Lowe's Financial News

Morgan Stanley has upgraded India to «standout overweight» citing that the relative economic and earnings growth is improving and the macro-stability setup looks sufficient to withstand the higher real rate environment. «India remains standout overweight. We increase our overweight stance on Indian equities and as our most-preferred emerging market,» the brokerage said in a note on Friday.

The past week marked the anniversary of the ongoing bull market. Over the last 12 months, the S&P 500 index has surged by more than 15%, while the Nasdaq has recorded a remarkable 23.5% increase.

By Shubham Batra and Shashwat Chauhan

Helios Mutual Fund announced the launch of Helios Flexicap Fund, an open-ended dynamic equity scheme investing across large-cap, mid-cap, and small-cap stocks.

Domestic benchmark index NSE Nifty ended 82.05 points down at 19542.65, while the BSE Sensex closed 231.62 points down at 65397.62. On the other hand, Dhunseri Invst, Bombay Burmah, GKW Ltd, Summit Sec and Prajay Engg stocks hit their fresh 52-week highs today.

Reserve Bank of India's rate-setting panel's successive meetings where they promise to withdraw accommodation but end up keeping rates unchanged does not enhance its credibility, external member of the MPC Jayanth Varma said at its latest meeting, per minutes released Friday. «I would much prefer a stance in which words are consistent with the actions,» Varma said while reiterating his view on the stance adopted by the Monetary Policy Committee (MPC). «Moreover, at this point of time, the guidance that the market really needs is not about how high the terminal repo rate would be, but about how long the rate would be maintained at a high level. It would therefore be useful for the MPC to communicate its intention to keep real interest rates high enough for as long as is necessary to drive projected inflation close to the 4% target on a sustainable basis,» Varma added. The RBI's MPC in its latest meeting voted to keep the key lending rate steady for a fourth consecutive policy meeting, in line with analysts' expectations.

Zerodha Mutual Fund announced the launch of the Zerodha Nifty LargeMidcap 250 Index Fund. The scheme opened for public subscription on October 20, 2023, and will close on November 03, 2023.

Zerodha Mutual Fund announced the launch of the Zerodha ELSS Tax Saver Nifty LargeMidcap 250 Index Fund, an open-ended passive equity-linked savings scheme with a statutory lock-in period of three years and tax benefit tracking the Nifty LargeMidcap 250 Index.

On the BSE, Focus Business Sol(down 20.00 per cent), Beekay Niryat(down 19.99 per cent), Riddhi Steel and Tub(down 16.90 per cent), Ranjeet Mechatronics(down 16.49 per cent) and SSPN Finance L(down 15.28 per cent) stood among the top losers in today's trade. In the Nifty pack, 15 stocks closed in the green, while 35 stocks ended in the red.

Knight-Swift Transportation (NYSE:KNX) shares gained more than 17% in pre-open Friday trading following the company’s reported Q3 results, with EPS of $0.41 coming in better than the consensus estimate of $0.36.

From October 1, new rules related to TCS on LRS (Liberalised Remittance Scheme) and on purchase of overseas tour package has come into effect. As per the new rules, a higher rate of 20% TCS will be levied on spending above Rs 7 lakh on foreign tour packages and LRS.

Indian Hotels Company Ltd. slipped 2.3 per cent to Rs 404.4 in Friday's trade. It hit a high of Rs 414.65 and low of Rs 403.65 during the session.

InterGlobe Aviation Ltd. traded 3.5 per cent down at Rs 2436.7 on Friday at around 02:09PM (IST), while the benchmark BSE Sensex declined 209.31 points to 65419.93. As many as 8,432 shares changed hands on the counter with a total value of Rs 2.08 crore.

GAIL (India) Ltd. traded 3.55 per cent up at Rs 124.65 at around 01:59PM (IST) on Friday. The stock had closed at Rs 129.25 in the previous session.

MphasiS Ltd. traded 4.28 per cent up at Rs 2161.3 at around 01:54PM (IST) on Friday. The stock had closed at Rs 2258.1 in the previous session.

Canada removes 41 diplomats from India amid escalating diplomatic tension In-person consular services will remain available at the Canada high commission in the capital New Delhi. Canada has withdrawn 41 diplomats from India this week.

₹408.25. MGL, on the other hand, lost 8 percent to its day's low of ₹1,032.75. The sentiment was also weakened after global brokerage house Jefferies downgraded IGL and cut its target price.

Also read: To curb inflation, RBI plans bond sales to suck liquidity Governor Das added, “The global economy is now facing a tirade of challenges. First, slow moderation in inflation, which is getting interrupted by recurring and overlapping shocks. Second, slowing growth, and that too is fresh and enhanced obstacles.

Cholamandalam Investment & Finance Company Ltd. fell 0.52 per cent to Rs 1190.5 in Friday's session as of 12:22PM (IST) even as the equity benchmark Sensex traded 211.61 points lower at 65417.63. Earlier in the day, the stock witnessed a gap down start to the session.

SRF Ltd. fell 0.17 per cent to Rs 2251.0 in Friday's session as of 12:12PM (IST) even as the equity benchmark Sensex traded 206.79 points lower at 65422.45. Earlier in the day, the stock witnessed a gap down start to the session.

Hindustan Unilver Ltd (HUL) and ITC Ltd Q2 performance did reflect the challenges being faced by industry on volume growth due to higher competitive intensity, weak rural demand and so on. For HUL the impact on earnings was higher in Q2 compared to ITC that sees its other businesses as Hotels, paper etc providing cushion to its earnings. The solace for companies, however, comes from declining raw material prices that are supporting margins.