Morning Update: Today Every sectoral index is up, with auto, capital goods, IT, power, and realty up 1% each. Nifty gainers include Infosys, Apollo Hospitals, Wipro, HCL Technologies, and SBI.
Sensex- gains +455 points at 63603
Nifty 50 gains + 135 points at 18,992
Indian Market
FII AND DII
| FII purchased | 7,702.53 Cr |
| DII purchased | 6,558.45 Cr |
Indian Market News
- UNO Minda, Bosch, and Tube Investments of India lifted BSE Auto Index 1%:
- Dollar expects weekly gain as US economy remains strong
- Oil to decrease for first time in three weeks as Mideast scenario persists
- The GIFT Nifty is off to a good start; US markets are down.
- US markets fall as earnings season begins; investors examine economic data
- As the Mideast scenario remains unchanged, oil is poised to fall for the first time in three weeks.
- Astral begins commercial adhesives production at Dahej factory.
- Karnataka Bank approves preferential equity share allocation of Rs 800 crore.
- NLC India Q2 profit rises 164% to Rs 1,085 crore.
- Strong EBITDA margin boosts Colgate Palmolive Q2 earnings 22% to Rs 340 crore.
- Sun Pharma subsidiary Taro Pharma declares $8.5 million Q2 net profit; revenue grows 13.4%.
- Vodafone Idea’s Q2 loss rises to Rs 8,738 crore, revenue unchanged.
- During the current fiscal year, Indian Bank plans to raise Rs 4,000 crore.
- The ED seizes assets worth more than Rs 70 crore from DHFL promoters Wadhawans.
- Taro Pharma, a Sun Pharma subsidiary, announces a $8.5 million net profit for the second quarter; revenue increases 13.4%.
- Vodafone Idea’s Q2 loss grows to Rs 8,738 crore, as revenue remains constant.
- RIL’s Q2 net profit may increase due to overall development in the oil, Jio telecom, and retail businesses.
Global Market Check
Gift Nifty
The GIFT Nifty has gained 44.50 points, or 0.23 percent, suggesting that the wider index in India is off to a good start. The 19,005.50 level was the trading range for the Nifty futures.
US Markets
As investors processed conflicting quarterly profits and indications of economic resilience that may persuade the Federal Reserve to maintain interest rates at a restrictive level longer than anticipated, U.S. stocks fell on Thursday, led by tech and tech-adjacent megacap shares.
The three main U.S. market indexes finished the week lower than they started, and they all continue to trend downward.
Due to the “magnificent seven” group of megacap stocks, uncertain earnings expectations, and the “higher for longer” interest rate scenario, the tech-heavy Nasdaq experienced the largest percentage decline.
The S&P 500 sank 49.54 points, or 1.18%, to 4,137.23, the Nasdaq Composite slid 225.62 points, or 1.76%, to 12,595.61, and the Dow Jones Industrial Average fell 251.63 points, or 0.76%, to 32,784.3.
Oil Prices
Oil prices increased on Friday, recovering from a previous session’s plunge of more than $2 a barrel as worries over a wider Middle East conflict subsided and the United States, the world’s largest oil consumer, showed indications of declining demand.
By 00:19 GMT, Brent crude futures had increased by 45 cents, or 0.5%, to $88.38 per barrel, while U.S. West Texas Intermediate had increased by 42 cents, or 0.5%, to $83.63 per barrel.
Both contracts are expected to see their first weekly decline in three weeks as the geopolitical premium, which was based on concerns that the Israel-Gaza war would affect other Middle Eastern nations and hinder the flow of oil, has decreased.
Dollar Index
Strong U.S. GDP data that supported higher-for-longer interest rates helped the dollar march towards a weekly gain on Friday, as the yen lingered around 150 per dollar ahead of a crucial policy meeting the following week.
According to figures released on Thursday, the third quarter had the strongest rate of growth in the American economy in almost two years, driven by rising wages as a result of a competitive job market and strong consumer spending.
This increased speculation that the Federal Reserve would maintain tight monetary policy for an extended period of time, which would raise the value of the dollar relative to a basket of other currencies.
