Nifty 50 closed at 22,666.55, down 0.63%; Cement & Construction leads, Diversified lags

The session

Key drivers

Market breadth

Currency, commodities & rates

Currency, commodities and rates

• USD/INR: 94.81, rupee weaker by 0.10% on the session
• India VIX: 15.76 (+0.5%)
• Gold (rupee terms): -0.67% on the session, -2.0% over five sessions

Key drivers

Markets

• Stock Market Today LIVE: Sensex, Nifty 50 Fall 1% Each; Nestle, BEL, Coal India, Tata Steel Top Drags. Stock Market Today LIVE: Broader markets continue to bleed, with the Nifty Smallcap 100 and the Nifty Midcap 100 indices falling over 1% each.Rupee Opens 1 Paise Lower At 94.47 Per US Dollar (NDTV Profit)
• Market wrap: Infosys, HCL Tech, Bajaj Finance, BSE top gainers and losers on Nifty and Sensex on Wednesday. Indian markets extended losses for a second session on Wednesday, with the Nifty falling 0.34% to 22,811 and the Sensex slipping 0.19% to 73,710. (Economic Times Markets)
• Nifty India Defence index slips 3%; Unimech, Axiscades, Dynamatic tank 7%. Apollo Micro, MTAR Tech, Sigma Advanced, Paras Defence, Astra Microwave, Zen Technologies, BEML, MIDHANI, Solar Industries and Data Patterns were down in the range of 4 per cent to 6 per cent. (Business Standard Mkts)
• CAS swings: Nifty’s indicative price jumps 500 points in seconds, closes higher than pre-CAS level. The Indian stock market experienced notable volatility during the closing auction, marked by a steep selloff that wiped out more than Rs 8 lakh crore in market capitalization. (ET Stocks)

Read more Stock Market Today LIVE: Sensex, Nifty 50 Fall 1% Each; Nestle, BEL, Coal India, Tata Steel Top Drags · Market wrap: Infosys, HCL Tech, Bajaj Finance, BSE top gainers and losers on Nifty and Sensex on Wednesday · Nifty India Defence index slips 3%; Unimech, Axiscades, Dynamatic tank 7% · CAS swings: Nifty’s indicative price jumps 500 points in seconds, closes higher than pre-CAS level

Economy & policy

Economy and policy

• ‘Rate cuts are off the table in the near term’: RBI in October MPC minutes. This comes after RBI MPC decided unanimously to hike the repo rate by 25 bps to 5.5% in the October MPC. The next RBI MPC meeting is scheduled for December 2-4. (Business Today Mkts)
• RBI flags widening inflation risks, puts rate cuts on ice. RBI's Monetary Policy Committee raised the benchmark repo rate by 25 basis points to address rising inflation concerns. Governor Sanjay Malhotra indicated a generalisation of inflation, with many commodities exceeding 4% inflation. (ET Stocks)
• RBI rejects all bids at Treasury bill auction as short-term yields surge. The RBI rejected all bids at the Rs 23,000 crore Treasury bill auction as short-term yields climbed, while the benchmark 10-year government bond yield rose to 7.44%. (Business Standard Mkts)
• Not A One-Off: RBI MPC Minutes Point To A Rate-Hike Cycle As Inflation Heads To 6% Ceiling. "At some point, a larger pass-through of input costs to output prices may materialise. Under these circumstances, it is conceivable that a further increase in the policy rate might be needed," RBI Deputy Governor Poonam Gupta said. (NDTV Profit)

Read more ‘Rate cuts are off the table in the near term’: RBI in October MPC minutes · RBI flags widening inflation risks, puts rate cuts on ice · RBI rejects all bids at Treasury bill auction as short-term yields surge · Not A One-Off: RBI MPC Minutes Point To A Rate-Hike Cycle As Inflation Heads To 6% Ceiling

Companies

• Why RBI is draining excess liquidity but also injecting funds. Reserve Bank of India has significantly reduced banking system liquidity from a peak surplus in a short time. Liquidity surged after banks received funds from overseas Indians under the FCNR(B) scheme. (Economic Times Markets)
• Rupee snaps eight-day rally as oil climbs to highest since May. The Indian rupee ended its eight-session-long winning streak, closing down 0.4% at 94.8175 per dollar. Concerns over escalating oil prices amid the Middle East conflict contributed to global market volatility. (Economic Times Markets)
• RIL stock: Jio's listing could unlock value, but will it drive a re-rating?. The anticipated IPO of Jio Platforms is likely to reshape valuation assessments for both Reliance Industries and Bharti Airtel. With Jio's market debut, Reliance may witness a decrease in its holding-company discount. (Economic Times Markets)
• India Cements surges 22% in two days on heavy volume in weak market. Share price of India Cements soared 9% to ₹359 on the BSE with a combined 35.96 million shares representing 11.6% of the company's total equity changing hands on the NSE and BSE on Thursday. (Business Standard Mkts)

Read more Why RBI is draining excess liquidity but also injecting funds · Rupee snaps eight-day rally as oil climbs to highest since May · RIL stock: Jio's listing could unlock value, but will it drive a re-rating? · India Cements surges 22% in two days on heavy volume in weak market

Companies

New issues

• Jio Platforms' IPO-linked inflows boost rupee; elevated oil prices spur caution. The Indian rupee experienced a notable increase as Jio Platforms' IPO attracted significant foreign investments. Despite this strength, rising oil prices raised concerns among traders about the rupee's sustainability. (Economic Times Markets)
• Carlsberg said to near public filing for $700 million India IPO. Carlsberg is preparing to publicly file for a potential $700 million IPO of its Indian business, with investor roadshows expected next week and a possible December launch. (Economic Times Markets)
• Jio leverage play pops up at SBI as India brokers lure IPO bets. SBI Securities has launched an exciting financing option for the highly anticipated IPO of Jio Platforms Ltd. Investors can secure up to 60% funding for their subscriptions, with the IPO set to open for bids on October 21. (Economic Times Markets)
• Stock Market LIVE: Sensex down 500 pts; Jio IPO subscribed 3.3 times on 2nd day so far. Sensex Today Stock Market LIVE Updates Thursday: In the broader markets, the Nifty MidCap and the Nifty SmallCap fell 1.04 per cent and 0.91 per cent, respectively (Business Standard Mkts)

Read more Jio Platforms' IPO-linked inflows boost rupee; elevated oil prices spur caution · Carlsberg said to near public filing for $700 million India IPO · Jio leverage play pops up at SBI as India brokers lure IPO bets · Stock Market LIVE: Sensex down 500 pts; Jio IPO subscribed 3.3 times on 2nd day so far

Currency, commodities & rates

World

• Global Market: Indonesia imposes record $117 million in fines for stock market violations. Indonesia’s financial regulator imposed record fines of 2.1 trillion rupiah ($116.67 million) for trading violations involving three listed companies. (Economic Times Markets)
• BT Explainer: China’s critical mineral refining edge - What India must do to catch up. China’s dominance in critical mineral refining leaves India vulnerable to supply disruptions even as it steps up overseas mining investments. (Business Today Mkts)

Read more Global Market: Indonesia imposes record $117 million in fines for stock market violations · BT Explainer: China’s critical mineral refining edge - What India must do to catch up

What matters next