
• Domestic medium and heavy commercial bus sales fell 26 percent to 904 units.
• Total domestic medium and heavy commercial vehicle sales declined 69 percent to 4,039 units.
• Domestic light commercial vehicle sales fell 24 percent to 3,816 units.
• Total domestic vehicle sales fell 57 percent to 7,851 units.

Sales Including Exports (YoY)

• Total medium and heavy commercial truck sales fell 73 percent to 3,343 units.
• Total medium and heavy commercial bus sales declined 17 percent to 1,401 units.
• Total medium and heavy commercial vehicle sales fell 67 percent to 4,744 units.
• Total light commercial vehicle sales fell 21 percent to 4,744 units.

Shares of the truck and bus maker fell as much as 3.6 percent to Rs 66.20 after the announcement.

Indian equity benchmarks managed to hold on to gains after a topsy-turvy session in the morning trade.

The S&P BSE Sensex rose 0.25 percent to 38,765 as of noon and the NSE Nifty 50 rose 0.2 percent to 11,498. The broader markets represented by the NSE Nifty 500 Index traded little changed.

Shares of Kalpataru Power Transmission fluctuated between gains and losses to trade 0.95 percent lower at Rs 486.

The company’s unit JMC Projects (India) Ltd. has secured new orders of Rs 560 crore for commercial real estate projects in southern and western India and water supply project in Odisha, according to its stock exchange filing.

The stock fell 3.8 percent in the past five days and rose 9.2 percent in the past 30 days.

Shares of NBCC rose as much as 5.4 percent to Rs 36.80.

The company signed memorandum of understanding with the Government for the development of National Sports University at Imphal for Rs 400 crore.

The stock traded at 12.7 times tis estimated forward earnings per share compared to a 25.6 times for the two-year historical average, according to Bloomberg data.

Shares of IndusInd Bank extended declines for the third consecutive trading session. The stock fell as much as 5.8 percent to Rs 1,304.

The Mumbai-based lender said that the gross exposure (aggregate of funded and non-funded) to “a large HFC”, its subsidiaries and associate finance companies stands at approximately 0.35% of the loan book, according to its stock exchange filing.

“The exposure is fully/strongly collateralised with no overdues and the group also maintains equal or higher amounts of unpledged fixed deposits with the bank,” the statement added.

The scrip over 15.8 percent in three trading sessions. Of the shares traded, 39 percent were at the ask price and 37 percent were at the bid, according to Bloomberg data.

Eight out of 11 sectoral gauges compiled by NSE traded higher, led bythe NSE Nifty Auto Index’s 1.2 percent gain. On the flipside, the NSE Nifty IT Index was the top sectoral loser, down 1.05 percent.

Indian equity benchmarks witnessed a volatile move in the morning trade.

The S&P BSE Sensex rose 0.4 percnet to 38,821 as of 11 a.m. and the NSE Nifty 50 rose 0.37 percent to 11,518. The broader markets represented by the NSE Nifty 500 Index rose 0.29 percent.

The 31-share index, which opened 146 points higher had swung to a fall of as much as 234 points at around 10:10 a.m.

IRCTC IPO was fully subscribed on the second day of sale. The initial public offering received 108 percent demand for the shares offered as of 10:30 a.m., according to Bloomberg report.

India’s equity benchmark NSE Nifty 50 is expected to consolidate further going forward.

That’s according to homegrown research firm Karvy Stock Broking. “The Nifty has a support near 11380 levels on the downside, followed by the key support of its major 200-DEMA near 11,220 levels. On the upside, 11,500-11,520 would work as an immediate resistance zone, moving above which 11,600-11,650 would be the next level to watch for,” the brokerage firm said in a note day.

Nifty’s 11,600 call option contract was among the most active Nifty option contracts on National Stock Exchange.

Premium on the contract, which is set to expire on Thursday, fell 30.08 percent to Rs 16.85. Over 9.98 lakh shares were added to the open interest which stood at over 32.64 lakh shares.

Maruti Suzuki India Ltd.’s car sales stood at 1.22 lakh units in September, a 24.4 percent decline from the year-ago period, India’s largest carmaker said in a statement today.

