Latest Stock Market News

Gold prices remained steady in early Asian trading as investors watched for U.S. economic data to gauge future Fed rate cuts. Market participants expect a high probability of a 25 basis point cut in November. Key U.S. retail sales, industrial production, and jobless claims data are anticipated.

Oil prices rose in early Asian trade amid ongoing uncertainty over the Middle East conflict, despite recent declines due to demand concerns. Brent crude climbed 0.3% while U.S. crude dropped 0.4%. Analysts expect U.S. crude stockpiles to rise, and both OPEC and IEA have cut 2024 oil demand forecasts.

Bajaj Auto is anticipated to showcase a 24-29% year-on-year revenue growth for Q2, driven by higher volumes and increased average selling prices, with PAT growth estimated at 22-24%. Other companies reporting results today include Mphasis, Crisil, and South Indian Bank.

Atlanta Federal Reserve President Raphael Bostic indicated projecting just one more 25 basis points interest rate cut this year, differing from the median projection of 50 basis points. Bostic emphasized adapting his forecast based on inflation and job market data while keeping his options open.

The Benchmark BSE Sensex surged by nearly 592 points; Nifty reclaimed 25,000 on Monday, bolstered by a firm global market trend. Key stocks in focus included HDFC AMC, HCL Tech, and Sterling and Wilson, with significant movements and promising technical indicators suggesting further upside potential.

Shares of Bajaj Auto are set to draw attention as the company is projected to announce a significant YoY revenue increase of 24%-29% for Q2FY25, driven by robust volume growth and higher ASPs. Net profit is also expected to rise by 22%-24%.

The RBI does not want banks to use step-down entities to circumvent norms that do not apply to them. Effectively, some subsidiaries may remodel themselves as direct selling agents of the bank, a senior bank official said. The RBI has sought feedback from banks by November 20 on the draft guidelines.

When a company receives a final observation from Sebi, it’s a signal from the regulator to go ahead with the IPO process.