SGX Nifty is up by 98 points in the early morning trade, indicating a positive opening for Indian stock market.
Global shares rose on Friday and the US dollar fell, after jobs data came in stronger than expected but also hinted at some slack in the tight American labour market, raising hopes the Federal Reserve might ease up on monetary tightening. The Japanese Nikkei is higher by 0.97% and South Korea’s Kospi is up by 0.51 percent. Hong Kong’s Hang Seng is up by 0.47 percent in the early morning trades.
US stocks closed lower for a fourth consecutive session on Thursday as economic data did little to alter expectations the Federal Reserve would continue raising interest rates for longer than previously thought. S&P 500 closed 1.1 percent lower whereas Nasdaq composite declined by 1.7 percent.
?Reliance Industries is set to acquire German retailer METRO AG’s Cash & Carry business in India in a deal estimated at around 500 million euros (Rs 4,060 crore). The deal includes 31 wholesale distribution centres, land banks and other assets owned by METRO Cash & Carry here, they said. This is going to help Reliance Retail, the country’s largest retailer, expand its presence in the B2B segment.
?State-owned banks that reported record profits in the second quarter amid multi-year low bad loans may be poised to regain some ground lost to the private sector. Analysts expect a rerating of public sector lenders on the back of solid loan growth, improvement in asset quality and a deeper deposit franchise, which gives them enough room to aggressively seek credit growth.
?State Bank of India Q2 profit jumps 74% YoY to Rs 13,265 crore on decline in loan loss provisions. Net interest income rises 13%. The bank reported highest ever quarterly net profit at Rs 13,265 crore, growing 74% YoY as loan loss provisions fell sharply by 25% during the same period. Its operating profit for Q2FY23 at Rs 21,120 crore increased 16.82% YoY and net interest income rose by 12.83% YoY to Rs 35,183 crore with loan book growing 20% and deposits rising 10% in the same period.
?Bank of Baroda Q2 profit jumps 59% YoY to Rs 3,313 crore on fall in provisions, other income. Net interest income rises 34.5%. The public sector undertaking recorded a 59% YoY growth in profit at Rs 3,313 crore for the quarter ended September FY23 as total provisions at Rs 1,628 crore fell by 41% YoY and other income fell 18.4% to Rs 745 crore in the same period. Net interest income for the quarter jumped 34.5% YoY to Rs 10,174 crore, with global deposits rising 13.6% and global advances growing 19% YoY.
?Foreign institutional investors (FIIs) have net bought shares worth Rs 1,436.25 crore, whereas domestic institutional investors (DIIs) net sold shares worth Rs 548.59 crore on November 4, as per provisional data available on the NSE.
EMERGING | LATEST | % 1D |
Hang Seng | 16,161 | 5.4 % |
Shanghai Composite | 3,071 | 2.4 % |
DEVELOPED | LATEST | % 1D |
Dow Jones | 32,403 | 1.3 % |
DAX | 13,460 | 2.5 % |
FTSE 100 | 7,335 | 2.0 % |
Nikkei | 27,200 | (1.7) % |
Straits Times | 3,130 | 0.9 % |
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