[ad_1]
Sensex Today: Geojit Financial Services views on today’s market: The positive global sentiments can embolden the bulls in India to stage a comeback
Dr V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services: Market history tells us that sharp up moves in the market happen at unexpected times. It appears that this truism is turning out to be true. The Fed decision to hold rates and refrain from making hawkish indications has emboldened the bulls to make a strong comeback in the mother market US with S&P rising 1.9% yesterday. Good earnings numbers and expectations that the interest rate will remain stable for now and will decline in H2 of CY2024 have facilitated market recovery.
The positive global sentiments can embolden the bulls in India to stage a comeback. Since FIIs are short in the market, short covering is a possibility.
Investors should remember that the buy-on-dips strategy has worked in this market. It is likely to work again. High-quality large-caps in financials, automobiles and capital goods are on a strong wicket. Mid-cap IT is doing well.
Sensex Today: FTX co-founder Sam Bankman-Fried found guilty of fraud and money laundering
Sam Bankman-Fried has been found guilty on all seven counts related to fraud and money laundering. He is the co-founder and former CEO of crypto exchange FTX, , once the world’s second-largest crypto exchange, and trading firm Alameda Research. A New York jury convicted him of fraud in a scheme that cheated customers and investors of at least $10 billion, AP reported.
Jurors rejected Bankman-Fried’s claim that he had never committed fraud or meant to cheat customers before FTX collapsed into bankruptcy a year ago. (Read More)
Sensex Today Live: Buy or sell: Vaishali Parekh recommends buying these 3 stocks today
Vaishali Parekh, Vice President – Technical Research, Prabhudas Lilladher recommends these stocks for day trading:
Buy Sobha Ltd at ₹747.75 with a stoploss of ₹735 and a target price of ₹790.
Buy Metropolis Healthcare Ltd at ₹1,456.80 with a stoploss of ₹1,425 and a target price of ₹1,540.
Buy Hindustan Copper Ltd at ₹145.70 with a stoploss of ₹142 and a target price of ₹156. (Read More)
Sensex Today Live | Share Market Updates: Cello World IPO allotment finalised; check latest GMP
The Cello World IPO share allotment has been concluded, and investors who participated in the issue can verify their allotment status on the registrar’s portal, Link Intime India Private Ltd. The basis of allotment will determine the number of shares allocated to each investor, and this information will be available in the IPO allotment status. Refunds will be processed for applicants who did not receive any shares, while those allotted shares will receive them in their demat accounts. (Read More)
Sensex Today Live: Coal India’s Apr-Oct output up 12% at 394 MT, supply to power sector rises 4.5%
State-run Coal India on Thursday reported a 12% rise in its output to 394 million tonne (MT) for FY24 so far, surpassing its annual growth target of 11%.
PM Prasad, chairman and managing director, Coal India, expressed confidence in reaching the production target of 780 MT for the current fiscal. He highlighted the company’s progress from its inception in 1975 with 79 MT to achieving 703 MT in FY23.
In October, the mining giant’s production rose 15% on year to 61 million tonne. (Read More)
Sensex Today: IRFC Q2 Results: Net profit drops 9% to ₹1,549 crore, revenue up 16% YoY; dividend declared
On Thursday, November 2, Indian Railways Finance Corporation (IRFC) disclosed its fiscal 2023-24 (Q2FY24) results, revealing a 9% decline in net profit to ₹1,549.87 crore, down from ₹1,714.28 crore in the corresponding period last year. During the second quarter of the current fiscal year, the company’s revenue from operations surged by 16%, reaching ₹6,766.32 crore, compared to ₹5,809.8 crore in the year-ago period. (Read More)
Sensex Today Live: Berger Paints India Q2 results: Net profit rises nearly 33% at ₹292 crore
Berger Paints India’s second-quarter earnings were below expectations due to a weak monsoon and delayed festivities, despite a nearly 33% year-on-year increase in consolidated net profit, amounting to ₹292 crore ($35.1 million) for the quarter ending September 30. This result fell short of analysts’ estimate of ₹308 crore as per LSEG data. Furthermore, Berger’s revenue experienced a 3.6% growth, marking its slowest growth in 12 quarters, and also missed analysts’ estimates. (Read More)
Sensex Today Live | Share Market Updates: Adani Green Energy in talks to borrow $1.8 billion loan
Adani Green Energy, the renewables firm of Indian billionaire Gautam Adani, is in talks with a group of foreign lenders to borrow as much as $1.8 billion, according to people familiar with the matter.
