500 Financial News

Yesterday was a bizarre day; maybe it was election day, and the kids were home, or maybe it was because I slept in until 6:45 AM. I couldn’t seem to get a feel for things, and that seemed mostly because there were a few big disconnects in the market.

Godrej Industries reported a sharp drop of 44.1% year-on-year (YoY) in its net profit for the quarter ended September 2023 at ₹87.3 crore. The company had posted a net profit of ₹156.2 crore in the corresponding quarter of last year. The company’s consolidated revenue from operations in Q2FY24 declined 2.1% to ₹3,937.61 crore from ₹4,021.04 crore, YoY.

Stocks finished the day flatish, no surprise, given the rally last week and the trends we have seen over the last 18 months. As of yesterday, the S&P 500 call wall is still at 4,400, and that means this index will remain capped until such time the call wall rolls higher or we begin to see the index trade lower again.

No surprise to see sellers come in after last week's solid gains. The good news is that selling volume was well down on last week's buying, and price action was relatively stable in the Nasdaq and S&P 500.

Stocks surged aggressively last week as investor bets rose that rates have peaked in the aftermath of the FOMC’s decision to leave rates unchanged. Moreover, the labor market data cooled, signaling the Fed is done hiking.

Last week, the S&P 500 rose to what is becoming a very important level of resistance at 4,375. It has significance from a few standpoints; it was a level of support and resistance going back to mid-August. It was level the index gapped below back below in late September and has been resistance since then.

On daily time frames markets had an excellent last week, but the large white candlestick on the weekly time frame after weeks of bearish red ones is not typically bullish or one that typically marks a bottom. Having said that, there is room for bulls to work with, and even if markets shift sideways from here I would still look at this as a positive.

Anchorage Capital Partners’ busy dealmakers have stocked up on more than $500 million for their fourth buyout fund, while they chase ASX-listed radio player Southern Cross Media in a tie-up with ARN Media.

MADRID (Reuters) — More than 500 migrants were rescued in the Atlantic Ocean off Spain's Canary Islands, the Spanish coastguard said on Saturday, as the number of people arriving on the archipelago so far this year neared an all-time record posted in 2006.

Yesterday demonstrated why I was in no rush to give a view on the S&P 500. I feared we might see something like this, and I didn’t feel like getting myself stressed out about it. But I will point out that since the drawdown started in July, we have now seen three rallies of greater than 4%. So far, this rally has been the largest. Maybe this time is different, maybe it’s not.

KPI Green Energy, one of the leading players in the renewable energy sector, saw its share price rise 7% to reach ₹885 apiece in Friday's early trade deals on multiple positive developments. The company said on Thursday that it has signed a Memorandum of Understanding with the Government of Uttarakhand along with Advait Infratech Limited for the development of a 500 MW solar park under the Captive Power Producer (‘CPP’) segment. The company also informed that Sun Drops Energia Private Limited, a wholly owned subsidiary of KPI Green Energy, received a new order for executing the Wind-Solar Hybrid Power Project for 2.10 MW capacity, comprising of 2.10 MW wind and 1 MW solar capacity, from CTX Life Sciences.

Q. I am a software engineer working at the second headquarters of a global MNC in Hyderabad, my wife is also a software engineer running a small app development start-up. We have been investing in the Indian stock market for the past 7 years. However, the market has been erratic for the past 1-2 years. We are now planning to diversify our mutual fund investment into foreign funds too. We are planning to invest in international index mutual funds tracking US indices launched by several Indian mutual fund houses. At present, we are confused between the S&P 500 and the Nasdaq 100. Can you please throw some light on the differences between the two indices and the pros and cons of investing in international mutual funds? 

Arthur Hayes, the former CEO of crypto derivatives exchange BitMEX, has “admitted” to buying Solana’s SOL (SOL) at its possible local top, stressing his bullish outlook for the cryptocurrency.

£10 million lottery champion and his girlfriend have set social media abuzz with a video that was meant to be a playful skit but has landed them in hot water, accused of insensitivity and being detached from reality. Kursat Yildirim, the 42-year-old German lottery victor, and his partner, Candice, a policewoman, are the stars of this viral video. The sketch commences with Yildirim delivering a cup of coffee to his girlfriend, only to discover her in tears.

Vedanta Resources (VRL) has begun negotiations with Cerberus Capital Management and Varde Partners to secure a $500-million loan. This loan is part of the company's efforts to fulfil a $1-billion repayment obligation due in January, The Economic Times reported on November 02.

PM Gati Shakti initiative. These projects were assessed in the 58th Network Planning Group (NPG) meeting on October 17.

Stocks traded higher for the second day, with the S&P 500 climbing by 65 bps. The index was oversold last week, and this week, that is no longer the case. The index trades well above the lower Bollinger band, with an RSI of around 40.

Shapoorji Pallonji Real Estate on Wednesday said it has launched two housing projects in its 200 acre-township in Pune and is expecting a revenue of around Rs 1,500 crore from them. In a statement, the company said it is developing a 200 acre-urban development project 'SP Kingstown' in Pune's Hadapsar Annexe.

China's most popular social media platforms on Tuesday announced that «self-media» accounts with more than 500,000 followers will be asked to display real-name information, a controversial measure that has prompted concerns over doxxing and privacy among some users. «Self-media» includes news and information not necessarily approved by the government, a genre of online content regulators have cracked down on in recent years to «purify» China's cyberspace.

Dogecoin spin-off token XDOGE has bolted to new highs following a sensational +500% breakout pump, yet, amid the huge rally another little known crypto is flying high at presale stage following Bitcoin’s resurgence.

The S&P 500 finished higher, as rates rose modestly, and the dollar and the VIX fell. Today will be when the excitement starts, with the Bank of Japan policy decision keeping rates stable as expected, followed by a slew of economic data for the rest of the week and a Fed meeting and press conference on Wednesday.