The Indian stock market experienced a roller coaster ride on September 30th. While over 300 stocks, including prominent names like JSW Steel, NTPC, Sun Pharma, BPCL, Cipla, Hindalco, and Vedanta, reached their one-year highs during intraday trading on the BSE, the overall market sentiment was bearish. The Sensex and Nifty 50, the key benchmark indices, suffered losses of over 1% each, driven by weak global cues.
Meanwhile, the Securities and Exchange Board of India (SEBI) gave the green light to several companies to go ahead with their initial public offerings (IPOs). Among the approved companies were Swiggy, a popular food delivery platform, and Hyundai Motor India, the Indian arm of the renowned South Korean automaker. Other companies receiving approval included Acme Solar Holdings, Vishal Mega Mart, and Mamata Machinery.
In economic news, India’s current account deficit (CAD) widened to 1.1% of the gross domestic product (GDP) in the April-June quarter of the current fiscal year (Q1FY25). This represents a significant jump from the surplus of 1% recorded in the preceding March quarter of FY24. The widening deficit, which reached $9.7 billion, is likely to raise concerns about the country’s external financial stability.
Furthermore, India’s core sector output growth contracted by 1.8% in August, signaling a slowdown in key industries. This decline followed a 6.1% increase in July, indicating a weakening trend in the core sector. The index, which includes eight core industries, is a key indicator of overall industrial activity in the country.
On the political front, the Enforcement Directorate (ED) registered a money laundering case against Karnataka Chief Minister Siddaramaiah, his wife, and others in connection with the MUDA scam. The case was filed following an FIR registered by the Lokayukta police last week. This development comes amidst ongoing tensions between the state government and the opposition.
The US Mission to India announced the opening of 250,000 new visa appointment slots for Indian travelers. The new slots, available across various visa categories, including tourist, skilled worker, and student visas, were announced just days after Prime Minister Narendra Modi’s visit to the US and his meetings with President Joe Biden. This move is likely to be welcomed by Indians seeking to travel to the US.
In a move that generated controversy, the Eknath Shinde government in Maharashtra declared the cow as ‘Rajya Mata’ (Mother of the State). The announcement, made ahead of the upcoming Assembly polls, highlighted the cultural significance of the cow in Hinduism. The move was met with mixed reactions, with some praising it as a recognition of the animal’s importance and others criticizing it as a political ploy.
