RBI Issues Circular On Levying Unfair Interest Charges On Customers

The Reserve Bank of India's (RBI) monetary policy committee (MPC) three-day meeting is underway today, 7th October 2021.

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could jump 137 points at the opening bell. The Reserve Bank of India’s (RBI) monetary policy committee (MPC) three-day meeting is underway today, 7th October 2021. The MPC will announce its interest rate decision on Friday, 8 October 2021. IT major TCS will announce its Q2 results on Friday, 8 October 2021. Infosys will announce Q2 results on 13 October 2021.

Global markets:

Overseas, Asian stocks traded higher on Thursday, with Hong Kong stocks leading gains. Mainland China markets remain closed on Thursday for the holidays. Wall Street ended higher on Wednesday as investors grew more optimistic that congressional Democrats and Republicans could reach a deal to avert a government debt default.

US private payrolls increased more than expected in September as Covid-19 infections started subsiding, boosting hiring at restaurants and other high-contact businesses. Private payrolls increased by 5,68,000 jobs last month, the ADP National Employment Report showed. Data for August was revised lower to show 3,40,000 jobs added instead of the initially reported 374,000.

Investors are awaiting payrolls data due Friday, with investors anticipating that a reasonable figure will mean the US Federal Reserve will begin tapering its massive stimulus programme at its November meeting.

Elsewhere, the Group of Seven rich nations secured a landmark deal that could help countries collect more taxes from big firms and enable governments to impose levies on US tech giants such as Amazon.com Inc. and Facebook Inc.

Domestic markets:

Back home, the equity barometers ended with steep losses on Wednesday, snapping gains in the past two sessions. The barometer index, the S&P BSE Sensex, plunged 555.15 points or 0.93% to 59,189.73. The Nifty 50 index tumbled 176.30 points or 0.99% to 17,646.

Foreign portfolio investors (FPIs) sold shares worth Rs 802.81 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 998.69 crore in the Indian equity market on 6 October, provisional data showed.

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