A divergent trend was witnessed as the barometer index, the S&P BSE Sensex, registered small losses while the 50-unit CNX Nifty registered miniscule gains. High volatility was witnessed during the last one hour of trade as key indices alternately swung between positive and negative zone. The Nifty hit record high on intraday basis as well as on closing basis. The barometer index, the S&P BSE Sensex, fell 5.45 points or 0.02% to settle at 27,860.38. The market breadth indicating the overall health of the market was strong. A number of side counters rose. The BSE Mid-Cap index rose 1.09%. The BSE Small-Cap index advanced 1.34%. Both these indices outperformed the Sensex.
Congress party's Rajya Sabha member Abhishek Manu Singhvi said in an interview to a news agency today, 3 November 2014, that the Congress party will conditionally support measures to pass a goods and services tax, allow more foreign investment in insurance and allocate coal mines transparently.
A latest survey showed that manufacturing activity in India picked up modestly in October 2014 amid stronger output and new order flows, particularly from overseas clients. Foreign institutional investors (FIIs) bought shares worth a net Rs 1789.43 crore from the secondary equity markets during the previous trading session on Friday, 31 October 2014, as per the data from the National Securities Depository. Meanwhile, trade was suspended at the main border crossing between India and Pakistan today, 3 November 2014, after a deadly bombing the previous day killed dozens on the Pakistani side.
Index heavyweight and cigarette major ITC slipped on high volume after a bulk deal was executed on the counter on BSE today, 3 November 2014. GAIL (India) dropped after a foreign brokerage reportedly downgraded the stock to 'sell' from 'outperform', citing stiff valuations. Maruti Suzuki India fell after the company reported fall in sales in October 2014. Realty shares extended recent gains triggered by the government recently announcing relaxation of rules for foreign investment in property development and construction sector. PSU bank stocks rose. Private bank stocks were mixed. Most IT stocks rose as the rupee edged lower against the dollar. Auto stocks declined after reporting monthly sales data for October 2014.
Earlier, the Sensex and the 50-unit CNX Nifty had, both, scaled record high at the onset of the trading session after provisional data showed massive purchases of India stocks by FPIs during the preceding trading session on Friday, 31 October 2014.
In overseas markets, European stocks dropped as investors weighed latest corporate earnings. Asian stocks were mixed. US stocks jumped on Friday, 31 October 2014, sending the S&P 500 and Dow Jones Industrial Average into record territory, after a surprise stimulus plan from the Bank of Japan was announced.
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In the foreign exchange market, the rupee edged lower against the dollar, tracking weakness in most Asian currencies against the dollar.
Brent crude reversed intraday losses.
The S&P BSE Sensex fell 5.45 points or 0.02% to settle at 27,860.38, its lowest closing level since 30 October 2014. The index gained 103.99 points at the day's high of 27,969.82 at the onset of the trading session, a lifetime high for the index. The index fell 80.43 points at the day's low of 27,785.4 in late trade.
The CNX Nifty rose 1.95 points or 0.02% to settle at 8,324.15, a record closing high for the index. The index hit a high of 8,350.60 in intraday trade, a lifetime high for the index. The index hit a low of 8,297.65 in intraday trade.
The BSE Mid-Cap index rose 106.80 points or 1.09% to settle at 9,941.40. The BSE Small-Cap index gained 146.17 points or 1.34% to settle at 11,077.12. Both these indices outperformed the Sensex.
The S&P BSE Oil & Gas index (down 0.21%), the S&P BSE Consumer Durables index (down 1.48%), the S&P BSE Auto index (down 0.88%), and the S&P BSE Metal index (down 0.09%), underperformed the Sensex.
The S&P BSE Healthcare index (up 0.37%), The S&P BSE Realty index (up 3.61%), the S&P BSE IT index (up 0.16%), the S&P BSE Teck index (up 0.27%), the S&P BSE Power index (up 0.06%) and the S&P BSE Bankex (up 0.46%) and the S&P BSE Capital Goods index (up 0.29%), outperformed the Sensex.
The S&P BSE FMCG index was unchanged in percentage terms and outperformed the Sensex.
The market breadth indicating the overall health of the market was strong. On BSE, 1,826 shares gained and 1,158 shares fell. A total of 104 shares were unchanged.
The total turnover on BSE amounted to Rs 3489 crore, lower than turnover of Rs 3772.96 crore on Friday, 31 October 2014.
