Latest Stock Market News

The Indian market is expected to consolidate on 5 November 2024, following mixed global cues. The Nifty50 index closed below 24,000, indicating potential weakness. Bearish sentiment dominates, with increased call writing and a rising put-call ratio. Experts suggest short-term trading opportunities in stocks like SBI, Info Edge, and Bharat Electronics, recommending buy and sell strategies based on technical analysis.

Oil prices dipped slightly on Tuesday as market participants awaited the results of the U.S. presidential election. The slight decline followed a surge of over 2% on Monday after OPEC+ postponed production increases. The decision eased supply concerns, which had been heightened by rising non-OPEC output and weak demand. Analysts predict prices will remain range-bound in the short term.

The US dollar is weakening as traders adjust their positions ahead of the US presidential election. Polls suggest a close race, impacting market expectations. The Australian dollar remains near a three-month low, with the Reserve Bank of Australia expected to maintain its current policy. Investors await the outcome of the election and its potential impact on global markets.

IRCTC reported a 4% rise in Q2 net profit to Rs 308 crore, driven by growth in catering and internet ticketing segments. Despite the profit increase, margins saw a slight dip. The company declared an interim dividend of Rs 4 per share. Following the results, IRCTC shares closed 2% lower on Monday.

A group of major financial and cryptocurrency companies, including Robinhood and Kraken, have joined forces to launch a new stablecoin called USDG. This initiative aims to boost the global use of stablecoins, which offer a less volatile alternative to traditional cryptocurrencies. USDG will be pegged to the US dollar and managed by a consortium called the Global Dollar Network.

Hindustan Unilever (HUL) and RailTel Corporation, along with eight other companies, have set November 6 as the record date for their recently announced dividends. Investors looking to receive these dividends must own shares by the end of the trading day on November 6.

Titan is set to release its July-September 2024 quarter results, with analysts predicting a potential 27% drop in net profit due to inventory losses from customs duty cuts. However, sales are expected to rise by 3%, fueled by a strong 25% growth in the core jewelry segment.

Deepak Shenoy, Founder of Capital Mind, shares his insights on the current market scenario. He observes that while there has been some FII selling, the market decline is not a major concern. He remains optimistic about specific sectors like defense and manufacturing, while exercising caution in areas like NBFCs and microfinance.

Bandhan Financial Services Ltd (BFSL), promoter of Bandhan Bank, has ventured into the IT sector by acquiring Genisys group of companies for nearly Rs 100 crore. This strategic move aims to leverage technology for business solutions and enhance shareholder value. Genisys, specializing in AI-enabled solutions for various sectors, will operate under BFSL with expanded capabilities.

The company is said to be in the process of mandating an investment bank for the stake sale. Tessolve said it’s not engaged in fund-raising talks. Two years after its last capital round, majority shareholder Hero Electronix is looking to generate $120-150 million (Rs 1,000-1,260 crore), said the people cited above, pegging Tessolve’s value at $400-450 million (Rs 3,300-3,800 crore).