There is bad news for the US economy, whose pulse has been creating ripples in financial markets globally in recent times. A survey released by the National Association for Business Economists on Monday showed a panel of 52 economists has cut growth forecast for the October-December period to 4.9% from a prior estimate of 6.8%. They say for the current year, the economy will contract 4.3% year on year, and for 2021, the median forecast for real GDP growth has been lowered to 3.6% from 4.8% forecast in June.
MARKET CUES: Where do we stand >>>  | Nifty futures on the Singapore Exchange traded 39 points higher at 7 am (IST), indicating a good start ahead for Dalal Street. |
| On Monday, Nifty closed above the psychologically important 11,500 mark. But it also formed a Shooting Star-like candle on the daily chart, which has a bearish implications |
| Most Asian stocks followed their US peers higher after President Trump's departure from hospital eased concerns about his health. Stocks saw modest gains in Japan, South Korea and Hong Kong. |
| US stocks closed at the highest levels of the day with energy, health care and technology shares the biggest gainers. Dow rose 465.83 points, or 1.68%, the S&P500 gained 60.16 points, or 1.80%, and the Nasdaq 257.47 points, or 2.32% |
| Oil prices edged higher after President Trump returned to the White House from hospital. WTI crude futures rose 2 cents to $39.24 a barrel while Brent futures rose 8 cents, or 0.2%, to $41.37. |
| The rupee depreciated by 16 paise to close at 73.29 against the US dollar on Monday even as the domestic equity market was trading with significant gains. |
| The dollar remained under pressure. The yen was little changed while the euro rose 0.1% as did the British pound. |
| Gold and silver prices fell sharply, tracking softness in global rates. On MCX, December gold futures fell 0.9 per cent to Rs 50,130 per 10 gm while silver futures declined 0.88 per cent to Rs 60,605 a kg. In international markets, gold was little changed at $1,911 an ounce. |
| LOOK WHO'S |  |
New MPC members appointed… The government has appointed economists Shashanka Bhide, Ashima Goyal and Jayanth R Varma as independent members to RBI's Monetary Policy Committee. Bhide is currently a senior advisor at the New Delhi-based think tank National Council for Applied Economic Research, while Goyal is a professor at the Indira Gandhi Institute of Development Research in Mumbai. Varma is currently a professor at the Indian Institute of Management, Ahmedabad.
Read More Pension fund assets grow 18%... Pension funds' assets grew more than 18% between April and September, belying fears that job losses and pay cuts could lessen retirement contributions as people pulled out funds to meet immediate financial requirements. The corpus under the National Pension Scheme and Atal Pension Yojana grew by Rs 76,000 crore to end the September half-year at Rs 4.93 lakh crore.
Read More Top bets for Dec quarter... As the market breadth gets narrower after the Sensex and Nifty's nearly 50% rise from their March lows, making a quick buck as seen in the past six months might become a challenge. Analysts are looking at mostly blue-chips and larger mid-cap stocks that are in a better position to advance further in the October-December period. Invariably, majority of them are from paints, telecom, gold finance and pharma sectors.
Read More Bandhan goes all out to grab retail loan share... Private sector Bandhan Bank plans a giant leap into retail lending as part of its evolution as a universal bank with a five-year business plan. The predominantly microfinance lender would now go all out with car, two-wheeler, consumer durable loans to raise its profile with urban and semi-urban middle-class borrowers, managing director Chandra Shekhar Ghosh said.
Read More | AND WHO'S |  |
Stiglitz wants more tax on the rich… Raise taxes on the rich and spend the proceeds on the segment of the population that most needs state support: That's the revival prescription by celebrated economist Joseph Stiglitz for the Indian economy that shrank a record 24% in the June quarter. "If you don't spend money, it's going to be worse," the Nobel winner said in a virtual global session with Indian business leaders and economists. He said that the government spending has to be well targeted and assist the most vulnerable to maximise the gains despite the budgetary constraints.
Read More GST Council deadlock on aid to states… The GST Council was deadlocked on the issue of compensation to be paid to states on account of the shortfall stemming from the transition to the levy in 2017. It, however, decided to extend the compensation cess beyond the five-year period till 2022 that had been agreed to originally. The council will meet again on October 12 to discuss the issue. The Centre will immediately disburse ₹20,000 crore collected in the cess fund in the current financial year to states, Union finance minister Nirmala Sitharaman said.
Read More Analysts peg Vedanta price at Rs 200… Analysts have recommended the minority shareholders of Vedanta to tender their shares between Rs 170 and Rs 200 against the floor price of Rs 87.50. The reverse book building process which started on Monday would close on Friday. Thursday is the last day for upward revision or withdrawal of bids.
Read More Meanwhile... Nomura Index shows solid rebound… In an indication that business resumptions have sustained at the beginning of the third quarter, the Nomura India Business Resumption Index picked up to 82.1 for the week ended October 4 as against 81.6 in the previous week. The financial services company on Monday said that the government's decision to ease lockdown restrictions from October 15 should further support business activity.
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