Private sector bank stocks were mixed. ICICI Bank (up 1.02%) and Federal Bank (up 1.51%) edged higher. IndusInd Bank (down 1.5%), Kotak Mahindra Bank (down 0.74%), Yes Bank (down 0.84%) and HDFC Bank (down 0.19%) declined.
Axis Bank rose 1.64% to Rs 445.95 after scaling a record high of Rs 446.85 in intraday trade.
Karnataka Bank jumped 6.42% after net profit surged 205.6% to Rs 88.46 crore on 10.9% increase in total income to Rs 1278.44 crore in Q2 September 2014 over Q2 September 2013. The result was announced after market hours on Friday, 31 October 2014.
PSU bank stocks rose. State Bank of India (SBI) (up 0.73%), Canara Bank (up 1.78%), Punjab National Bank (up 1.96%) Syndicate Bank (up 3.34%), Indian Overseas Bank (up 2.04%), Andhra Bank (up 4.65%), Oriental Bank of Commerce (up 0.58%), and Dena Bank (up 1.57%), gained. Union Bank of India was flat. Indian Bank declined 0.75%.
Bank of Baroda rose 2.03% after the bank after market hours on Friday, 31 October 2014, said it has revised the rates of interest payable on term deposits of below Rs 1 crore applicable to the renewal of existing deposits and fresh deposits, with effect from 1 November 2014. The interest rate on domestic term deposits & NRO deposits of below Rs 1 crore with a maturity period of 1 year and above upto 2 years was revised to 8.9% from earlier 9.05%. Interest rate on deposits with maturity of above 2 years and upto 3 years was revised to 8.9% from earlier 9.05%. The interest rate on 1,111 days maturity bucket (Baroda Maha Utsav Deposit Scheme) was revised to 8.75% from earlier 9.05%. Interest rates on the maturity buckets for above 3 years and upto 5 years, above 5 years and upto 8 years and above 8 years and upto 10 years were revised to 8.75% from earlier 9.05%.
Bank of India rose 0.19% on good Q2 results. The state-run bank during market hours reported 26.41% rise in net profit to Rs 786 crore on 17.02% growth in total income to Rs 12099.45 crore in Q2 September 2014 over Q2 September 2013.
Bank of India (BoI)'s ratio of gross non-performing assets (NPAs) to gross advances stood at 3.54% as on 30 September 2014 as against 3.28% as on 30 June 2014 and 2.93% as on 30 September 2013. The ratio of net NPAs to net advances stood at 2.32% as on 30 September 2014 as against 2.14% as on 30 June 2014 and 1.85% as on 30 September 2013.
Coal India declined 2.45%. The company said during market hours that the actual coal production of Coal India and its subsidiaries was 101% of targeted production at 40.20 million tonnes in October 2014. The coal offtake of Coal India and its subsidiaries was 96% of targeted offtake at 39.11 million tonnes in October 2014.
Lupin dropped 0.74%. Lupin announced during market hours that it has received final approval for its Celecoxib Capsules, 50 mg from the United States Food and Drugs Administration (FDA) to market a generic version of G.D. Searle LLC's Celebrex Capsules 50 mg. G.D. Searle LLC is a subsidiary of Pfizer Inc. Lupin also received tentative approvals for its Celecoxib capsules 100 mg, 200 mg and 400 mg strengths from the FDA.
Lupin's Celecoxib Capsules 50 mg, 100 mg, 200 mg and 400 mg are the AB-rated generic equivalents of G.D. Searle LLC 's Celebrex Capsules 50 mg, 100 mg, 200 mg and 400 mg and are indicated for Osteoarthritis, Rheumatoid Arthritis, Juvenile Rheumatoid Arthritis in patients 2 years and older; Ankylosing Spondylitis, and Acute Pain. Celebrex Capsules had annual US sales of $2.44 billion, as per IMS MAT June 2014 data.
IT stocks rose as the rupee edged lower against the dollar today, 3 November 2014. A weak rupee boosts revenue of IT firms in rupee terms as the sector derives a lion's share of revenue from exports. MphasiS (up 1.25%), Wipro (up 0.11%), and Oracle Financial Services Software (up 0.05%) edged higher. HCL Technologies (down 2.19%), and TCS (up 0.59%) declined.
