Stock Market Live Updates: Sensex, Nifty set for strong open following global optimism on soft US inflation

Stocks to Watch: Biocon: Drug maker’s unit Biocon Biologics receives approval from MHRA, UK for an ophthalmology product Yesafili

Economy Watch: Japan’s economy contracts as recession risks grow

Japan’s economy contracted in July-September, snapping two straight quarters of expansion on soft consumption and exports, complicating the central bank’s efforts to gradually phase out its massive monetary stimulus amid rising inflation.

The data suggests stubbornly high inflation is taking a toll on household spending, and adding to the pain for manufacturers from slowing global demand including in China.

Gross domestic product (GDP) in the world’s third-largest economy contracted 2.1% in the third quarter, government data showed on Wednesday, a much larger decline that a median market forecast for an annualised 0.6% fall. It followed an expansion of 4.5% in the previous quarter.

The weak reading reflects lacklustre consumption and capital expenditure, dashing policymakers’ hopes for a post-pandemic rebound in domestic activity to offset weaker external demand from China and elsewhere.

Consumption was flat in July-September after sliding 0.9% in the previous quarter, falling short of economists’ median estimate for 0.2% growth.

Capital expenditure fell 0.6% in the third quarter after declining 1.0% in April-June, confounding market forecasts for a 0.3% gain and casting doubt on the BOJ’s view that robust corporate investment will underpin growth.

External demand shaved 0.1 of a percentage point off GDP in July-September, in line with expectations, as an increase in service imports offset rises in auto exports. — Reuters

Commodities Market Live Updates: Gold Prices Today: Gold prices hold steady after US inflation data, Fed rate hike speculations

Gold prices held firm on Wednesday following a sharp rise in the last session, as data showing slowing inflation in the U.S. bolstered the view that the Federal Reserve might be done with raising interest rates.

Spot gold held its ground at $1,962.97 per ounce, after rising 0.9% overnight. U.S. gold futures were steady at $1,966.80.

Spot silver rose 0.2% to $23.12 per ounce, while platinum eased 0.1% to $884.49. Palladium was flat at $1,016.40 per ounce. – Reuters

Commodities Markets Live Updates: Crude oil gains on Middle East tensions, stock data in focus

Oil prices rose in early Asian trade on Wednesday on Middle East tensions and a weaker dollar, while investors focused on inventory data after a two week delay in reporting.

Brent futures rose 8 cents to $82.55 a barrel by 0013 GMT, while U.S. West Texas Intermediate (WTI) crude rose 2 cents to $78.28.

The U.S. Energy Information Administration (EIA) will release its first oil inventory report in two weeks on Wednesday. EIA did not release a storage report last week due to a systems upgrade. – Reuters

Stocks to Watch: Tata Power ramps up its EV charging network by 22% q-o-q

As the EV (electric vehicle) momentum gathers pace, Tata Power continues to ramp up its charging infrastructure across the country and in the September 2023 quarter, the company expanded its number of charging stations by 22 per cent when compared with the June 2023 quarter.

Stocks to Watch: Wabag to explore pure-water supply partnerships in the green hydrogen space

Va Tech Wabag, a leading global player in the water technology space, is exploring strategic partnership opportunities in the green hydrogen segment. The Chennai-headquartered company believes that its in-house capabilities and experience will come in handy as it plans to emerge as a water partner to companies focusing on the production of green hydrogen.

Currency Market Updates: Weekly rupee view: INR trapped in a range

The rupee (INR) closed almost flat at 83.33 against the dollar (USD) on Monday. The dollar index remained flat over the last week, indicating that it has largely been stable versus most of the currencies.

Although there was an intraday decline in the rupee to 84.47 last Friday, it pared the losses and closed within the 83-83.30 range at the end of the session. It has been moving within this price band for about two months.

Stock Recommendations: LIC (Buy)

Life Insurance Corporation of India (LIC) reported broadly in-line numbers in H1-FY24, owing to weaker growth, strong boost in embedded value led by equity-market performance, and part provision on account of increased family pension liabilities. We continue to perceive that structural challenges—such as slower growth-led market-share loss, sticky operating expenses, and higher sensitivity to equity market-led EV volatility—are likely to cloud LIC’s outlook. However, LIC is currently trading at about 0.50x Sep-25E P/EV, with the structural challenges and a possible share sale by the government already in the price.

