Opening Bell:
Gift Nifty is up by 18.0 points in the early morning trade, indicating a positive opening for Indian stock market.
Asia-Pacific markets opened higher after most major indexes closed lower in the previous session. Investors are watching for more economic data to help give stock markets more direction. The tepid gains arrive after South Korean stocks retreated more than 2 percent from their Monday rally, while the US markets closed out their longest winning streaks in nearly two years
US stock futures were flat on Tuesday night after the S&P 500 and Nasdaq Composite notched their longest winning streaks in about two years. Futures tied to the S&P 500 slipped 0.05 percent, and Nasdaq 100 futures inched lower by 0.06 percent. Dow Jones Industrial Average futures fell by 11 points or 0.03 percent.
European stock markets closed lower Tuesday as positive momentum stalled in the region and third-quarter earnings continue to roll in. The pan-European Stoxx 600 index provisionally ended 0.15 percent lower. The oil and gas sector dropped 2.4 percent after Saudi oil giant Aramco reported a steep decline in profit and as oil traded lower, while tech stocks rose 1.5 percent
Stocks News:
👉 Indigo anticipates aircraft on ground (AOG) in the range of mid-thirties in Q4FY24 due to accelerated engine removals after getting additional information on the powder metal issue from Pratt & Whitney. These groundings will be incremental to the current AOGs. The company maintains its earlier capacity guidance for the entire FY23–24 in the north of mid-teens, significantly aided by proactive mitigation measures taken earlier by IndiGo.
👉 Hero Motocorp is collaborating with highly credible partners in the UK, Spain, and France to start commercial operations in each of these markets by mid-2024. It will first introduce the electric scooter VIDA V1 in these countries and then expand its offerings with high-capacity premium ICE motorcycles and scooters.
👉 IRCTC has registered a 30.4 percent on-year increase in standalone net profit at Rs 295 crore for the quarter ended September FY24, with revenue from operations rising 23.5 percent to Rs 995.3 crore, backed by growth across all segments.
👉 Inox wind has received approval from its board of directors for raising funds via the issuance of 0.01 percent non-convertible, non-cumulative, participating redeemable preference shares worth up to Rs 500 crore on a private placement basis. The company sought approval from the shareholders for the said fund-raising.
👉 Foreign institutional investors sold shares worth Rs 497.21 crore, while domestic institutional investors bought Rs 700.28 crore worth of stocks on November 7, provisional data from the National Stock Exchange showed.
Domestic and International Events
- Government intervention in the form of export bans, export duties, stock disclosures and open market sales of pulses, rice and wheat will help the sales of fast-moving consumer goods (FMCG) companies as the government’s target segment will buy essential goods at cheaper prices, leaving them with the ability to spend on other items.
- India’s diagnostic services sector is poised for steady 12-14 percent revenue growth, with operating profitability margins expected to reach pre-Covid-19 levels and remain in the range of 23-25 percent for FY23-24, according to a report by CareEdge Ratings.
- Oil prices hit fresh 2½-month lows on Tuesday as mixed economic data from China offset the impact of Saudi Arabia and Russia extending output cuts. Brent crude futures were down $2.64, or 3.11 percent, to $82.53 a barrel, while US West Texas Intermediate crude was at $78.26 a barrel, down $2.60, or 3.22 percent. Both hit their lowest levels since late August.
- Gold fell to a near two-week low on Tuesday on a firmer dollar, with traders positioning for interest rate cues from a host of Federal Reserve speakers this week. Spot gold fell 0.67 percent to $1,964.59. US gold futures dropped 0.88 percent to $1,971.10.
Key Equity Indices
| EMERGING | LATEST | % 1D |
| Hang Seng | 17,660 | (1.7) % |
| Shanghai Composite | 3,057 | (0.1) % |
| DEVELOPED | LATEST | % 1D |
| Dow Jones | 34,152 | 0.2 % |
| DAX | 15,153 | (0.4) % |
| FTSE 100 | 7,410 | (0.1) % |
| Nikkei | 32,272 | (1.3) % |
| Straits Times | 3,174 | (0.2) % |
