RBI Issues Circular On Levying Unfair Interest Charges On Customers

Asian stocks advanced across the board Thursday, with Hong Kong stocks leading gains. Mainland China markets remain closed on Thursday for the holidays.

The benchmark equity indices traded with strong gains in the early trade on Thursday. At 09:55 IST, the S&P BSE Sensex was up 583 points or around 1% to 59,783. The Nifty 50 index added 172 points or 0.98% at 17,818. Among the Nifty 50 stocks, Tata Motors (up 4.94%), IndusInd Bank (up 1.80%), Mahindra and Mahindra (up 1.55%), ICICI Bank (up 1.14%) and Eicher Motors (up 1.13%) were the top index gainers. ONGC (down 1.81%), Divi’s Laboratories (down 0.81%), Coal India (down 0.54%), HDFC (down 0.03%) and Dr. Reddy’s Laboratories (down 0.02%) were the top index laggards.

In the broader market, the S&P BSE Midcap index rose 0.97% while the S&P BSE Smallcap index gained 1.22%.

The market breadth, indicating the overall health of the market, was strong. On the BSE, 2071 shares rose and 438 shares fell. A total of 104 shares were unchanged.

The Reserve Bank of India’s (RBI) monetary policy committee (MPC) three-day meeting is currently underway. The meeting commenced yesterday, 6 October 2021. The MPC will announce its interest rate decision on Friday, 8 October 2021.

Stocks in spotlight:

Titan Company jumped 8.42% to Rs 2327.60. The company witnessed a strong recovery in demand after the second wave across its consumer businesses with sales moving swiftly above or close to pre-pandemic levels in most of the divisions. Apart from its thrust on digital and omni channels, the company also accelerated its retail network expansion during the quarter.

Lupin added 0.75% to Rs 954.80. The company announced that it has received tentative approval from the United States Food and Drug Administration (FDA) for its Abbreviated New Drug Application (ANDA) Brexpiprazole Tablets, to market a generic equivalent of Rexulti Tablets, of Otsuka Pharmaceutical Co., Ltd.

Sobha surged 9.18% to Rs 828.15. The company’s net sales rose by 50.62% to 13.48 lakh square feet in Q2FY22 versus 8.91 lakh square feet in Q2FY21. Total sales value jumped 49.32% to Rs 1,030.2 crore in Q1 FY22 from Rs 689.9 crore in Q1 FY21. The company achieved the best-ever quarterly sales volume of 13.48 lakh square feet of super built-up area. It also achieved the best-ever Sobha share of the sale value of Rs 854.2 crore. The average cost of borrowing has further come down during the quarter.

Global markets:

Asian stocks advanced across the board 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 568,000 jobs last month, the ADP National Employment Report showed. Data for August was revised lower to show 340,000 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.

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