The BSE Sensex closed at a new all-time high of 84,928.6, rising 0.5% on Monday, as it marked its third consecutive session in the green. This upward momentum was buoyed by expectations of increased foreign inflows following a larger-than-expected rate cut by the US Federal Reserve. Meanwhile, investors are shifting their focus to critical economic data, such as this week’s flash Purchasing Managers' Index (PMI) and the US core PCE inflation figures, which could influence future market trends.

On the domestic front, a flash PMI survey indicated that India’s business activity growth slowed to a nine-month low in September, with a marginal drop in demand and rising costs affecting the economy. However, despite these concerns, market breadth remained positive. Out of 2,295 stocks traded on the BSE today, 1,404 were in the green, while 872 were in the red.

Key Movers: Several notable stocks hit fresh 52-week highs, including Mahindra and Mahindra (M&M), Hindustan Unilever (HUL), Bharti Airtel, and Sun Pharma. The Nifty 50 closed at 25,939.05 points, up by 0.6%, while the broader Nifty 500 gained 0.8% to close at 24,379.20. The Indian volatility index, Nifty VIX, increased by 7.8%, closing at 13.8 points, indicating a rise in market uncertainty.

On the corporate front, Adani Total Gas saw its stock price soar after securing $375 million (approx. Rs 3,131.2 crore) in funding from a group of global lenders including BNP Paribas, DBS Bank, and Mizuho Bank. The company plans to utilize this funding to expand its city gas distribution (CGD) network across 13 states in India.

Sector Performance: Sectorally, Nifty PSU Bank and BSE Oil & Gas were among the top index gainers. Hardware Technology & Equipment emerged as the day’s best-performing sector with a 2.8% jump.

On the global front, Asian markets closed mixed, while European indices were trading largely in the green, with the exception of the UK’s FTSE 100 and France’s CAC 40, which were trading flat and slightly lower, respectively.

Stock-Specific Updates:

United Breweries faced a setback as Motilal Oswal retained its 'Sell' recommendation, with a target price of Rs 1,800 per share, projecting a 16.2% downside due to increased competition and regulatory challenges.

Astec Lifesciences saw a decline as its CEO Anurag Roy resigned, effective October 25.

Biocon received three observations from the US FDA following a surveillance inspection at its API facility in Bengaluru.

NBCC (India) rose after its subsidiary HSCC (India) secured a Rs 1,261 crore contract from the Ministry of Health and Family Welfare for work on AIIMS Darbhanga.

Aster DM Healthcare is set to invest Rs 220 crore in a new 300-bed hospital in Hyderabad.

For investors keen on market trends, companies like Concord Biotech, Campus Activewear, and ICICI Bank were flagged by the Relative Strength Index (RSI) as being in the overbought zone, suggesting possible corrections.

Foreign Portfolio Investments (FPI) continued to flow into Indian equities, with net purchases exceeding Rs 26,000 crore in the cash market this month. This aligns with Jefferies Global Head of Equity Strategy Christopher Wood’s observation that a 10% market correction could further stimulate foreign inflows, as emerging market investors have been hesitant due to high valuations.

In other corporate developments:

Samvardhana Motherson International concluded a successful QIP, raising $771 million to improve its financial position.

Vodafone Idea secured a massive $3.6 billion network equipment order from Nokia, Ericsson, and Samsung for a three-year supply deal.

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