Opening Bell:
Gift Nifty is down by 18.5 points in the early morning trade, indicating a negative opening for Indian stock market.
South Korean stocks, led by the Kospi, dropped 2% in anticipation of China’s trade data and the Reserve Bank of Australia’s rate decision. Australia’s S&P/ASX 200 also traded 0.22% lower ahead of the central bank’s expected 25 basis points rate hike to 4.35%. In Japan, the Nikkei 225 and Topix both slipped by 0.5% and 0.39%, respectively. Hong Kong’s Hang Seng index was poised to decline, with futures at 17,867 compared to the last close of 17,966.59, while China was expected to release its November trade data.
Overnight in the US, all three indexes eked out narrow gains to build on last week’s strong rally. The Nasdaq Composite jumped 0.3%, notching its longest positive streak since January. The S&P 500 edged up 0.18%, while the Dow Jones Industrial Average inched up 0.1%.
European markets closed lower on Monday as positive momentum from last week stuttered. The Stoxx 600 index ended 0.2% lower, while sector movements were somewhat muted. Oil and gas stocks led gains, up 0.8%.
Stocks News:
👉 Adani Energy: Adani Energy Solutions on Monday reported a consolidated net profit of ₹284 crore in the second quarter of fiscal year 2023-24 (Q2FY24), 47% higher compared to ₹194 crore recorded in the year-ago period. The company’s consolidated revenue in Q2FY24 came in at ₹3,421 crore, up 13% from ₹3,032 crore clocked in the corresponding quarter of the previous fiscal.
👉 Emami: Homegrown FMCG major Emami Ltd on Monday reported a flat profit after tax of ₹180 crore for the second quarter that ended on September 30, 2023. The company had posted a net profit of ₹180.13 crore in the July-September quarter a year ago, according to a regulatory filing. However, Emami’s revenue from operations rose 6.28% to ₹864.87 crore during the quarter as compared to ₹813.75 crore in the corresponding quarter.
👉 NHPC: NHPC Q2 results: Miniratna power company, National Hydroelectric Power Corporation, on Monday, reported a net consolidated profit of ₹1,693 crore in the September quarter of FY 23-24. Its consolidated net profit stood at ₹1,685.81 crore in the quarter ended September last year. The company shares closed marginally higher at ₹50.39 per share on BSE on Monday.
👉 HPCL: State-run Hindustan Petroleum Corporation Ltd (HPCL) on Monday reported a consolidated net profit of ₹5,826.96 crore for the July-September quarter on the back of low crude prices and higher gross refining margin (GRM). During the same period of the last fiscal, the oil marketing company had reported a net loss of ₹2,475.69 crore. HPCL’s revenue during the period under review, however, declined 10.15% to ₹1 lakh crore.
👉 Foreign institutional investors offloaded shares worth Rs 549.37 crore, while domestic institutional investors bought Rs 595.70 crore worth of stocks on November 6, provisional data from the National Stock Exchange showed.
Domestic and International Events
- India’s power consumption grew 9.4% to around 984.39 billion units in the April-October period this fiscal compared to a year ago mainly due to improvement in economic activities and weather conditions. Power consumption in the April-October period in fiscal year 2022-23 was 899.95 billion units, according to Power Ministry data. Another indicator, peak power demand, was also higher at nearly 241 GW during the April-October period this fiscal against 215.88 GW in the same period in 2022.
- Fitch Ratings on November 6 revised India’s medium-term growth estimate upward by 70 basis points to 6.2% from 5.5%. The positive adjustment contrasts with the US credit rating agency’s reduction in the estimate for 10 emerging markets (EMs), primarily due to the influence of China, which now averages at 4% on a GDP weighted-average basis. One basis point is one-hundredth of a percent age point. The adjustment reflects a positive outlook for India and Mexico, with the latter benefiting from an improved capital-to-labour ratio. India’s estimate is higher at 6.2% from 5.5% and Mexico’s at 2.0% from 1.4%,” the global ratings agency said in its report released on November 6.
- Oil prices rose on Monday as Saudi Arabia and Russia pledged to maintain voluntary output cuts until year-end, tightening supply amid concerns about tougher U.S. sanctions on Iranian oil. Brent crude increased by 0.5% to $85.30 a barrel, and U.S. West Texas Intermediate crude climbed by 0.7% to $81.05 a barrel.
- Gold prices slipped on Monday due to a slight uptick in US bond yields, ahead of a speech by Federal Reserve Chair Jerome Powell later this week for more clarity on the interest rate outlook. Spot gold was down 0.4% at $1,983.49 per ounce by 0444 GMT after rising above the key $2,000 level on Friday. US gold futures fell 0.4 percent to $1,990.60.
Key Equity Indices
| EMERGING | LATEST | % 1D |
| Hang Seng | 17,967 | 1.7 % |
| Shanghai Composite | 3,058 | 0.9 % |
| DEVELOPED | LATEST | % 1D |
| Dow Jones | 34,096 | 0.1 % |
| DAX | 15,136 | (0.4) % |
| FTSE 100 | 7,418 | 0.0 % |
| Nikkei | 32,708 | 2.4 % |
| Straits Times | 3,181 | 1.2 % |
