Opening Bell:
Gift Nifty is down by 7.5 points in the early morning trade, indicating a negative opening for Indian stock market.
In the Asia-Pacific markets, there is a mixed trend as investors await the Bank of Japan’s monetary policy decision and regional economic data. The Bank of Japan is expected to discuss raising its inflation forecasts and bond yield control adjustments. China’s purchasing manager’s index for October is predicted to show manufacturing expansion. Japan’s Nikkei 225 is down 0.34%, while the Topix is up 0.22%, South Korea’s Kospi has gained 0.37%, The Kosdaq is slightly lower by 0.06%, Futures for Hong Kong’s Hang Seng index indicate a weaker open, Australia’s S&P/ASX 200 is up by 0.47%.
US stock futures traded flat on Monday night after the major averages climbed in a relief rally. S&P 500 futures ticked down by 0.04%, and Nasdaq 100 futures inched lower by 0.06%. Futures tied to the Dow Jones Industrial Average ticked up just 10 points, or 0.03%. During Monday’s trading session, the S&P 500 managed to climb out of correction territory and close 1.2% higher for its best day since late August. The Nasdaq Composite added about 1.2%, while the Dow jumped roughly 1.6% in its best day since early June.
Stocks News:
👉 TVS Motors: TVS Motor Company on 30 October announced its quarterly reports for September 2023 and said its net profit grew 32% at ₹537 crore for Q2 FY2023-24, as against ₹408 crore during Q2 of FY 2022-23. Apart from this, the firm’s operating revenue increased by 13% at ₹8,145 crore in the September quarter of FY 2023-24, compared to ₹7,219 crore in Q2 of last year, it said in a stock regulatory filing.
👉 Tata Motors: In a major victory for Tatas, an arbitral tribunal has awarded Tata Motors a compensation of over ₹766 crore for the losses incurred because of protests by Trinamool Congress that stalled its small car project at Singur in West Bengal. The tribunal asked the West Bengal government to pay Tata Motors the compensation, along with interest, according to a stock exchange filing by the Mumbai-based auto major on Monday.
👉 Marico: Marico Ltd on October 30 reported a consolidated net profit of ₹360 crore for the second quarter of fiscal year 2023-24 (Q2FY24), marking a growth of 17.3% as compared to ₹307 crore reported in the year-ago period. Sequentially, however, the net profit dropped by 17.5% from ₹436 crore reported in the June 2023 quarter. The consumer goods company’s revenue from operations dipped marginally as it came in at ₹2,476 crore.
👉 Procter & Gamble Hygiene & Health Care: The FMCG company has reported a 36% on-year growth in net profit at Rs 211 crore for the quarter ended September FY24 (Q1 FY24), led by acceleration of volume growth coupled with product price mix and productivity. Revenue from operations increased by 9% YoY to Rs 1,138 crore, driven by superior retail execution and an integrated growth strategy.
👉 Foreign institutional investors sold shares worth Rs 1,761.86 crore, while domestic institutional investors bought Rs 1,328.47 crore worth of stocks on October 30, provisional data from the National Stock Exchange showed.
Domestic and International Events
- iPhone maker Apple India witnessed a 48% jump in revenue on a year-on-year basis to Rs 49,322 crore in the financial year ended March 2023, according to financial details provided by business intelligence firm Tofler. Apple India had registered revenue of Rs 33,381 crore in the financial year (FY) 2022. The company’s profit increased by about 77% to Rs 2,230 crore in FY’2023, from Rs 1,263 crore in FY’2022. “The company’s total expenses for the fiscal were reported as Rs 46,444 crore,” Tofler said. The expenditure of the company in FY’2022 was about Rs 31,693 crore.
- Japan’s 10-year government bond (JGB) yield reached a ten-year high as speculation mounts about the Bank of Japan raising its yield cap. The 10-year JGB yield surged to 0.955%, the highest since May 2013, and last traded at 0.950%. The Bank of Japan is expected to increase its inflation forecasts and discuss potential adjustments to its bond yield control, while the yen remains near a two-week high on these expectations.
- Gold prices hovered near the key psychological $2,000 level on Monday, supported by safe-haven demand amid the Middle East conflict, while market participants looked ahead to this week’s US Federal Reserve policy meeting. Spot gold was down 0.4% at $1,998.47 per ounce. US gold futures settled 0.4% higher at $2,005.60. Spot gold prices hit $2,009.29 an ounce on Friday, surpassing the $2,000 level for the first time since mid-May, as investors flocked into safe-haven bullion.
- Oil prices dipped even after Israel sent ground forces into the Gaza Strip, raising tensions in the Middle East, as investors closely monitor the U.S. Federal Reserve’s monetary policy meeting later this week. Global benchmark Brent was down 2.8% at $87.89 per barrel. The US West Texas Intermediate futures last declined 3.5% to $82.57 per barrel.
Key Equity Indices
| EMERGING | LATEST | % 1D |
| Hang Seng | 17,406 | 0.0 % |
| Shanghai Composite | 3,022 | 0.1 % |
| DEVELOPED | LATEST | % 1D |
| Dow Jones | 32,929 | 1.6 % |
| DAX | 14,717 | 0.2 % |
| FTSE 100 | 7,327 | 0.5 % |
| Nikkei | 30,697 | (1.0) % |
| Straits Times | 3,064 | 0.1 % |
