Experts Financial News

Federal Reserve will not hesitate to raise interest rates further, if necessary, to achieve its 2% inflation target, took some sheen out of the yellow metal on Friday as bullion traded in the red in the early trade. At 9:30 am, MCX December gold futures were trading at Rs 60,218 per 10 gram, down by Rs 64 or 0.11% from the Thursday closing price. Meanwhile, the December Silver futures were trading at Rs 71,120 per kg, lower by Rs 93 or 0.13%. On Comex, gold futures were trading at $1,951.30 per troy ounce on Friday, down by $6.50 or 0.33% while silver futures were trading at $22.545, lower by $0.183 or 0.810%. The dollar index was trading flat at 105.89 against a basket of top six currencies, down by 0.02 points or 0.02%. The December gold futures ended at Rs 60,327 on the MCX on Thursday, up by Rs 318 or 0.53% while the December Silver futures settled at Rs 71,390, higher by Rs 177 or 0.25%. «Spot gold was able to find support at the crucial level of $1945.

ESAF Small Finance Bank debuted at a premium of 19.8% on the BSE on Friday. The stock got listed at Rs 71.9 on BSE as against the issue price of Rs 60.

Adani Power Ltd. traded at Rs 406.0 on BSE at 10:05AM (IST) on Friday, up 1.22 per cent from previous close. The scrip quoted a 52-week low price of Rs 132.55 and a high of Rs 410.0.

Tech Mahindra Ltd.(up 0.6 per cent), L&T Technology Services Ltd.(up 0.33 per cent) and HCL Technologies Ltd.(up 0.05 per cent) were among the top gainers. LTIMindtree Ltd.(down 0.76 per cent), Persistent Systems Ltd.(down 0.75 per cent), Coforge Ltd.(down 0.49 per cent), Infosys Ltd.(down 0.45 per cent) and MphasiS Ltd.(down 0.25 per cent) were the top losers on the index.

Dhanteras is the day that marks the beginning of the grand Diwali festivities, a time of celebration and wealth creation! As we immerse ourselves in the radiant glow of lights and the spirit of prosperity, let us explore thirteen enlightening ways to manifest and embrace wealth.

Mangalore Chemicals & Fertilizers(up 2.54%), Gujarat Narmada Valley Fertilizers (up 1.95%), Nagarjuna Fertilizers & Chem(up 1.18%), Paradeep Phosphates(up 0.80%), Madhya Bharat Agro Products(up 0.70%), Khaitan Chemicals & Fertilizers(up 0.70%) and Aries Agro(up 0.55%) were among the top gainers. Krishana Phoschem(down 1.73%), G S F C(down 1.26%), Fertilizers & Chemicals Tranvancore(down 1.17%), Deepak Fertilizers & Petrochemicals(down 0.98%), Rama Phosphates(down 0.84%), Madras Fertlizers(down 0.71%), Chambal Fertilisers & Chemicals(down 0.36%), Agro Phos(down 0.28%), National Fertilizer(down 0.22%) and Coromandel International(down 0.22%) were among the top losers.

Pawan Parakh, Portfolio Manager, Renaissance Investment, says “focussed more on pharma companies with US exposure as of now. Across the board, the data is very loud and clear that there is some sort of shortage in the US. The pricing erosion is no longer there. In fact, some of the companies anecdotally have got clearances for their factories. The cycle, which was not in favour of these companies for the last so many quarters and years, seems to be turning in their favour. There is this whole debate about whether the small and midcaps are now getting frothy, whether the next lap of the move is going to come in from the largecaps. Do you now need to turn cautious when it comes to the broader end of the market? What's your take? I completely agree with that argument. In fact, when I was there last time on your channel, I did highlight that. I could see a lot of froth in low-quality midcap, smallcap stocks given the rally that has happened over the last four, five months. And if you take slightly longer periods, say about a year or so, at the index level, while companies have reported decent sets of numbers, at the index level, the Nifty Index has not delivered anything. So very clearly, there is some sort of froth getting built up into midcap, smallcap names. One has to be really cautious about it at this point in time.

Dhanteras today, gold investors would be sitting on near 20% returns accrued by the yellow metal since last Dhanteras. As an asset class, yellow metal has outperformed its equity market peers in Nifty and the BSE Sensex during this period. Gold's returns are neary two-fold in comparison to Nifty and Sensex which have delivered returns of 10.34% and 9.31%, respectively, since last Dhanteras which fell on October 22, 2022.

