Opening Bell:
Gift Nifty is down by 13.5 points in the early morning trade, indicating a negative opening for Indian stock market.
Asian markets traded mixed amid China stimulus plans after President Xi Jinping stepped up support for the economy. Japan’s Nikkei 225 rose 0.77% and the Topix gained 0.79%. South Korea’s Kospi was flat, while the Kosdaq fell 0.21%. Hong Kong’s Hang Seng index futures were higher at 17,480. Australia’s S&P/ASX 200 eased 0.19%.
Wall Street ended higher on Tuesday as a spate of solid corporate earnings and upbeat forecasts stoked investor risk appetite and sparked a broad rally. All three major US stock indices advanced, with interest rate sensitive megacaps providing much of the upside lift as benchmark Treasury yields held steady, comfortably below their recent spike to 5%. The third-quarter earnings season has shifted into high gear, and this week nearly a third of the companies in the S&P 500 are expected to post results. The Dow Jones Industrial Average rose 0.62%, the S&P 500 gained 0.73% and the Nasdaq Composite added 0.93%.
Stocks News:
👉 Reliance Industries: Reliance is nearing a cash-and-stock deal to buy Walt Disney Co’s India operations, according to people familiar with the matter. The US entertainment giant may sell a controlling stake in the Disney Star business, which it values at $10 billion. Reliance views the assets at between $7 billion and $8 billion. The said acquisition could be announced as early as next month, with some of Reliance’s media units merged into Disney Star.
👉 Adani Ports: Adani Ports and Special Economic Zone Ltd (APSEZL) on Monday said it has incorporated a wholly-owned aircraft leasing unit, Udanvat Leasing IFSC Ltd. The entity will have an authorised and paid-up share capital of ₹2.5 crore. Udanvat has been incorporated with the objective of carrying out business activity of owning and leasing of aircraft, the company said in a regulatory filing.
👉 Mahindra Logistics: Mahindra Logistics on 23 October announced their quarterly results for September of FY 2023-24 and said that the firm attained a loss of ₹15.5 crore against the profit of ₹11.9 crore achieved in the same period in FY 2022-23. Though the revenue was up 2.9% at ₹1,364.8 crore in Q2FY24 in comparison to ₹1,326.3 crore in the same period in FY 2022-23, the firm said in a stock regulatory filing.
👉 Torrent Pharma: Torrent Pharmaceuticals Ltd. on Monday reported a consolidated net profit of ₹386 crore for the September quarter (Q2 FY24), up 24% year-on-year (yoy). Revenue rose to ₹2,660 crore during the quarter from ₹2,291 crore a year ago. Ebitda came in at ₹825 crore, with the Ebitda margin at 32%. Net profit margin stood at 14.5%. The company reported revenue growth of 18% from its Indian operations to ₹1,444 crore in Q2 FY24.
👉 Foreign institutional investors (FII) bought shares worth Rs 252.25 crore, while domestic institutional investors (DII) purchased Rs 1,111.84 crore worth of stocks on October 23, provisional data from the National Stock Exchange (NSE) showed.
Domestic and International Events
- The economy will more than double to $7.3 trillion over this period, from $3.5 trillion in 2022, the financial information services firm said. India is currently the fifth largest economy, having gone past the UK in 2020. Brisk digital transformation and a rapidly growing middle class are expected to drive India’s growth, lifting its economy to the third place by 2030, according to S&P Global Market Intelligence. This will put it behind only the US and China, overtaking Germany and Japan.
- In a move to support the economy, China announced issuing extra sovereign debt and raising the budget deficit ratio. China’s central government will issue 1 trillion yuan ($136.82 billion) in sovereign bonds to local governments in the fourth quarter to support the rebuilding of disaster-hit areas, Reuters reported, quoting state media Xinhua. This will widen the country’s 2023 budget deficit ratio to around 3.8% from 3% previously.
- Sri Lanka has introduced a visa-free entry initiative for visitors from seven countries, including India, China, and Russia, as part of a pilot project. This decision, announced by the country’s Foreign Affairs Minister, Ali Sabry, received approval from the Sri Lanka Cabinet.
- Oil prices were nearly flat on Wednesday as signs of tighter U.S. supplies countered economic data that dampened the outlook for energy demand. Brent crude futures edged higher 2 cents to $88.09 a barrel as of 0003 GMT, while U.S. West Texas Intermediate crude futures dipped 5 cents to $83.69 a barrel.
Key Equity Indices
| EMERGING | LATEST | % 1D |
| Hang Seng | 16,992 | (1.1) % |
| Shanghai Composite | 2,962 | 0.8 % |
| DEVELOPED | LATEST | % 1D |
| Dow Jones | 33,141 | 0.6 % |
| DAX | 14,880 | 0.5 % |
| FTSE 100 | 7,390 | 0.2 % |
| Nikkei | 31,062 | 0.2 % |
| Straits Times | 3,084 | 1.0 % |
