- Arun Goswami
- 06 Dec, 2024
- Mumbai
The Reserve Bank of India held its key lending rates steady, lowered its economic growth outlook for the second half and fiscal year 2025, and cut the cash reserve ratio for banks for the first time since 2020.
The Sensex index decreased by 0.2% to 81,611.91, and the Nifty index dropped by 0.2% to 24,667.40.
On the Mumbai stock exchange, 173 stocks traded at their 52-week highs, and 9 stocks traded at their 52-week lows.
Afcons Infrastructure Ltd. increased 0.9% to ₹529.55, and the company completed a tunnel project for Delhi Metro Rail Corporation on the Tughlakabad-Aerocity corridor.
Rites Ltd. increased 3% to ₹296.30, and the construction company was selected for a ₹148.25 crore project to build the second phase of the campus for the Indian Institute of Management Raipur.
Garden Reach Shipbuilders & Engineers increased 1% to ₹1,780.0 after the company signed a contract to deliver a second multi-purpose 7,500 DWT vessel to Germany.
FSN E-Commerce Venture decreased 1.6% to ₹164.72 after the company's chief executive, Nihir Parikh, resigned from the company with immediate effect.
Canara Bank rose 2.3% to ₹110.69, and the Reserve Bank of India approved the company's plans to sell stakes in its mutual funds and insurance subsidiaries through a public offering.
The company's board approved the stake sale earlier in the year in March.
Vodafone Idea rose 8.2% to ₹8.21, and the company's board has scheduled a meeting to discuss a plan to raise ₹2,000 crore from promoter group entities.
- Arun Goswami
- 06 Dec, 2024
- Mumbai
The Reserve Bank of India held its key lending rates steady, lowered its economic growth outlook for the second half and fiscal year 2025, and cut the cash reserve ratio for banks for the first time since 2020.
The Sensex index decreased by 0.2% to 81,611.91, and the Nifty index dropped by 0.2% to 24,667.40.
On the Mumbai stock exchange, 173 stocks traded at their 52-week highs, and 9 stocks traded at their 52-week lows.
Afcons Infrastructure Ltd. increased 0.9% to ₹529.55, and the company completed a tunnel project for Delhi Metro Rail Corporation on the Tughlakabad-Aerocity corridor.
Rites Ltd. increased 3% to ₹296.30, and the construction company was selected for a ₹148.25 crore project to build the second phase of the campus for the Indian Institute of Management Raipur.
Garden Reach Shipbuilders & Engineers increased 1% to ₹1,780.0 after the company signed a contract to deliver a second multi-purpose 7,500 DWT vessel to Germany.
FSN E-Commerce Venture decreased 1.6% to ₹164.72 after the company's chief executive, Nihir Parikh, resigned from the company with immediate effect.
Canara Bank rose 2.3% to ₹110.69, and the Reserve Bank of India approved the company's plans to sell stakes in its mutual funds and insurance subsidiaries through a public offering.
The company's board approved the stake sale earlier in the year in March.
Vodafone Idea rose 8.2% to ₹8.21, and the company's board has scheduled a meeting to discuss a plan to raise ₹2,000 crore from promoter group entities.
- Alexander Garcia
- 05 Dec, 2024
- Miami
Benchmark indexes on Wall Street lacked direction and momentum in Thursday's trading, and investors looked forward to the release of the nonfarm payrolls report on Friday.
The S&P 500 index and the Nasdaq Composite advanced little, as investors reviewed the latest weekly jobless claims report.
The S&P 500 index and the Nasdaq Composite closed at new record highs on Wednesday, and the Dow Jones Industrial Average closed above 45,000 for the first time.
Investors are holding out for the market rally to continue in December and in the first quarter of 2025, driven by solid economic data, resilient labor markets, and hopes of regulatory overhaul.
Initial jobless claims rose to 224,000 in the week ending on November 30, from 223,000 in the previous week, according to data available from the U.S. Department of Labor.
Continuing claims from those who are jobless for more than a week declined by 25,000 to 1.871 million at the end of November 23, confirming that the labor market conditions are still tight.
Despite the Federal Reserve's eleven rate hikes over 2022 and 2023, labor markets are resilient, and jobless claims are hovering near record lows.
Federal Reserve Chairman Jerome Powell said that the U.S. economy is strong enough and labor markets are surprisingly more resilient than estimated, providing an economic backdrop for the Fed to move carefully on interest rate cuts.
“The labor market is better, and the downside risks appear to be less in the labor market,” said Fed Chair Powell during an onstage interview at the DealBook conference organized by the New York Times on Wednesday.
“Growth is definitely stronger than we thought, and inflation is coming out a little higher.
So, the good news is that we can afford to be a little more cautious as we try to find neutral.”
U.S. Indexes and Treasury Yields
The S&P 500 index increased 0.07% to 6,090.73, the Nasdaq Composite rose 0.2% to 19,779.79, and the Russell 2000 index inched lower by 0.5% to 2,414.91.
The yield on 2-year Treasury notes edged lower to 4.16%, 10-year Treasury notes inched down to 4.21%, and 30-year Treasury bonds decreased to 4.37%.
WTI crude oil increased $0.10 to $68.63 a barrel, and natural gas prices edged up 3 cents to $3.08 a thermal unit.
Gold increased by $0.90 to $2,651.23 an ounce, and silver rose by $0.03 to $31.36.
The dollar index, which weighs the US currency against a basket of foreign currencies, edged lower by 0.29 to 106.08.
Stock Movers
American Eagle Outfitters dropped 14.5% to $17.57, and the apparel retailer reported weaker-than-expected quarterly results.
Total revenue in the third quarter ending on November 2 declined 1% to $1.3 billion, including a $45 million reduction in sales because of a calendar shift in the current period.
Comparable store sales in the quarter increased, following a 5% increase last year.
Net income dropped to $80.0 million from $96.7 million, and diluted earnings per share fell to 41 cents from 49 cents a year ago.
The company estimated fourth quarter total revenue to fall 4%, including an adverse effect of $85 million because of the calendar shift and one fewer week in the period.
The retailer also guided operating income to range between $125 million and $130 million, including a negative impact of $20 million because of the strengthening of the U.S. dollar.
Five Below rose 14.3% to $120.11 after the deep discount retailer reported better-than-expected revenue and adjusted earnings in the third quarter.
Net sales increased by 14.6% to $843.7 million from $736.4 million a year ago; comparable sales increased by 0.6%.
Net income plunged to $1.7 million compared to $14.6 million, and diluted earnings per share were 3 cents compared to 26 cents, and adjusted diluted earnings per share were 42 cents.
Synopsys dropped 7% to $547.0 after the advanced chip design software company's outlook for the fiscal first quarter fell short of market expectations.
Revenue in the fiscal fourth quarter ending in October rose 11% to $1.64 billion, net income decreased to $279.3 million from $346.1 million, and diluted earnings per share fell to $1.79 from $2.23 a year earlier.
