ET NEWS

At least 22 people have been killed following a powerful 6.9-magnitude earthquake in the Philippines, a government official said, marking one of the country's most devastating disasters this year. The earthquake that struck off the coast of Cebu City in the Philippines' central Visayas region just before 10 p.m. (1400 GMT) on Tuesday led to power outages and damaged buildings in the region. Alfie Reynes, vice mayor of the town of San Remigio, confirmed the death toll of 22 in an interview with DZMM radio. Another government official told Reuters by phone that at least 21 people have been reported dead in Cebu province, adding that verification is underway on the reported fatalities. The New York Times earlier reported that at least 37 people have been injured due to the quake, along with the collapse of a few buildings and infrastructure including bridges. Earthquake monitoring agencies had pegged the depth of the quake at around 10 km (6.2 miles) and recorded multiple aftershocks, the strongest having a magnitude of 6. Another monitoring agency said there was no tsunami threat following the quake. Cebu City has a population of nearly 1 million, according to the USGS. Philippine seismology agency Phivolcs warned of aftershocks and damage from the offshore tremor. It also warned that "strong currents and rapid changes of seawater level are expected." "The concerned public is advised to be on alert for unusual waves," it said in an advisory. The warning was canceled three hours later. The Philippines lies in the Pacific "Ring of Fire," where volcanic activity and earthquakes are common. The country had two major earthquakes in January with no casualties reported. In 2023, a 6.7 magnitude offshore earthquake killed eight people.

Mumbai: October may bring some relief for equity investors, with seasonality trends pointing to a higher probability of gains in the month.In the past 10 years, the benchmark Nifty and the broader Nifty 500 have closed higher in seven of the past 10 occasions during the month. Yet, analysts said market action in the coming weeks could be constrained, with indices likely stuck in a narrow range in the absence of fresh catalysts."As we step into October, the Nifty is expected to remain in the 24,300-25,400 range," said Sriram Velayudhan, senior vice president, IIFL Capital Services. "Factors like lack of clarity on tariff resolution, FII selling and a busy primary market pipeline could also keep indices range-bound." This month, large IPOs such as Tata Capital, LG and WeWork are scheduled to hit the market.Data from Motilal Oswal Financial Services showed that the Nifty and Nifty 500 in October have delivered average gains of 0.6% and 0.7%, respectively, over the past decade.In September, the Nifty and Nifty 500 gained 0.8% and 1.2% respectively. 124245537"A recovery from current levels looks likely, given the recent correction, potential GST-led momentum, and festive-driven consumption," said Chandan Taparia, head of technical and derivatives research at Motilal Oswal Financial Services. Taparia noted that immediate support for the Nifty is at 24,400, with potential to move towards 25,250 in the near term.In contrast, US benchmarks have shown mixed seasonality in October. The S&P 500, Dow Jones and Nasdaq 100 have gained in only five of the past ten years, though average returns for all three indices have been positive, between 1.3% and 2%."While US indices witness mixed seasonality in October, such patterns have historically had limited spillover into Indian markets," said Taparia.Velayudhan added that the earnings season will also be closely watched. "In the event of progress on tariff resolution by the end of the month, a recovery rally cannot be ruled out," he said.