Infosys gained 0.82% to Rs 4,084.50 after scaling a record high of Rs 4,108.45 in intraday trade.
Tech Mahindra advanced 2.73% to Rs 2,580.45 after scaling a record high of Rs 2,596 in intraday trade.
Auto stocks declined after reporting monthly sales data for October 2014.
Maruti Suzuki India fell 1.54%. Maruti Suzuki India's total sales fell 1.1% to 1.03 lakh units in October 2014 over October 2013. Maruti Suzuki India's domestic sales rose 1% to 97,069 units in October 2014 over October 2013. The company's exports fell 23.5% to 6,904 units in October 2014 over October 2013. The sales figures were announced on Saturday, 1 November 2014.
The company said that owing to festivals and state elections during October 2014, Maruti Suzuki had 19 working days during the month. This limited the availability of vehicles during the month. In October 2013, Maruti Suzuki had 24 working days. Maruti said its retail sales during October 2014 were robust at around 1.08 lakh units, which was a growth of more than 10% over October 2013. Retail sales during October 2014 were about 10% higher than wholesales of 97,069 during October 2014, Maruti said.
In exports, shipment of around 1,000 units to Algeria and Egypt was rescheduled to November 2014 due to cyclonic conditions in Gujarat area. The impact of the aforementioned factors is reflected in the sales numbers for October 2014, the company said in a statement.
Meanwhile, Maruti Suzuki today, 3 November 2014, announced the launch of the peppier, more fuel efficient, next generation Alto K10. Maruti said that the popular auto gear shift technology, which offers convenience of automatic transmission, is being introduced in the new Alto K10.
The Alto K10 will come in six variants priced at between Rs 3.06 lakh to 3.81 lakh ex-showroom (Delhi).
Ashok Leyland rose 0.32% to Rs 46.50 after scaling record high of Rs 47.75 in intraday trade. The company during market hours today, 3 November 2014, reported 23% surge in total sales to 8,375 units in October 2014 over October 2013.
Mahindra & Mahindra (M&M) dropped 2.67%. M&M on Saturday, 1 November 2014, reported a 15% decline in total auto sales to 42,776 units in October 2014 over October 2013. M&M said sales remained subdued during the month due to overall sentiment and high interest rates. Pravin Shah, Chief Executive of M&M's automotive division and international operations said he is happy with the company's retail sales in October 2014 which has helped bring the system stocks to an optimal level. Shah said he is happy with the customers' response to M&M's new generation Scorpio.
M&M separately said that its total tractor sales fell 17% to 31,907 units in October 2014 over October 2013. Tractor sales in the domestic market fell 18% to 30,800 units in October 2014 over October 2013. Tractor exports rose 51% to 1,107 units in October 2014 over October 2013. Commenting on the monthly performance, Rajesh Jejurikar, Chief Executive, Farm Equipment and Two Wheeler Division, M&M said that the delayed rains and sowing has led to a sluggish tractor industry. He said that M&M's recently launched Arjun Novo tractor has been very well received in the market and management expects this will help M&M drive sales in a challenging environment.
Tata Motors shed 0.84%. Tata Motors' total sales (including exports) of Tata commercial and passenger vehicles declined 17% to 42,819 vehicles in October 2014 over in October 2013. The company's domestic sales of Tata commercial and passenger vehicles fell 17% to 38,760 units in October 2014 over in October 2013. The decline was largely as the market continues to remain challenged by macroeconomic trends, Tata Motors said. While segments such as medium and heavy commercial vehicle (M&HCV) showed a 30% growth year-on-year, other segments such as the LCV sales continues to remain impacted by stringent financial rates and low consumer sentiment, Tata Motors said.
Bajaj Auto fell 1.34%. Bajaj Auto posted 0.18% rise in sales to 3.86 lakh units in October 2014 over in October 2013. Bajaj Auto's motorcycle sales fell 3% to 3.36 lakh units in October 2014 over in October 2013. Sales of commercial vehicles jumped 33% to 49,094 units in October 2014 over in October 2013. Bajaj Auto's total exports jumped 15% to 1.58 lakh units in October 2014 over in October 2013. The sales figures were announced during market hours today, 3 November 2014.