For the full fiscal year 2024, net income increased to $1.44 billion from $1.23 billion, and diluted earnings per share rose to $9.25 from $7.91.
The electronic design automation company estimated fiscal 2025 first quarter revenue to range between $1.435 billion and $1.465 billion and diluted earnings per share to range between $1.81 and $1.95.
European Bond Yields Edge Lower, France Faces Higher Fiscal Instability After Collapse of Government
European markets overlooked growing political uncertainty in France, and bond yields edged lower amid rate cut expectations.
Benchmark indexes in Paris, Frankfurt, and Milan edged higher, but in London traded down in tight trading.
For the first time in more than sixty years, the French parliament's lower house toppled the government after two opposition groups of lawmakers voted in favor of a no-confidence vote.
President Emmanuel Macron has the difficult task of finding a new prime minister who can hold the next minority government together till the earliest possible election next summer.
It will be weeks or maybe months before the next government is formed in Paris, and this could put more pressure on the euro.
The constitutional provision will allow the French government to function without the social security bill and finance bill and avoid the government shutdown for now.
France's budget deficit is expected to reach 6.1% in 2024, and without the approved budget, deficit is likely to stay elevated in 2025 as the government runs on the provisional budget of the previous year.
France is heading for higher government spending, elevated budget deficit in the next year, but political uncertainty will weigh on corporate earnings and consumer spending as businesses turn cautious and consumers retrench.
Eurozone Retail Sales Struggle to Advance in October
On the economic front, Euro Area retail sales declined from the previous month in October, after rising in the previous three months.
Retail sales decreased 0.5% from the previous month, driven by a 0.9% decline in non-food sales compared to an increase of 1.3%. Auto fuel sales eased at a slower pace of 0.3% compared to a fall of 0.6% in the previous month, respectively.
However, the sale of food, beverages, and tobacco rebounded to 0.1% from a decline of 0.7% in the previous month, Eurostat reported Thursday.
On an annual basis, retail sales rose for the fourth month in a row but increased at a slower pace of 1.9% in October, following an upwardly revised 3.0% rise in the previous month.
Retail sales advanced in seven of the ten months in October, driven in large part by higher prices and rising wages.
Europe Indexes and Yields
The DAX index increased by 0.4% to 20,320.06; the CAC-40 index rose by 0.4% to 7,329.83; and the FTSE 100 index inched lower by 0.1% to 8,330.69.
The yield on 10-year German bonds edged lower to 2.06%, French bonds inched down to 2.86%, the UK gilts edged lower to 4.25%, and Italian bonds decreased to 3.17%.
The euro edged higher to $1.05; the British pound inched up to $1.27; and the U.S. dollar eased to 88.40 Swiss cents.
Brent crude increased $0.22 to $72.54 a barrel, and the Dutch TTF natural gas fell by €0.22 to €47.06 per MWh.
Europe Stock Movers
Vodafone Group plc increased 0.9% to 70.43 pence after the UK's competition commission approved the company's merger with Hutchison's Three UK.
Unibail-Rodamco-Westfield SE edged up 0.9% to €77.10, and the French real estate company acquired a 38.9% stake in URW Germany GmbH from Canada Pension Plan Investment Board in a private transaction.
DS Smith plc declined 1.1% to 570.50 pence after the paper and packaging company reported a decline in revenue and earnings in the first half.
Frasers Group PLC dropped 11.5% to 657.0 pence after the sneaker and athletic apparel retailer lowered the upper end of its full-year profit estimate.
Future plc increased 13.4% to 1,115.0 pence after the publishing company reported better-than-expected full-year results.
Revenues in the fiscal year ending in September were flat at £788.2 million, pre-tax profit declined 25% to £103.2 million from £138.1 million, and diluted earnings per share dropped 29% to 66.8 pence from 94.1 pence a year ago.
In the year, the publisher of Country Living and Marie Claire repurchased £64.7 million of its own stock and paid a dividend of £3.9 million.
The company announced a new stock buyback plan of £55 million starting in January 2025.
Safran SA declined 5% to €217.10 after the aircraft equipment maker issued new financial targets for 2025.
The company estimated 2025 revenue growth of 10%, recurring operating income to range between €4.7 billion and €4.8 billion, and free cash flow between €2.8 and €3.0 billion.
The company plans to repurchase its own shares worth 5 billion between 2025 and 2028.
India Indexes to Advance, BJP Finally Gets Maharashtra Going
Stock market indexes traded higher as foreign buyers returned amid improving market sentiment.
The Sensex and the Nifty indexes edged slightly higher in early trading ahead of RBI's rate decisions on Friday.
The Monetary Policy Committee is expected to keep interest rates unchanged for the eleventh meeting in a row, and the repo rate is expected to stay unchanged at 6.5%.
The central bank is also likely to keep its GDP growth outlook unchanged at 7.2%, despite the unexpected sharp slowdown in the September quarter to a seven-quarter low of 5.4%.
Foreign investors increased their exposure by 1,797.60 crore on Wednesday and domestic institutional investors sold stocks totaling 900.62 crore, according to preliminary data from stock exchanges.
BJP leader Devendra Fadnavis will be sworn in as Chief Minister of Maharashtra on Thursday after weeks of wrangling between three-way coalition partners following the state assembly elections last month.
In international trading, crude oil continued to drift lower ahead of the OPEC+ announcement later today, and the group of nations is expected to postpone the previously announced production increase by three months amid weak demand growth from key customers.
Financial markets in Europe advanced for the fifth session in a row, despite the fall of the French government after three months.
Michel Barnier's minority government of three months collapsed after the far-right party and hard-left group of lawmakers voted against the government in a no-confidence vote.
The euro is likely to face more selling pressure after the latest political turmoil in France adds to the uncertainty in the region after Germany's three-party coalition government fell on November 6.
South Korea's KOSPI index extended two-day losses to more than 2% after President Yoon Suk Yeol abandoned martial law as the parliament voted down the decree.
Financial markets continued to slide despite the finance ministry's pledge that the Bank of Korea is ready to pump about $7.7 billion to stabilize markets.
Indexes and Yields
The Sensex index decreased by 1.0% to 79,592.61, and the Nifty index dropped by 1.0% to 24,237.80.
On the Mumbai stock exchange, 134 stocks traded at their 52-week highs, and 10 stocks traded at their 52-week lows.
The yield on the 10-year Indian government bonds inched lower to 6.73%, and the Indian rupee eased to 84.73 against the U.S. dollar.
The gold price increased by 0.4% to ₹77,124 per ten grams, and silver edged up by 0.4% to ₹93,344 per kilo.
Crude oil decreased by 0.1% to ₹5,839 per barrel, and natural gas was down 0.2% to ₹258.0 per thermal unit.
India Stock Movers
Indus Towers Ltd. increased 1.6% to ₹364.40, and the UK-based Vodafone is looking to sell its 3% stake in the company worth 2,841 crore and use the proceeds to pay its debts in the India-based Vodafone Idea.
