Top Stories – 3rd October

US Pharma Tariffs: Trump delayed 100% levy on patented/branded drug imports; policy still under review. Stocks:

, , Cipla. US Shutdown & Jobs: Govt shutdown pressures economy, though Sept layoffs fell 37% MoM to 54,064 (−26% YoY). Stocks: IT exporters (Infosys, ) sensitive to US slowdown. Japan Jobs Data: Jobless rate rose to 2.6% in Aug (vs 2.3% Jul); signals weaker global trade. Stocks: Maruti, Toyota India supply chain exposed. RBI Policy: Repo held at 5.5%, Neutral stance. Inflation cut to 2.6% FY26E; growth raised to 6.8%. Rate cuts may resume Dec’25. Stocks: Banks (HDFC Bank, SBI), NBFCs. India-Russia Oil: Russian crude imports fell to 605k bpd in Sept (−32% vs Apr–Aug). Stocks: IOC, BPCL, HPCL, Reliance. GST Collections: Net GST +5% YoY to ₹1.60 tn, but −4.2% MoM on higher refunds; Gross GST +9.1%. Stocks: Consumption plays – HUL, ITC, DMart. Centre Devolution: Govt released extra ₹1.02 tn tax devolution ahead of festive demand. Stocks: Infra (L&T), cement (Ultratech), rural-focused FMCG. India PMI: Mfg PMI eased to 57.7 (vs 59.3), still strong but softer orders hint at US tariff impact. Stocks: Capital goods – Siemens, ABB, Bharat Forge. MSP Hike: MSP raised for 6 rabi crops; wheat +6.6% to ₹2,585/qtl. Farmers’ income to rise. Stocks: Fertilizer (Coromandel, Chambal), Agri-inputs, FMCG (Britannia). Consumer Confidence: RBI survey showed uptick – urban 96.9, rural 100.9. Stocks: Banks (ICICI Bank, Kotak), Autos (Hero, Maruti). Global Cues: Asia seen higher tracking Wall St gains despite US shutdown. Tag: Global exporters & IT.