Opening Bell:
Gift Nifty is up by 19.0 points in the early morning trade, indicating a positive opening for Indian stock market.
Asia-Pacific markets are expected to rebound slightly after Monday’s negative close. Oil prices dipped as Qatar extended the Israel-Hamas truce by two days. Australia’s S&P/ASX 200 opened 0.81% higher ahead of Wednesday’s October inflation data. Japan’s markets were relatively stable, with Nikkei 225 slightly up and Topix nearly unchanged. South Korea’s Kospi rose by 0.42%, while Kosdaq gained 0.53%. Hong Kong’s Hang Seng index is likely to extend losses from Monday based on HSI futures at 17,517 compared to the previous close of 17,525.06.
Monday night’s stock futures held steady after November’s strong gains. Dow Jones futures inched up 0.1%, S&P 500 and Nasdaq 100 remained stable. Zscaler shares dropped 7% in after-hours trading despite meeting fiscal 2024 billing expectations. They exceeded forecasts in Q1 earnings and revenue. Wall Street saw a slight decline Monday: Dow and S&P 500 down around 0.2%, Nasdaq Composite down nearly 0.1%. November marked a bullish month, set to close with Dow up 6.9%, S&P 500 up 8.5%, and Nasdaq soaring 10.8%.
European markets were lower at the start of the new trading week, days after the region’s Stoxx 600 index reached its highest level since September 20. The Stoxx was down 0.1% at 2:15 pm in London, as sector moves remained muted.
Stocks News:
👉 Tata Consultancy Services: The IT services giant has launched its AWS generative AI practice to help customers harness the full potential of artificial intelligence (AI) and AWS generative AI services to transform different parts of their value chain and achieve superior business outcomes. Separately, the company faces $210 million penalty in DXC lawsuit
👉 One 97 Communications: Warren Buffett’s Berkshire Hathaway has exited listed fintech company One 97 Communications (Paytm’s parent) in an open market transaction. The firm has booked a loss of ₹507 crore on its total investment in Paytm made five years ago.
👉 Eicher Motors: Has launched a new Himalayan motorbike at an introductory price of ₹2.69 lakh to 2.84 lakh, ex-showroom India, and the Royal Enfield Shotgun 650 which is available at an ex-showroom price of ₹4,25,000.
👉 PB Fintech: PB Fintech made a further investment of Rs 350 crore in its wholly owned subsidiary, Policybazaar Insurance Brokers. This will strengthen the financial health of the said wholly-owned subsidiary to meet its general operating expenses and enhance brand awareness, office presence, and strategic initiatives.
👉 Foreign institutional investors net bought shares worth Rs 2,625.21 crore, while domestic institutional investors purchased Rs 134.46 crore worth of stocks on November 24, provisional data from the National Stock Exchange showed.
Domestic and International Events
- S&P Global Ratings has revised India’s growth forecast for FY24 to 6.4%, aligning with the Reserve Bank of India’s estimate of 6.5%. The American rating agency lowered the FY25 growth estimate to 6.4%, expecting a 7% growth in FY26 and FY27. The Indian economy likely grew better than expected at 6.7% in Q2 compared to 6.5% projected by RBI.
- India’s solar installations saw a significant drop of 47% to 5.6 GW from January to September 2023 due to project delays, as reported by Mercom India. The July-September quarter also experienced a 34% decline, installing 1.9 GW compared to 2.8 GW a year prior. However, there was a nearly 6% increase in installations quarter-on-quarter, rising from 1.8 GW in Q2 2023. Utility-scale installations notably fell by over 54% year-over-year to 4.2 GW.
- Oil prices slipped on Monday as investors waited for an OPEC+ meeting later this week for an agreement expected to curb supplies into 2024. Brent crude futures fell 40 cents, or .5%, to $80.13 a barrel, while US West Texas Intermediate crude futures were at $75.16 a barrel, down 34 cents, or 0.45%.
- Gold prices hit a more than six-month high on Monday, firming above the $2,000 per ounce level, as a weaker dollar and expectations of an end to US interest rate hikes lifted demand. Spot gold was up 0.6% at $2,013.99 per ounce by 1311 GMT, after reaching its highest since May 16. US gold futures also rose 0.6% to $2,015.00.
Key Equity Indices
| EMERGING | LATEST | % 1D |
| Hang Seng | 17,525 | (0.2) % |
| Shanghai Composite | 3,032 | (0.3) % |
| DEVELOPED | LATEST | % 1D |
| Dow Jones | 35,333 | (0.2) % |
| DAX | 15,966 | (0.4) % |
| FTSE 100 | 7,461 | (0.4) % |
| Nikkei | 33,448 | (0.5) % |
| Straits Times | 3,086 | (0.3) % |
