Opening Bell:
Gift Nifty is up by 19.0 points in the early morning trade, indicating a positive opening for Indian stock market.
Asia-Pacific markets rose as investors looked ahead to key US consumer inflation data, which will inform the Federal Reserve’s rate decision in its policy meeting beginning October 31. In Australia, the S&P/ASX 200 added 0.31%. In Japan, the Nikkei 225 opened 1% higher, with shares of Uniqlo-owner Fast Retailing up nearly 1% ahead of its full-year earnings report due later in the day. South Korea’s Kospi rose 0.75% at the opening bell, holding near two-week highs. Hong Kong’s Hang Seng index look set to climb with futures at 18,137 compared with the HSI’s close of 17,893.1.
Stocks ticked higher Wednesday as traders awaited the release of new US consumer inflation numbers and Treasury yields continued to retreat. The Dow Jones Industrial Average was higher by 0.19%, The S&P 500 gained 0.43%. The tech-heavy Nasdaq Composite added 0.71% and closing above its 50-day moving average, a first since September 14. It was also the fourth straight winning day for the three major averages.
European stock markets closed higher on Wednesday after clocking their best one-day performance in nearly a year in the previous session. The Stoxx 600 index ended 0.2% higher after a choppy morning. Food and beverage stocks rose 0.8%, while retail stocks fell 2.1%.
Stocks News:
👉 Tata Consultancy Services: The country’s largest IT services exporter has recorded an 8.7% on-year growth in profit at Rs 11,342 crore for the quarter ended September FY24, slightly ahead of analysts estimates due to better operating numbers. Revenue for the quarter grew by 7.9% YoY to Rs 59,692 crore, with a constant currency revenue growth of 2.8%, driven by energy, resources, utilities, and manufacturing segments. Operating margin at 24.3% expanded by 0.3% YoY. The company has announced an interim dividend of Rs 9 per share and order wins at $11.2 billion for the quarter, higher compared to $10.2 billion in the previous quarter. TCS has decided to buy back shares worth Rs 17,000 crore at a price of Rs 4,150 per share.
👉 Delta Corp: The casino gaming company has recorded a consolidated profit of Rs 69.44 crore for the quarter ended September FY24, rising 1.74% over a last year, impacted by a muted topline and operating performance. Revenue from operations stood at Rs 270.6 crore, increasing 0.2% YoY. The board of directors has appointed Anil Malani as president and CFO, and Manoj Jain as chief operating officer of the company with effect from October 11.
👉 IndusInd Bank: The Reserve Bank of India has given its approval to SBI Mutual Fund for acquiring up to 9.99% of the paid-up share capital in IndusInd Bank. The RBI has advised SBI MF to acquire the said shareholding in the bank within a period of one year i.e. by October 10, 2024. Further, SBI MF must ensure that the aggregate holding in the bank does not exceed 9.99% of the paid-up share capital of the bank at all times.
👉 ACC/Ambuja Cements: Gautam Adani-led Adani Group has entered into a $3.7 billion refinance agreement with a consortium of at least 20 foreign banks, the largest such deal in the cement industry. Two people with direct knowledge of the matter confirmed this, adding the move will not only help Adani Group repay the entire loan taken for acquiring Ambuja Cements Ltd and ACC Ltd but may also reduce the group’s cost of capital.
👉 Foreign institutional investors (FII) offloaded shares worth Rs 421.77 crore, while domestic institutional investors (DII) purchased Rs 1,032.02 crore worth of stocks on October 11, provisional data from the National Stock Exchange (NSE) showed.
Domestic and International Events
- India’s debt is high, standing at 81.9% of GDP, similar to China’s 83%. However, the risks associated with India’s debt are not as great as China’s. India’s debt is projected to fall slightly to 80.4% in 2028, due to its high growth rate. Factors that moderate the risks include long maturities of debt and domestically held debts denoted in domestic currency. However, state-level risks in India, with high debts and interest burdens, pose significant risks.
- India is expected to impose restrictions on its sugar exports after dry weather parched cane crops in the world’s second-biggest grower, a move that will tighten global supplies of the sweetener. India is likely to ban sugar exports during the upcoming season with a notification for the same likely in the first week of November.
- Oil prices were little changed in early Asian trade on Wednesday, as concerns eased about potential supply disruptions due to the conflict between Israel and the Palestinian Islamist group Hamas. Brent crude rose 12 cents at $87.77 a barrel by 0009 GMT. US West Texas Intermediate, or WTI, crude rose 3 cents to $86.00 a barrel. Brent and WTI surged more than $3.50 on Monday as the military clashes raised fears that the conflict could spread beyond Gaza but settled lower in Tuesday’s session.
- Gold prices held near a more than one-week high on Wednesday as the dollar edged lower after several US Federal Reserve officials suggested that the recent surge in Treasury yields might make further rate hikes less necessary. Spot gold was trading at $1,859.43 per ounce as of 0529 GMT after hitting its highest level since September 29 on Tuesday. US gold futures held their ground at $1,872.80. The dollar dipped to nearly a two-week trough against a basket of currencies, tracking a slide in U.S. Treasury yields that have retreated from their 2007 highs scaled last week.
Key Equity Indices
| EMERGING | LATEST | % 1D |
| Hang Seng | 17,893 | 1.3 % |
| Shanghai Composite | 3,079 | 0.1 % |
| DEVELOPED | LATEST | % 1D |
| Dow Jones | 33,805 | 0.2 % |
| DAX | 15,460 | 0.2 % |
| FTSE 100 | 7,620 | (0.1) % |
| Nikkei | 31,937 | 0.6 % |
| Straits Times | 3,193 | (0.2) % |
