Stock Markets – 28th Sept – 4th Oct

India

Domestic markets saw massive tailwinds starting with the Punjab and Maharashtra cooperative bank scam of Rs 4,355 crore. The funds given out to Housing Development and Infrastructure group firms (HDIL) appear to have been misappropriated leading to raids and a lot of arrests taking place. Turmoil in the banking sector continued with Lakshmi Villas bank, which was set to merge with India bulls housing finance, being placed under the prompt corrective action by the RBI which will put India bull’s banking licence on hold and Yes bank saw massive volatility with the stock falling by 30% on account of Rana Kapoor’s pledged shares of over 100 million being sold in the open market, however the stock recovered its losses the following day.

RBI slashed interest rates by 25bps and maintained its stance of being Accommodative.

The Auto car sales continued to decline in the month of September as car manufacturers have reported a sales dip of around 25% YOY.

Futures and Options contracts closed on Thursday leading to a high VIX of 17% and the Nifty spot was down by 46 points.

The governments disinvestment program has been approved with stakes in BPCL, shipping crop could be sold while IRCTC witnessed a strong demand and massive oversubscription.

International

Foreign markets witnessed some recovery with signs of a resolution in the US-china trade war after the Chinese foreign minister stated that the United states has shown good will by waving of tariffs on Chinese products. Us presidents remarked that a trade deal with china could happen soon resulted in price of safe haven assets (such as gold) falling. Facebook Inc slipped by 1.8% as the US justice department decided to open antitrust investigations against the company, the stock was amongst the largest drags on the NASDAQ.

The FTSE 100 index of leading shares endured its worst drop in well over three years on Wednesday, shedding more than 3pc amid a global stock market sell-off.

Oil prices have been falling as the estimated supply shock in Saudi seems to have been resolved with WTI futures making its largest losses in the past 2 months this week.

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