Sensex, Nifty Log Best Day In Five Weeks; Metals, Banking Stocks Surge; FPIs Stay Net Buyers

India's stock benchmarks logged the best day in five weeks, aided by broad based gains led by metals, banking, information technology stocks ahead of OPEC+ meeting.

The Sensex added over 1,250 points (2.25%) to 58,065.47. This is the first time the 30-stock gauge closed above 58,000 in over a week since September 23. The Nifty 50 added nearly 400 points (2.29%) to 17,274.30.

Today, 48 of the index stocks rose while two (Power Grid and Dr. Reddy's) fell. IndusInd Bank, Adani Ports, Bajaj Finance, Coal India, Hero MotoCorp were among the top gainers.

The MidCap index almost mirrored their larger peers while the SmallCap gauge underperformed, rising 1.5%. All the 19 sectoral measures compiled by BSE advanced with Metal index jumped nearly 3.5%

The market breadth was skewed in the favour of bulls. About 2,582 stocks rose, 863 fell and 119 remained unchanged.

Overseas investors remained net buyers for the second straight day on Tuesday. As per data from the National Stock Exchange, foreign portfolio investors net bought equities worth 1,344.63.

Similarly, Domestic institutional investors too net bought equities worth Rs 945.92 crore.

Institutions net sold Rs 4,343.53 crore worth of equities in the month of September and net bought 2,457.97 worth of equities this month so far. Besides, they have net sold 35,368.64 crore worth of Indian equities till date in 2022.

Yield on the 10-year bond fell 10bps, most since September 8, to 7.36%.

Source: Bloomberg

Indian currency rose 52 paise to 81.36, during the session, before trimming gains to close at 81.52 against the greenback.

Source: Bloomberg

Shares of Goa Carbon gained over 2.3%, most in three days. The rise comes after the company approved raising of funds through the issuance and allotment of equity shares having face value of Rs 10 each, aggregating to Rs 200 crore, on rights basis. The company will notify the record date subsequently, Goa Carbon said in an exchange filing.

Trading volume is 0.3 times the 30-day average.

Source: Exchange filing, Bloomberg

Shares of Edelweiss Financial Services gained over 6%, most in three weeks since September 13. Trading volume is half the 30-day average.

The uptick in share prices comes after Edelweiss Alternative Asset Advisors raised $425 million (Rs 3,400 crore) in its third Special Situation Fund (ISAF III).

ISAF III is the third fund in the Edelweiss Special Situations Fund series. The Series II Fund in this strategy had seen the largest fund raise in Alternatives in India in 2018.

The fund has received CRISIL Fund Management Grading -1 donating “very strong” standards in investment process & management practices.

Source: Exchange filing, Bloomberg

Shares of Bank of Baroda jumped nearly 4%, most in this week to Rs 133. Trading volume on the stock is 0.8 times the 30-day average.

The rise comes after Fitch Ratings affirming the lender and its Newzealand subsidiary Long-Term issuer default ratings (IDRs) at 'BBB-' and assigned stable outlook.

The agency also affirmed Bank of Baroda's viability rating at 'bb-'.Fitch cited high systemic importance, stable operating environment, strong local reach, higher loan growth expectations, stable loan quality as key rating drivers. It also expected the profitability of the bank to rise further and organic capital growth.

Of the 36 analysts tracking the company, 32 maintain 'buy', three suggest 'hold' and one recommends 'sell'. The return potential of the stock is 9.7%.

Source: Fitch Ratings, Bloomberg

Shares of Info Edge India jumped nearly 4%, most in a week. Trading volume is 0.9 times the 30-day average.

The rise comes after the company announced an investment in Sunrise Mentors Private Ltd. The Board of Directors of Info Edge has approved the investment by the Company of approximately Rs 135.4 crore via a mix of primary and secondary purchase of shares in Sunrise Mentors Private Limited by acquisition of 22,836 Compulsorily Convertible Preference Shares of face value Rs 10 each and 27,089 Equity Shares of face value Rs 10 each.

