Opening Bell:
Gift Nifty is down by 3.5 points in the early morning trade, indicating a negative opening for Indian stock market.
Asian markets traded higher on Friday following overnight rally on Wall Street and ahead of the release of key economic data in the region. Japanese markets are closed for a public holiday. South Korea’s Kospi gained 0.78%, while the Kosdaq rose 0.14%. Hong Kong’s Hang Seng index futures stood higher at 17,455, compared with the HSI’s close of 17,230.59. Australia’s S&P/ASX 200 gained around 0.9%
US stock market indices rallied nearly 2% on Thursday amid a batch of upbeat quarterly financial results and hopes that the US Federal Reserve has reached the end of its interest rate hiking campaign. The Dow Jones Industrial Average jumped 564.5 points, or 1.7%, to 33,839.08, while the S&P 500 rallied 79.92 points, or 1.89%, to 4,317.78. The Nasdaq Composite ended 232.72 points, or 1.78%, higher at 13,294.19.
European markets closed higher Thursday as investors reacted positively to the US Federal Reserve’s decision to hold interest rates steady. The Stoxx 600 ended 1.6 percent higher, while all sectors were in positive territory. Auto stocks were up 3 percent as tech stocks shot 2.7 percent higher amid rising risk appetite.
Stocks News:
👉 Coal India: State-run Coal India on Thursday reported a 12% rise in its output to 394 million tonne (MT) for FY24 so far, surpassing its annual growth target of 11%. PM Prasad, chairman and managing director, Coal India, expressed confidence in reaching the production target of 780 MT for the current fiscal. He highlighted the company’s progress from its inception in 1975 with 79 MT to achieving 703 MT in FY23.
👉 Tata Motors: Tata Motors Ltd’s passenger electric vehicle subsidiary on Thursday said it will enter a strategic partnership with Jaguar Land Rover, the wholly-owned British luxury vehicle arm of the group, to leverage its electrified modular architecture (EMA) platform and develop its premium pure EV series. Tata Motors reported a consolidated net profit of ₹3,783 crore for the September quarter. Its total consolidated revenue from operations stood at ₹1,05,128 crore.
👉 IRFC: Indian Railways Finance Corporation (IRFC) reported a drop of 9% in net profit at ₹1,549.87 crore, compared to ₹1,714.28 crore in the corresponding period last year. The Indian Railway PSUs’ revenue from operations in the second quarter of the current fiscal stood at ₹6,766.32 crore, registering a growth of 16 per cent, compared to ₹5,809.8 crore in the year-ago period.
👉 Suzlon Energy: Wind turbine manufacturer Suzlon Energy released their July-September quarter results on Thursday and posted a 45% year-on-year jump in their net profits to ₹102 crore. The revenue of the company declined marginally to ₹1,417 crore in Q2FY24 from ₹1,430 crore during the same period last year. The numbers of Suzlon Energy remained positive despite an exceptional loss of ₹35 crore during the quarter ending September 2023.
👉 Foreign institutional investors offloaded shares worth Rs 1,261.19 crore, while domestic institutional investors bought Rs 1,380.15 crore worth of stocks on November 2, provisional data from the National Stock Exchange showed.
Domestic and International Events
- The United Arab Emirates is exploring investments of up to $50 billion in India, its second-largest trading partner. The potential pledges, which could be announced in early 2023, aim to strengthen bilateral ties and increase non-oil trade to $100 billion. Discussions include investments in Indian infrastructure projects and state-owned assets.
- The Bank of England held interest rates at a 15-year peak and ruled out cuts any time soon. The Monetary Policy Committee (MPC) voted 6-3 to keep the Bank Rate at 5.25%. The MPC’s latest projections indicate that monetary policy is likely to need to be restrictive for an extended period of time,” the British central bank said.
- Gold prices edged up on Thursday, buoyed by a weaker U.S. dollar and Treasury yields after the Federal Reserve held interest rates steady and as investors stepped up bets that the central bank may be done with rate hikes. Spot gold was up 0.1 percent to $1,983.77 per ounce by 0310 GMT. US gold futures gained 0.2 percent to $1,991.80.
- Oil gained 1% on Thursday to snap its three-day decline, as risk appetite returned to financial markets after the US Federal Reserve kept benchmark interest rates on hold. Brent crude futures rose $1.77, or 2.1 percent, to $86.43 a barrel by 1:01 p.m. ET., while US West Texas Intermediate crude futures gained $1.71, or 2.1 percent to $82.14 a barrel.
Key Equity Indices
| EMERGING | LATEST | % 1D |
| Hang Seng | 17,231 | 0.8 % |
| Shanghai Composite | 3,009 | (0.5) % |
| DEVELOPED | LATEST | % 1D |
| Dow Jones | 33,839 | 1.7 % |
| DAX | 15,144 | 1.5 % |
| FTSE 100 | 7,447 | 1.4 % |
| Nikkei | 31,950 | 1.1 % |
| Straits Times | 3,082 | 0.2 % |
