The stock markets ended in the red for the fourth consecutive week led by a sharp correction in financial services especially IL&FS and Yes Bank. Sentiment remained cautious after the government raised import tariffs on 19 goods and the RBI announced measures to ease liquidity concerns.
Duty was increased on goods valued at Rs 86,000 crore in including air conditioners and washing machines, in an effort to decrease the current account deficit and provide support to the weakening rupee.
The rupee traded below 73 against the dollar, helped by RBI interventions. Crude oil prices closed on a positive note for the third straight week, with Brent touching a fresh four-year high of more than $83 a barrel after the OPEC refused to increase crude production.
Here are the global and national events that are likely to impact economy and businesses this week.
- Domestic companies to start reporting September-quarter earnings in the coming days.
- RBI’s policy review on Friday (Oct 5). It is likely to raise the repo rate by 25 basis points.
- Automobile sales numbers for September will be out on Monday (Oct 1). There could be a slowdown in some segments due to higher insurance premium and higher fuel prices.
- On the macro front, manufacturing PMI for September will be announced on Monday (Oct 1) and Nikkei Services PMI for September will be announced on Thursday(Oct 4).
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