Of the 25 analysts tracking the company, 16 maintain 'buy', five suggest 'hold' and four recommend 'sell'. The return potential of the stock is 21.3%.

Source: Exchange filing, Bloomberg

Shares of Angel One jumped 13%, most in over five months since April 21. Trading volume is 4.4 times the 30-day average. Share price crossed above 50-day and 200-day simple moving average, indicating potential upward price momentum.

The sharp uptick comes after the Indian brokerage firm reported 3.4% MoM and 77.4% YoY growth in client base in September. Client base rose to 11.57 million in September 2022 compared to 11.18 million in August (6.52 million in September 2021).

Average client funding book rose to Rs 1,539 crore, up 12.2% MoM and 9.3% YoY while number of orders surged to 90.54 million, up 24.8% MoM and 65.8% YoY.

Of the six analysts tracking the company, five maintain 'buy' and one suggests 'hold'. The return potential of the stock is at 23%.

Source: Exchange filing, Bloomberg

Shares of Zydus Lifesciences Ltd rose over 2.5% and are on course to gain for sixth day. Trading volume is more than thrice the 30-day average. The relative strength index on the stock is at 75, suggesting it may be overbought.

The company received tentative approval from the USFDA for Amantadine Extended-Release Capsules. Zydus Lifesciences Limited’s U.S. subsidiary Zydus Pharmaceuticals (USA) Inc. has received tentative approval from the United States Food and Drug Administration (USFDA) to market Amantadine Extended-Release Capsules USP 68.5 mg and 137 mg.

Amantadine is indicated for the treatment of dyskinesia (sudden uncontrolled movements) in patients with Parkinson's disease who are treated with levodopa therapy, with or without dopaminergic medicines. The drug will be manufactured at the group’s formulation manufacturing facility at Ahmedabad SEZ, India.

Trading volume is 3.4 times the 30-day average.

Of the 34 analysts tracking the company, 20 maintain 'buy', 10 suggest 'hold' and four recommend 'sell'. The return potential of the stock is 0.4%.

Source: Bloomberg, Exchange Filing

Indian steel prices remained range bound in the month of September. Overall, Indian HRC price was lower by 1%; however Chinese steel price fell 5% on monthly basis according to IDBI Capital report.

After government imposed export duties on steel, steel prices have continued to fall in line with expectations. Also, during monsoon, demand from construction weakens which led to stagnant steel prices.

As per the report the August, global steel production grew by 1% MoM to 151 million tonne while Chinese steel production grew by 3% MoM to 84 million tonne. Chinese steel exports fell by 8% MoM to 6.2 million tonnes in August.

In September, HRC price fell by Rs200/tonne to Rs56,500/tonne, down by 1% MoM after falling nearly 28% from a peak of Rs78,800/ tonne over April-Aug 2022.

Domestic iron ore prices fell by 100/tonne to Rs6,900/tonne after remaining stagnant at Rs7,000/tonne from July mid till August end.

IDBI capital foresee Tata Steel’s European operations to be a key beneficiary due to supply constraints amidst Russia- Ukraine conflict.

IDBI Capital prefer Tata Steel stock in the ferrous space, and maintain a ‘Buy’ recommendation with target price of Rs. 112.

Source: IDBI Capital

The government has approved amendments in private FM phase-III policy guidelines.

Government has decided to remove the 3-year window period for restructuring FM radio permissions within the same management group during the licence period of 15 years.

It also approved the removal of the 15% national cap on channel holding.

Applicants can now participate in bidding for ‘C’ and ‘D’ category cities with a net worth of just Rs 1 crore instead of Rs 1.5 crore earlier.

Source: PIB

Kia India is recalling 44,174 units of its latest model 'Carens' to inspect potential errors in air bag control module software.

Kia to directly reach out to the owners of the concerned vehicles to update them in this voluntary recall.