Indraprastha Gas Ltd. advanced 2% to ₹367.40, and the company's board at a meeting on December 10 is expected to review the bonus issue.
Axis Bank decreased 0.2% to ₹1,157.80, and the company's brokerage unit, Axis Securities, was fined 14.2 lakh after a dealer was alleged to front-run client orders.
Torrent Pharmaceuticals increased 0.4% to ₹3,366.70, and the company said it plans to acquire Cospiaq and Xilingio for the treatment of type 2 diabetes from Boehringer Ingelheim GmbH.
Torrent has been making the drug for Boehringer Ingelheim since 2022 as part of the co-marketing agreement with the company.
PG Electroplast soared 6% to ₹817.20 after the company launched its secondary issue with a floor price of ₹705.20 per share.
- Alexander Garcia
- 05 Dec, 2024
- Miami
Benchmark indexes on Wall Street lacked direction and momentum in Thursday's trading, and investors looked forward to the release of the nonfarm payrolls report on Friday.
The S&P 500 index and the Nasdaq Composite advanced little, as investors reviewed the latest weekly jobless claims report.
The S&P 500 index and the Nasdaq Composite closed at new record highs on Wednesday, and the Dow Jones Industrial Average closed above 45,000 for the first time.
Investors are holding out for the market rally to continue in December and in the first quarter of 2025, driven by solid economic data, resilient labor markets, and hopes of regulatory overhaul.
Initial jobless claims rose to 224,000 in the week ending on November 30, from 223,000 in the previous week, according to data available from the U.S. Department of Labor.
Continuing claims from those who are jobless for more than a week declined by 25,000 to 1.871 million at the end of November 23, confirming that the labor market conditions are still tight.
Despite the Federal Reserve's eleven rate hikes over 2022 and 2023, labor markets are resilient, and jobless claims are hovering near record lows.
Federal Reserve Chairman Jerome Powell said that the U.S. economy is strong enough and labor markets are surprisingly more resilient than estimated, providing an economic backdrop for the Fed to move carefully on interest rate cuts.
“The labor market is better, and the downside risks appear to be less in the labor market,” said Fed Chair Powell during an onstage interview at the DealBook conference organized by the New York Times on Wednesday.
“Growth is definitely stronger than we thought, and inflation is coming out a little higher.
So, the good news is that we can afford to be a little more cautious as we try to find neutral.”
U.S. Indexes and Treasury Yields
The S&P 500 index increased 0.07% to 6,090.73, the Nasdaq Composite rose 0.2% to 19,779.79, and the Russell 2000 index inched lower by 0.5% to 2,414.91.
The yield on 2-year Treasury notes edged lower to 4.16%, 10-year Treasury notes inched down to 4.21%, and 30-year Treasury bonds decreased to 4.37%.
WTI crude oil increased $0.10 to $68.63 a barrel, and natural gas prices edged up 3 cents to $3.08 a thermal unit.
Gold increased by $0.90 to $2,651.23 an ounce, and silver rose by $0.03 to $31.36.
The dollar index, which weighs the US currency against a basket of foreign currencies, edged lower by 0.29 to 106.08.
Stock Movers
American Eagle Outfitters dropped 14.5% to $17.57, and the apparel retailer reported weaker-than-expected quarterly results.
Total revenue in the third quarter ending on November 2 declined 1% to $1.3 billion, including a $45 million reduction in sales because of a calendar shift in the current period.
Comparable store sales in the quarter increased, following a 5% increase last year.
Net income dropped to $80.0 million from $96.7 million, and diluted earnings per share fell to 41 cents from 49 cents a year ago.
The company estimated fourth quarter total revenue to fall 4%, including an adverse effect of $85 million because of the calendar shift and one fewer week in the period.
The retailer also guided operating income to range between $125 million and $130 million, including a negative impact of $20 million because of the strengthening of the U.S. dollar.
Five Below rose 14.3% to $120.11 after the deep discount retailer reported better-than-expected revenue and adjusted earnings in the third quarter.
Net sales increased by 14.6% to $843.7 million from $736.4 million a year ago; comparable sales increased by 0.6%.
Net income plunged to $1.7 million compared to $14.6 million, and diluted earnings per share were 3 cents compared to 26 cents, and adjusted diluted earnings per share were 42 cents.
Synopsys dropped 7% to $547.0 after the advanced chip design software company's outlook for the fiscal first quarter fell short of market expectations.
Revenue in the fiscal fourth quarter ending in October rose 11% to $1.64 billion, net income decreased to $279.3 million from $346.1 million, and diluted earnings per share fell to $1.79 from $2.23 a year earlier.
For the full fiscal year 2024, net income increased to $1.44 billion from $1.23 billion, and diluted earnings per share rose to $9.25 from $7.91.
The electronic design automation company estimated fiscal 2025 first quarter revenue to range between $1.435 billion and $1.465 billion and diluted earnings per share to range between $1.81 and $1.95.
European Bond Yields Edge Lower, France Faces Higher Fiscal Instability After Collapse of Government
European markets overlooked growing political uncertainty in France, and bond yields edged lower amid rate cut expectations.
Benchmark indexes in Paris, Frankfurt, and Milan edged higher, but in London traded down in tight trading.
For the first time in more than sixty years, the French parliament's lower house toppled the government after two opposition groups of lawmakers voted in favor of a no-confidence vote.
President Emmanuel Macron has the difficult task of finding a new prime minister who can hold the next minority government together till the earliest possible election next summer.
It will be weeks or maybe months before the next government is formed in Paris, and this could put more pressure on the euro.
The constitutional provision will allow the French government to function without the social security bill and finance bill and avoid the government shutdown for now.
France's budget deficit is expected to reach 6.1% in 2024, and without the approved budget, deficit is likely to stay elevated in 2025 as the government runs on the provisional budget of the previous year.
France is heading for higher government spending, elevated budget deficit in the next year, but political uncertainty will weigh on corporate earnings and consumer spending as businesses turn cautious and consumers retrench.
Eurozone Retail Sales Struggle to Advance in October
On the economic front, Euro Area retail sales declined from the previous month in October, after rising in the previous three months.
Retail sales decreased 0.5% from the previous month, driven by a 0.9% decline in non-food sales compared to an increase of 1.3%. Auto fuel sales eased at a slower pace of 0.3% compared to a fall of 0.6% in the previous month, respectively.
However, the sale of food, beverages, and tobacco rebounded to 0.1% from a decline of 0.7% in the previous month, Eurostat reported Thursday.
On an annual basis, retail sales rose for the fourth month in a row but increased at a slower pace of 1.9% in October, following an upwardly revised 3.0% rise in the previous month.
Retail sales advanced in seven of the ten months in October, driven in large part by higher prices and rising wages.
Europe Indexes and Yields
The DAX index increased by 0.4% to 20,320.06; the CAC-40 index rose by 0.4% to 7,329.83; and the FTSE 100 index inched lower by 0.1% to 8,330.69.