Hero MotoCorp lost 1.66%. Hero MotoCorp's total sales declined 8.05% to 5.75 lakh units in October 2014 over in October 2013. Hero MotoCorp said that the company's sales once again crossed 5 lakh units a month mark in October 2014 despite November 2014 being a non-festive month. The company said it had sold 6.25 lakh two-wheelers in October 2013 to cater to the market demand in the Diwali month of November last year. The sales figures were announced on Saturday, 1 November 2014.
Hero MotoCorp said its retail sales were robust during the recently concluded 37-day festive period. Hero MotoCorp said that during the festive period which lasted between 25 September 2014 (first day of Navratras) and 31 October 2014, the company retailed more than 10 lakh two wheelers. All the new launches - including the new ZMR, Splendor iSmart, Splendor Pro Classic and Passion Pro TR - have been driving the volumes across segments, the company said in filing to stock exchanges.
The company has lined up a total investment of over Rs 5000 crore across the globe, including manufacturing plants in Colombia and Bangladesh, new plants which are coming up in Gujarat and Andhra Pradesh and the Hero Global Centre for Research & Design at Kukas in Rajasthan.
Bharat Heavy Electricals (Bhel) shed 1.08%. Bhel on Sunday, 2 November 2014, said it bagged a contract for the supply and installation of the electrostatic precipitator (ESP) package for the 2x800 megawatts (MW) Darlipali Super Thermal Power Project (STPP). The order, valued at around Rs 220 crore, has been placed on Bhel by NTPC for the upcoming Darlipali STPP in Sundargarh district of Odisha.
PSU OMCs rose. HPCL (up 1.2%) and Indian Oil Corporation (IOCL) (up 0.32%) gained. BPCL declined 0.18%. PSU OMCs cut petrol and diesel prices with effect from Saturday, 1 November 2014. Indian Oil Corporation (IOCL) on Friday, 31 October 2014, said it has cut retail selling price of petrol by Rs 2.41 per litre at Delhi (including state levies) with corresponding decrease in other states. Retail selling price of diesel was slashed by Rs 2.25 a litre at Delhi (including state levies) with corresponding decrease in other states.
Since the last price changes, the international prices of both petrol and diesel have continued to be on a downtrend. The rupee-dollar exchange rate has appreciated slightly since the last price change. The combined impact of both these factors warrant the said decrease in retail selling prices of petrol and diesel, IOCL said in a statement.
Aviation stocks gained after jet fuel rates were reduced by a steep 7.3% on Saturday, 1 November 2014, on back of falling international oil rates. Jet Airways (India) (up 3.53%) and SpiceJet (up 6.75%) edged higher.
Aviation turbine fuel (ATF), or jet fuel, rates were on Saturday, 1 November 2014, cut by a steep 7.3%, the fourth straight reduction in prices since August 2014 on back of falling international oil rates. The price of ATF at Delhi was cut by Rs 4,987.70 per kilolitre, or 7.3%, to Rs 62,537.93 per kl.
Prices of ATF constitutes approximately 50% of operating expenses of Indian airlines.
NMDC lost 2.93%. The company's net profit rose 19% to Rs 1567 crore on 25% growth in sales turnover to Rs 3105 crore in Q2 September 2014 over Q2 September 2013. The Q2 result was announced after market hours on Friday, 31 October 2014. NMDC's CMD Narendra Kothari said that the company is in the right path to achieve production and sales of iron ore of more than 32 million tonnes for this year and appreciated the efforts of the employees for displaying determined approach to achieve production of more than 50 million tonnes by 2018-19 to meet the rising demand of steel industry.
Index heavyweight and cigarette major ITC slipped 0.14% to Rs 354.75. The stock hit a high of Rs 357.95 and low of Rs 353.60 so far during the day. A bulk deal of 21.03 lakh shares was executed on the counter at Rs 355 per share at 11:45 IST on BSE today, 3 November 2014.
Dabur India rose 1.15% after consolidated net profit rose 15.1% to Rs 287.48 crore on 10.4% growth in net sales to Rs 1924.09 crore in Q2 September 2014 over Q2 September 2013. The Q2 result was announced during market hours today, 3 November 2014.
GAIL (India) dropped after a foreign brokerage reportedly downgraded the stock to 'sell' from 'outperform', citing stiff valuations. The stock tumbled 6.08%. According to brokerage, a turnaround in GAIL (India)'s core business is unlikely in next two years.