After hitting a three-week high of 106.89 in the previous session, the U.S. dollar index continued to rise, closing at 106.57.
Gold Prices
Gold saw a small increase on Thursday as bullion weathered pressure from solid U.S. statistics that allayed fears of a recession, thanks to consistent demand for safe haven assets spurred by the Middle East conflict.
The spot price of gold increased by 0.3% to $1,986.29 an ounce. Prices earlier in the day were not far from the five-month high that was reached on Friday. At $1,996.40, U.S. gold futures increased by 0.1%.
News updates
AMFI is consulted as SEBI suggests a new category of mutual funds dubbed “high-risk.”
The Securities and Exchange Board of India (SEBI), the capital market regulator, has suggested launching a new mutual fund (MF) that carries a high level of risk but provides an opportunity for greater profits. SEBI has written to the Association of Mutual Funds of India (AMFI), the trade association for the mutual fund sector.
This suggestion was initially presented by SEBI to AMFI during a meeting. After that, it sent a letter to AMFI requesting internal discussion over the viability of creating such a category. According to a person with knowledge of the situation, SEBI is concerned that many investors, driven by greed and the desire for bigger returns, are flocking towards high-risk Portfolio Management Services and occasionally
RIL Q2 net profit could increase, driven by overall growth in the retail, Jio telecom, and oil sectors.
Even with a slight increase in revenue, Reliance Industries is anticipated to record a strong increase in net profit for the second quarter of its fiscal year, mostly due to gains in the refining margin. The largest firm in India based on market capitalization is probably going to perform well across the board, with the exception of the petrochemicals industry, which may see some decline.
Following an underwhelming O2C result in Q1 FY24, analysts predict stable growth across the board in Q2 FY24. increased foot traffic will result in increased retail EBITDA. New customers will boost Jio’s EBITDA, and higher gas output will boost the EBITDA of Oil and Gas.
ED seizes assets from DHFL promoters Wadhawans valued at more than Rs 70 cr.
As part of a money laundering investigation connected to a suspected bank loan fraud case, the Enforcement Directorate said on Thursday that it had attached properties worth more than Rs 70 crore belonging to DHFL promoters Kapil and Dheeraj Wadhawan, including diamond jewellery and apartments.
According to a statement from the Central Bureau of Investigation (CBI), the investigation into the Wadhawan family concerns “cheating” a group of 17 banks out of Rs 34,615 crore, and the money laundering case is the result of a FIR filed by the agency. “The connected assets consist of paintings and sculptures valued at Rs. 28.58 crore, timepieces valued at Rs. 5 crore, diamond jewellery valued at Rs. 10.71 crore, and 20%
Stock in News
Axis Bank: The private lender said that, as of November 1, the board of directors has authorised Munish Sharda’s appointment as a whole-time director, with the designation of executive director of Axis Bank, for a period of three years.
Colgate Palmolive: The dental care company reported a 22.3 percent year-over-year increase in profit for the September FY24 quarter that ended in Rs 340 crore. This increase was primarily due to a robust and better-than-expected EBITDA margin that was driven by pricing and efficiencies. For the quarter, operating revenue reached Rs 1,471 crore, an increase of 6% year over year.
Lemon Tree Hotels: The business has secured a licence to operate a 50-room establishment under the Red Fox Hotels brand in Visakhapatnam, Andhra Pradesh. By FY 2026, the hotel is anticipated to be open for business.
Kamat Hotels: The business has successfully sold Hotel IRA by Orchid, a property in Mumbai, to Lateral Hospitality for a sum of Rs 125 crore.
NLC India: In India Due to a one-time gain of Rs. 1,278.5 crore, the coal mining company’s consolidated profit for the quarter ended September FY24 was Rs. 1,085 crore, up 164 percent year over year. With Rs 2,978 crore in revenue from operations for the quarter, it was down 14.66 percent from the same period the previous year.
Karnataka Bank: The bank stated that the board has given the go-ahead for the preferential allocation of shares worth Rs 800 crore to Quant MF, HDFC Life, Bajaj Allianz Life Insurance, Bharti AXA Life Insurance, and Bajaj Allianz General Insurance.
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