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Stocks in News

* GODREJ INDUSTRIES: The company approved the allotment of NCDs worth Rs.400 crore each under Series 1 and Series 2 debentures.

* ETHOS LIMITED: The company relocated its Second Movement store from Square One Mall, Saket, New Delhi, to a new boutique at Global Gateway.

* ALKEM LABORATORIES: The company launched Pertuza, a Pertuzumab biosimilar in India, used for treating HER2-positive breast cancer.

* JK LAKSHMI CEMENT: The company commissioned a 13.5 LTPA grinding unit at Surat, completed de-bottlenecking of cement mills at Jaykaypuram, and entered agreements with Ampin C&I Power to purchase solar power under captive laws while acquiring a 26% equity stake in the company.

* ARISINFRA SOLUTIONS: The company received a Rs.40 crore order from AVS Housing and Construction for project execution and material supply.

* PAYTM: The company invested Rs.300 crore in Paytm Money and Rs.155 crore in Paytm Services through rights issues.

* DR REDDY’S LABORATORIES: The company received positive views from the European drug agency for its Xgeva and Prolia biosimilars.

* KEC INTERNATIONAL: The company secured Rs.3,243 crore orders in its international transmission and distribution business, taking

its year-to-date order intake to nearly Rs.11,700 crore.

* ZENSAR TECHNOLOGIES: The company stated that it does not expect any significant impact on its financials or operations due to its low dependency on H1B visas.

* KOLTE PATIL DEVELOPER: The company seeks shareholder approval to raise up to Rs.2,500 crore through the issuance of securities.

Economic News

* RBI economists back pause on rates as inflation cools, growth stays strong: Economists are largely suggesting the Reserve Bank of India (RBI) to pause policy rates, encouraged by lower inflation and strong economic growth. Market participants are expected to advocate for a rate reduction, aligning with the US Federal Reserve's recent cut. The monetary policy committee is scheduled to meet, with the rate decision to be announced on October 1.

Global News

* Eurozone consumers cut discretionary spending and avoid U.S. products amid tariff concerns: Euro zone consumers are changing their spending habits ahead of U.S. tariffs, shifting away from American products and cutting discretionary purchases, according to a European Central Bank (ECB) study. Despite having substantial savings accumulated since the pandemic, consumers have remained cautious throughout the year due to tariff uncertainties. About 26% of survey respondents reported avoiding U.S. products, while 16% reduced overall spending. High-income households tend to switch products, whereas lower-income households are more likely to cut spending, with financial literacy also influencing decisions. Most spending reductions target discretionary items, while essentials remain largely unaffected. Additionally, some consumers have raised their long-term inflation expectations, indicating concerns that tariff impacts may not be temporary.

Technical Snapshot

Key Highlights:

NIFTY SPOT: 25202.35 (0.53%)

TRADING ZONE:

Resistance : 25300 (Pivot Level) and 25400 (Key Resistance).

Support: : 25100 (Pivot Level) and 25000 (Key Support).

BROADER MARKET: OUTPERFORMED

MIDCAP 150: 58699.5 (0.36%),

SMALLCAP 250: 18288.9 (0.89%)

VIEW: Bullish till above 25000 (Key Support).

BANKNIFTY SPOT: 55284.75 (0.72%)

TRADING ZONE:

Resistance: 55600 (Pivot Level) / 56300 (Key Resistance)

Support: 55000 (Pivot Level) / 54700 (Key Support)

VIEW: Bullish till above 54700 (Key Support)

Government Security Market:

* The Inter-bank call money rate traded in the range of 4.75%- 5.75% on Monday ended at 5.05% .

* The 10 year benchmark (6.33% GS 2035) closed at 6.4885% on Monday Vs 6.4885% on Friday .

Global Debt Market:

China kept its benchmark lending rates unchanged for the fourth straight month on Monday despite the U.S. Federal Reserve’s interest rate cut last week. The People’s Bank of China kept the one-year loan prime rate unchanged at 3.0% while the five-year rate remained at 3.5%, according to a statement. The one-year rate influences most new and outstanding loans, while the five-year benchmark affects mortgages. The central bank last trimmed the key lending rates by 10 basis points in May as part of Beijing’s efforts to shore up its economy. The PBOC last Thursday kept the seven-day reverse repo rate, which serves as the main policy rate, unchanged, following the Fed’s 25-basis-point cut. The benchmark lending rates normally charged to banks’ best clients are calculated monthly based on designated commercial banks’ proposed rates submitted to the PBOC. The decision Monday came in line with economists’ expectations that Chinese authorities would hold off major stimulus measures amid a recent stock market rally, even as a string of economic data underscored signs of fatigue in the economy. The benchmark CSI 300 index opened higher on Monday before edging down 0.24%. The offshore yuan strengthened slightly to 7.1161 against the U.S. dollar. China’s economic slowdown deteriorated in August with a raft of key indicators missing expectations. Retail sales slowed to 3.4% in August as consumption remained weak, while industrial output growth eased to 5.2%, marking its weakest level since August last year. In another sign of sluggish domestic demand, China’s consumer prices fell more than expected last month while deflation in wholesale prices persisted for nearly three years.

10 Year Benchmark Technical View :

The 10 year Benchmark (6.33% GS 2035) yield likely to move in the range of 6.4750% to 6.49% level on Tuesday.

SEBI Registration number is INH000000081.

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