The yield on 10-year German bonds edged lower to 2.06%, French bonds inched down to 2.86%, the UK gilts edged lower to 4.25%, and Italian bonds decreased to 3.17%.
The euro edged higher to $1.05; the British pound inched up to $1.27; and the U.S. dollar eased to 88.40 Swiss cents.
Brent crude increased $0.22 to $72.54 a barrel, and the Dutch TTF natural gas fell by €0.22 to €47.06 per MWh.
Europe Stock Movers
Vodafone Group plc increased 0.9% to 70.43 pence after the UK's competition commission approved the company's merger with Hutchison's Three UK.
Unibail-Rodamco-Westfield SE edged up 0.9% to €77.10, and the French real estate company acquired a 38.9% stake in URW Germany GmbH from Canada Pension Plan Investment Board in a private transaction.
DS Smith plc declined 1.1% to 570.50 pence after the paper and packaging company reported a decline in revenue and earnings in the first half.
Frasers Group PLC dropped 11.5% to 657.0 pence after the sneaker and athletic apparel retailer lowered the upper end of its full-year profit estimate.
Future plc increased 13.4% to 1,115.0 pence after the publishing company reported better-than-expected full-year results.
Revenues in the fiscal year ending in September were flat at £788.2 million, pre-tax profit declined 25% to £103.2 million from £138.1 million, and diluted earnings per share dropped 29% to 66.8 pence from 94.1 pence a year ago.
In the year, the publisher of Country Living and Marie Claire repurchased £64.7 million of its own stock and paid a dividend of £3.9 million.
The company announced a new stock buyback plan of £55 million starting in January 2025.
Safran SA declined 5% to €217.10 after the aircraft equipment maker issued new financial targets for 2025.
The company estimated 2025 revenue growth of 10%, recurring operating income to range between €4.7 billion and €4.8 billion, and free cash flow between €2.8 and €3.0 billion.
The company plans to repurchase its own shares worth 5 billion between 2025 and 2028.
India Indexes to Advance, BJP Finally Gets Maharashtra Going
Stock market indexes traded higher as foreign buyers returned amid improving market sentiment.
The Sensex and the Nifty indexes edged slightly higher in early trading ahead of RBI's rate decisions on Friday.
The Monetary Policy Committee is expected to keep interest rates unchanged for the eleventh meeting in a row, and the repo rate is expected to stay unchanged at 6.5%.
The central bank is also likely to keep its GDP growth outlook unchanged at 7.2%, despite the unexpected sharp slowdown in the September quarter to a seven-quarter low of 5.4%.
Foreign investors increased their exposure by 1,797.60 crore on Wednesday and domestic institutional investors sold stocks totaling 900.62 crore, according to preliminary data from stock exchanges.
BJP leader Devendra Fadnavis will be sworn in as Chief Minister of Maharashtra on Thursday after weeks of wrangling between three-way coalition partners following the state assembly elections last month.
In international trading, crude oil continued to drift lower ahead of the OPEC+ announcement later today, and the group of nations is expected to postpone the previously announced production increase by three months amid weak demand growth from key customers.
Financial markets in Europe advanced for the fifth session in a row, despite the fall of the French government after three months.
Michel Barnier's minority government of three months collapsed after the far-right party and hard-left group of lawmakers voted against the government in a no-confidence vote.
The euro is likely to face more selling pressure after the latest political turmoil in France adds to the uncertainty in the region after Germany's three-party coalition government fell on November 6.
South Korea's KOSPI index extended two-day losses to more than 2% after President Yoon Suk Yeol abandoned martial law as the parliament voted down the decree.
Financial markets continued to slide despite the finance ministry's pledge that the Bank of Korea is ready to pump about $7.7 billion to stabilize markets.
Indexes and Yields
The Sensex index decreased by 1.0% to 79,592.61, and the Nifty index dropped by 1.0% to 24,237.80.
On the Mumbai stock exchange, 134 stocks traded at their 52-week highs, and 10 stocks traded at their 52-week lows.
The yield on the 10-year Indian government bonds inched lower to 6.73%, and the Indian rupee eased to 84.73 against the U.S. dollar.
The gold price increased by 0.4% to ₹77,124 per ten grams, and silver edged up by 0.4% to ₹93,344 per kilo.
Crude oil decreased by 0.1% to ₹5,839 per barrel, and natural gas was down 0.2% to ₹258.0 per thermal unit.
India Stock Movers
Indus Towers Ltd. increased 1.6% to ₹364.40, and the UK-based Vodafone is looking to sell its 3% stake in the company worth 2,841 crore and use the proceeds to pay its debts in the India-based Vodafone Idea.
Indraprastha Gas Ltd. advanced 2% to ₹367.40, and the company's board at a meeting on December 10 is expected to review the bonus issue.
Axis Bank decreased 0.2% to ₹1,157.80, and the company's brokerage unit, Axis Securities, was fined 14.2 lakh after a dealer was alleged to front-run client orders.
Torrent Pharmaceuticals increased 0.4% to ₹3,366.70, and the company said it plans to acquire Cospiaq and Xilingio for the treatment of type 2 diabetes from Boehringer Ingelheim GmbH.
Torrent has been making the drug for Boehringer Ingelheim since 2022 as part of the co-marketing agreement with the company.
PG Electroplast soared 6% to ₹817.20 after the company launched its secondary issue with a floor price of ₹705.20 per share.
- Barry Adams
- 05 Dec, 2024
- New York City
Stock market indexes on Wall Street traded in a tight range in early trading on Thursday, and investors looked forward to the release of the nonfarm payrolls report on Friday.
The S&P 500 index edged up 0.01%, and the Nasdaq Composite advanced 0.02%, as investors reviewed the latest weekly jobless claims report.
The S&P 500 index and the Nasdaq Composite closed at new record highs on Wednesday, and the Dow Jones Industrial Average closed above 45,000 for the first time.
Investors are holding out for the market rally to continue in December and in the first quarter of 2025, driven by solid economic data, resilient labor markets, and hopes of regulatory overhaul.
Initial jobless claims rose to 224,000 in the week ending on November 30, from 223,000 in the previous week, according to data available from the U.S. Department of Labor.
Continuing claims from those who are jobless for more than a week declined by 25,000 to 1.871 million at the end of November 23, confirming that the labor market conditions are still tight.
Despite the Federal Reserve's eleven rate hikes over 2022 and 2023, labor markets are resilient, and jobless claims are hovering near record lows.
Federal Reserve Chairman Jerome Powell said that the U.S. economy is strong enough and labor markets are surprisingly more resilient than estimated, providing an economic backdrop for the Fed to move carefully on interest rate cuts.
“The labor market is better, and the downside risks appear to be less in the labor market,” said Fed Chair Powell during an onstage interview at the DealBook conference organized by the New York Times on Wednesday.
“Growth is definitely stronger than we thought, and inflation is coming out a little higher.