Realty shares extended recent gains triggered by the government announcing relaxation of rules for foreign investment in property development and construction sector. Unitech (up 10.27%), Housing Development & Infrastructure (HDIL) (up 6.01%), Indiabulls Real Estate (up 5.06%), Oberoi Realty (up 1.35%) and Godrej Properties (up 2.98%) edged higher.
DLF rose 2.89% to Rs 128.10. The stock was volatile. The stock hit high of Rs 129.40 and low of Rs 120.20.
The Union Cabinet on 29 October 2014 announced relaxation of rules for foreign investment in property development and construction. 100% foreign direct investment (FDI) under automatic route will be permitted in the construction development sector. In case of development of serviced plots, there is no condition of minimum land. In case of construction-development projects, a minimum floor area will be 20,000 sq. meters. The investee company will be required to bring minimum FDI of $5 million within six months of commencement of the project. Subsequent tranches of FDI can be brought till the period of ten years from the commencement of the project or before the completion of the project, whichever expires earlier. The investor will be permitted to exit on completion of the project or after three years from the date of final investment, subject to development of trunk infrastructure.
The Sensex snapped four-day winning streak today, 3 November 2014. The Sensex had risen 1,112.93 points or 4.16% in four sessions from a recent low of 26,752.90 on Monday, 27 October 2014 to 27,865.83 on Friday, 31 October 2014. The Sensex had garnered 1,235.32 points or 4.63% in October 2014. The Sensex has gained 6,689.70 points or 31.59% in calendar year 2014 so far (till 3 November 2014). From a lifetime high of 27,894.32 on 31 October 2014, the Sensex has declined 33.94 points or 0.12%. From a 52-week low of 19,963.12 on 4 February 2014, the Sensex has risen 7,897.26 points or 39.55%.
Trading for this week will be truncated as the stock market remains shut tomorrow, 4 November 2014, on account of Muharram. Stock market also remains closed on Thursday, 6 November 2014, on account of Gurunanak Jayanti.
In the foreign exchange market, the rupee edged lower against the dollar, tracking weakness in most Asian currencies against the dollar. The partially convertible rupee was hovering at 61.44, compared with its close of 61.36 during the previous trading session on Friday, 31 October 2014.
Brent crude oil prices reversed initial losses. Brent crude for December delivery was up 16 cents at $86.02 a barrel. The contract had fallen 38 cents to settle at $85.86 a barrel during the previous trading session on Friday, 31 October 2014.
The government's decision last month to decontrol diesel prices and a sharp decline in global crude oil prices recently will help India in containing its fiscal deficit. The fall in global crude oil prices will also help India in containing its current account deficit and fuel price inflation. India imports 80% of its crude oil requirement. A slump in Brent crude since the end of June contributed to consumer-price index slowing to 6.46% in September 2014, the least since 2012. However, a weakness in rupee against the dollar will restrict the benefit of falling global crude oil prices to that extent.
Adjusted for seasonal influences, the headline HSBC India Purchasing Managers' Index - a composite indicator designed to give a single-figure snapshot of manufacturing operating conditions - rebounded from September's nine-month low of 51 to 51.6 in October. The latest reading was consistent with a moderate improvement in business conditions during the month, the survey showed. Manufacturing activity picked up modestly amid stronger output and new order flows, particularly from overseas clients. However, firms continued to trim purchases and refrained from aggressive inventory accumulation, according to the survey.
The growth rate of India's eight core industries, which have a combined weight of 37.9% in the Index of Industrial Production (IIP), slowed down to 1.9% in September 2014 due to fall in output of crude oil, natural gas, refinery products and fertiliser, data released by government on Friday, 31 October 2014 showed. The core sector had grown by 9% in September 2013.
Congress party's Rajya Sabha member Abhishek Manu Singhvi said in an interview to a news agency today, 3 November 2014, that the Congress party will conditionally support measures to pass a goods and services tax, allow more foreign investment in insurance and allocate coal mines transparently. "We will give constructive support in principle, but with the very specific caveat that both god and the devil lie in the details. These are bills which we have moved, and we are not hypocritical", Singhvi said.
Opposition support is crucial to Narendra Modi government's efforts to revive the economy after winning the biggest Indian election mandate in 30 years. While his BJP controls the lower house of parliament, it holds less than a fifth of seats in the 245-member upper house. During the last parliamentary session in August, opposition lawmakers blocked the government's attempt to pass a bill that would raise the foreign ownership cap in the insurance sector to 49% from 26%. Bowing to opposition pressure, the government had in August agreed to refer the Insurance Bill to the 15-member Select Committee. The committee is expected to submit its report by the third week of November.
