Economy and Markets
- India-US Trade “Red Lines”: India’s External Affairs Minister S Jaishankar stated on October 5 that any trade deal with the US must respect New Delhi’s “red lines,” signaling ongoing efforts to find a compromise amid tariff disputes.
- US Government Shutdown Enters Sixth Day: The federal government shutdown continues as Republican and Democratic lawmakers remain at an impasse. President Donald Trump claims that layoffs are “taking place right now” and blames the Democrats for the crisis.
- Bihar Election Schedule: The Election Commission is set to announce the full schedule, including voting and result dates, for the Bihar Assembly election at 4 pm on Monday (October 6).
- Gold Nears Record Highs: Amid global uncertainty, gold prices are surging. 24-karat gold in India traded at ₹12,077 per 10 grams, while globally, gold surpassed the $3,900-per-ounce mark for the first time on Monday.
- Services Growth Slows: Growth in India’s services sector eased in September. The HSBC India Services Purchasing Managers’ Index (PMI) dropped to 60.9 from a 15-year high of 62.9 in August, primarily due to cooler overseas demand.
- Stocks in Focus:
- Poonawalla Fincorp shares surged over 8% after reporting strong Q2 results, with Assets Under Management (AUM) growing 67.7% year-on-year to ₹47,625 crore.
- Vodafone Idea shares fell up to 5% as the market anticipates the Supreme Court’s verdict on its additional AGR dues plea.
- Avenue Supermarts (DMart) shares declined after a Q2 revenue report of ₹16,218 crore (15.4% growth) disappointed the market, leading Goldman Sachs to cut its price target.
- IndusInd Bank shares will react to a Q2 update showing net advances declined by 8% year-on-year, a deviation from the sector’s overall strong performance.
National Updates
- Trekking Suspended in Chamoli: Due to a rain and snowfall alert issued by the IMD, all trekking activities in Uttarakhand’s Chamoli district have been suspended for the next two days.
- Delhi Office Closure: All Delhi government offices will be closed on Tuesday, October 7, for Maharishi Valmiki Jayanti.
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