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WEEKLY-MARKET REVIEW
The market erased the previous week’s gains and ended marginally lower in the volatile week ended on November 8 amid continued FII selling, weak Q2 earnings, and, geopolitical tension.
This week, the BSE Sensex was down 237.8 points or 0.29 percent to end at 79,486.32, while the Nifty50 index was down 156.15 points or 0.64 percent to close at 24,148.20.
Among sectors, the Nifty Realty index shed more than 4 percent, Nifty Media fell 3.2 percent, the Nifty Energy index declined 3 percent, and the Nifty Oil & Gas index was down nearly 2 percent. On the other hand, the Nifty Information Technology index added 4 percent, and the Nifty PSU Bank index rose 1 percent.
In terms of market value, Reliance Industries lost the most, followed by Bharti Airtel, ICICI Bank, and Asian Paints. On the other hand, Tata Consultancy Services, Infosys, and HCL Technologies added the most of their market cap.
The BSE Mid-cap Index was down 0.4 percent while the BSE Large-cap Index was down 0.7 percent and The BSE Small-cap index shed 1.3 percent.
Foreign Institutional Investors (FIIs) continued their selling in the month of November also as they sold equities worth Rs 14,485.12 crore during the week. On the other hand, Domestic Institutional Investors (DII) bought equities worth Rs 9,239.03 crore.
The Indian rupee fell 29 paise to end at 84.37 per dollar on November 8 against the October 31 closing of 84.08. The domestic currency touched a fresh record low of 84.38 during the week.
ECONOMY
India and ASEAN to benefit from Trump presidency, says Moody’s
In the Asia-Pacific region, trade and investment flows might be further diverted away from China as the US tightens investments in strategic sectors, which would negatively affect China’s economy and consequently dampen regional growth,” the rating agency noted.
Continued US-China polarization also risks exacerbating geopolitical divisions in the region, increasing risks of disruption to the global supply of semiconductors, it further said.
Statistics ministry advances GDP release time by 90 minutes to align with market closing
A few days after advancing the release time of the consumer price index and index of industrial production data, the statistics ministry announced on November 8 that it is also advancing the release time for GDP.
While the growth numbers will be released two months after the end of the quarter, MoSPI noted that it will release the numbers at 04:00 PM instead of 05:30 PM.
GLOBAL MARKETS
Commodity prices fall after Donald Trump elected US President
Commodities from oil and gas to metals and grains dropped on Wednesday as the dollar rallied and victory for Republican Donald Trump in the US presidential election stoked concerns about tariffs and economic growth.
Trump recaptured the White House by securing more than the 270 Electoral College votes needed to win the presidency, following a campaign of dark rhetoric that deepened the polarization in the country.
S&P 500 blows past 6,000 points on Trump’s presidency
The US S&P 500 zoomed past 6,000 points on Friday to a new record while Treasury yields retreated, as investors again cheered Donald Trump’s decisive victory, although disappointment about China’s latest fiscal support dampened the mood elsewhere.
A day after the Federal Reserve delivered a quarter-point rate cut, as anticipated, the focus returned to the fallout of Tuesday’s U.S. presidential election and headlines out of Beijing.
STOCKS IN NEWS
Rail Vikas Nigam: Shares of the state-owned company fell over 6 percent after the company reported disappointing results for the quarter ended September 30, 2024. RVNL’s net profit dropped 27 percent on-year, falling to Rs 287 crore in Q2FY25. Meanwhile, the company’s revenue registered a marginal decline, reaching Rs 4,855 crore.
IRCON International: Shares plunged 5 percent on November 8 after the company announced dismal financial results for the quarter ended September 30, revealing a decline in both revenue and net profit. During the July-September period, IRCON recorded a standalone net profit of Rs 202.22 crore, reflecting a 12.2 percent on-year decline. Its revenue from operations also saw a significant year-on-year decrease of 20.3 percent, reaching Rs 2,298.86 crore. IRCON’s domestic revenue was also impacted, falling 18 percent YoY to Rs 2,206.03 crore. International revenue fell more sharply, ending at Rs 92.83 crore, a notable drop from Rs 197.67 crore in the same quarter of the previous year.
Indian Hotels Company: Shares jumped nearly 7 percent as investors cheered the Tata Group company’s robust earnings for the quarter ended September 30, 2024. Brokerages remain cautious on the stock despite strong revenue growth, improving occupancy rates, and strategic consolidation efforts. Following a softer performance in Q1, IHCL reported an improved Q2FY25 with a 232 percent on-year rise in its consolidated net profit at Rs 554.6 crore. Its revenue from operations jumped 27 percent YoY to Rs 1,826 crore in the reporting period.
SBI: State Bank of India Ltd on November 8 reported a 28 percent jump in net profit at Rs 18,331 crore for the quarter ended September 30, 2024. The PSU lender had reported a net profit of Rs 14,330 crore in the year-ago period. In the July-September quarter, the interest income of the bank increased 12.32 percent on-year to Rs 1.14 lakh crore, as per a press release. While, net interest income of the lender grew 5.37 percent on-year to Rs 41,620 crore in Q2FY25, from Rs 39,500 crore in a year ago period.