Key sales highlights (YoY)

• Sales of mini segment fell 42.6 percent to 20,085 units.
• Sales of compact segment fell 22.7 percent to 57,179 units.
• Sales of Ciaz fell 72.5 percent to 1,715 units.
• Sales of utility vehicles fell 0.5 percent to 21,526 units.
• Sales of Vans fell 32.1 percent to 9,949 units.
• Sales of Super Carry rose 0.4 percent to 2,046 units.
• Total domestic passenger vehicle sales fell 27.1 percent to 1.1 lakh units.
• Total domestic sales fell 24.8 percent to 1.15 lakh units.
• Total exports slumped 17.8 percent to 7,188 units.

The sales of new WagonR are reported under compact segment and the sales number of old discontinued WagonR are however, reported in the mini sub-segment effective February 2019, the company said.

Shares of Maruti Suzuki rose 0.8 percent to 6,773 after the announcement.

The Markit India Manufacturing Purchasing Managers’ Index was unchanged at 51.4. In PMI parlance, a print above 50 means expansion, while a score below that denotes contraction.

Indian equity indices erased opening gains, led by the declines in IndusInd Bank Ltd. and Tata Consultancy Services Ltd.

The S&P BSE Sensex fell 0.36 percent to 38,522 as of 10 a.m. and the NSE Nifty 50 fell 0.34 percent to 11,435. The broader markets represented by the NSE Nifty 500 Index fell 0.45 percent.

Housing Development and Infrastructure Ltd. said that it has sought an appointment with the PMC Bank administrator to “put forth the true and correct picture as also to discuss a strategy hereby the interest of all stakeholders and in particular PMC Bank and its depositors is protected,” the real estate firm said in a statement on the exchanges.

“The has over a period of time availed of banking facilities from various banks and institutions including PMC Bank,” the statement added.

Shares of HDIL hit lower circuit of 5 percent for the eleventh consecutive trading session.

Shares of the city gas distributors rallied after India’s oil ministry has cut the price of locally-produced natural gas. This is the first reduction after four straight hikes since October last year.

The price of gas produced from domestic fields has been cut to $3.23 per metric million British thermal unit from $3.69 per mmBtu, the ministry’s Petroleum Planning & Analysis Cell said. The new price will be effective from Oct. 1 till March 2020.

Shares of Bajaj Auto fluctuated between gains and losses to trade little changed at Rs 2,948 after the company announced its September sales data.

The company's total sales declined 20 percent year-on-year to 4.02 lakh vehicles last month, according to its stock exchange filing.

Key Sales Highlights (YoY)

• Domestic motorcycle sales fell 35 percent to 1.77 lakh units.
• Motorcycle exports rose 1 percent to 1.59 lakh units.
• Total motorcycle sales declined 22 percent 3.36 lakh units.
• Domestic commercial vehicles sales declined 1 percent to 38,153 units.
• Commercial vehicles’ exports fell 17 percent to 27,152 units.
• Total commercial vehicle sales fell 8 percent to 65,305 units.
• Total domestic sales fell 31 percent to 2.15 lakh units.
• Total exports fell 2 percent to 1.86 lakh units.

Catch all the live Auto sales update here.

Shares of Bharat Petroleum Corporation ltd. rose as much as 8.8 percent, the most since Sept. 23, to Rs 511.55 while shares of BEML rose as much as 2.1 percent.

Meanwhile Shares of Container Corporation of India and Shipping Corporation of India rose as much as 7.5 percent and rose as much as 13.1 percent respectively.

The government plans to seek approval for stake sale in Container Corporation of India and Shipping Corporation of India, Bloomberg reported quoting unnamed official. The government also plans to complete stake sale process in BPCL and others by March, the report added.

Indian equity benchmarks opened higher after declining for two consecutive trading sessions.

The S&P BSE Sensex rose 0.63 percent to 38,908 and the NSE Nifty 50 rose 0.62 percent to 11,543. The broader markets represented by the NSE Nifty 500 Index rose 0.56 percent.

The market breadth was tilted in favour of buyers. Abut 817 stocks advanced and 498 shares declined on National Stock Exchange.

Nine out of 11 sectoral gauges compiled by NSE traded higher led by the NSE Nifty PSU Bank Index’s 1.2 percent gain. On the flipside, the NSE Nifty IT Index was the top sectoral loser, down 0.36 percent.

