Gift Nifty is up by 14.5 points in the early morning trade, indicating a positive opening for Indian stock market.
Asian markets traded mostly higher on Monday following a tech-driven rally on Wall Street on Friday. Japan’s Nikkei 225 rallied 0.96% and the Topix gained 0.50%. South Korea’s Kospi rose 0.58%, while the Kosdaq gained 0.50%. Hong Kong’s Hang Seng index futures stood higher at 17,372, compared with the HSI’s close of 17,203.26. Australia’s S&P/ASX 200 traded 0.27% lower.
US stock market indices ended with strong gains on Friday led by heavyweight tech and growth stocks as Treasury yields eased. The Dow Jones Industrial Average rallied 1.15%, while the S&P 500 gained 1.56%, The Nasdaq Composite ended 2.05%, higher. The tech-heavy Nasdaq Composite posted its biggest one-day percentage age rise since May 26, while the S&P 500 posted its highest closing level since September 19.
European markets pulled back on Friday after U.S. Federal Reserve Chair Jerome Powell said the central bank is “not confident” it has done enough to rein in inflation. The pan-European Stoxx 600 index closed 1% lower. Food and beverage stocks led losses, ending the session down 3.1%, as all sectors closed in the red except oil and gas, which added 0.4%.
👉 Coal India Ltd– The country’s largest Coal Supplier reported a 9.85% increase in revenue and a 12.51% increase in profit year-over-year during the September quarter. The results were declared post market hours on Friday. The positive performance indicates the company’s ability to generate higher revenue and profitability compared to the same period last year.
👉 Life Insurance Corporation of India Ltd (LIC)- LIC declared their Q2 FY24 results on 10 November 2023, post market hours. The topline decreased by 9.2% & the profit decreased by 49.35% YoY. As compared to the previous quarter, the revenue grew by 6.85% and the profit decreased by 16.65%. The Selling, general & administrative expenses rose by 55.58% q-o-q & decreased by 41.47% Y-o-Y. The operating income was down by 12.36% q-o-q & decreased by 50.1% Y-o-Y. The EPS is ₹12.77 for Q2 FY24, which decreased by 42.51% Y-o-Y
👉 Oil and Natural Gas Corporation Ltd (ONGC)– ONGC released its July-September quarter results for fiscal 2023-24 (Q2FY24) on Friday, November 10, post market hours. ONGC reported a surge of 142 per cent in consolidated net profit at ₹16,553 crore, compared to ₹6830 crore in the corresponding period last year.
👉 Eicher Motors– The Royal Enfield motorcycle maker reported a 54.7% rise in its net profit to ₹1,016 crore in the September quarter of financial year 2023-24, on Friday post market hours Its larger-than-expected rise in second-quarter profit was led by strong sales amid burgeoning demand for premium motorcycles.
👉 Foreign institutional investors sold shares worth Rs 261.81 crore, while domestic institutional investors bought Rs 822.64 crore worth of stocks on November 10, provisional data from the National Stock Exchange showed.
Domestic and International Events
- On Diwali, November 12, Dalal Street witnessed a surge as buyers drove benchmark indices higher with lower trading volume. The BSE Sensex rose by 354.77 points (0.55%) to 65,259.45, and the NSE Nifty 50 gained 0.52% (100.20 points) to reach 19,525.55. Investors’ wealth soared by over Rs 2.22 lakh crore, reflecting in the total market cap of BSE-listed companies, which reached Rs 322.52 lakh crore. Notably, broader markets outperformed, with the Nifty Smallcap 100 rising by 1.14%, the Nifty Midcap by 0.61%, and the Nifty 500, the broadest NSE index, by 0.61%
- Moody’s Investors Services lowered its outlook on the US credit rating to “negative” from “stable” on Friday. The rating agency said it expects America’s fiscal deficits will remain very large, significantly weakening debt affordability. Moody’s retained its AAA credit rating on US government debt. According to the rating agency, the diminished fiscal strength of the US, undone by extreme partisanship in Washington, was a key driver of the action.
- Oil prices, despite a Friday increase, are on track for a third consecutive weekly decline due to reduced concerns about supply disruptions from the Israel-Hamas conflict. Brent crude futures for January rose by 73 cents to $80.74 a barrel, and U.S. West Texas Intermediate crude futures for December were at $76.40, up 66 cents. Brent is down 4.9% this week, and WTI has declined 5.1% since last week, marking the longest weekly losing streak for both since mid-April to early May.
- Gold dropped over 1% on Friday, set for a second consecutive weekly decline amid easing safe-haven demand and a more hawkish stance from Federal Reserve Chair Jerome Powell. Palladium hit a five-year low below $1,000 per ounce due to expectations of surpluses linked to the rapid spread of electric vehicles. Spot gold dipped 1.1% to $1,936.09 per ounce, marking a 2.8% decline for its worst week in six. U.S. gold futures settled down 1.6% at $1,937.70, and silver fell 1.8% to $22.21.
Key Equity Indices
|Hang Seng||17,203||(1.8) %|
|Shanghai Composite||3,039||(0.5) %|
|Dow Jones||34,283||1.2 %|
|FTSE 100||7,361||(1.3) %|
|Straits Times||3,107||(0.9) %|