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Global Market Update

Wall Street slid deeper into a bear market on Monday, with the S&P 500 and Dow closing lower as investors fretted that the Federal Reserve's aggressive campaign against inflation could throw the US economy into a sharp downturn. The Dow Jones Industrial Average fell 1.11 percent to end at 29,260.81 points, while the S&P 500 lost 1.03 percent to 3,655.04. The Nasdaq Composite dropped 0.6 percent to 10,802.92.

Crude Oil

Brent crude fell below $85 a barrel on Monday, as recession fears weighed and the US dollar surged. Brent futures for November settlement shed 2.1 percent to trade at $84.32 per barrel around 1:20pm on Wall Street. West Texas Intermediate futures fell 2.3 percent to trade at $76.97 per barrel, a price last seen in early January.

SGX Nifty: Trends in the SGX Nifty signal a negative opening for the broader index in India, down 49 points. The Nifty futures were trading around 16,971 levels on the Singaporean exchange early on Tuesday Indian time.

TECHNICAL VIEW

Nifty Outlook:

Nifty opened gap down on Monday at 17156, made a high of 17196, made a low of 16978, and closed on a negative note at 17016 levels. For the day, support for the Nifty exists at 16900 and 16800 levels, whereas resistance for the Nifty stands at 17200 and 17350 levels.

Bank Nifty Outlook:

Bank Nifty opened gap down on Monday at 39028 made a high of 39229 made a low of 38492, and closed on a negative note at 38616 levels. For the day, support for Bank Nifty exists at 38400 and 38000 levels, whereas resistance for Bank Nifty stands at 39000 and 39200 levels.

CORPORATE NEWS  

Delta Corp/Nazara Tech: The Tamil Nadu Cabinet on Monday approved an ordinance to ban online gaming in the state. On getting the Tamil Nadu governor's approval the ordinance would be promulgated in the state.

Axis Bank: The rise in income· in semi-urban and rural markets provides a great opportunity to the banking industry, and Axis Bank is aiming to capture a greater share in the country's credit card market, a top company official said on Monday. India is witnessing rapid growth in consumer spending and by 2026, it is expected that two out of every three transactions will be via digital modes of payments, Axis Bank Managing Director and Chief Executive Officer Amitabh Chaudhry said here.

Bharti Airtel: Bhar·ti Airtel has entered the home surveillance business with the launch of service in 40 cities, including Mumbai, Delhi-NCR, Bengaluru, Chennai and Kolkata, the company said on Monday. The company will charge Rs.999 per year for the first camera and Rs.699 per year for the add-on camera, besides one-time product and installation costs.

HCL Technologies: HCL· Technologies (HCLTech) on Monday launched its new brand identity and logo, which seeks to embrace a distinct global brand identity while retaining connectivity with HCL Group. The company's new 'HCLTech' brand and logo will be at the heart of its go-to-market strategy and represent its differentiated portfolio of services and products that supercharge digital transformation for enterprises at scale, HCL Technologies said in a statement.

Mahindra Logistics: The· company has agreed to acquire Rivigo's B2B express cargo service unit on a slump-sale basis, in a deal valued at Rs 225 crore.Rivigo operates in two key business segments: full truckload and B2B express business. Its B2B express unit had a turnover of Rs 371.3 crore in the year through March.

Amara Raja Batteries: The· board has approved demerger of plastic component for battery business from Mangal Industries Ltd. to Amara Raja. MIL shareholders will receive 65 shares of Amara Raja for every 74 shares held.

Jubilant FoodWorks: The· company has completed the acquisition of 29.42% stake in Roadcast Tech Solutions as per a July agreement. It will will acquire an additional 10.58% stake in Roadcast Tech by Oct. 26.

Embassy Office Parks REIT:· Blackstone Inc is slated to sell 7.7 crore units of Embassy REIT worth Rs 2,650 crore via block deals on September 27. The offer price of the block deal stands at Rs 345 per unit.

Orient Bell: The company· announced completion of expansion at its Hoskote plant in Bengaluru district. This expansion involved a capex of around Rs 34 crore well ahead of schedule. With this, the total capacity of the company has increased from 32 MSM per annum to 33.8 MSM per annum including 10 MSM per annum of the associated entities.

Paytm:· The Enforcement Directorate has carried out search operations against Chinese-controlled loan apps. During the course of interactions, the federal agency has also frozen funds worth Rs.46.67 crore kept in payment gateways including Paytm. These funds have been frozen under the anti-money laundering law, according to the news agency PTI.

Forbes· & Company: Forbes and Company, the listed arm of Shapoorji Pallonji Group, on Monday announced the demerger of its precision tools and machine parts business. The new entity will be called the Forbes Precision Tools and Machine Parts Limited, according to the regulatory filings.

BPCL: State-owned Bharat· Petroleum Corporation Ltd (BPCL) is likely to incur gross marketing losses in the current fiscal as it is unable to pass costs to consumers, Fitch Ratings said Monday. The rating agency affirmed 'BBB-' rating on BPCL with a stable outlook.

BSE: The stock exchange has· received SEBI's approval to launch an electronic gold receipt segment on its platform.

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