Sensex gains 307 pts, Nifty holds 19,750; IT stocks dazzle, PSBs decline

Closing Bell on November 16, 2023: Among sectors, the Nifty PSU Bank index fell 0.24 per cent, the Nifty FMCG 0.15 per cent, and the Nifty Bank 0.09 per cent

8:47 AM

CLSA sees RBI ban on digital lending products impacting Bajaj Fin bottom-line by 6%

CLSA maintains buy call on Bajaj Finance and views RBI’s action as more of an operations breach rather than major violation of its guidelines.

Jefferies says while RBI move on Bajaj Finance is negative, speed of correction will be key to reinstate products. 

Morgan Stabley maintains overweight rating, says issue looks to be one that can be resolved soon, thus mitigating EPS impact. 

Via CNBC TV-18

 

8:39 AM

EU moves closer to imposing new set of sanctions on Russia for Ukraine war

The proposals for listings include actors from the Russian military, defense and IT sectors, as well as other important economic operators, the EU Commission statement said. Read

8:34 AM

Mutual fund redemptions dip to 6-month low in Oct, equity AUM up 24.5% YTD

Equity assets under management ( AUM) for domestic mutual funds ( MFs) (including ELSS and index funds) decreased 1.4 per cent month-on-month to Rs 20.7 trillion in October 2023, led by a decline in the market indices. Read

8:30 AM

Fall in commodity, energy prices fuels India Inc's Q2FY24 earnings

Corporate earnings got a big boost from the fall in commodity and energy prices in July-September 2023 (Q2FY24) despite a slowdown in revenue growth during the quarter.
 

The combined net profits of 3,123 firms that have declared their results so far were up 38 per cent year-on-year (Y-o-Y) to Rs 3.07 trillion in Q2FY24, up from Rs 2.24 trillion a year ago. Earnings were, however, down 3.5 per cent on a sequential basis from Rs 3.18 trillion in April-June (Q1) FY24. Read

8:26 AM

China housing gloom worsens as prices decline further, most in eight years

China home prices fell the most in eight years in October, potentially worsening buyer sentiment and putting pressure on the government to do more to revive the property market.   

 

New-home prices in 70 cities, excluding state-subsidized housing, declined 0.38% last month from September, when they dropped 0.3%. Read

8:22 AM

Gold steadies amid firm dollar, countering expectations on peak US rates

Gold steadied below one-week highs on Wednesday, weighed by a stronger dollar, but expectations that the U.S. Federal Reserve is done with hiking interest rates put a floor under prices. Read

8:18 AM

Oil prices fall on big US crude stock build, Asian fuel demand worries

Oil prices dropped on Thursday, extending losses from the previous session, as signals of higher supply from the United States met worries about lackluster energy demand from Asia. Brent futures fell 28 cents to $80.90 a barrel by 0001 GMT. Read

8:15 AM

Stocks to Watch today, Nov 16: TCS, Bajaj Fin, RateGain, ONGC, Dabur, Paytm

Tata Consultancy Services: TCS has fixed November 25 as the record date for determining the entitlement and eligibility of equity shareholders for participation in the company’s Rs 17,000-crore share buyback plan.
 

Bajaj Finance: The Reserve Bank of India (RBI) has asked Bajaj Finance to stop sanctioning and disbursal of loans under 'eCOM' and 'Insta EMI Card' segments with immediate effect.
 

ONGC: ONGC plans to invest about Rs 1 trillion in setting up two petrochemical plants to convert crude oil directly into high-value chemical products as it prepares for energy transition. Read

8:12 AM

DIIs outpace FPI buying: Pump in Rs 610 crore Wednesday

8:08 AM

FPIs buy Rs 550 crore of shares Wednesday

8:04 AM

Rupee strengthens 19 paise to close at 83.14/$ on Wednesday

8:01 AM

Biden-Xi meet concludes, both sides to ensure differences remain manageable

The US-China Summit meeting concluded at a sprawling mansion here with Presidents Joe Biden and Xi Jinping agreeing to work towards ensuring that the differences between the two countries remain manageable and the relations do not derail. Read

7:57 AM

US wholesale inflation falls unexpectedly in October

US producer prices fell by the most in three-and-a-half years in October. 
 

The producer price index declined 0.5% last month, the largest decrease since April 2020. 

A Reuters poll had forecast the PPI edging up 0.1% in October. 

Via Reuters

7:53 AM

Crude oil slips to $80 per barrel

Demand worries loom. 

7:50 AM

Gift Nifty futures up 30-odd points over Nifty futures' previous close