Asian shares fell on Tuesday after Federal Reserve officials cemented the view that US interest rates are likely to remain elevated for some time.

The Nikkei is trading 1.5% lower while the Hang Seng index is down 1%. Chinese markets were closed for the week because of the Golden Week Holiday.

The Dow Jones Industrial Average was lower Monday even after US legislators were able to come to a short-term agreement that staved off a government shutdown.

Here's a table showing how US stocks performed on Monday:

Source: Equitymaster

Back home, Indian share markets are trading on a negative note following the trend on SGX Nifty.

At present, the BSE Sensex is trading lower by 427 points. Meanwhile, the NSE Nifty is trading down by 137 points.

HUL and M&M are among the top gainers today.

Hindalco and ONGC on the other hand are among the top losers today.

Broader markets are trading mixed. The BSE Mid Cap index is trading 0.2% lower and the BSE Small Cap index is trading higher by 0.2%.

Sectoral indices are trading on a negative note with stocks in the metal sector and auto sector witnessing selling pressure.

Shares of REC and Coal India hit their 52-week high today.

The rupee is trading at Rs 83.2 against the US dollar.

In commodity markets, gold prices are trading at 1.6% at Rs 56,698 per 10 grams today.

Meanwhile, silver prices are trading 4% lower at Rs 66,973 per 1 kg.
 

Maruti Suzuki Records Highest Monthly Sales

Maruti Suzuki India, the largest passenger car manufacturer in the country, reported its highest-ever monthly sales in September 2023. The company's total wholesales last month increased 2.8% year-on-year (YoY) to 181,343 units from 176,306 units dispatched to dealers in the same month last year.

Total sales in the month include domestic sales of 153,106 units, sales to other OEMs of 5,726 units, and exports of 22,511 units.

In the April-September period, Maruti Suzuki's total sales crossed the 10-lakh sales mark. The company dispatched 10,50,085 units in the first half of the current fiscal as compared with 985,326 units in the same period of the last fiscal.

It is the first time that the company surpassed the half-yearly sales mark of 1 million units.

Total domestic passenger vehicle (PV) sales in September rose 2% to 150,812 units from 148,380 units in September 2022.

The company's PV market crossed the 3 million mark for the first time in September.

However, Utility vehicle dispatches jumped by a robust 82% to 59,271 units last month from 32,574 units in September last year.

Note that the electric vehicle (EV) megatrend is a once-in-a-century revolution happening right in front of us.

The revolution has taken the auto sector by storm. All segments are ripe for disruption, and India's top EV stocks are set to benefit from this shift.

Coal India's Production Rises 12.6%

State-owned CIL on Monday reported a 12.6% year-on-year rise in coal production to 51.4 million tonnes (MT) last month.

The PSU had produced 45.7 MT of coal in the year-ago period.

The company's output in the April-September period also increased by 11.3% to 332.9 MT against 299 MT a year ago.

CIL's offtake in September increased by 12.6% to 55.1 MT compared to 48.9 MT in the corresponding month of the previous fiscal.

The offtake of the Maharatna firm in the April-September period also went up by 8.6 percent to 360.7 MT against 332 MT in the year-ago period.

Coal offtake is the amount of dry fuel supplied from the coal pitheads.

Coal India accounts for over 80% of domestic coal output.

Coming to the stock performance, the share price of Coal India has gained over 20% so far in 2023.

To know what has led to the sudden change in share price momentum for this monopoly stock.
 

Federal Bank Advances Up 20%

Private sector lender Federal Bank has posted a 20% year-on-year growth in advances at Rs 1.9 trillion (tn) for the September 2023 quarter.

The pace of loan growth for the private lender was higher than the 15.1% year-on-year growth in advances of the banking system until 8 September 2023.

Referring to segmental performance, Federal Bank said that, as per internal classification, its retail credit book grew by 22% year-on-year and its wholesale credit book grew by 17%. The retail-to-wholesale ratio was at 55:45, respectively, in the total loan book.

Its pace of deposit mobilization was also higher than the banking system's pace of 12.8% year-on-year as of 8 September 2023.

Sequentially, the private bank's deposits grew by 4.7% over outstanding deposits at the end of March 2023.

The share price of this private bank hit its 52-week high. 

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