So, the good news is that we can afford to be a little more cautious as we try to find neutral.”
U.S. Indexes and Treasury Yields
The S&P 500 index increased 0.03% to 6,088.13, the Nasdaq Composite rose 0.2% to 19,777.73, and the Russell 2000 index inched higher by 0.4% to 2,426.56.
The yield on 2-year Treasury notes edged lower to 4.16%, 10-year Treasury notes inched down to 4.21%, and 30-year Treasury bonds decreased to 4.37%.
WTI crude oil increased $0.10 to $68.63 a barrel, and natural gas prices edged up 3 cents to $3.08 a thermal unit.
Gold increased by $0.90 to $2,651.23 an ounce, and silver rose by $0.03 to $31.36.
The dollar index, which weighs the US currency against a basket of foreign currencies, edged lower by 0.29 to 106.08.
Stock Movers
American Eagle Outfitters dropped 14.5% to $17.57, and the apparel retailer reported weaker-than-expected quarterly results.
Total revenue in the third quarter ending on November 2 declined 1% to $1.3 billion, including a $45 million reduction in sales because of a calendar shift in the current period.
Comparable store sales in the quarter increased, following a 5% increase last year.
Net income dropped to $80.0 million from $96.7 million, and diluted earnings per share fell to 41 cents from 49 cents a year ago.
The company estimated fourth quarter total revenue to fall 4%, including an adverse effect of $85 million because of the calendar shift and one fewer week in the period.
The retailer also guided operating income to range between $125 million and $130 million, including a negative impact of $20 million because of the strengthening of the U.S. dollar.
Five Below rose 14.3% to $120.11 after the deep discount retailer reported better-than-expected revenue and adjusted earnings in the third quarter.
Net sales increased by 14.6% to $843.7 million from $736.4 million a year ago; comparable sales increased by 0.6%.
Net income plunged to $1.7 million compared to $14.6 million, and diluted earnings per share were 3 cents compared to 26 cents, and adjusted diluted earnings per share were 42 cents.
Synopsys dropped 7% to $547.0 after the advanced chip design software company's outlook for the fiscal first quarter fell short of market expectations.
Revenue in the fiscal fourth quarter ending in October rose 11% to $1.64 billion, net income decreased to $279.3 million from $346.1 million, and diluted earnings per share fell to $1.79 from $2.23 a year earlier.
For the full fiscal year 2024, net income increased to $1.44 billion from $1.23 billion, and diluted earnings per share rose to $9.25 from $7.91.
The electronic design automation company estimated fiscal 2025 first quarter revenue to range between $1.435 billion and $1.465 billion and diluted earnings per share to range between $1.81 and $1.95.
- Scott Peters
- 05 Dec, 2024
- New York City
American Eagle Outfitters dropped 14.5% to $17.57, and the apparel retailer reported weaker-than-expected quarterly results.
Total revenue in the third quarter ending on November 2 declined 1% to $1.3 billion, including a $45 million reduction in sales because of a calendar shift in the current period.
Comparable store sales in the quarter increased, following a 5% increase last year.
Net income dropped to $80.0 million from $96.7 million, and diluted earnings per share fell to 41 cents from 49 cents a year ago.
The company estimated fourth quarter total revenue to fall 4%, including an adverse effect of $85 million because of the calendar shift and one fewer week in the period.
The retailer also guided operating income to range between $125 million and $130 million, including a negative impact of $20 million because of the strengthening of the U.S. dollar.
Five Below rose 14.3% to $120.11 after the deep discount retailer reported better-than-expected revenue and adjusted earnings in the third quarter.
Net sales increased by 14.6% to $843.7 million from $736.4 million a year ago; comparable sales increased by 0.6%.
Net income plunged to $1.7 million compared to $14.6 million, and diluted earnings per share were 3 cents compared to 26 cents, and adjusted diluted earnings per share were 42 cents.
Synopsys dropped 7% to $547.0 after the advanced chip design software company's outlook for the fiscal first quarter fell short of market expectations.
Revenue in the fiscal fourth quarter ending in October rose 11% to $1.64 billion, net income decreased to $279.3 million from $346.1 million, and diluted earnings per share fell to $1.79 from $2.23 a year earlier.
For the full fiscal year 2024, net income increased to $1.44 billion from $1.23 billion, and diluted earnings per share rose to $9.25 from $7.91.
The electronic design automation company estimated fiscal 2025 first quarter revenue to range between $1.435 billion and $1.465 billion and diluted earnings per share to range between $1.81 and $1.95.
- Scott Peters
- 05 Dec, 2024
- New York City
American Eagle Outfitters dropped 14.5% to $17.57, and the apparel retailer reported weaker-than-expected quarterly results.
Total revenue in the third quarter ending on November 2 declined 1% to $1.3 billion, including a $45 million reduction in sales because of a calendar shift in the current period.
Comparable store sales in the quarter increased, following a 5% increase last year.
Net income dropped to $80.0 million from $96.7 million, and diluted earnings per share fell to 41 cents from 49 cents a year ago.
The company estimated fourth quarter total revenue to fall 4%, including an adverse effect of $85 million because of the calendar shift and one fewer week in the period.
The retailer also guided operating income to range between $125 million and $130 million, including a negative impact of $20 million because of the strengthening of the U.S. dollar.
Five Below rose 14.3% to $120.11 after the deep discount retailer reported better-than-expected revenue and adjusted earnings in the third quarter.
Net sales increased by 14.6% to $843.7 million from $736.4 million a year ago; comparable sales increased by 0.6%.
Net income plunged to $1.7 million compared to $14.6 million, and diluted earnings per share were 3 cents compared to 26 cents, and adjusted diluted earnings per share were 42 cents.
Synopsys dropped 7% to $547.0 after the advanced chip design software company's outlook for the fiscal first quarter fell short of market expectations.
Revenue in the fiscal fourth quarter ending in October rose 11% to $1.64 billion, net income decreased to $279.3 million from $346.1 million, and diluted earnings per share fell to $1.79 from $2.23 a year earlier.
For the full fiscal year 2024, net income increased to $1.44 billion from $1.23 billion, and diluted earnings per share rose to $9.25 from $7.91.
The electronic design automation company estimated fiscal 2025 first quarter revenue to range between $1.435 billion and $1.465 billion and diluted earnings per share to range between $1.81 and $1.95.
- Barry Adams
- 05 Dec, 2024
- New York City
Stock market indexes on Wall Street traded in a tight range in early trading on Thursday, and investors looked forward to the release of the nonfarm payrolls report on Friday.
The S&P 500 index edged up 0.01%, and the Nasdaq Composite advanced 0.02%, as investors reviewed the latest weekly jobless claims report.
The S&P 500 index and the Nasdaq Composite closed at new record highs on Wednesday, and the Dow Jones Industrial Average closed above 45,000 for the first time.
Investors are holding out for the market rally to continue in December and in the first quarter of 2025, driven by solid economic data, resilient labor markets, and hopes of regulatory overhaul.
