Latest Stock Market News

Gold and silver December futures opened lower today amid profit-taking due to a stronger dollar index and weak Chinese economic data. Gold traded at Rs 75,980 per 10 grams while silver was at Rs 90,715/kg. Experts predict volatility with current support and resistance levels provided.

The stock traded at a P/E multiple of 7.74, while the price-to-book value ratio stood at 1.26.

Hyundai Motor India will launch a Rs 27,870 crore IPO, expected to trade at 26X FY2024 earnings. Brokers have mixed views on its valuation. Some see it as high with limited short-term gains, while others find it fair compared to rivals Maruti Suzuki and Tata Motors. The listing is on October 22.

Wall Street closed higher on Monday, with the S&P 500 and Dow hitting record highs, as investors bought tech stocks ahead of corporate earnings reports. Technology and semiconductor companies led gains, while investors looked forward to crucial economic data and company earning reports later in the week.

Oil prices dropped by around $2 in early Asian trade on Tuesday after OPEC reduced its forecast for global oil demand growth in the coming years. Additionally, reports indicated that Israel is willing to target Iranian military sites, excluding nuclear and oil facilities. Brent and U.S. crude futures fell significantly.

Gold prices remained steady as traders anticipated new signals from the Federal Reserve regarding U.S. interest rate cuts. Fed Governor Christopher Waller called for caution on rate reductions, while President Neel Kashkari indicated potential further cuts. Investors are also eyeing upcoming U.S. economic data.

The U.S. dollar has reached a two-month high as traders expect the Federal Reserve to implement modest rate cuts soon. Meanwhile, the yen is approaching a key level of 150 per dollar. ECB is expected to cut rates in its upcoming meeting. The recent economic data is showing resilience in the U.S. economy.

Benchmark BSE Sensex surged nearly 592 points, with Nifty reclaiming the 25,000 level amid a strong global trend. Highlighted stocks include RIL, HCL Tech, and HDFC Life, each showing varied performances and trends. Experts advise cautious trading, focusing on technical indicators and price action before making decisions.