Opening Bell:
Gift Nifty is down by 38.5 points in the early morning trade, indicating a negative opening for Indian stock market.
Asian markets traded lower on Friday tracking overnight losses in the US stocks. Japan’s Nikkei 225 declined 0.76% and the Topix fell 0.49%. South Korea’s Kospi dropped 0.83%, while the Kosdaq plunged 1.13%. Hong Kong’s Hang Seng index futures was slightly higher at 17,546 compared with the HSI’s close of 17,511.29. Australia’s S&P/ASX 200 traded 0.49% lower.
The US stock market ended lower Thursday amid a rise in Treasury yields and hawkish comments from US Federal Reserve Chair Jerome Powell. The Dow Jones Industrial Average declined 0.65%, while the S&P 500 fell 0.81%, The Nasdaq Composite ended 0.94% lower. US Treasury yields rose after a weak auction of $24 billion in 30-year Treasuries. The benchmark 10-year Treasury note yield was last up 12.8 basis points at 4.636% after rising as high as 4.654% on the day.
European markets closed higher Thursday as momentum in markets picked up on the back of robust corporate earnings. The pan-European Stoxx 600 was up 0.8% by the close, having reversed opening losses. Industrials added 2.5% to lead gains while travel and leisure stocks dropped 2%.
Stocks News:
👉 Apollo Hospitals: Apollo Hospitals Enterprise reported a 14% YoY rise in its net profit to 2.33 billion rupees (₹233 crore) in the September quarter of the current financial year. September quarter’s profit was led by the increase in the number of patients due to seasonal flu infections. The company also laid out plans to expand its operations. Its attributable net profit increased to 2.33 billion rupees in the quarter under review from 2.04 billion rupees, a year ago.
👉 ICICI Bank/ICICI Securities: ICICI Bank, the second-largest private sector lender in the country, has obtained approval from the Reserve Bank of India to transform ICICI Securities into a wholly owned subsidiary, pending certain conditions. The bank is planning to delist equity shares of ICICI Securities as part of a scheme of arrangement. In June, the private lender approved the proposal to delist ICICI Securities and operate as a wholly-owned subsidiary following delisting.
👉 Ashok Leyland on November 9 reported a 181% (YoY) surge in consolidated net profit at Rs 561 crore for the September quarter 2023-24 riding on higher sales. The company had incurred a net profit of Rs 199 crore in the same period last fiscal year.
Sequentially, the net profit dipped three% from Rs 576 crore in the previous quarter. Revenue from operations rose 16.6% to Rs 9,638 crore in the quarter from Rs 8,266 crore in same quarter last fiscal.
👉 Torrent Power: The power utility company has recorded a 9.2% on-year increase in consolidated profit at Rs 526 crore for the July–September period of FY24, partly driven by lower tax costs and a higher operating margin. Revenue from operations grew by nearly 4% YoY to Rs 6,961 crore, with an increase in contribution from merchant power sales in gas-based power plants, licenced distribution businesses, and renewable businesses due to capacity addition and higher wind PLF.
👉 Foreign institutional investors offloaded shares worth Rs 1,712.33 crore, while domestic institutional investors bought Rs 1,512.14 crore worth of stocks on November 9, provisional data from the National Stock Exchange showed.
Domestic and International Events
- India’s consumer price inflation is expected to have continued its deceleration, likely reaching a four-month low of 4.80% in October. This aligns with the Reserve Bank of India’s medium-term target of 4%. according to a Reuters poll. The anticipated slowdown is primarily attributed to the stabilization of volatile food prices, which constitute approximately half of the consumer price index (CPI) basket. After witnessing a surge in July and August, these prices have likely moderated in October, contributing to the easing of inflationary pressures.
- The SIP contribution in October has increased by approximately 5.52% and stood at an all-time high of Rs 16,927.86 crore in October, compared to the SIP contribution of Rs 16,042.06 crore in September and Rs 13,041 crore in October last year. The number of SIP accounts stood at the highest ever in September at 730.02 lakh, compared to 712.93 lakh in September witnessing an increase by approximately 2.40%.
- Oil prices edged up on Thursday as markets shrugged off deflationary indicators in China and looked for further clues on the status of demand from the world’s two biggest oil consumers. Brent crude futures rose 42 cents, or 0.5%, to $79.96 a barrel. US West Texas Intermediate (WTI) crude futures climbed 36 cents, or 0.5%, at $75.69 a barrel.
- Gold prices lingered near a three-week low on Thursday as the initial safe-haven demand from the Middle East conflict faded, while investors awaited comments from US Federal Reserve Chair Jerome Powell for more clues on interest rates. Spot gold was down 0.1% at $1,948.39 per ounce by 03:37 GMT after hitting its lowest since Oct. 19 on Wednesday. US gold futures fell 0.2% to $1,953.50.
Key Equity Indices
| EMERGING | LATEST | % 1D |
| Hang Seng | 17,511 | (0.3) % |
| Shanghai Composite | 3,053 | 0.0 % |
| DEVELOPED | LATEST | % 1D |
| Dow Jones | 33,892 | (0.7) % |
| DAX | 15,353 | 0.8 % |
| FTSE 100 | 7,456 | 0.7 % |
| Nikkei | 32,646 | 1.5 % |
| Straits Times | 3,135 | 0.2 % |