Initial jobless claims rose to 224,000 in the week ending on November 30, from 223,000 in the previous week, according to data available from the U.S. Department of Labor.
Continuing claims from those who are jobless for more than a week declined by 25,000 to 1.871 million at the end of November 23, confirming that the labor market conditions are still tight.
Despite the Federal Reserve's eleven rate hikes over 2022 and 2023, labor markets are resilient, and jobless claims are hovering near record lows.
Federal Reserve Chairman Jerome Powell said that the U.S. economy is strong enough and labor markets are surprisingly more resilient than estimated, providing an economic backdrop for the Fed to move carefully on interest rate cuts.
“The labor market is better, and the downside risks appear to be less in the labor market,” said Fed Chair Powell during an onstage interview at the DealBook conference organized by the New York Times on Wednesday.
“Growth is definitely stronger than we thought, and inflation is coming out a little higher.
So, the good news is that we can afford to be a little more cautious as we try to find neutral.”
U.S. Indexes and Treasury Yields
The S&P 500 index increased 0.03% to 6,088.13, the Nasdaq Composite rose 0.2% to 19,777.73, and the Russell 2000 index inched higher by 0.4% to 2,426.56.
The yield on 2-year Treasury notes edged lower to 4.16%, 10-year Treasury notes inched down to 4.21%, and 30-year Treasury bonds decreased to 4.37%.
WTI crude oil increased $0.10 to $68.63 a barrel, and natural gas prices edged up 3 cents to $3.08 a thermal unit.
Gold increased by $0.90 to $2,651.23 an ounce, and silver rose by $0.03 to $31.36.
The dollar index, which weighs the US currency against a basket of foreign currencies, edged lower by 0.29 to 106.08.
Stock Movers
American Eagle Outfitters dropped 14.5% to $17.57, and the apparel retailer reported weaker-than-expected quarterly results.
Total revenue in the third quarter ending on November 2 declined 1% to $1.3 billion, including a $45 million reduction in sales because of a calendar shift in the current period.
Comparable store sales in the quarter increased, following a 5% increase last year.
Net income dropped to $80.0 million from $96.7 million, and diluted earnings per share fell to 41 cents from 49 cents a year ago.
The company estimated fourth quarter total revenue to fall 4%, including an adverse effect of $85 million because of the calendar shift and one fewer week in the period.
The retailer also guided operating income to range between $125 million and $130 million, including a negative impact of $20 million because of the strengthening of the U.S. dollar.
Five Below rose 14.3% to $120.11 after the deep discount retailer reported better-than-expected revenue and adjusted earnings in the third quarter.
Net sales increased by 14.6% to $843.7 million from $736.4 million a year ago; comparable sales increased by 0.6%.
Net income plunged to $1.7 million compared to $14.6 million, and diluted earnings per share were 3 cents compared to 26 cents, and adjusted diluted earnings per share were 42 cents.
Synopsys dropped 7% to $547.0 after the advanced chip design software company's outlook for the fiscal first quarter fell short of market expectations.
Revenue in the fiscal fourth quarter ending in October rose 11% to $1.64 billion, net income decreased to $279.3 million from $346.1 million, and diluted earnings per share fell to $1.79 from $2.23 a year earlier.
For the full fiscal year 2024, net income increased to $1.44 billion from $1.23 billion, and diluted earnings per share rose to $9.25 from $7.91.
The electronic design automation company estimated fiscal 2025 first quarter revenue to range between $1.435 billion and $1.465 billion and diluted earnings per share to range between $1.81 and $1.95.
- Inga Muller
- 05 Dec, 2024
- Frankfurt
European markets continue to overlook growing political instability in the two key economies of the currency union and rising fiscal stress.
France is expected to go without a government for weeks, if not months, as Germany heads for a national election in three months.
Vodafone Group plc increased 0.9% to 70.43 pence after the UK's competition commission approved the company's merger with Hutchison's Three UK.
Unibail-Rodamco-Westfield SE edged up 0.9% to €77.10, and the French real estate company acquired a 38.9% stake in URW Germany GmbH from Canada Pension Plan Investment Board in a private transaction.
DS Smith plc declined 1.1% to 570.50 pence after the paper and packaging company reported a decline in revenue and earnings in the first half.
Frasers Group PLC dropped 11.5% to 657.0 pence after the sneaker and athletic apparel retailer lowered the upper end of its full-year profit estimate.
Future plc increased 13.4% to 1,115.0 pence after the publishing company reported better-than-expected full-year results.
Revenues in the fiscal year ending in September were flat at £788.2 million, pre-tax profit declined 25% to £103.2 million from £138.1 million, and diluted earnings per share dropped 29% to 66.8 pence from 94.1 pence a year ago.
In the year, the publisher of Country Living and Marie Claire repurchased £64.7 million of its own stock and paid a dividend of £3.9 million.
The company announced a new stock buyback plan of £55 million starting in January 2025.
Safran SA declined 5% to €217.10 after the aircraft equipment maker issued new financial targets for 2025.
The company estimated 2025 revenue growth of 10%, recurring operating income to range between €4.7 billion and €4.8 billion, and free cash flow between €2.8 and €3.0 billion.
The company plans to repurchase its own shares worth 5 billion between 2025 and 2028.
- Inga Muller
- 05 Dec, 2024
- Frankfurt
European markets continue to overlook growing political instability in the two key economies of the currency union and rising fiscal stress.
France is expected to go without a government for weeks, if not months, as Germany heads for a national election in three months.
Vodafone Group plc increased 0.9% to 70.43 pence after the UK's competition commission approved the company's merger with Hutchison's Three UK.
Unibail-Rodamco-Westfield SE edged up 0.9% to €77.10, and the French real estate company acquired a 38.9% stake in URW Germany GmbH from Canada Pension Plan Investment Board in a private transaction.
DS Smith plc declined 1.1% to 570.50 pence after the paper and packaging company reported a decline in revenue and earnings in the first half.
Frasers Group PLC dropped 11.5% to 657.0 pence after the sneaker and athletic apparel retailer lowered the upper end of its full-year profit estimate.
Future plc increased 13.4% to 1,115.0 pence after the publishing company reported better-than-expected full-year results.
Revenues in the fiscal year ending in September were flat at £788.2 million, pre-tax profit declined 25% to £103.2 million from £138.1 million, and diluted earnings per share dropped 29% to 66.8 pence from 94.1 pence a year ago.
In the year, the publisher of Country Living and Marie Claire repurchased £64.7 million of its own stock and paid a dividend of £3.9 million.
The company announced a new stock buyback plan of £55 million starting in January 2025.
Safran SA declined 5% to €217.10 after the aircraft equipment maker issued new financial targets for 2025.
The company estimated 2025 revenue growth of 10%, recurring operating income to range between €4.7 billion and €4.8 billion, and free cash flow between €2.8 and €3.0 billion.
The company plans to repurchase its own shares worth 5 billion between 2025 and 2028.
