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Share Market Today: The Indian central bank governor is expected to announce a hold on interest rates at current levels, but his commentary on inflation expectations and GDP growth estimates is what investors will be eying. (Photo: Shutterstock)
Meanwhile, markets in the Asia Pacific region rebounded on Wednesday, spurred by a rally in US stocks overnight.
Investors in India will have their eyes trained on the RBI monetary policy committee decision announcement scheduled for 10 AM by the Reserve Bank of India Governor Shaktikanta Das.
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The Indian central bank governor is expected to announce a hold on interest rates at current levels, but his commentary on inflation expectations and GDP growth estimates is what investors will be eying.
That apart, Japan’s Nikkei 225 rose by 1 per cent, with the broader Topix gaining 0.5 per cent.
Futures for Hong Kong’s Hang Seng index indicated a recovery, standing at 20,964 after the index suffered its worst decline in 16 years, plummeting 9.41 per cent to close at 20,926.79.
That apart, Australia’s S&P/ASX 200 began the day up 0.4 per cent, while South Korea’s markets remained closed for a public holiday.
In the US overnight, stocks advanced while oil prices retreated.
The S&P 500 climbed 0.97 per cent, the Nasdaq Composite increased by 1.45 per cent, and the Dow Jones Industrial Average rose by 0.3 per cent.
West Texas Intermediate oil futures fell 4.6 per cent on Tuesday as traders monitored Israel’s anticipated retaliation against Iranian missile attacks and U.S. efforts to curb a wider regional conflict.
Meanwhile, here are a few stocks likely to be in focus on Wednesday, October 9, 2024:
Reliance Industries: Analysts anticipate a weak Q2FY25, with potential profit dips due to declining refining margins. The upcoming earnings announcement on October 14 will be closely watched, as it could mark the third consecutive quarterly decline in consolidated net profit. In another news, RIL owned Reliance Jio is pushing for revisions to spectrum allocation rules for satellite communications, but it faces opposition from the Broadband India Forum regarding the fairness of such demands.
Tata Motors: The company reported an 11 per cent decline in group wholesales, including Jaguar Land Rover, with total sales at 304,189 units in Q2FY25. Global wholesales for passenger vehicles decreased by 6 per cent, while Jaguar Land Rover sales fell by 10 per cent.
ICICI Bank and PhonePe: Both the companies have partnered to offer a credit line of up to Rs 2 lakh to pre-approved customers on the PhonePe app. This comes as PhonePe continues to dominate the UPI space with a 49 per cent market share.
Torrent Power: The company has secured a contract from the Maharashtra government to supply a total of 2,000 MW of energy storage capacity from its upcoming pumped hydro storage plant. This marks a significant step in Torrent’s expansion in the energy sector.
Life Insurance Corporation : LIC reduced first-year agent commissions from 35 per cent to 28 per cent, while increasing renewal premium commissions by 7.5 per cent.
Tata Technologies and BMW: The two companies have formed a 50:50 joint venture, BMW TechWorks India, aimed at bolstering BMW’s software capabilities in the automotive sector. This venture reflects a growing trend towards digital solutions in the industry.
SpiceJet: Following a Rs 3,000 crore fund-raising through qualified institutional placement, SpiceJet plans to invest Rs 400 crore over the next two years to bring 36 grounded planes back into service. The airline is also leasing seven planes to enhance operations.
Saregama India: Rumors regarding the acquisition of a majority stake in Karan Johar’s Dharma Productions have driven Saregama’s stock up. The company has clarified there is no material event yet confirmed, but the potential deal could reshape its growth strategy.
Patanjali Foods: The CCI approved the company’s Rs 1,100 crore acquisition of Patanjali Ayurved’s home and personal care business, aimed at enhancing its FMCG portfolio.
Hindustan Zinc: The company plans to transition to renewable energy for its operations over the next five to seven years, focusing on reducing emissions from its thermal power reliance.
Ola Electric: The company received a show-cause notice from the Central Consumer Protection Authority citing nearly 10,000 grievances. Ola Electric stated the notice would not impact its business activities.
Embassy Office Parks REIT: The company raised Rs 2,000 crore in debt at an interest rate of 7.95 per cent to repay maturing non-convertible debentures. This refinancing positions Embassy REIT to optimise its balance sheet amid ongoing capital market dynamics.
One97 Communications: Paytm Money, a subsidiary of One97 Communications has launched BSE Futures & Options trading, enabling users to trade both NSE and BSE contracts. The trading charge is set at Rs 20 per order, aimed at enhancing user experience amid a rising number of loss-making retail investors in F&O.
JM Financial: The Competition Commission of India has approved JM Financial’s acquisition of a 43 per cent stake in JM Financial Credit Solutions for approximately Rs 1,282 crore. The acquisition aims to consolidate its financial services offerings.
IRB Infrastructure: Tthe company reported a 19 per cent year-on-year increase in toll revenue to Rs 502 crore for September, with expectations for continued growth due to the upcoming festive season.
First Published: Oct 09 2024 | 7:19 AM IST
