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Gold prices remained steady near record highs on Wednesday, supported by a weaker dollar and heightened Middle East conflict. Investors are closely watching for new signals on U.S. interest rates. Spot gold held at $2,658.07 per ounce, while U.S. gold futures rose slightly to $2,682.60.

HDFC Bank, Bharti Airtel, Infosys, ICICI Bank, and M&M contributed over 50%, or 5,700 points, to the recent 10,000-point Sensex rally, as the index surged 13.16% from 75,000 to 85,000, outperforming markets in Japan, France, and China during this period.

The Securities and Exchange Board of India (Sebi) announced that starting Nov 1, 2024, retail investors applying for public issues of debt securities through stock brokers for amounts up to ₹5 lakh must use UPI to block funds, while other modes of payment will still be available for individual investors through stock exchange platforms.

The Housing and Urban Development Corp (Hudco) has secured a 60 billion yen ($448 million) loan from three major Japanese banks. The five-year loan, priced at 70 basis points above the Tokyo Overnight Average Rate, will be swapped to dollars for domestic lending in India. This transaction is rare for a government-owned company.

Investors are increasingly holding cash due to concerns over high share valuations and market excesses. Despite criticism, including from Warren Buffett, many prefer the safety of cash or equivalents. Experienced investors are particularly cautious, while newer ones remain bullish. Cash holdings offer a cushion against potential market downturns.

Rajat Sharma, CEO of Sana Securities, advises investors to focus on large-cap stocks with value, such as FMCG and private banks like ITC, Britannia, Axis Bank, and HDFC Bank. He suggests being prepared for a 10-15% market dip but expects a sharp rebound due to ample cash reserves in mutual funds.

Valuations were a little stretched. As you will see periodic profit booking, so that is something which is there in the portfolio. I have been discussing Zomato with you for a long time now. It has done pretty well.

MCX revised transaction fees for futures and options contracts, effective October 1, 2024. The new fees are Rs 2.10 per lakh for futures and Rs 41.80 per lakh for options. MCX offers trading in commodity derivatives across bullion, industrial metals, energy, and agricultural commodities.