Market Overview & Macro Trends

• Indian markets opened cautiously with range-bound trading, amid weak global cues and persistent selling pressure. GST-related rates and domestic reforms are being closely watched.

• Foreign Portfolio Investors (FPIs) pulled out ~₹7,945 crore from equities in September, bringing 2025 net outflows to ₹1.38 lakh crore—signaling risk-off sentiment.

• The new GST 2.0 regime (simplified 5%, 18% slabs plus luxury/sin slab) is seen reducing compliance burden, especially in labour-intensive sectors and agriculture.

• Global macro headwinds include rising US tariffs and trade tensions, likely impacting exports in textiles, chemicals, and engineering goods.

Global & Macro Trends

• US Markets: Dow +172, Nasdaq +160, S&P +32 (tech-led rally).

• Asia: Nikkei +540 on strong export data.

• Europe: FTSE -11, DAX -35, CAC -1 (weak industrial sentiment).

• India: SGX Nifty down -83 pts (25,343).

• Commodities:
o Crude: $62.87/bbl (+0.19), Brent: $66.87/bbl.
o Gold: $3,720 (+19.5), Silver: $43.56 (+0.61).
• Currencies: INR at 88.09/$, JPY at 148.23, Euro at 1.1726.

Regulatory & Corporate Actions
• Dividends / Splits (Ex-Date Today):
o Adani Power: Stock Split (₹10 → ₹2).
o Bajaj Holdings: Interim Dividend ₹65.
o Mah Scooters: Interim Dividend ₹160.
o Monte Carlo: Final Dividend ₹20.
o 50+ other dividend declarations across mid & small caps.

• Board Meetings: Key agendas include issue of warrants (ACSTECH, EMKAY), bonus issue (TVSHLTD), rights issue (REMLIFE, SURJIND, UHZAVERI).

• F&O Ban: ANGELONE, HFCL, SAMMAANCAP.

• ASM / Circuit Filter Changes: Birla Cable, MK Protein, Stallion.

Corporate Actions & IPO Highlights

• Ex-dividend actions (22 Sept): AB Infrabuild, Accel, Ahlada Engineers and others took ex-date for dividends; multiple AGMs scheduled (DOMS Industries, Lux Industries, Laddu Gopal Online Services).

• IPO momentum: September 2025 saw record rush of small-/mid-caps launching IPOs before the September 30 deadline requiring updated financials, driving strong primary market activity.

Global Developments & Regulatory Highlights

• U.S. Federal Reserve delivered a quarter-point rate cut as a precaution, benefiting IT and emerging markets, but downplayed further easing.

• U.S. tariffs on imports persist as a drag on exporters; ongoing India-U.S. trade talks remain critical.

• SEBI dismissed two of Hindenburg Research’s claims against Adani Group. Adani shares rose sharply, boosting confidence, though 22 other SEBI probes remain open.

Market Sentiment & Investor Takeaways

• Sentiment tilt: Risk-off among FPIs; DIIs continue absorbing flows, with record ₹5.3 lakh crore equity purchases in 2025.

• Strategy notes:

o Focus on resilient business models in financials, engineering, and pharma amid uncertainty.

o GST reform beneficiaries include labour-intensive, agriculture-linked, and consumption-lite companies, which may outperform over time.

o Indian markets likely to hover in a muted range amid weak foreign appetite, global uncertainty, and regulatory shifts. Sector rotation is underway: financial services and select domestic-oriented plays garner interest, while IT, consumer services, and power face pressure.

Regulatory events (SEBI ruling on Adani, GST reforms) bring selective confidence. IPO activity and corporate actions add dynamism. Investors are focusing on earnings quality, global exposure, and policy resilience.