Latest Stock Market News

Gold prices were heading for their most significant weekly drop in over three years as the dollar strengthened due to expectations of less aggressive interest rate cuts by the U.S. Federal Reserve. This rise in the dollar made gold less appealing to investors holding other currencies.

The market has seen a recent correction due to a slowdown in earnings and government spending. However, a good monsoon and potential pickup in government spending in H2FY25 could be a positive trigger, says Raj Vyas, Vice President – Research, Teji Mandi.

The recent market correction, fueled by FII selling, global uncertainties, and weak earnings, has caused concern among investors. However, historical data shows that market corrections are a normal part of the cycle. Mutual fund inflows indicate investor confidence. While short-term volatility may persist, the long-term outlook for the Indian market remains positive. Investors should stay focused on their long-term goals and avoid making impulsive decisions based on short-term market fluctuations.

Morgan Stanley increased its target price for Zomato to Rs 355, indicating a 31.7% upside. The brokerage firm remains bullish on Zomato due to its strong execution in food delivery and quick commerce, deep balance sheet, and potential for a large profit pool by 2030.

Indian IT services are poised for growth, fueled by a favorable US business environment and rising technology spending. Despite past immigration challenges, the sector adapted, and with anticipated tax cuts and increased investments in healthcare and banking, companies like Coforge and HCL Technologies are well-positioned to lead.

Zepto is securing $300 million in funding, doubling its initial target, from Indian family offices and celebrities like Amitabh Bachchan and Sachin Tendulkar. This move aims to compete with rivals like Blinkit and Instamart while increasing local ownership amidst regulatory scrutiny.

CLSA has increased its investment in Indian stocks while decreasing its investment in Chinese stocks. This decision comes after a period of optimism about the Chinese market, which has since faded due to concerns about trade tensions with the US and a lack of significant economic stimulus from Beijing.

Loan disbursal to microfinance borrowers decreased by 29% in the second quarter. Banks reduced lending more than non-bank lenders. The microfinance market is experiencing stress due to previous over-supply of credit. The outstanding loan portfolio has also decreased. The sector is facing challenges like over-leveraging and inaccurate income assessments.

Indian investors poured money into exchange-traded funds and index funds in October. Pension fund EPFO led the way, investing heavily during a market dip. Mutual funds remained active buyers, absorbing foreign investor sales. Mid-cap and small-cap funds saw record inflows. Investors favored sectors like MNCs, consumption, and infrastructure.

The Dow Jones Industrial Average declined by 162.9 points, or 0.37%, to open at 43,587.93. The S&P 500 dropped 36.4 points, or 0.61%, opening at 5,912.79, while the Nasdaq Composite fell 177.7 points, or 0.93%, to begin the day at 18,929.92.