Source: PTI

European markets advance, amid rally in global markets. The UK’s withdrawal of a tax-cut plan soothed nerves about the government’s fiscal health, though doubts remained about the outlook for the currency.

Source: Bloomberg

Shares of Blue Dart Express Ltd. rose over 7%, most in over three months since June 28. Trading volume is thrice the 30-day average. The relative strength index on the stock is 71, suggesting that the stock may be overbought.

The stock is on course to gain for the sixth day. Since September 28 (post market hours) when the company announced general price increase, effective from January 1, 2023, the stock has gained 10% in four days.

The company had announced that the average shipment price increase will be 9.6% compared to 2022, depending on the shipping profile.

Of the 11 analysts tracking the company, six maintain 'buy', one suggests 'hold' and four recommend 'sell'. The return potential of the stock is -14.1%.

Source: Exchange filing, Bloomberg

Shares of Deepak Fertilisers & Petrochemicals Corp Ltd. rose nearly 5% to Rs 920 apiece. Trading volume on the stock is 0.8 times the 30-day average.

The rise comes after Asian Development Bank signed $30 million loan with Smartchem Technologies, a unit of Deepak Fertilisers & Petrochemicals.

The loan will be used to finance capital expenditure and R&D of specialty fertilisers among other projects.

Asian Development Bank will also grant an additional technical assistance focused on improving climate resilience of up to 4,000 small farmers through building their soil management and financial literacy skills.

Source: Asian Development Bank press release, Bloomberg

India's stock benchmarks advanced amid rise in global equities, aided by broad based gains led by Financial Services, commodities, information technology, Power and Capital Goods.

The Sensex gained 2.02% to 57,936.28. The Nifty 50 rose 2.07% to 17,257.55. Today 48 of Nifty 50 stocks rose while two fell. IndusInd Bank Ltd, Adani Ports Ltd, Adani Enterprises, Hero Motocorp and Bajaj Finance Ltd are the top Nifty 50 gainers. Power Grid Corporation and Dr Reddy’s Laboratories declined the most among the index constituents.

The broader indices underperformed their larger peers with MidCap and Smallcap gauges gaining over 1%. All the sectoral indices of BSE advanced with Financial Services, Information Technology, Bankex, Utilities, Auto, Capital Goods, Metal, Power and BSE Teck gaining over 2%.

The market breadth is skewed in the favour of bulls. About 2,558 stocks rose, 760 fell and 137 remained unchanged.

Exchanges have been receiving complaints from various investors alleging that the members are levying brokerage, other charges more than what has been mutually agreed with the client and specified in the tariff sheet.

Advises members to ensure that the client is not charged in excess of agreed rates.

Urges members to ensure that statutory, regulatory levies recovered from client are only at actuals.

Exchanges in consultation with SEBI have decided that details of brokerage/charges to be levied for each other will be prominently displayed to the investor on the "order placement window" on their internet based trading/wireless trading with applications prior to placement of order.

Advises members to implement the provisions latest by December 31, 2022.

Source: NSE Circular (October 3)

Yield on the 10-year bond fell 9bps, most in a week, to 7.38%, during the session.

Source: Bloomberg

Indian currency appreciated 52 paise (0.63%) to 81.36 against the greenback.

Source: Bloomberg

• Paradeep Phosphates has 1.24 million shares change hands in a large trade.

• About 1.24 million shares changed hands in a separate large trade as well.

• Details of buyers, sellers are not known immediately.

Source: Bloomberg

Shares of Marico fell nearly 2% and are on course to decline for the fourth session in a row.

The slide comes after the company shared its Q2 business update post market hours on Monday. India business posted low single-digit volume growth with the 3-year CAGR in high single digits.

Parachute Coconut Oil recorded low single digit volume decline. The company said that pricing will settle down in Q3 as copra prices declined further in Q2.

Value Added Hair Oils grew in low single digits in value terms, dragged by subdued rural sentiment, the company said. It added that the international business maintained its strong run, despite global macro and geo-political uncertainties.