October Futures

• Nifty October futures closed at 11534, premium of 60 points versus 68 points.
• Nifty futures OI up 1 percent, adds 1.5 lakh shares in OI.
• Nifty Bank Oct futures closed at 29,325, premium of 190 points versus 204 points.
• Nifty Bank futures OI up 37 percent, adds 3.6 lakh shares in OI

Options

• Nifty PCR at 1.11 versus 1.19 (across all series)

Nifty Weakly Expiry: Oct 3

• Max OI on call side at 11,600 (22.7 lakh shares)
• Max OI on put side at 11,400 (19.8 lakh shares)
• Max OI addition seen at 11,400P (+8.3 lakh shares), 11,750C (+7.7 lakh hares)

Nifty Monthly Expiry: Oct 31

• Max OI on call side at 11,500 (19.4 lakh shares)
• Max OI on put side at 11,000 (18.4 lakh shares)

• Zee Entertainment Enterprises promoter Essel International sold 41.6 lakh shares from Sept. 24-25.
• GFL promoter Inox Leasing & Finance acquired 50,000 shares on Sept. 27.
• Vakrangee promoter Dinesh Nadwana acquired 13 lakh shares on Sept. 30.
• IIFL Finance promoter group Ardent Impex acquired 94,000 shares on Sept. 30.
• Infibeam Avenues promoter Malav Mehta sold 50 lakh shares from July 27-Sept. 27.
• IIFL Securities promoter and director Orpheus Trading acquired 10 lakh shares on Sept. 30.

• Eicher Motors to meet India Nivesh Securities on Oct. 1.
• Mahindra & Mahindra to meet HSBC Wealth Management and Angel Broking on Oct. 3.

• 5Paisa Capital, Pioneer Distilleries to move into short term ASM Framework.
• Tata Communications price band revised to 20 percent.
• Indiabulls Ventures, Anisha Impex price band revised to 10 percent.
• Vasundhara Rasayans, Indiabulls Real Estate price band revised to 5 percent.

The Indian rupee opened higher against the U.S. dollar. The home currency appreciated as much as 0.22 percent to 70.71 against the greenback.

The rupee ended at 70.86 on Monday, but will oil prices lower and risk sentiment slightly better, the local currency is expected to register gains.

Indian equity indices are set for a tepid start.

The S&P BSE Sensex and the NSE Nifty 50 traded little changed at 38,614 and 11,479 respectively during the pre-market trade.

• IRCTC IPO subscribed 0.81 times on day 1. Retail investors subscribed 1.15 times.

