Latest Stock Market News

Oil prices dipped slightly after a Thursday rally, with both Brent and WTI still set for weekly gains. Investors are weighing hurricane damage on U.S. fuel demand against potential Israeli retaliation against Iranian oil sites. The situation remains tense, impacting market stability.

The U.S. dollar declined from two-month highs due to weak labor market signals, suggesting quicker Federal Reserve rate cuts. Despite the fall, the dollar is set for its second weekly advance after strong payrolls. Market bets for a quarter-point rate cut in November increased, and recent CPI data indicates a need for restrictive monetary policy to control inflation.

Market closes in the red with IT and Pharma sectors under pressure, while Financials show strength. Nifty50 experiences a sharp correction, testing lows amid geopolitical concerns and foreign fund outflows. Analysts suggest a cautiously bullish outlook if Nifty remains above 24,700, with potential targets around 25,600-25,700.

Six companies, including Just Dial, are set to announce their second-quarter results on Friday. Analysts predict this quarter might be the weakest in four years for corporate India, with Nifty earnings projected to grow by just 2%. Just Dial is anticipated to show a 75% rise in profit year-on-year, driven by growth in paid campaigns and improved EBITDA margins.

Partha Pratim Sengupta will become the new managing director and CEO of Bandhan Bank. The Reserve Bank of India has approved his appointment for three years starting no later than November 10, 2024. The bank also completed a forensic audit on its insurance claims, resulting in a payout of Rs 1,231.29 crore.

Tata Investment Corporation, TRF, Tata Teleservices (Maharashtra), Tata Chemicals, Automobile Corporation of Goa, Tata Elxsi, Tejas Networks, Nelco, Automotive Stampings & Assemblies, Tata Technologies, Tata Power Company, Rallis India, and Indian Hotels Company gained between 3% and 15% on Thursday.

The QIP attracted investors such as GQG Partners, Quant Mutual Fund, SBI General Insurance, SBI Life Insurance and HDFC Life Insurance along with a few ultra-high net worth individuals, the people said.

A study by ETIG has shown that two out of three times over the past 10 years, the outgoing stock has either outperformed or matched the performance of the incoming stock in the Nifty.

Ratan Tata, the former chairman of the Tata group, passed away at the age of 86 due to age-related illnesses. Tata, remembered for his visionary leadership and philanthropic efforts, transformed the Tata conglomerate into a global powerhouse. Family and colleagues mourn his loss and celebrate his enduring legacy.