The company said it passed on the benefit of falling input (copra, edible, crude oil) prices to protect volumes and market share. However it added that some of the geographies witnessed sharp currency depreciation, which is likely to weigh on profitability and gross margin.

Trading volume is more than twice the 30-day average. The stock is testing 50-day moving average support at Rs 522.94. Of the 43 analysts tracking the company, 33 maintain 'buy', seven suggest 'hold' and three recommend 'sell'. The return potential of the stock is 8.4%.

Source: Exchange filing, Bloomberg

Shares of Avenue Supermarts Ltd (Dmart) rose 3.5% , the most this week, after reporting standalone revenue for Q2 ended September 30, 2022, at Rs 10,384.66 crores, in its business update post market hours on Monday.

The revenue rose to Rs 10,384.66 crores, up 36% YoY, from 7,649.64 crores in the same period last year. The total number of stores as of September 30th 2022 stood at 302.

Total traded volume is thrice the 30-day average.

Of the 26 analysts tracking the company, 13 maintain 'buy', five suggest 'hold' and eight recommend 'sell'. The return potential of the stock is -5.8%

Source: Bloomberg, Exchange Filing

Shares of TCS rose over 3.6%, most in over three months since June 21.

The company announced collaboration on cutting-edge Robotics and AI research, on Tuesday.

TCS announced a major applied engineering and research partnership with The National Robotarium, the UK’s largest and most advance AI and robotics research centre.

TCS and The National Robotarium will work together with experts from Heriot-Watt University and the University of Edinburgh on applied engineering and joint research across multiple disciplines, including soft robotics, field robotics, co-bots and tele-operations.

Trading volume is 1.1 times the 30-day average.

Of the 50 analysts tracking the company, 23 maintain 'buy', 16 suggest 'hold' and 11 recommend 'sell'. The return potential of the stock is 10.8%.

Source: Exchange filing, Bloomberg

Shares of Vedanta jumped nearly 4.7%, most in nearly three weeks since September 15. Trading volume is almost similar to 30-day average.

The mining major released production figures for the second quarter of the current fiscal post market hours Monday. Total alumina production increased 2% to 5.84 lakh tonnes in the quarter ended Sept. 2022, whereas refined zinc production increased 16% to 1.89 lakh tonnes.

Of the 17 analysts tracking the company, 13 maintain 'buy', two suggest 'hold' and two recommend 'sell'. The return potential of the stock is 17.2%.

Source: Bloomberg, Exchange filing

The initial public offering of Electronics Mart India Ltd. opened for subscription on Tuesday.

The Rs 500-crore IPO will include issue of fresh shares which will represent 22.03% of the company’s equity capital post the offering, according to its red herring prospectus.

The price band has been fixed at Rs 56-59 per share.

The IPO subscribed 0.18 times as of 10:57 a.m. on Oct. 4

• Institutional investors: 0 times.

• Non-institutional investors: 0.08 times.

• Retail investors: 0.32 times.

Shares of Natco Pharma Ltd rose nearly 2%, after company announced launch of two Chlorantraniliprole (CTPR) pesticide formulated combination products.

The company launched products under the brand names:

a. NATVOL: Chlorantraniliprole 8.8% + Thiamethoxam 17.5% SC; and

b. NATLIGO: Chlorantraniliprole 9.3% + Lambda-cyhalothrin 4.6% ZC

Both products are broad-spectrum, foliar insecticides used across wide range of crops. Syngenta markets these combination products under brand names Voliam Flexi and Ampligo.

The Company estimate the market size of the CTPR combination products to be around ₹800 crore in India.

Of the 15 analysts tracking the company, six maintain 'buy', seven suggest 'hold' and two recommend 'sell'. The return potential of the stock is 23.6%.

Source: Exchange filing, Bloomberg

Shares of Tata Chemicals rose nearly 3%, most since Thursday. Trading volume is 0.8 times the 30-day average.

