As investors approach October, the landscape is shaped by high crude oil prices, increasing bond yields, and continued foreign selling. Historically, October has favored positive market returns, yet recent downturns could challenge this pattern. With the earnings season on the horizon, corporate profitability, particularly within large-cap stocks, will be under scrutiny.
Indian equity benchmarks experienced a decline over two sessions due to profit booking and rising oil prices. The Nifty 50 index closed down by 95.75 points, reaching 22,620.45. Jio Financial Services and Allianz Europe B.V. have invested in their joint venture for business operations. Infosys has expanded its partnership with ABN AMRO for AI-driven transformation initiatives.
On Wednesday, inflation data led to mixed market movements, with the Nasdaq increasing slightly. The Dow and S&P 500 faced declines, although both indexes posted quarterly gains. Private employers added 90,000 jobs in September, contributing to labor market reports this week. The S&P 500 achieved new highs while also experiencing several lows in its performance. Rising concerns about inflation continue to influence economic outlooks and Federal Reserve expectations.
ElevenLabs has successfully finalised a notable employee tender offer, achieving a staggering valuation of $22 billion this week. This impressive growth reflects a significant bump from its prior funding round back in February. Noteworthy investors such as Wellington, T. Rowe Price, and Andreessen Horowitz participated. The firm’s voice technology facilitates over 15 million conversations weekly across diverse applications.
The SEC has proposed new rules to expand access to private assets typically available only to wealthy investors. These rules aim to allow more professionals to qualify as accredited investors, which may lead to higher returns. Critics express concern that this move could expose retail investors to significant risks and fees. Additionally, proposed changes would allow closed-end funds to redeem shares more frequently and offer varied share classes.
The rupee strengthened 0.16% to 95.83 against the dollar, recovering from morning weakness as crude prices eased below $103 a barrel. Dollar selling by public sector banks and broader Asian currency gains also supported the recovery despite foreign investor outflows.
Polymarket has introduced innovative tools aimed at aiding users in controlling excessive trading habits. These features include optional deposit restrictions, self-imposed lock-outs, and connections to mental health support. Users can customize lock-out periods and limit deposits based on their needs. The startup collaborates with Birches Health to offer resources for users seeking help. Moreover, Polymarket has founded a Trust & Safety Centre to clarify its commitment to user security.
Analysts recommend five stocks for Thursday—JM Financial, IDFC First Bank, Clean Science, City Union Bank and BEML—citing technical signals and support levels. Cautious sentiment persists amid higher oil prices, elevated bond yields, inflation concerns and uncertainty over global monetary policy.
Foreign institutional investors sold over Rs 26,000 crore of Indian shares in three sessions, intensifying September’s market correction. High crude prices, elevated US bond yields and a weaker rupee pressured equities, while analysts said selective opportunities are emerging across largecaps.
Avalon Technologies saw an Rs 870.6 crore bulk deal as three promoter entities sold 40.08 lakh shares, representing 6% equity. Kotak Mahindra Mutual Fund bought 24.02 lakh shares, while Nomura retained its Buy rating and raised its target price.
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