Stock Recommendations: M&M (Buy)

Mahindra & Mahindra’s Q2-FY24 operating performance was lower as EBITDA came in at ₹3,070 crore (vs est. ₹3,200 crore). Adjusted PAT surpassed expectations at ₹3,450 crore (vs est. ₹2,800 crore), primarily driven by better-than-expected other income, attributable to higher dividends. Revenue growth during the quarter was driven by volumes growth of about 11 per cent y-o-y, while ASPs grew 5 per cent y-oy to ₹804.6k/unit (est. ₹823.8k/unit).

Stock Insights: Why picking small-cap stock winners is no walk in the park

Market-beating returns may have made investors excited about small-cap stocks, one should bear in mind that big returns come with big risks

Technicals: Day trading guide for November 15, 2023: Intraday supports, resistances for Nifty50 stocks

Here are the intraday supports and resistances for widely traded stocks such as Reliance Industries, ITC, ONGC, Infosys, HDFC Bank, TCS and SBI

Stock to buy today: Indian Bank (₹447.15): BUY

Short-term traders can buy the stock of Indian Bank at current levels. The stock has been consolidating sideways since the last week of September. The recent rise indicates that this consolidation could be coming to an end.

Sectoral Watch: Two-wheeler exports dip 3.62% m-o-m in October

Devaluing of currency in developing countries, making exports expensive, and inflationary pressures are said to be the main reasons for the fall in exports.

IPO Watch: Tata Tech IPO to open on November 22

The Initial Public Offering (IPO) of Tata Technologies Ltd will open for subscription for the public investors on November 22 and close on November 24, 2023. This will be the first Tata Group IPO in nearly two decades.

The IPO is an offer for sale of upto 60,850,278 equity shares for cash comprising of offer for upto 46,275,00 equity shares by Tata Motors, upto 9,716,853 equity shares by Alpha TC Holdings Pte. Ltd and upto 4,858,425 equity shares by Tata Capital Growth Fund I, each representing 11.41 per cent, 2.40 per cent and 1.20 per cent respectively of the paid up equity share capital of Tata Technologies Limited.

Stock Market Live Updates: Asian stocks surge following US inflation data, Fed rate hike speculation eases

Asian markets kicked off Wednesday on a positive note after Wall Street’s robust surge driven by optimistic sentiments over US inflation data potentially halting interest rate hikes.

Early trading witnessed Japan’s Nikkei 225 soaring by 2.02%, or 660.98 points, reaching 33,356.91, while the broader Topix index gained 1.19%, or 27.87 points, touching 2,373.16. South Korea’s Kospi climbed by 1.89%, or 45.96 points, reaching 2,479.21, and Australia’s S&P ASX 200 surged by 1.63%, or 114.10 points, reaching 7,120.80.

U.S. Consumer inflation stood at 3.2% over the 12 months until October, a decline from the 3.7% recorded the previous month as reported by the Labour Department.

The lower-than-expected core and headline inflation figures fostered market optimism that the Federal Reserve might halt its interest rate hikes.

Stock Market Live Updates: U.S. stock indexes surge on softer inflation data, fuelling rate cut expectations

U.S. stock indexes rallied on Tuesday as cooler-than-expected inflation data boosted expectations that the Federal Reserve was done raising interest rates and could start cutting them next year.

The benchmark S&P 500 briefly crossed the 4,500 mark for the first time in two months and the tech-heavy Nasdaq was trading at a fresh two-month high after data showed that growth in U.S. consumer prices eased in October, in part due to lower gasoline prices.

The S&P 500 index leapt 1.9%, the Dow Jones Industrial Average jumped 1.4%, and the Nasdaq Composite Index advanced 2.4%, its best day since April 27.

In the 12 months through October, the CPI climbed 3.2% after rising 3.7% in September, while economists polled by Reuters had forecast a 3.3% gain on a year-on-year basis.

Following the data, traders erased bets the Fed will raise borrowing costs any further and piled into bets on rate cuts starting by May. They are currently pricing in a 100% chance the Fed will hold rates next month, as per CME Group’s Fedwatch tool.

U.S. Treasury yields dropped, with the two-year yield , which best reflects short-term interest rate expectations, sliding to two-week lows. – Reuters