The uptick comes after Kotak Insitutional Equities reiterated 'buy' and kept target unchanged at Rs 1,240. The brokerage firm said that Tata Chemicals is headed for another strong quarterly earnings in Q2, aided by rise in average prices of soda ash exports from the U.S.

Kotak Institutional Equities said that price rise of soda ash exports is likely to lead to a significant QoQ increase in Tata Chemicals' average realisations in North America, as the U.S. business remains the biggest for Tata Chemicals, accounting for 60% of worldwide sales.

With the continued tightness in world soda ash market, Kotak Institutional Equities expects upside risk to earnings estimates.

Of the nine analysts tracking the company, eight maintain 'buy', one suggests 'hold'. The return potential of the stock is 13.5%.

Source: Bloomberg, Kotak Institutional Equities

Shares of KEC Internationals Ltd rose over 4.7%, most in nearly three weeks,. after the company announced securing new orders worth Rs. 1,407 Crores across its transmission and distribution, civil, railways and cables businesses.

Transmission & Distribution (T&D):

The business has secured orders for T&D projects in Middle East:

• • 400 kV Transmission lines, part of the Kuwait – Saudi Arabia interconnection project

• • 380 kV Transmission line in Saudi Arabia

Civil: The business has secured an order for the construction of official quarters and associated facilities for senior Government officials in India.

Railways: The business has secured an order for Signaling & Telecommunication works of Train Collision Avoidance System (TCAS) under ‘Kavach’ in consortium in India.

Cables: The business has secured orders for various types of cables in India and overseas.

Trading volume is 2.4 times the 30-day average.

Of the 27 analysts tracking the company, 19 maintain 'buy', five suggest 'hold' and three recommend 'sell'. The return potential of the stock is 6%.

Source: Bloomberg, Exchange Filing

The board of Easy Trip Planners, doing business as EaseMyTrip, will consider a proposal for increase in authorised share capital, issue of bonus shares and stock split on October 10.

Source: Exchange filing

Shares of Larsen & Toubro rose over 3.3%, most since Friday to Rs 1,880.95 apiece. Trading volume is almost similar to 30-day average.

The rise comes after the power transmission and distribution business of L&T Construction bagged multiple orders in India and abroad. L&T termed the orders 'significant' which implied that the order value is between Rs 1,000 crore and Rs 2,500 crore. L&T secured an order to establish a 765 kV transmission line in Gujarat. The company also bagged an order to upgrade the distribution system in a state in North East India. The scope of this project includes strengthening of medium and low voltage distribution networks.

L&T also won repeat orders to build new 132 kV substations in the UAE. Further, an order has been secured to establish a 380 kV overhead line in Saudi Arabia to strengthen evacuation infrastructure and improve the reliability of the grid in the western region. L&T also bagged orders to establish two new 132 kV and 33 kV substations in Dhaka and Narayanganj in Bangladesh.

Of the 41 analysts tracking the company, 40 maintain 'buy' and one recommends 'sell'. The return potential is 10%.

Source: Exchange filing, Bloomberg

Shares of Reliance Industries rose over 1.5%. The uptick comes after the company completed joint venture transaction with Sanmina Corporation.

RIL's subsidiary Reliance Strategic Business Ventures and Sanmina Corporation announced that they have completed the transaction, which was announced earlier.

The JV supports "Make in India" initiative for state-of-the-art electronic hardware.

Of the 38 analysts tracking the company, 31 maintain 'buy', four suggest 'hold' and three recommend 'sell'. The return potential of the stock is 21%.

Source: Bloomberg

Shares of Dilip Buildcon rose over 13%, most in six months since April 5. Trading volume is 6.4 times the 30-day average.

The surge comes after the company received the Letter of Acceptance from Gujarat Metro Rail Corporate to construct elevated viaduct and 11 stations from Bheshan Dead End to Majura Gate Station. The project cost is Rs 1,061 crore.

The project is to be completed within 26 months.

