The money markets on Tuesday witnessed a combination of volatility, optimism, and sharp sectoral swings fueled by advancements in global technology, geopolitical deals, India’s new strategy on rare earth, and a series of corporate deals. Let’s take a step-by-step look at the key findings from global tech, macroeconomy, sector trends, and key corporate announcements.
The American technology sector is leading the charge in global equity markets. Nvidia, the chipmaking giant, announced a $100 million investment in OpenAI, specifically for data centers. This investment will be used to supply advanced data center chips to power OpenAI’s artificial intelligence models, signaling the deepening ties between the AI ecosystem and semiconductor innovation.
In the meantime, Apple shares surged on the strength of robust customer demand for new iPhone 17 sales. Reported pre-orders have proved significantly above expectations, boosting expectations for Apple’s next earnings season. Collectively, these moves underpinned Wall Street’s technology-laden Nasdaq rally.
Amidst geopolitical uncertainty, the United States and Russia have renewed their nuclear test treaty for an additional year. Though symbolic, the action is considered a balancing step in global security politics, particularly when both nations are revamping their defense and diplomatic strategies.
India has begun to make a strategic effort in securing access to rare earth minerals, important for electronics, renewable energy and defense production. The government is negotiating with Latin American countries—Peru, Chile, and Argentina—on stocking and signing long-term deals.
India is currently highly reliant on China for rare earths, and this forms supply chain risks. Through these talks, India hopes to minimize bottlenecks, stabilize production, and increase self-reliance in key areas like EV batteries, defense, and renewable energy.
Currency, Indian rupee fell to an all-time low of ₹88.72 against the US dollar. This fall is a reflection of world dollar strength and domestic macroeconomic stress. However, as poor as the rupee was, equity markets remained firm, rebounding from intraday lows to trade mildly lower.
The impact of GST rate reductions, the most closely tracked ones to kick in yesterday, was felt in the car industry. They saw sales rise as lower rates of tax made it more affordable and attitudes changed.
- Hyundai recorded 11,000 vehicles sold on a day.
- Maruti Suzuki performed better with 25,000 units sold.
- Orders for more than 80,000 cars were placed.
This upsurge propelled auto shares higher, with Hyundai and Maruti among the sector luminaries. The optimism also percolated to banking and metal stocks, underpinning the market.
- Adani Group shares, following a good upsurge last week, dipped briefly but staged a recovery near close.
- Bank shares, auto shares, and metal shares were on the front foot, reflecting robust sectoral strength.
- Pharma shares continued in the limelight with a series of announcements.
- Glenmark Pharma – Board meeting on Sept 26 to approve a dividend, with record date on Sept 30.
- Alkem Labs – Introduced Pertuza, a breast cancer medicine, in India.
- Dr. Reddy's – Got positive European Drug Agency opinion for biosimilars XGEVA and PROLIA.
- Cipla, Lupin, Aurobindo – Won major foreign contracts, closing pharma exports tale of India.
Indian corporates indicated that they have inked a number of big-ticket deals across industries such as infrastructure, engineering, and real estate:
- Brigade Enterprises – Invested in a ₹1,200 crore housing project on 75 acres of land in Banashankari, Bengaluru.
- KEC International – Received a ₹3,243 crore UAE order to implement a 400kV transmission line, towers, and poles.
- HCC – Received a ₹2,563 crore Patna Metro Rail Corporation order, almost half its market cap.
- KNR – Received a ₹459 crore project.
- RVNL – Became lowest bidder in a ₹145.35 crore Southern Railway project.
- L&T – Won a ₹1,200 crore EPC contract for widening Pune metro.
- BEL – Won an ₹850 crore Indian Navy order.
- BHEL – Won a ₹600 crore Chhattisgarh thermal power order.
- IRCON – Signed a ₹400 crore MoU with Bangladesh Railways.
- NBCC – Won a ₹300 crore Delhi government redevelopment work.
- RITES – Won a ₹250 crore consultancy order from Nepal Railways.
- Ashok Leyland – Won a ₹180 crore defence order.
- HAL – Had a ₹1,000 crore engine overhauling order from the IAF.
- GRSE – Won a ₹500 crore navy ship order.
- Bharat Dynamics – Won a ₹700 crore missile systems order.
A series of strategic acquisitions marked India Inc.’s growth ambitions:
- Adani Ports – Acquired 49% stake in Myanmar terminal for ₹1,100 crore.
- Tata Power – Bought Azure Power's 100 MW solar assets.
- JSW Steel – Bought a 30% stake in a green hydrogen firm.
- Reliance Retail – Acquired grocery chain business for ₹450 crore.
- Infosys – Bought AI firm in the US for $120 million.
- HCLTech – Bought an Israeli cybersecurity company for ₹800 crore.
- Piramal Pharma – Acquired 20% stake in a biotech firm.
- Mahindra Logistics – Acquired warehousing assets worth ₹300 crore.
- Ultratech Cement – Acquired Rajasthan limestone mines.
- FIIs sold shares of ₹2,910 crore, demonstrating continued caution.
- DIIs bought ₹2,582 crore, which partly negated the FII outflow.
- Major stock movements:
- ICICI Bank bulk deal of ₹1,200 crore.
- HDFC Bank block deal by MFs worth ₹800 crore.
- Tata Motors institutional fund investment of ₹650 crore.
- Maruti Suzuki witnessed sovereign fund investments of ₹700 crore.
- Tech Mahindra had hedge fund selling of ₹400 crore.
- TCS – To announce results on October 9.
- NTPC – Approved ₹1,500 crore capex for clean energy projects.
- ONGC – Sanctioned ₹1,200 crore foreign drilling expenses.
- Tata Steel – Announced Odisha expansion of ₹2,000 crore.
- Adani Green – Will be investing ₹1,800 crore in solar parks.
- Biocon – Obtained USFDA approval for a biosimilar, accelerating production ramp-up.
- Sun Pharma – Announced ₹500 crore share buyback.
- Britannia – ₹200 crore new plant investment.
- Eicher Motors – ₹600 crore EV R&D investment.
- Tata Motors – Temporarily suspended JLR manufacturing until October 1.
- TVS Holding – Issuing bonus non-convertible preference shares with 6% dividend.
- Hyundai & Maruti – Registered record single-day sales following GST rate reductions.
- Mahindra & Ashok Leyland – Received new domestic and export orders.
- EURO PRATIK – Listed at ₹247 through IPO, listed on NSE at ₹272.10 and BSE at ₹273.45, giving listing returns to investors right away.
Despite sharp intraday moves, Indian equities recovered from lows and closed with only a slight decline. The market was supported by auto, metal, banking, and select infra stocks, even as currency weakness and FII selling capped gains.
With global tech surging, India’s rare earth strategy unfolding, and multiple corporate announcements boosting sentiment, markets remain well-positioned for sectoral momentum in the coming sessions.