Economy Financial News

Sanjeev Prasad, MD & Co-Head, Kotak Institutional Equities, says “everybody likes the long-term story of India. People want to put more money to work into India, so now that whatever little uncertainty was there with respect to election results and the probability of a correction in the market has obviously gone down dramatically, probably it makes sense to jump in now rather than wait for something else to happen which may result in a break in the market and give an opportunity for investors to come in. ” Will the bulls continue to smile or is it time to hold back your horses and say that this is a euphoria and euphoria really makes money? Well, it depends on which part of the market you are looking at. If you are looking at the very largecaps or the megacaps, the valuations are still pretty reasonable and that is a part of the market where we have been highlighting investors to focus incrementally over the last two, three months now. The financial sector space has been a bit underperformer. The valuations are very reasonable there and even attractive in some cases. Now, if you look at the rest of the market beyond the megacaps and the financial space, there is not much value left over there. The consumption names, pharmaceutical, IT are probably fully valued to fairly richly valued, I would say. So the scope of making money from here seems to be somewhat limited a bit about what our short term euphoria will be there and where the stock price may go in the short term.

A survey shows most business economists think the U.S. economy could avoid a recession next year, even if the job market ends up weakening under pressure brought by high interest rates

Inflation is slowing steadily, but it’s too early to declare victory or to discuss when the Federal Reserve might cut interest rates, Chair Jerome Powell said

A teenage girl and her parents are suing American Airlines, saying that a flight attendant secretly filmed her using an airplane toilet

Stocks gained ground on Wall Street as the market comes off its best month in more than a year

The United States is now committed to the idea of phasing out coal power plants, joining 56 other nations in kicking the coal habit

By Summer Zhen

Bharatiya Janata Party (BJP) registered victories across three major states, fuelling hopes that the country will see a stable government after the General Elections 2024. India's economic growth outlook is strong and if the current government continues after the Lok Sabha elections next year, it may give a strong impetus to market sentiment.

In a striking display of market dynamics, Bitcoin’s price surged to $40,630, marking a notable 3.50% increase on Monday. This uptrend in Bitcoin’s value coincides with a weakening US Dollar, as market speculation intensifies around potential Federal Reserve rate cuts.

Lok Sabha elections will get a boost. This augurs well for macro and policy momentum for India, which, at the moment, is seeing the highest growth among major economies, it added. Read here: SBI, M&M to LT: Motilal Oswal recommends 14 stocks to buy after assembly polls "However, a restraining factor will be the valuations which are high and will get stretched further with the rally gaining momentum.

Gold rate today: On account of US Fed rate cut buzz after Jerome Powell's speech, gold price today ascended above $2,100 levels and hit a new life-time high of $2,146 per ounce levels in early morning session in Asian stock market. Gold rate today ascended to a new life-time peak in domestic market as well. Gold future contract for February 2024 expiry on Multi Commodity Exchange (MCX), opened upside and went on to hit new life-time high of ₹64,000 per 10 gm levels.

«The Drift» author provides insight on the economy and oil prices on «Kudlow.»

The US Federal Reserve paused hiking interest rates and is cautiously optimistic about the economy. The Fed Rates are at 5-5.25%.

Swaminathan Aiyar, Consulting Editor, ET Now, says: “While others may disagree that there was some communalism in the state elections, I would say basically no. It was an argument about development. And we saw this in the Uttar Pradesh election when we went out there. I attended many of those rallies of Modi, of Adityanath. There was no communal message going out. The whole thing was, have we not performed well enough to be re-elected? And the electorate said yes. I think the same thing has happened in the state elections. So I imagine that is going to be the approach of the BJP in the general election too.” Looking at how things have moved post the state elections, it looks like it is going to be a new sunrise. Yes, I would say that global investors are not particularly interested in the state elections. They look at the larger picture. I think they have already assumed that Mr Modi is going to win in 2024. This is a confirmation of what they were going to do, but I do not think it changes their view that Modi is going to win in 2024. And whether he wins by another 10 votes or 10 less votes, I do not think is the key thing.

Read here: At record high! Sensex jumps 1,100 points, Nifty over 300 points: 5 reasons why The Nifty Midcap 100 index scaled above 44,100 level led by heavy gains in stocks such as Adani Power, HPCL, Union Bank, REC, PFC, ACC, Bank of India, among others, that rose around 2-6% each. Around 85 stocks were trading higher, while 15 stocks declined in the Nifty Midcap 100 index.

RBI) own estimate of 6.5%, in the shade. At 7.6%, Q2 growth came on the back of buoyancy in manufacturing (at 13.9%) and construction (13.3%). Gross value added (GVA), often seen as a better estimate of the true level of activity, grew 7.4%.

Investing.com-- Oil prices steadied in Asian trade on Monday following six straight weeks of losses amid growing optimism over early monetary easing in 2024, while attacks on U.S. vessels in the Red Sea fueled some concerns over Middle East supply disruptions. 

By Clare Jim and Xie Yu

Investing.com-- Bitcoin rose past $40,000 a dollar for the first time in 2023 on Monday, aided by growing optimism over an early interest rate cut by the Federal Reserve, while focus also remained on the potential approval of a spot exchange-traded fund for the token. 

6 things that changed for the stock market over the weekend That doesn’t rule out further bouts of volatility. Conflicting data may raise doubts, and Fed officials are likely to keep reminding the market that they are in no hurry to ease.

global market front, Asian markets traded mixed while the US stocks ended higher on dovish commentary from Fed officials. Also Read: Buy or sell: Vaishali Parekh recommends three stocks to buy today — December 4 The Indian equity market witnessed healthy gains on Friday, with the benchmark Nifty 50 hitting its fresh record high in the intraday session after India's Q2 GDP numbers exceeded expectations.