Of the eight analysts tracking the company, three maintain 'buy', three suggest 'hold' and two recommend 'sell'. The return potential of the stock is 37.8%.

Source: Bloomberg, Exchange filing

Shares of Mahindra & Mahindra Financial Services hit 10% upper circuit, the most in at least a year after recording 82% growth in disbursements in the quarter ended September 30, 2022, post market hours Monday.

Trading volume is 7.6 times the 30-day average.

Collection efficiency was at 98% at the end of last month. The asset quality further improved during the month and the quarter ended September 30, 2022. The company closed the month with a liquidity chest of over three months.

The stock has been raised to 'buy' at CLSA with a price target set at Rs 260, 39% implied upside.

Of the 31 analysts tracking the company, 17 maintain 'buy', nine suggest 'hold' and five recommend 'sell'. The return potential of the stock is 3.9%.

Source: Bloomberg, Exchange filing.

India's stock benchmarks advanced amid rise in global equities, aided by broad based gains led by power, commodities, banking, auto, metal and information technology stocks.

The S&P BSE Sensex gained over 900 points (1.62%) to 57,706.85. The NSE Nifty 50 advanced 1.6% to 17,159.15. All the constituents of Nifty 50 gained. Hindalco, IndusInd Bank, Adani Enterprises, Adani Ports & SEZ and L&T were the top gainers.

The broader indices almost mirrored their larger peers. All the 19 sectoral indices compiled by BSE Ltd. rose with Metal, Banking, Auto, Power gauges gaining the most.

The market breadth is skewed in the favour of bulls. About 2,039 stocks rose, 288 fell and 71 remained unchanged.

Yield on the 10-year bond fell 5bps to 7.41%, at the open.

Source: Bloomberg

• Gross retail disbursements in Q2 stood at Rs 12,182 crore, compared with Rs 8,478 crore a year ago

• Loans and advances rose 11.6% year-on-year to Rs 1.93 lakh crore

• Deposits rose 13.2% from a year ago to Rs 2 lakh crore

• CASA ratio stood at 31.3%, compared with 31.6% quarter-on-quarter

*provisional numbers

Source: Exchange notification

Auto Retail Sales September (YoY)

• Passenger vehicle sales rise 9.7% to 2,60,556 units

• Two-wheeler sales rise 9% to 10.15 lakh units

• Commercial vehicle sales rise 18.8% to 71,233 units

• Tractor sales fell 1.5% to 52,595 units

Source: FADA

Indian currency appreciated 27 paise to 81.61, at the open.

Source: Bloomberg

Advances rose to Rs 2.59 lakh crore as of September 30, up from Rs 2.2 lakh crore a year ago

Total deposits rose 15% year-on-year to Rs 3.15 lakh crore.

CASA deposits constituted 42.4% of total deposits

*Provisional figures

Source: Exchange notice

• City gas major Mahanagar Gas hiked retail prices of CNG by Rs 6 per kg and PNG by Rs 4 per scm in and around Mumbai from Monday midnight.

• CNG now costs Rs 86 per kg, while PNG costs Rs 52.5 per unit.

• This hike puts the rate back at August levels.

Source: PTI

Markets and business data platform Tracxn has set its price band at Rs 75-80 per share for its IPO.

The IPO will open from Oct. 10 to Oct. 12.

Anchor investors will bid for shares on Oct. 7.

Source: Company announcement

• U.S. Dollar Index at 111.65

• U.S. 10-year bond yield at 3.62% on Monday

• Brent crude up 0.06% to $88.91 per barrel

• Nymex crude at $83.47 per barrel

• SGX Nifty up 1% to 17,038 as of 6:08 a.m.

• Bitcoin up 0.1% to $19,617.4

• Tata Steel Long Products: The company restarted the blast furnace at the Kalinganagar plant of its subsidiary Neelachal Ispat Nigam within 90 days after completing its acquisition.

