As per provisional closing data, the barometer index, the S&P BSE Sensex declined 115.81 points or 0.17% to 66,166.93. The Nifty 50 index lost 19.30 points or 0.10% to 19,731.75.

The broader market outperformed the benchmark indices. The S&P BSE Mid-Cap index rose 0.25% while the S&P BSE Small-Cap index gained 0.34%.

The market breadth was positive. On the BSE, 2,034 shares rose and 1,745 shares fell. A total of 174 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, jumped 5.03% to 11.15.

Economy:

The annual rate of inflation based on all India Wholesale Price Index (WPI) number is (-) 0.26% (Provisional) for the month of September, 2023 (over September, 2022) against (-) 0.52% recorded in August, 2023.

Deflation in September, 2023 is primarily due tofall in prices of chemical & chemical products, mineral oils, textiles, basic metals and food products as compared to the corresponding month of previous year. The month-over-month change in WPI for the month of September, 2023 stood at (-) 0.59% as compared to August, 2023.

India's foreign exchange (forex) reserves dropped for the fifth straight week by a further $2.166 billion to $584.742 billion for the week ended October 6 - the lowest in more than five months, according to data by the Reserve Bank of India (RBI).

Gold reserves were down by a sharp $1.425 billion to $42.306 billion, said the RBI. The Special Drawing Rights (SDRs) were down by $15 million to $17.923 billion, the RBI added.

Foreign exchange reserves include India's Reserve Tranche position in the International Monetary Fund (IMF). India's reserve position with the IMF was also down by $19 million to $4.983 billion in the reporting week, the central bank data showed.

Stocks in Spotlight:

Reliance Industries (RIL) declined 0.33%. RIL's subsidiary - Reliance Retail Ventures received the subscription amount of Rs 4,966.80 crore from Platinum Owl C 2018 RSC Limited (acting in its capacity as the trustee of 'Platinum Jasmine A 2018 Trust') (ADIA) and allotted 4,11,81,006 equity shares to ADIA.

Tata Motors shed 0.16%. The auto major entered into share purchase agreements with certain investors for sale of 9.9% stake in Tata Technologies (TTL), a subsidiary of the company for an aggregate consideration of Rs 1,613.7 crore.

Mahindra & Mahindra (M&M) added 0.78%. The auto maker's total production increased 21.88% to 79,410 units in the month of September 2023 as against 65,154 units as compared with September 2022. The auto major's total sales was 23,997 units in September 2023, up by 18.14% from 21,666 units sold in the same period a year ago.

Avenue Supermarts (DMart) fell 1.75%. The company reported 9.07% decline in consolidated net profit to Rs 623.56 crore in Q2 FY24 as against Rs 685.77 crore posted in Q2 FY23. Revenue from operations jumped 18.67% year on year to Rs 12,624.37 crore in the quarter ended 30 September 2023.

Bajaj Electricals advanced 1.29% after the company announced that it has received an order worth Rs 564.20 crore from Power Grid Corporation of India for new transmission lines in Andhra Pradesh.

Adani Green Energy declined 1.06%. The power generation company said its sale of energy for solar portfolio grew by 11% YoY at 2,576 million units in Q2 FY24 as against 2,327 million units in Q2 FY23. The increase in sale of solar energy was backed by 212 megawatt (MW) capacity addition in Rajasthan and improvement in capacity utilisation factor (CUF).

Delta Corp slumped 8.79% after its subsidiary, Deltatech Gaming received notices from the Directorate General of GST Intelligence, Kolkata, demanding payment of shortfall tax, interest, and penalty totaling Rs 6,384.32 crore.

Earlier, on 22 September, the gaming company had received notices from the Directorate General of GST Intelligence, Hyderabad, demanding payment of shortfall tax, interest, and penalty totaling Rs 16,822.96 crore.

With this recent tax notification, Delta Corp's cumulative tax shortfall has now reached a sum of around Rs 23,206 crore, which is more than six times higher than its overall market capitalisation of Rs 3,399.35 crore.

Venus Remedies hit an upper circuit limit of 20% to Rs 273.10 after the company said it received marketing approval for six chemotherapy drugs from the Philippines. With this, Venus Remedies has secured 525 marketing approvals for its oneology products across 76 countries.

Global Markets:

Shares in Europe and Asia stocks traded lower as investors look ahead to key economic data from China and Japan this week. Most notably, China will release its third-quarter gross domestic product numbers on Wednesday. Japan's September inflation data is expected on Friday. South Korea's central bank will also announce its rate decision on Thursday.

US stocks ended the day mixed on Friday, pressured by a spike in oil prices and rising inflation expectations. Deteriorating consumer sentiment data and the Middle East conflict soured investors on riskier bets and overshadowed upbeat quarterly earnings from some of the largest U.S. banks.

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