- Bridgette Randall
- 05 Dec, 2024
- London
European markets overlooked growing political uncertainty in France, and bond yields edged lower amid rate cut expectations.
Benchmark indexes in Paris, Frankfurt, and Milan edged higher, but in London traded down in tight trading.
For the first time in more than sixty years, the French parliament's lower house toppled the government after two opposition groups of lawmakers voted in favor of a no-confidence vote.
President Emmanuel Macron has the difficult task of finding a new prime minister who can hold the next minority government together till the earliest possible election next summer.
The constitutional provision will allow the French government to function without the social security bill and finance bill and avoid the government shutdown for now.
It will be weeks or maybe months before the next government is formed in Paris, and this could put more pressure on the euro.
Eurozone Retail Sales Struggle to Advance in October
On the economic front, Euro Area retail sales declined from the previous month in October, after rising in the previous three months.
Retail sales decreased 0.5% from the previous month, driven by a 0.9% decline in non-food sales compared to an increase of 1.3%. Auto fuel sales eased at a slower pace of 0.3% compared to a fall of 0.6% in the previous month, respectively.
However, the sale of food, beverages, and tobacco rebounded to 0.1% from a decline of 0.7% in the previous month, Eurostat reported Thursday.
On an annual basis, retail sales rose for the fourth month in a row but increased at a slower pace of 1.9% in October, following an upwardly revised 3.0% rise in the previous month.
Retail sales advanced in seven of the ten months in October, driven in large part by higher prices and rising wages.
Europe Indexes and Yields
The DAX index increased by 0.4% to 20,320.06; the CAC-40 index rose by 0.4% to 7,329.83; and the FTSE 100 index inched lower by 0.1% to 8,330.69.
The yield on 10-year German bonds edged lower to 2.06%, French bonds inched down to 2.86%, the UK gilts edged lower to 4.25%, and Italian bonds decreased to 3.17%.
The euro edged higher to $1.05; the British pound inched up to $1.27; and the U.S. dollar eased to 88.40 Swiss cents.
Brent crude increased $0.22 to $72.54 a barrel, and the Dutch TTF natural gas fell by €0.22 to €47.06 per MWh.
Europe Stock Movers
Vodafone Group plc increased 0.9% to 70.43 pence after the UK's competition commission approved the company's merger with Hutchison's Three UK.
Unibail-Rodamco-Westfield SE edged up 0.9% to €77.10, and the French real estate company acquired a 38.9% stake in URW Germany GmbH from Canada Pension Plan Investment Board in a private transaction.
DS Smith plc declined 1.1% to 570.50 pence after the paper and packaging company reported a decline in revenue and earnings in the first half.
Frasers Group PLC dropped 11.5% to 657.0 pence after the sneaker and athletic apparel retailer lowered the upper end of its full-year profit estimate.
Future plc increased 13.4% to 1,115.0 pence after the publishing company reported better-than-expected full-year results.
Revenues in the fiscal year ending in September were flat at £788.2 million, pre-tax profit declined 25% to £103.2 million from £138.1 million, and diluted earnings per share dropped 29% to 66.8 pence from 94.1 pence a year ago.
In the year, the publisher of Country Living and Marie Claire repurchased £64.7 million of its own stock and paid a dividend of £3.9 million.
The company announced a new stock buyback plan of £55 million starting in January 2025.
Safran SA declined 5% to €217.10 after the aircraft equipment maker issued new financial targets for 2025.
The company estimated 2025 revenue growth of 10%, recurring operating income to range between €4.7 billion and €4.8 billion, and free cash flow between €2.8 and €3.0 billion.
The company plans to repurchase its own shares worth 5 billion between 2025 and 2028.
- Bridgette Randall
- 05 Dec, 2024
- London
European markets overlooked growing political uncertainty in France, and bond yields edged lower amid rate cut expectations.
Benchmark indexes in Paris, Frankfurt, and Milan edged higher, but in London traded down in tight trading.
For the first time in more than sixty years, the French parliament's lower house toppled the government after two opposition groups of lawmakers voted in favor of a no-confidence vote.
President Emmanuel Macron has the difficult task of finding a new prime minister who can hold the next minority government together till the earliest possible election next summer.
The constitutional provision will allow the French government to function without the social security bill and finance bill and avoid the government shutdown for now.
It will be weeks or maybe months before the next government is formed in Paris, and this could put more pressure on the euro.
Eurozone Retail Sales Struggle to Advance in October
On the economic front, Euro Area retail sales declined from the previous month in October, after rising in the previous three months.
Retail sales decreased 0.5% from the previous month, driven by a 0.9% decline in non-food sales compared to an increase of 1.3%. Auto fuel sales eased at a slower pace of 0.3% compared to a fall of 0.6% in the previous month, respectively.
However, the sale of food, beverages, and tobacco rebounded to 0.1% from a decline of 0.7% in the previous month, Eurostat reported Thursday.
On an annual basis, retail sales rose for the fourth month in a row but increased at a slower pace of 1.9% in October, following an upwardly revised 3.0% rise in the previous month.
Retail sales advanced in seven of the ten months in October, driven in large part by higher prices and rising wages.
Europe Indexes and Yields
The DAX index increased by 0.4% to 20,320.06; the CAC-40 index rose by 0.4% to 7,329.83; and the FTSE 100 index inched lower by 0.1% to 8,330.69.
The yield on 10-year German bonds edged lower to 2.06%, French bonds inched down to 2.86%, the UK gilts edged lower to 4.25%, and Italian bonds decreased to 3.17%.
The euro edged higher to $1.05; the British pound inched up to $1.27; and the U.S. dollar eased to 88.40 Swiss cents.
Brent crude increased $0.22 to $72.54 a barrel, and the Dutch TTF natural gas fell by €0.22 to €47.06 per MWh.
Europe Stock Movers
Vodafone Group plc increased 0.9% to 70.43 pence after the UK's competition commission approved the company's merger with Hutchison's Three UK.
Unibail-Rodamco-Westfield SE edged up 0.9% to €77.10, and the French real estate company acquired a 38.9% stake in URW Germany GmbH from Canada Pension Plan Investment Board in a private transaction.
DS Smith plc declined 1.1% to 570.50 pence after the paper and packaging company reported a decline in revenue and earnings in the first half.
Frasers Group PLC dropped 11.5% to 657.0 pence after the sneaker and athletic apparel retailer lowered the upper end of its full-year profit estimate.
Future plc increased 13.4% to 1,115.0 pence after the publishing company reported better-than-expected full-year results.
Revenues in the fiscal year ending in September were flat at £788.2 million, pre-tax profit declined 25% to £103.2 million from £138.1 million, and diluted earnings per share dropped 29% to 66.8 pence from 94.1 pence a year ago.
In the year, the publisher of Country Living and Marie Claire repurchased £64.7 million of its own stock and paid a dividend of £3.9 million.
The company announced a new stock buyback plan of £55 million starting in January 2025.
