Opening Bell:
Gift Nifty is up by 27.0 points in the early morning trade, indicating a positive opening for Indian stock market.
Asian markets traded higher on Thursday following minor overnight gains on Wall Street and ahead of the inflation data from China. Japan’s Nikkei 225 gained 0.28% and the Topix traded flat. South Korea’s Kospi rose 0.07%, while the Kosdaq fell 0.21%. Hong Kong’s Hang Seng index futures were higher at 17,700 compared to its last close of 17,568.46. Australia’s S&P/ASX 200 gained 0.45%.
US stock market indices ended mixed on Wednesday as investors weighed Federal Reserve officials’ recent comments for signals on interest rate trajectory and focused on the direction of Treasury yields. The Dow Jones Industrial Average declined 0.12%, snapping a seven-session winning streak. The S&P 500 rose 0.10%, while the Nasdaq Composite ended 0.08%, higher.
European markets ended higher on Wednesday as investors assessed a slew of corporate earnings. The pan-European Stoxx 600 index ended 0.3% higher, having recovered earlier losses of around 0.3%. Autos and retail added 1.1% while utilities shed 1.1% as most sectors ticked higher.
Stocks News:
👉 Power Finance Corporation: State-owned Power Finance Corporation (PFC) on Wednesday posted a nearly 27% rise in its consolidated net profit to ₹6,628.17 crore in the July-September quarter compared to a year ago. The consolidated net profit of the company was ₹5,229.33 crore in the quarter ended on September 30, 2022, a BSE filing showed. Total income rose to ₹22,403.69 crore in the quarter from ₹19,344.39 crore in the same period a year ago.
👉 Tata Power: Tata Power on Wednesday reported an 8.79% year-on-year (YoY) growth in its consolidated net profit for the July-September quarter to ₹1,017.41 crore. The company had reported a net profit of ₹935.18 crore in the year-ago period. Revenue for the period under review rose 9% to ₹15,442 crore.
👉 Lupin: Pharmaceutical major Lupin reported a net profit of ₹490 crore in the second quarter of fiscal year 2023-24 (Q2FY24), which is 277% higher as compared to ₹130 crore clocked in the year-ago period. Sequentially, the net profit grew by 8% from ₹452 crore posted in the quarter ended June 2023. The company’s total revenue from operations came in at ₹5,039 crore in the second quarter, higher by 21% YoY.
👉 Mazagon Dock Shipbuilders: The state-owned shipbuilding company has registered a massive 55.6% on-year growth in consolidated profit at Rs 333 crore for the July–September period of FY24, driven by other income and strong operating numbers. Consolidated revenue from operations increased by 7.4% to Rs 1,827.7 crore compared to the year-ago period. The company announced an interim dividend of Rs. 15.34 per share.
👉 Foreign institutional investors offloaded shares worth Rs 84.55 crore, while domestic institutional investors bought Rs 524.47 crore worth of stocks on November 8, provisional data from the National Stock Exchange showed.
Domestic and International Events
- In August 2023, the GST Council made it clear that all online games involving bets, regardless of skill or chance, would be subject to a 28% GST on the full value of the bets placed. It came into effect from October 1. In recent weeks, some online companies have reportedly been served with GST notices involving tax incidence of about Rs 1 lakh crore.
- Japan logged its largest current account surplus in 18 months in September as the trade balance swung into the black, the Ministry of Finance (MOF) said. Japan’s current account surplus stood at 2.72 trillion yen ($18.03 billion) in September, the MOF data showed, a little shy of economists’ median forecast for a surplus of 3.0 trillion yen in a Reuters poll. It was the eighth straight month of surplus, the MOF data showed.
- Oil prices remained under pressure on Wednesday after sliding to their lowest in more than three months in the previous session, slipping further on concern over waning demand in the United States and China. Brent crude futures dipped 54 cents to $81.07 a barrel, while US crude lost 56 cents to $76.81. Both had dropped on Tuesday to their lowest since July 24.
- Gold prices retreated for a third straight session on Wednesday as investors looked for fresh cues on the U.S. central bank’s interest rate stance, while palladium hit a five-year low. Spot gold was down 0.5% at $1,958.44 per ounce by 1504 GMT. US gold futures slipped 0.5% to $1,964.50. Silver was flat at $22.64.
Key Equity Indices
| EMERGING | LATEST | % 1D |
| Hang Seng | 17,568 | (0.6) % |
| Shanghai Composite | 3,052 | (0.2) % |
| DEVELOPED | LATEST | % 1D |
| Dow Jones | 34,112 | (0.1) % |
| DAX | 15,230 | 0.5 % |
| FTSE 100 | 7,402 | (0.1) % |
| Nikkei | 32,166 | (0.3) % |
| Straits Times | 3,130 | (1.4) % |