• South Indian Bank: As on Sept. 30, 2022, the lender registered a 17% rise year-on-year in gross advances to Rs 67,981 crore, while total deposits grew 2% to Rs 88,503 crore. CASA deposits increased 14% to Rs 30,574 crore, as CASA ratio improved 372 basis points.

• HDFC: In the September quarter, the lender sold individual loans to the tune of Rs 34,513 crore, against Rs27,199 crore in the previous year, while gross income from dividend rose to Rs 1,360 crore, compared to Rs 1,171 crore a year ago.

• Vedanta: The mining major released production figures for the second quarter of the current fiscal. Total alumina production increased 2% to 5.84 lakh tonnes in the quarter ended Sept. 2022, whereas refined zinc production increased 16% to 1.89 lakh tonnes.

• Avenue Supermarts: As per the provisional quarterly figures submitted by the company, standalone revenue from operations for the quarter ended Sept. 30, 2022, stood at Rs 10,384.66 crore, against Rs 7,649.64 crore in the year-ago period. The total number of stores as of Sept 30, 2022 stood at 302.

• Mahindra & Mahindra Financial Services: The insurer recorded 82% growth in disbursements in the quarter ended Sept. 30, 2022. Collection efficiency was at 98% at the end of last month. The asset quality further improved during the month and the quarter ended September 30, 2022. The company closed the month with a liquidity chest of over three months.

• Marico: The company posted low single-digit volume growth in its India business during the second quarter of the current fiscal, with the 3-year CAGR in high single digits. Consolidated revenue in the quarter grew in low single digits on a year-on-year basis.

• Britannia: A wholly owned subsidiary of the company acquired control of Kenafric Biscuits, a private limited liability company incorporated in Nairobi, Kenya by subscribing to 51% of its equity share capital, and acquired 100% of the equity share capital of Catalyst Britania Brands.

• Dilip Buildcon: The company, through the RBL-DBL joint venture, has received the letter of acceptance for Surat metro rail project worth Rs 1,061 crore from Gujarat Metro Rail Corporation.

• NCC: The company received a new order for Rs 393 crore (exclusive of GST) in September, pertaining to its building division. The order came from state government agencies and does not include any internal order.

• Bank of Maharashtra: The lender registered almost 16% growth in total business as on Sept. 30, 2022. Total deposits grew 7.86%, while CASA deposits rose 12.58%. Gross advances at the end of the month saw a rise of 28.65%.

• KEC International: The company has secured new orders worth Rs 1,407 crore across its transmission and distribution, civil, railways and cables businesses.

• Adani Green: The company has incorporated three new step down subsidiaries to to generate, develop, transform, distribute, transmit, sale, supply any kind of power or electrical energy using wind energy, solar energy or other renewable sources of energy.

• Quess Corp: The company has appointed Kamal Pal Hooda as Group CFO (designate) with immediate effect. He will succeed N. Ravi Vishwanath, who is scheduled to step down from the post in 2023.

• Hindustan Zinc: The company recorded a growth of 16% in production of refined zinc, and 21% in refined lead at the end of Sept. quarter of the current fiscal. Total mined metal production increased 3% during this period.

U.S. stocks opened October on a strong note as Treasury yields took a break from their seemingly incessant surge. Yield on 10-year Treasuries dipped 19 basis points to 3.64%.

The S&P 500 rose 2.3%, while Nasdaq 100 increased 2%. Meanwhile, oil rose 5% with OPEC+ expected to announce a supply cut soon. Gold rose 1.8%, while Bitcoin jumped 1.7% to trade over the $19,500-mark.

Domestic benchmark indices turned red once again as commodities, FMCG, utilities, auto, banking and power led the decline. Healthcare stocks bucked the trend, though.

Rupee reversed gains to end the day close to the Rs 82-mark against the U.S. dollar. At 7:30 a.m., the Singapore-traded SGX Nifty -- an early barometer of India's benchmark Nifty 50 -- gained 1.44% to 17,112.