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Stocks in News

* SWAN DEFENCE: The company signed an MoU with Gujarat Maritime Board to invest Rs.4,250 crore for jointly exploring and financing maritime projects, including newbuilds, ship repairs, and infrastructure, through a maritimefocused equity fund.

* ESAF SFB: The company plans to raise funds through preferential issue, QIP, and other routes, while amending its memorandum of association to increase authorised capital from Rs.600 crore to Rs.1,000 crore.

* LUPIN: The company reported that the USFDA inspection at its Pune biotech facility concluded with four observations.

* REDINGTON: The company’s step-down subsidiary, Arena Bilgisayar Sanayi, signed a definitive agreement with Datagate Bilgisayar Malzemeleri to assign a Vodafone device distribution and supply contract worth about $8 million.

* SOMANY CERAMICS: The company entered into a pact with GAIL for natural gas supply to its Kassar plant, where operations have been gradually scaled up to reach full capacity utilisation.

* DEE DEVELOPMENT: The Punjab Electricity Regulatory Commission confirmed the pact between the company’s arm and PSPCL, granting PSERC authority to set tariffs for the extended 10-year period. The matter is scheduled for further hearing on November 6 to decide the applicable tariff.

* ZYDUS LIFE: The USFDA issued an EIR with a Voluntary Action Indicated classification for the Ahmedabad facility, which was earlier classified as Official Action Indicated in June 2024.

* NBCC: The company signed an MoU with HUDCO for developing commercial plots worth Rs.117 crore.

* TRIDENT: The company provided an update on tax demand proceedings of Rs.519 crore for FY 2018-19 and 2020-21.

Economic News

* India, US agree not to seek info on source code: US companies are poised to find it easier to sell products and services in India as the two nations renegotiate a trade agreement, emphasizing the facilitation of digital trade. Both countries have agreed to avoid demanding proprietary information like source code or specific technology access as preconditions for business operations in India.

Global News

* Global economy holds steady amid uncertainty, but underlying risks linger: Despite multiple threats to the global economic order during President Trump’s first eight months from tariff shocks and Fed tensions to emerging state capitalism the global economy has shown surprising resilience. Markets surged, inflation fears remained muted, and growth continued, supported by strong corporate and household balance sheets, lower energy prices, and potential AI-driven productivity gains. Early trade war fears eased as deals limited tariffs, and Trump’s attempts to influence the Fed failed, keeping investor confidence intact. Globally, China maintained rates amid resilient exports, the eurozone and major European economies are showing stronger growth, Japan’s manufacturing sentiment is high, and emerging markets like Brazil, Mexico, and India are holding up. However, underlying risks persist: tariff impacts may surface slowly, U.S. growth remains concentrated in AI and high-end spending, housing and hiring are weak, and investor complacency is high, relying on the belief in a “Fed put” to cushion downturns. Overall, the current calm provides temporary breathing space, but vulnerabilities remain beneath the surface.

Government Security Market:

* The Inter-bank call money rate traded in the range of 4.85%- 5.60% on Friday ended at 5.50% .

* The 10 year benchmark (6.33% GS 2035) closed at 6.4885% on Friday Vs 6.5139% on Thursday .

Global Debt Market:

U.S. Treasury yields inched higher on Friday as investors weighed the state of the U.S. economy after the Federal Reserve cut interest rates for the first time this year. At 4:52 a.m. ET, the 10-year Treasury yield was up 2 basis points to 4.125% while the 2-year Treasury yield was little changed at 3.576%. The 30-year Treasury bond yield also added 2 basis points to 4.742%. Investors are evaluating the Fed’s interest rate cut this week, with policymakers voting 11-to-1 to lower the benchmark overnight lending rate by a quarter percentage point to a range between 4.00%-4.25%. Fed Chairman Jerome Powell described the rate move as “risk management,” and policymakers indicated that two more rate cuts would be forthcoming this year. “First, markets were still benefiting from the Fed’s announcements on Wednesday, where the dovish shift in the dot plot led to growing anticipation of further cuts ahead,” Deutsche Bank analysts flagged in a Friday note. “Second, we had some stronger data on the US labour market, with the initial jobless claims posting their biggest weekly decline since 2021. So that helped to reassure investors that an economic slowdown would be avoided.” Lower jobless claims released on Thursday calmed investor concerns about a slowing economy or cracks in the labor market, after a brief spike last week sparked worries about potential upcoming layoffs. There’s no economic data set to be released on Friday, but investors will next week look to the personal consumption expenditures index the Fed’s preferred inflation gauge for further insights about the health of the U.S. economy .

10 Year Benchmark Technical View :

The 10 year Benchmark (6.33% GS 2035) yield likely to move in the range of 6.47% to 6.49% level on Monday.

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