Varun Beverages Ltd. gained 0.79 per cent to Rs 1009.95 at 10:00AM (IST) in Friday's trade. The stock has hit a high of Rs 1014.0 and low of Rs 993.9 so far during the session.

Oriental Trimex(up 2.88%), KIOCL(up 1.24%), Coal India(up 0.56%), MOIL(up 0.26%), Orissa Minerals Development Company(up 0.20%) and Pokarna(up 0.19%) were among the top gainers. Lexus Granito(down 2.86%), Aro Granite Industries(down 1.90%), Sandur Manganese & Iron Ores(down 1.67%), Gujarat Mineral Dvpt Corporation(down 1.45%), NMDC Ltd(down 0.55%), Ashapura Minechem(down 0.14%) and Madhav Marbles and Granites(down 0.10%) were among the top losers.

Delta Corp and Gujarat Narmada Valley Fertilizers (GNFC), Chambal Fertilizers & Chemicals and the Multi Commodity Exchange of India (MCX) The Future & Options contracts of any stock enter the ban period when the open interest (OI) on it crosses 95% of the market wide positions limits or MWPL. The ban on it is reversed only if the open interest falls below 80%. Traders who trade in index do not encounter a situation of security ban.

Muthoot Finance share price declined more than 7% in early trade on Friday after the company’s September quarter results missed analysts’ estimates. Muthoot Finance shares fell as much as 7.31% to ₹1,217.05 apiece on the BSE. The gold financing company Muthoot Finance reported a smaller-than-expected rise in its second-quarter net profit, hurt by high finance costs.

₹71 per share, 18.33% higher than the issue price of ₹60, and on the BSE, ESAF Small Finance Bank share price today was listed at ₹71.90. Also Read: ESAF Small Finance Bank IPO listing date today.

Day trading guide for stock market today: After showing upside recoveries in the last couple of sessions, Indian stock market continued with choppy movement on Thursday and closed lower on Thursday. Nifty 50 index lost 48 points and closed at 19,395 levels, BSE Sensex went down 143 points and closed at 64,832 mark whereas Bank Nifty index finished 24 points higher at 43,683 levels.

Force Motors, the Abhay Firodia group's flagship company, saw its shares hit the 5% upper circuit limit of ₹4,053.25 apiece during early trade deals on Friday. This impressive gain came after the investors responded positively to the company's Q2FY24 performance, which was released post-market hours on Thursday.

Mahindra & Mahindra (M&M) will today announce its financial results for the second quarter of FY24. The passenger vehicle (PV) and commercial vehicles (CV) manufacturer is expected to see decent revenue growth in Q2FY24 on the back of strong volumes, while margins may remain under pressure sequentially due to unfavorable mix. From a demand standpoint, the July-September quarter of FY24 was a mixed bag for the automobile industry led by year-on-year (YoY) expansion for PVs and CVs.

₹400 to ₹425 in the unlisted market, a report by Economic Times stated. The company, now valued at ₹1.5 lakh crore on the platform for unlisted stocks, is the third biggest non-bank lender by market capitalisation - just after the Bajaj twins, it highlighted. Bajaj Finance currently has a market capitalisation of ₹4.47 lakh crore, whereas Bajaj Finserv and Jio Financial Services command market capitalisations of ₹2.53 lakh crore and ₹1.37 lakh crore, respectively, added ET report.

BSE. Honasa Consumer share price opened at ₹291.50 against the previous close of ₹302.15 and fell 15.24 per cent to its fresh all-time low of ₹256.10. Around 9:45 am, the stock was down 12.38 per cent at ₹264.75.

Coromandel International Ltd. with a target price of Rs 1330.

Sunish Sharma, Managing Partner, Kedaara Capital, says: “I feel India is in a very good position. We feel very strongly about their position and that is why in the last one year, we have invested in six companies right from incremental investment in Lenskart, ASG, Oasis, Avanse, Oliva, Perfios and K-12. We have invested in a bunch of these companies. We believe this is a great time to start investing in India and be more aggressive in India.” On the global slowdown and PE & VCs vis-a-vis India Globally, there has been a slowdown and we are well aware of that. A little bit of that rub-off is happening in India. Having said that, today India is in a very strong position. This is driven by strong fundamentals where the underlying performance of the economy is good. You see a geopolitical position where India is in a very strong position and the youngest population and which is leading to a very strong consuming class. This is leading to India being in a strong position.

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