Safran SA declined 5% to €217.10 after the aircraft equipment maker issued new financial targets for 2025.
The company estimated 2025 revenue growth of 10%, recurring operating income to range between €4.7 billion and €4.8 billion, and free cash flow between €2.8 and €3.0 billion.
The company plans to repurchase its own shares worth 5 billion between 2025 and 2028.
- Arun Goswami
- 05 Dec, 2024
- Mumbai
After a week of political maneuvering, the three-party coalition finalized the selection of chief minister in Maharashtra.
Financial markets struggled to advance ahead of the RBI's rate decisions on Friday.
The Sensex index decreased by 1.0% to 79,592.61, and the Nifty index dropped by 1.0% to 24,237.80.
On the Mumbai stock exchange, 134 stocks traded at their 52-week highs, and 10 stocks traded at their 52-week lows.
Indus Towers Ltd. increased 1.6% to ₹364.40, and the UK-based Vodafone is looking to sell its 3% stake in the company worth 2,841 crore and use the proceeds to pay its debts in the India-based Vodafone Idea.
Indraprastha Gas Ltd. advanced 2% to ₹367.40, and the company's board at a meeting on December 10 is expected to review the bonus issue.
Axis Bank decreased 0.2% to ₹1,157.80, and the company's brokerage unit, Axis Securities, was fined 14.2 lakh after a dealer was alleged to front-run client orders.
Torrent Pharmaceuticals increased 0.4% to ₹3,366.70, and the company said it plans to acquire Cospiaq and Xilingio for the treatment of type 2 diabetes from Boehringer Ingelheim GmbH.
Torrent has been making the drug for Boehringer Ingelheim since 2022 as part of the co-marketing agreement with the company.
PG Electroplast soared 6% to ₹817.20 after the company launched its secondary issue with a floor price of ₹705.20 per share.
Bharat Forge declined 0.2% to ₹1,375.50 after the company launched a secondary offering with a floor price of 1,323.54 per share.
- Arun Goswami
- 05 Dec, 2024
- Mumbai
After a week of political maneuvering, the three-party coalition finalized the selection of chief minister in Maharashtra.
Financial markets struggled to advance ahead of the RBI's rate decisions on Friday.
The Sensex index decreased by 1.0% to 79,592.61, and the Nifty index dropped by 1.0% to 24,237.80.
On the Mumbai stock exchange, 134 stocks traded at their 52-week highs, and 10 stocks traded at their 52-week lows.
Indus Towers Ltd. increased 1.6% to ₹364.40, and the UK-based Vodafone is looking to sell its 3% stake in the company worth 2,841 crore and use the proceeds to pay its debts in the India-based Vodafone Idea.
Indraprastha Gas Ltd. advanced 2% to ₹367.40, and the company's board at a meeting on December 10 is expected to review the bonus issue.
Axis Bank decreased 0.2% to ₹1,157.80, and the company's brokerage unit, Axis Securities, was fined 14.2 lakh after a dealer was alleged to front-run client orders.
Torrent Pharmaceuticals increased 0.4% to ₹3,366.70, and the company said it plans to acquire Cospiaq and Xilingio for the treatment of type 2 diabetes from Boehringer Ingelheim GmbH.
Torrent has been making the drug for Boehringer Ingelheim since 2022 as part of the co-marketing agreement with the company.
PG Electroplast soared 6% to ₹817.20 after the company launched its secondary issue with a floor price of ₹705.20 per share.
Bharat Forge declined 0.2% to ₹1,375.50 after the company launched a secondary offering with a floor price of 1,323.54 per share.
- Arjun Pandit
- 05 Dec, 2024
- Mumbai
Stock market indexes traded higher as foreign buyers returned amid improving market sentiment.
The Sensex and the Nifty indexes edged slightly higher in early trading ahead of RBI's rate decisions on Friday.
The Monetary Policy Committee is expected to keep interest rates unchanged for the eleventh meeting in a row, and the repo rate is expected to stay unchanged at 6.5%.
The central bank is also likely to keep its GDP growth outlook unchanged at 7.2%, despite the unexpected sharp slowdown in the September quarter to a seven-quarter low of 5.4%.
Foreign investors increased their exposure by 1,797.60 crore on Wednesday and domestic institutional investors sold stocks totaling 900.62 crore, according to preliminary data from stock exchanges.
BJP leader Devendra Fadnavis will be sworn in as Chief Minister of Maharashtra on Thursday after weeks of wrangling between three-way coalition partners following the state assembly elections last month.
In international trading, crude oil continued to drift lower ahead of the OPEC+ announcement later today, and the group of nations is expected to postpone the previously announced production increase by three months amid weak demand growth from key customers.
Financial markets in Europe advanced for the fifth session in a row, despite the fall of the French government after three months.
Michel Barnier's minority government of three months collapsed after the far-right party and hard-left group of lawmakers voted against the government in a no-confidence vote.
The euro is likely to face more selling pressure after the latest political turmoil in France adds to the uncertainty in the region after Germany's three-party coalition government fell on November 6.
South Korea's KOSPI index extended two-day losses to more than 2% after President Yoon Suk Yeol abandoned martial law as the parliament voted down the decree.
Financial markets continued to slide despite the finance ministry's pledge that the Bank of Korea is ready to pump about $7.7 billion to stabilize markets.
Indexes and Yields
The Sensex index decreased by 1.0% to 79,592.61, and the Nifty index dropped by 1.0% to 24,237.80.
On the Mumbai stock exchange, 134 stocks traded at their 52-week highs, and 10 stocks traded at their 52-week lows.
The yield on the 10-year Indian government bonds inched lower to 6.73%, and the Indian rupee eased to 84.73 against the U.S. dollar.
The gold price increased by 0.4% to ₹77,124 per ten grams, and silver edged up by 0.4% to ₹93,344 per kilo.
Crude oil decreased by 0.1% to ₹5,839 per barrel, and natural gas was down 0.2% to ₹258.0 per thermal unit.
India Stock Movers
Indus Towers Ltd. increased 1.6% to ₹364.40, and the UK-based Vodafone is looking to sell its 3% stake in the company worth 2,841 crore and use the proceeds to pay its debts in the India-based Vodafone Idea.
Indraprastha Gas Ltd. advanced 2% to ₹367.40, and the company's board at a meeting on December 10 is expected to review the bonus issue.
Axis Bank decreased 0.2% to ₹1,157.80, and the company's brokerage unit, Axis Securities, was fined 14.2 lakh after a dealer was alleged to front-run client orders.
Torrent Pharmaceuticals increased 0.4% to ₹3,366.70, and the company said it plans to acquire Cospiaq and Xilingio for the treatment of type 2 diabetes from Boehringer Ingelheim GmbH.
Torrent has been making the drug for Boehringer Ingelheim since 2022 as part of the co-marketing agreement with the company.
PG Electroplast soared 6% to ₹817.20 after the company launched its secondary issue with a floor price of ₹705.20 per share.