Sensex falls 143 pts, Nifty below 19,400; RIL, Infosys weigh, M&M gains 4%

Closing Bell on November 9, 2023: In the broader markets, the BSE MidCap index added 0.06 per cent, but the BSE SmallCap index slipped 0.27 per cent

SI Reporter New Delhi

8:37 AM

ALERT :: Stocks in news this morning

Som Distilleries: Search & seizure operation by Income Tax Department at the company's corporate office and factories of the company is being conducted since

November 7, 2023. The business operations of the company continue as usual and have not been impacted due to the search.

Kolte Patil: It has entered into an agreement with Marubeni Corporation, Japan, for its Alora project (residential) located in Kalina, Santacruz, Mumbai. As a part of this agreement, Marubeni Corporation will invest Rs 110.90 crore in the Alora project, entitling them to a total saleable area of 59,949 square feet in the project.

RattanIndia Enterprises: Revolt Motors will supply the electric bikes for Adani Green’s corporate fleet.

T D Power Systems: TDPS will manufacture and supply generators primarily for the Oil and Gas market based on Baker Hughes BRUSH technology design and TDPS design, respectively.

Source: BSE filings

8:33 AM

Gift Nifty :: Index gains 34 points to quote at 19,525

8:30 AM

'China's economy still in medium-speed growth stage'

>> China's economy is still in a stage of medium-speed growth of about 5%, and there may be the potential for it to continue to grow at this rate for another five to 10 years, a central bank advisor said on Wednesday.

>> The country needs to maintain a relatively loose monetary and fiscal policy, while paying more attention to discover its potential through structural reforms, Liu Shijin, a member of the People's Bank of China's (PBOC) monetary policy committee, told the Financial Street Forum in Beijing.

>> China is scrambling to revive growth after a brief post-COVID-19 bounce faltered amid a protracted property market slump and local government debt risks.

>> Traditional engines of economic growth - infrastructure, real estate and exports - have gradually slowed, said Liu, adding that China needs to find out a new growth model.

Source: Reuters

8:26 AM

Currency market :: Here are Asian forex rates this morning

8:22 AM

Bond market :: Here are the yields on 10-year securities across countries

8:19 AM

Japan logs current account surplus as trade swings back into black

>> Japan logged in September its largest current account surplus in 18 months as the trade balance swung into the black, the Ministry of Finance said on Thursday, with hefty gains from overseas investments boosting the balance of payments.

>> Japan's current account surplus stood at 2.72 trillion yen ($18.03 billion) in September, a little shy of economists' median forecast for a surplus of 3.0 trillion yen in a Reuters poll.

>> It was the eighth straight month of surplus.

>> Japan's position as an export powerhouse has also waned in recent years.

>> For the first half of this fiscal year, Japan logged a record current account surplus of 12.7 trillion yen, with primary income gains at around 18.4 trillion yen, also a record and more than offsetting a trade deficit of 1.4 trillion yen.

Source: Reuters

8:15 AM

Oil ticks higher as markets shrug off China inflation data; Brent holds below $80/bbl

>> Oil prices edged up on Thursday as markets shrugged off deflationary indicators in China and looked for further clues on the status of demand from the world's two biggest oil consumers
.

8:11 AM

Israel - Hamas war :: Latest updates

>> The Israel Defense Forces said Wednesday that they have destroyed 130 Hamas tunnels since launching their military operation in the Gaza Strip.

>> The military has meanwhile offered another four-hour humanitarian corridor window for civilians to safely flee Gaza City southward, warning that "time is running out to evacuate."

>> US Secretary of State Antony Blinken stressed that the consensus of Group of Seven ministers, who met earlier in the day in Japan, was that a humanitarian pause in the Israel-Hamas war would fulfil "key" objectives.

>> Qatar is reportedly leading talks to secure the release of 10 to 15 hostages held by Hamas in exchange for a 1-2 day humanitarian pause of Israeli hostilities.

Source: Agencies

8:08 AM

Laos is spiraling toward a debt crisis as China looms large

>> An alarming debt crisis has unfolded in Laos in recent years, raising worries about the tiny nation’s obligation to its biggest creditor — China.

>> China became the largest foreign investor in Laos in late 2013 and since then, its influence has only continued to skyrocket.

>> A majority of Laos’ public debt, which the IMF estimates 122% of GDP this year, is owed to Beijing due to infrastructure deals under China’s Belt And Road Initiative, or BRI.

>> Laos borrowed billions from President Xi Jinping’s government to finance railways, highways and hydroelectric dams, depleting its foreign reserves in the process.

>> It's widely feared the country may be on the brink of economic collapse if the economic crisis spins out of control.

Source: CNBC

8:04 AM

ALERT : Mortgage rates see biggest weekly drop in over a year

>> The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances fell last week to 7.61% from 7.86% for the largest one-week decline in over a year.

>> Amid the pullback, total mortgage application volume rose 2.5% last week from a year ago, according to the the Mortgage Bankers Association’s seasonally adjusted index.

Source: CNBC

8:01 AM

ALERT :: China inflation falls more than expected in October

>> Government data showed October consumer prices shrank 0.2% year-on-year in China, more than the 0.1% fall expected by economists polled by Reuters.

>> Producer prices declined 2.6%, slightly smaller than the expected decline of 2.7%.

Source: CNBC

7:58 AM