• Automakers in focus as companies are set to announce September sales data.
• Reliance Industries: Saudi Arabia has assured the company that it will supply all the committed crude oil volumes in October as the world’s largest oil exporter recovers faster than expected from the biggest attack ever on its oil industry, according to PTI report.
• ONGC, Oil India, GAIL, Ceramic, Fertiliser And City Gas Distributors in focus after India’s oil ministry has cut the price of locally-produced natural gas, the first reduction after four straight hikes since October last year. The price of gas produced from domestic fields has been cut to $3.23 per metric million British thermal unit from $3.69 per mmBtu, the ministry’s Petroleum Planning & Analysis Cell said. The new price will be effective from Oct. 1 till March 2020.
• Glenmark Pharma: Horizon Discovery signed a license agreement with the company for GS Knockout CHO Cell line to manufacture biotherapeutics, according to Bloomberg report.
• Lupin: Japan’s PMDA completed inspection of the company’s Goa facility with no critical or major observations. The company has completed the sale of Japanese arm’s sale of injectables business and related assets to the Neopharma Group.
• Cadila Healthcare: To sell its right, title and interest in Zypitamag, along with applicable registrations and intangible assets relating to Zypitamag for U.S. and Canada markets to Medicure. The company will receive upfront payment of $5 million and deferred payment of $2 million to be made over the next four years. Medicure had previously acquired U.S. marketing rights with a profit-sharing arrangement with Cadila. With this acquisition, Medicure retains all profits, with full control of marketing and pricing negotiation for U.S. and Canada markets.
• National Peroxide said that it has temporarily closed down, its Kalyan plant from Sept. 30 for carrying out expansion of production capacity from 95,000 MT per annum to 150,000 MT per annum. The plant will remain under shutdown for an approximate period of 90 days. During the aforesaid period the Company will continue to service the key customers uninterruptedly from the inventory of finished goods accumulated for the purpose.
• Huhtamaki-PPL has entered into an agreement to acquire Mohan Mutha Polytech’s business of flexible packaging for Rs 80 crore. The company said that the acquisition allows the company add manufacturing capacity in South India. Acquisition will be funded by debt and expected to be closed during quarter of December 2019.
• Motilal Oswal Financial Services’ arm Motilal Oswal Home Finance has entered into an Assignment Agreement with Phoenix ARC Private Ltd for upfront sale of pool of Non-Performing Assets of the Company. The company said that pursuant to the said agreement the home finance arm has sold pool of non-performing assets of Rs. 540 crore (having Net Outstanding book value of Rs. 345 crore) and realized cash consideration of Rs. 260 crore from Phoenix ARC Trust. Phoenix ARC Private Ltd along with Motilal Oswal Finvest Ltd., a wholly owned subsidiary of the Company, had invested in security receipts of the Phoenix ARC Trust.
• CG Power & Industrial Solutions: KN Neelkant has resigned orally as Managing Director and Chief Executive Officer of the company which was recorded via video conferencing.
• Birla Corporation said that there was a fire incident at the company’s Chanderia unit on Sept. 29. No loss or damage to plant and machinery was reported due to fire. As a measure of abundant caution, the company has suspended operations at one of its Kilns at the aforementioned site.
• NBCC signed memorandum of understanding with the Government for the development of National Sports University at Imphal for Rs 400 crore.
• IPCA Labs: Shareholders to consider issuing convertible warrants worth Rs 47.75 crore to the promoter group on Oct. 24.
• Union Bank of India: Government of India to infuse further Rs 5,552 crore in the Bank, taking the total amount of infusions to Rs 11,768 crore.
• Canara Bank: Repo Rate Linked Lending Rate of the bank for retail loans and Micro, Small and Medium Enterprises stands at 8.3 percent with effect from Oct. 1 The bank has received Rs 6,571 crore capital infusion from the Government of India.
• Andhra Bank, Corporation Bank, United Bank of India, Indian Overseas Bank: To link Repo Rate Linked Lending Rate as external benchmark rate for all new floating rate for personal, retail and MSME loans with effect from Oct. 1.
• IOL Chemicals and Pharma said that it has made pre-payment of loan worth Rs 23.64 crore. The principal amount of loan is reduced to Rs 88.13 crore as on Sept. 30.
• Tata Motors has confirmed that Jaguar Land Rover will suspend production at all U.K. manufacturing Plants for one week commencing Nov. 4.
• Maruti Suzuki acquired Gurugram land for Rs 52 crore, according to Bloomberg report.
• JMC Projects has secured new order worth Rs 560 crore, out which Rs 312 crore is for commercial real estate projects on Southern and Western India and the remaining amount of Rs 248 crore is for a water supply project in Odisha.
• SBI to sell electoral bonds from Oct. 1-10. This will be 12th phase of electoral bond sale through its 29 authorised branches, Ministry of Finance said.
• Greenlam Industries: Board has approved incorporation of wholly owned arm in India explore opportunities by way of greenfield project for manufacturing, sales and marketing of laminate and wood based products.
• Punjab National Bank has received a capital infusion of Rs 3,000 crore from the Government of India.
• Bank of Baroda: Government has conveyed its decision to infuse Rs 7,000 crore in the Bank.
• Williamson Magor: Tuladri Mallick resigned from the post of chief financial officer with effect from Sept. 26.
• Indian Bank has received Rs 2,354 crore of capital infusion from the Government of India.
• J&K Bank: Board extended the term of RK Chhibber as Interim Chairman and MD till Nov. 9.
• Talwalkars Better Value Fitness: Ministry of Corporate Affairs extended date of holding annual general meeting by three months.
• Century Textiles-UltraTech Cement merger scheme to effective from Oct. 1.
• Mercator: Board approved sale of two ships.
• Techno-Electric & Engineering: L&T Mutual Fund increased its stake from 4.7 percent to 5.53 percent.

• 10:30 a.m.: Markit India Manufacturing PMI for September, prior 51.4.

• Oil recorded its weakest quarter since late last year as concerns over a global economic slowdown overshadowed an unprecedented attack on Saudi Arabia’s key energy facilities.
• U.S. stocks advanced as investors weighed the latest turns in the trade war between the world’s two largest economies.
• Investors remain focused on U.S.-China trade talks scheduled for next week, with little impact seen as yet from President Donald Trump’s impeachment troubles.

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Good Morning!

The Singapore-traded SGX Nifty, an early indicator of NSE Nifty 50 Index’s performance in India, rose 0.16 percent to 11,557 as of 8:10 a.m.

Japanese stocks rose after gains in the U.S. overnight, and futures on the S&P 500 Index edged higher. Trading may be subdued on Tuesday with China and Hong Kong shut for holidays.

Short on time? Well, then listen to this podcast for a quick summary of All You Need To Know before the opening bell.