Tue Oct 08 03:11:48 UTC 2024: ## Asian Markets Dip as Investors Await China’s Reopening

**Tokyo, Seoul, Oct. 8, 2024** – Asian markets opened lower on Tuesday as investors braced for China’s return from a week-long holiday, with uncertainty surrounding the economic outlook.

**Japan’s Nikkei 225** fell 0.70%, or 275.40 points, to 39,057.34, while **South Korea’s Kospi** dropped 0.67% to 2,593.62. Samsung Electronics’ disappointing third-quarter earnings guidance dampened investor sentiment in South Korea.

**India’s benchmark indices** also closed lower for the sixth straight day, marking their worst six-day decline since March 2022. The **Nifty 50** ended 218.85 points, or 0.87%, lower at 24,795.75, and the **Sensex** closed 638.45 points, or 0.78%, lower at 81,050.00.

**Foreign portfolio investors (FPIs)** remained net sellers of Indian equities for the sixth consecutive day, offloading stocks worth Rs 8,293.41 crore. Domestic institutional investors, however, recorded the highest single-day buying so far in 2024.

**Key Developments:**

* **Ola Electric Mobility** received a notice from the Central Consumer Protection Authority for alleged violations of consumer rights.
* **Hi-Tech Pipes** opened its QIP with a floor price of Rs 194.98 per share.
* **IRCON International** faces a claim of Rs 38.71 crore from contractor Apex Buildsys.
* **HDFC Bank** approved the sale of HDFC Edu to Vama Sundari Investments for Rs 192 crore.
* **Bharat Electronics** received an additional order worth Rs 500 crore.
* **Bajaj Hindusthan Sugar** terminated its joint venture with EverEnviro Resource Management.
* **Chalet Hotels** submitted a scheme of arrangement for merger with Sonmil Industries and The Dukes Retreat.
* **Puravankara** will acquire land in North Bangalore for a residential project.
* **City Union Bank** opened three new branches.
* **Bank of Baroda** appointed Sachin Tendulkar as its global brand ambassador.
* **Hitachi Energy** announced plans to double its transformer manufacturing capacity.
* **Tata Motors** reported a decline in JLR retail sales and production due to supply chain disruptions.
* **Nuvoco Vistas Corp.** emerged as the preferred bidder for three limestone blocks in Rajasthan.
* **Sobha** recorded a new area sales of 0.93 million square feet in the second quarter.
* **Avenue Supermarts** agreed to acquire a 26% stake in FP Ampere Energy.
* **Hero Motors** withdrew its draft papers for a Rs 900 crore IPO.
* **TIL** renewed its dealer sales and service agreement with Hyster-Yale AsiaPacific.
* **UCO Bank** revised its Treasury bill-linked lending rate effective October 10.
* **ICICI Bank** redeemed outstanding notes worth $153.150 million.
* **FSN E-Commerce Ventures (Nykaa)** reported mid-twenties revenue growth in the second quarter.
* **Jubilant Ingrevia** issued commercial papers worth Rs 100 crore.
* **Prestige Estates Projects** provided a corporate guarantee for a credit facility of Rs 1,840 crore.
* **Lemon Tree Hotels** signed a license agreement for a new hotel in Udaipur.
* **RITES** secured a $5.4 million contract from Ntokoto Rail Holdings.
* **Crompton Greaves Consumer Electricals** had a trademark infringement case dismissed by the Supreme Court.
* **Garuda Construction and Engineering** opened its IPO for bidding with a price band of Rs 92 to Rs 95 per share.
* **Shiv Texchem** opened its IPO for bidding with a price band of Rs 158 to 166 per share.
* **Heubach Colorants India** saw a purchase of 2.53 lakh shares by Quant Mutual Fund.
* **Kamdhenu Ventures** saw a purchase of 25 lakh shares by Minerva Ventures Fund.
* **Lloyds Metal and Energy** saw a revocation of pledge for 12.2 lakh shares.

**The Indian rupee** closed flat at Rs 83.98 against the US dollar.

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