Markets can remain under pressure; Maruti, Zee, HDFC Bank in brief

MUMBAI: Markets may continue to remain under pressure on Friday as SGX Nifty trends point to weak opening in Indian benchmarks. On Thursday, the BSE Sensex closed at 59,126.36, down 286.91 points or 0.48% and the Nifty finished at 17,618.15, down 93.15 points or 0.53%.

Asian stocks and US futures began October on the decline, after the S&P 500 capped its biggest monthly decline since March 2020 with further losses.

Stocks collapsed in Japan and Australia, and US contracts fell. China started a week’s holiday and the Hong Kong market was closed on Friday. U.S. benchmarks fell on Thursday even after confirmation that the House passed a nine-week spending bill to avoid a U.S. government shutdown. The S&P 500 closed at the lowest level since July, extending its September losses to nearly 5%. Economically sensitive companies such as industrials and financials were among the worst performers.

Maruti Suzuki India said on Thursday it expects a negative impact on production at its two factories in Haryana and Suzuki’s parent plant in Gujarat in October due to the supply constraint of electronic components due to a shortage. semiconductors.

The National Company Law Tribunal (NCLT) on Thursday ordered Zee Entertainment Enterprises Ltd (ZEEL) to hold a board meeting to consider the request by its minority shareholder Invesco to call an extraordinary general meeting (EGM) to discuss various questions. The American company Invesco had filed a petition calling for the convening of the EGM, removing the chief executive officer and managing director of the company, Punit Goenka, as well as two other directors, and reconstituting the board of directors with the appointment of six new directors. .

HDFC Bank said on Thursday it had lifted ??739 crore by issuing rupee denominated masala bonds in overseas markets. HDFC Bank issued and allotted overseas rupee-denominated bonds on September 30, the lender said in a regulatory filing.

In primary markets, shares of Paras Defense and Space Technologies will debut on Friday. The ??The 171 crore issue was subscribed 304.26 times.

Meanwhile, as investors prepare for the Federal Reserve to end its stimulus measures, fears grow about slowing economic growth, high inflation, bottlenecks in the supply chain. supply, a global energy crisis and regulatory risks emanating from China. A near-record technical streak for the US equity benchmark has raised concerns among some bulls that a sharp pullback is expected.

Political wrangling in Washington threatens to push the United States into default and force President Joe Biden to cut his spending program. House Speaker Nancy Pelosi continued to vote on a bipartisan infrastructure bill, even as Progressive Democrats have said they have the numbers to block it until the Senate kicks off. agreement on a more ambitious set of taxes and spending.

Biden signed the government funding bill that avoids a shutdown Thursday night.

Elsewhere, China Evergrande Group has started repaying a small portion of the money owed to buyers of its investment products, weeks after people protested the missed payments.

Treasuries edged up, with the 10-year yield falling below 1.50%. The dollar added to the gains for the week. Crude oil has fluctuated after a tumultuous session in which China reportedly ordered its major energy companies to secure energy supplies at all costs in the event of a shortage, prompting the White House to reiterate its own concerns about rising prices.

(Bloomberg contributed to the story)

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