Global markets reacted to US government shutdown fears. Gold reached a new record high. The dollar saw losses. US equity futures dipped while Asian shares remained flat. Treasuries gained. Investors worried about delayed economic data, including the jobs report. China announced capital to boost growth. Australia's central bank held rates steady. Oil prices declined.
SBI's credit card business experienced a significant post-Covid surge, driven by its youth-focused expansion. HDFC Bank maintained its dominant position in both card issuance and transaction value. Conversely, Standard Chartered Bank faced a sharp decline in both the volume and value of its credit card operations.
President Trump announced Israeli Prime Minister Netanyahu's support for a U.S. peace plan to end the Gaza war. The proposal includes a ceasefire, hostage exchange, and Hamas disarmament, but its success hinges on Hamas's acceptance. Netanyahu backed the plan, stating it achieves Israel's war aims, despite lingering disagreements on Palestinian statehood.
Mumbai's 10-year government bond yield surged to a near one-month high of 6.57% on Monday, driven by increased supply in the Centre's second-half borrowing and caution before the MPC decision. Despite this, bond dealers view the overall borrowing calendar positively, even with current low demand for long bonds.
Overseas investors slowed Indian bond purchases in September, driven by caution over the rupee's significant fall. The rupee, Asia's worst-performing currency, hit a record low, eroding foreign portfolio returns. This led to a notable decrease in net inflows into fully accessible route government securities, reflecting investor concerns amid market uncertainties.
Tata Capital's 15,512-crore IPO, the largest from the Tata group, will dilute promoter stake by 11.21%. The company will not seek further equity dilution for 2.5-3 years, as the capital raised and profits will fuel growth. The IPO is priced below unlisted shares to attract a broad retail investor base.