Finance Minster Arun Jaitley on Friday, 31 October 2014, said that major priorities of the government will be to revive and sustain higher GDP growth, increase savings, fiscal consolidation, keeping the current account deficit (CAD) at moderate level, reviving investment cycle, encouraging growth in manufacturing sector, augmenting supply response to contain inflation especially food inflation, boosting infrastructure sector and exports, rationalize subsidies and reforms in direct and indirect taxes among others. The Finance Minister was speaking at the first meeting of the Consultative Committee attached to the Ministry of Finance on the subject "Sustaining Growth Momentum - The Road Ahead". Jaitley said that the major priority of the government is to bring back growth momentum into country's economy. He said that the Indian economy has potential for achieving and sustaining higher growth. For 2014-15 the Finance Minster expects GDP growth in the range of 5.5% to 5.9%. He said the recent decline in international oil prices and prices of domestic food items point towards lower inflation in the coming months. The Finance Minister informed that the capital flows to finance the CAD is adequate and further moderation in CAD can be expected in 2014-15 due to lower oil prices.
Meanwhile, trade was suspended at the main border crossing between India and Pakistan today, 3 November 2014, after a deadly bombing yesterday, 2 November 2014, killed dozens on the Pakistani side of the Wagah border. At least 55 people were killed and 126 injured when a suicide bomber detonated himself in a crowd of families leaving the Wagah crossing, on the outskirts of the eastern Pakistani city of Lahore, after watching a nightly parade. Wagah is the main, and usually the only, land crossing for trade between India and Pakistan. The volume of trade between the two countries was about $2.5 billion in 2013, according to reports.
European stocks took a breather today, 3 November 2014, after last week's sharp gains triggered by a surprise stimulus plan from the Bank of Japan. Key benchmark indices in UK, Germany and France were off 0.15% to 0.35%.
Activity in the eurozone's manufacturing sector picked up very modestly in October, but largely because businesses cut their prices. The headline measure from data firm Markit's monthly survey of purchasing managers at manufacturers rose to 50.6 in October from 50.3 in September. A reading above 50 for the Purchasing Managers Index indicates an expansion in activity, while a reading below that level signals a contraction. The final measure was slightly below the preliminary estimate of 50.7 released in October.
UK manufacturing growth unexpectedly accelerated to the fastest pace in three months in October as buoyant domestic demand offset weakening sales to the embattled euro region. Markit Economics said its Purchasing Managers' Index climbed to 53.2 from 51.5 in September.
Asian stocks were mixed today, 3 November 2014. Key benchmark indices in China, Singapore and Taiwan were up 0.34% to 0.51%. Key benchmark indices in Hong Kong, South Korea and Indonesia were off 0.08% to 0.58%. Stock market in Japan was closed for holiday.
The HSBC China Manufacturing Purchasing Managers' Index, a gauge of nationwide manufacturing activity, rose to a final reading of 50.4 in October from 50.2 in September, HSBC Holdings PLC said today, 3 November 2014. The final reading was unchanged from HSBC's preliminary 50.4 for October, announced on 23 October 2014. A reading below 50 indicates a contraction in manufacturing activity from the previous month, whereas a reading above indicates expansion.
The official manufacturing Purchasing Managers' Index was 50.8 in October, lower that September's reading was 51.1, Chinese government data showed on Saturday, 1 November 2014.
A gauge of China's services industry fell to a nine-month low in October, joining manufacturing in signaling a broadening economic slowdown. The government's non-manufacturing Purchasing Managers' Index fell to 53.8 last month from 54 in September.
Trading in US index futures indicated that the Dow could fall 21 points at the opening bell today, 3 November 2014. US stocks jumped on Friday, 31 October 2014, sending the S&P 500 and Dow Jones Industrial Average into record territory, after a surprise stimulus plan from the Bank of Japan was announced.
Data on Friday, 31 October 2014, showed consumer spending in the US unexpectedly dropped in September as incomes rose at the slowest pace of the year. The Institute for Supply Management-Chicago Inc.'s business barometer rose to 66.2 in October from 60.5 in the prior month. A reading less than 50 signals contraction.
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