The stock markets will open on Tuesday after three days with a focus on RBI’s interest rate decision, macroeconomic data, global trends and trading activity of foreign investors in a holiday-shortened week ahead.
The BSE Sensex ended 0.49 per cent or 320.09 points higher at 65,828.41, and the NSE Nifty 50 jumped 0.59 per cent or 114.75 points to settle at 19,638.30 on Friday.
“Market will closely monitor the Reserve Bank Governor-headed six-member monetary policy committee (MPC) meeting, which is scheduled for October 4–6, 2023. Reports suggest that the RBI is likely to maintain its pause on interest rate hikes at this meeting. Aside from that, market participants will be keeping an eye on the movement of the rupee against the dollar and crude oil prices. Investments by foreign institutional investors (FIIs) and domestic institutional investors (DIIs) will also be monitored,” said Pravesh Gour, Senior Technical Analyst, Swastika Investmart Ltd.
The country’s largest car maker has received a show-cause notice from the GST Authority, proposing to demand interest and impose penalty. This comes after Rs 139.3 crore appropriating tax already paid in a matter of tax liability under reverse charge basis on certain services.
The drug maker offloaded a 51 per cent stake in Saba Investment, UAE, for a consideration of $6 million. Saba and its subsidiaries including Cipla Middle East Pharmaceuticals FZ LLC (UAE) and Cipla Medica Pharmaceutical and Chemical Industries (Yemen), have ceased to be subsidiaries of the company.
The Vedanta group subsidiary on Monday reported that its production of mined metal dropped marginally by one per cent to 2,52,000 tonnes in the second quarter of the current financial year. In the corresponding quarter of previous fiscal, the company reported mined metal production of 2,55,000 tonnes.
The Tata Group company has reported total domestic sales of 82,023 vehicles in September, up 2 per cent from the year-ago period. The total commercial vehicle sales increased by 12 per cent year-on-year to 39,064 units.
The company reported that coal supply increased by 12.6 per cent year-on-year to 55 million tonnes in September. The total output jumped by 12.6 per cent to 51.5 million tonnes. Coal India produced around 333 million tonnes of coal in first half of current fiscal, up 11.3 per cent year-on-year.