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Indian Stock markets took a pause from trading yesterday as the nation observed Mahatma Gandhi Jayanti, a national holiday commemorating the birth anniversary of the Father of the Nation. On this day, both the stock and commodity markets, including gold and silver, remained closed. While the markets took a break, there were significant developments and announcements to keep an eye on. Here’s a brief recap of what transpired on this day:
RBI Extends Deposit Deadline for Rs 2,000 Notes
The Reserve Bank of India (RBI) has extended the deadline for depositing Rs 2,000 notes until October 7, offering individuals more time to exchange or deposit these notes in their bank accounts.
Unemployment Rate Decline
The Centre for Monitoring Indian Economy reported a notable decrease in India’s unemployment rate, which stood at 7.09% in September, down from 8.10% in August. This decrease signifies that more people found employment opportunities during the month, providing hope for economic recovery.
India’s Mobile Download Speed Soars with 5G
India’s mobile download speed witnessed a remarkable improvement, surging 72 ranks in the Speed test Global Index by Ookla. With the introduction of 5G services, India now ranks 47th globally for mobile download speed, indicating the positive impact of advanced technology on connectivity.
SEBI Extends Market Rumour Verification Deadline
The Securities and Exchange Board of India (SEBI) has extended the deadline for market rumour verification by four months, setting the new date as February 1, 2024. This rule will require listed companies to promptly publish statements addressing rumors circulating in media reports, promoting transparency and accountability in the market.
Auto Sales Reach Record High
Auto sales in India reached a record high in September, with car sales surging by 2.4% year-on-year to reach 3.61 lakh units. This boost in sales indicates a growing demand for automobiles in the country.
Stock market Stocks in the Spotlight
In Indian Stock market Several prominent stocks made headlines on this day:
Coal India: The supply of coal to the power sector by Coal India increased by 3.4% to 294.8 million tonnes in the first six months of the current financial year.
Adani Group: Adani Energy Solutions announced the commissioning of the Kharghar-Vikhroli transmission line (KVTL), a significant development in the energy sector.
Maruti Suzuki: Total wholesales for Maruti Suzuki increased by 3% year-on-year, reaching 1.81 lakh units in September, marking the highest-ever sales for the company.
TVS Motors: TVS Motors reported a 10% increase in sales, with 1.86 lakh units sold in September.
M&M: Mahindra & Mahindra posted its best-ever SUV sales numbers in September, totaling 41,267 units, indicating a strong market presence.
Also read Stock Market Latest updates
Understanding Unemployment Rate
To provide clarity on an important economic indicator:
Unemployment Rate: When individuals are actively seeking employment but are unable to secure jobs, they are considered unemployed. The unemployment rate is calculated by dividing the total number of unemployed individuals by the working population (those currently employed). A higher unemployment rate indicates that more people are actively seeking work but are struggling to find suitable job opportunities.
Todays Question
What is SIP?
SIP stands for Systematic Investment Plan. It’s like a smart way to invest your money in something called Mutual Funds.
How Does It Work?
Imagine you want to save money for your future, like buying a cool bike or going to college. With SIP, you don’t need a lot of money upfront. You can start with just a little bit.
Saving Step by Step
SIP helps you save regularly, like every month. It’s like putting away a part of your allowance. Over time, these small savings add up and become a big pile of money.
Why It’s Awesome ?
The best thing about SIP is that it teaches you to save and plan your money smartly. It’s like a financial superhero that helps you build your future wealth, even if you’re starting small.
So, SIP is like a super cool way to save and invest your money for the things you want in the future. It’s like taking small steps to reach your big dreams!
Question:
“If you invest in SIP with small-cap funds for a perpetual duration, can you stop the SIP at any point of time? Would there be charges incurred? What is an advisable time period to fix for an SIP?”
Answer:
Yes, you can stop SIP at any time without incurring charges or penalties. It’s essential to note that stopping SIP doesn’t mean your invested money will be immediately withdrawn; it will remain invested until you choose to withdraw it. Be mindful of the mutual fund’s exit load, applicable only within a specific time period. Additionally, consider any tax implications when making withdrawals.
Market Snapshot
One-Day Changes:
Gold: -58,050 🥇
Silver: -72,027 🥄
USD-INR: 83.20 💲
Dow Jones: 33,507.76 ▼ 0.47% 🇺🇸
Nasdaq: 13,219.32 ▲ 0.14% 🇺🇸
Long-Term Returns (Past 20 Years):
Sensex: HOLIDAY 🇮🇳
Nifty: HOLIDAY 🇮🇳
Dow Jones: HOLIDAY 🇺🇸
Nasdaq: HOLIDAY 🇺🇸
As India observed a holiday on Mahatma Gandhi Jayanti, the financial world was not completely at rest, with significant developments in the economic landscape. From improved employment numbers to advancements in mobile download speed and extensions of important regulatory deadlines, these updates provide valuable insights into India’s economic trajectory. Investors and market enthusiasts are encouraged to stay informed and adapt their strategies accordingly in this dynamic environment.
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