The loan proceeds will be used to build new capacity in solar and wind projects, said the people, who asked not to be named as the matter is private.
The banks involved include Barclays Plc, BNP Paribas SA, Deutsche Bank AG, First Abu Dhabi Bank PJSC, Rabobank and Standard Chartered Plc, they said. A representative of Adani Group declined to comment. (Read More)
Sensex Today: Stocks to Watch: Tata Motors, TCS, Adani Green, HPCL, IndiGo, Berger Paints, IRFC, Coal India, JK Lakshmi Cement, and Suzlon Energy
- Tata Motors: Collaborating with Jaguar Land Rover to develop premium EVs. Q2 net profit of ₹3,783 crore, revenue at ₹1,05,128 crore.
- TCS: Facing a $450 million annual loss due to Postbank branch closures after its 2020 acquisition.
- Adani Green Energy: Seeking a $1.8 billion loan from foreign lenders for solar and wind projects.
- HPCL/Tata Power: Instructed to cut production by 50% in Mumbai to combat rising pollution.
- InterGlobe Aviation: IndiGo’s Chief Commercial Officer for cargo resigns citing personal reasons.
- Berger Paints: Q2 earnings below estimates due to weak monsoon and delayed festivities.
- IRFC: 9% drop in net profit at ₹1,549.87 crore, 16% revenue growth at ₹6,766.32 crore.
- Coal India: Output increases 12% to 394 million tonnes, targeting 780 million tonnes for the fiscal year.
- JK Lakshmi Cement: Q2 consolidated profit after tax up 55.15% to ₹95.87 crore, revenue at ₹1,574.53 crore.
- Suzlon Energy: Q2 net profit jumps 45% to ₹102 crore, with revenue at ₹1,417 crore despite a ₹35 crore loss. (Read More)
Sensex Today Live: Tata Motors to leverage JLR platform for premium EV play
Tata Motors Ltd’s passenger electric vehicle subsidiary on Thursday said it will enter a strategic partnership with Jaguar Land Rover, the wholly-owned British luxury vehicle arm of the group, to leverage its electrified modular architecture (EMA) platform and develop its premium pure EV series, Avinya.
For the first time since the Tatas acquired JLR, the Indian passenger vehicle firm will be sharing the new platform and utilizing the strengths of JLR to fast-track the development of new vehicle types. (Read More)
Sensex Today Live | Share Market Updates: The $450 mn void staring at TCS
Tata Consultancy Services (TCS) Ltd boss K. Krithivasan is battling a new problem that is not the company’s making: Making up for a nearly $450 million loss in annual business.
Earlier this week, Deutsche Bank announced that it will shut almost half of the 550 branches of Postbank over the next two years as Germany’s biggest bank sees more customers prefer online banking than walking into a branch.
It was only in November 2020 that Tata Consultancy Services (TCS) bought Postbank Systems AG, the IT firm of Postbank, as the Mumbai-based technology services firm looked at doing more business with its German client. (Read More)
Sensex Today Live: Wall Street leaps toward its best week of 2023 on hopes for a halt to rate hikes
Wall Street roared higher again on Thursday with hopes the Federal Reserve may finally be done with its market-rattling hikes to interest rates.
The S&P 500 leaped 1.9% for its fourth straight winning day. It’s already up 4.9% this week and on pace for its best week in nearly a year.
The Dow Jones Industrial Average jumped 564 points, or 1.7%, and the Nasdaq composite climbed 1.8%.
Stocks around the world rallied after the Federal Reserve opted against raising its main interest rate late Wednesday. It’s already jacked up rates furiously since early last year in hopes of slowing the economy and hurting financial markets enough to starve high inflation of its fuel.
More importantly for financial markets, investors also took comments by the Fed’s chair to mean that recent jumps in longer-term Treasury yields were acting like rate-hike substitutes and could obviate the need for more increases by the Fed. (AP)
[ad_2]
Source link