Produced by: Prashanti Moktan
Designed by: Mohsin Shaikh
The NPCI International Payments Ltd, the international arm of the National Payment Corporation of India, will ink an agreement with Al Etihad Payments today (October 5) in the presence of Union Minister of Commerce & Industry Piyush Goyal. The MoU is aimed at facilitating cross-border transactions, as per an official. The minister, who is leading a business delegation to Abu Dhabi from October 5 to October 6, will co-chair the eleventh meeting of India-UAE High-Level Task Force on Investments along with Abu Dhabi Investment Authority MD Sheikh Hamed Bin Zayed Al Nahyan
Today marks Day 2 of the three-day bi-monthly monetary policy committee (MPC) meeting headed by the RBI Governor Shaktikanta Das. A recent SBI Research report, authored by Soumya Kanti Ghosh, Group Chief Economic Adviser, stated, "Domestically, we believe at 6.50 per cent, we are in for a prolonged pause as seasonality of inflation is tapering first."
“Global cues are negative for markets in the near-term. The dollar index has crossed 106.70 and the US 10-year bond yield stands at 4.83%. This indicates that FIIs will likely keep selling, putting the bulls in a challenging position. Nifty is likely to stay within the range of 19350 to 19650 in the near term, leaning towards a downward trend,” said Shrey Jain, Founder & CEO, SAS Online
“Downward trajectory remained uninterrupted as the markets plunged amid weak global cues and surging US 10-Year bond yield due to Fed’s higher-for-longer rate view. Bond yields across Europe, Japan and Australia also jumped significantly higher, which prompted investors to exit equity assets. Technically, Nifty’s biggest hurdles for Thursday’s trading session is seen at the 19,666 mark, while confirmation of strength only above the 19,900 mark,” said Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd
"The bears in the Bank Nifty maintained their control, causing the index to break below the support at 44,200. The next immediate support level is positioned at 43,800, and a breach below this level could trigger aggressive selling pressure, potentially leading to a further 2% correction in the index. On the upside, the immediate resistance is in the range of 44,250 to 44,300. A breakout above this range may incite some short-covering moves in the index,” said Rupak De, Senior Technical analyst at LKP Securities
Prime Minister Narendra Modi will be visiting two poll-bound states today (October 5). PM Modi is set to launch development projects with an outlay of Rs 12,600 crore in Madhya Pradesh and Rs 5,000 crore in Rajasthan during the visit. He will also be dedicating the IIT Jodhpur to the nation today
COMEX Gold prices steadied around its lowest level in almost seven months, with Treasury yields pushing to new multi- year highs after US employment data reinforced the case for a higher-for-longer rate environment. As long as the US data keeps coming better, yields might continue the upside, weighing down on bullions, as per Kotak Securities. The report added that immediate supports levels for MCX gold December futures are at Rs 56,713 and Rs 56,618 while resistance levels are at Rs 56,910 and Rs 57,012
WTI Crude oil futures declined amid demand concerns stemming from higher rates, even as Saudi Arabia reaffirmed it will continue output cuts until the end of the year, as per a report by Kotak Securities. The report added that immediate supports for MCX crude futures for October delivery are seen at Rs 7,309 and Rs 7,268 while resistance levels are at Rs 7,414 and Rs 7,478
The ICC World Cup 2023 is set to begin today (October 5) with the inaugural match between defending champions England and the last World Cup's runners-up New Zealand. The opener is scheduled to start at 2 pm at the Narendra Modi Stadium in Ahmedabad, which will also be hosting the much-awaited India vs Pakistan match on October 15
Public sector OMCs including BPCL, IOCL and HPCL revise their petrol price and diesel price daily in line with international benchmark prices and forex rates. Petrol and diesel prices remained stable today