Lowe's Financial News

When the banking job cuts of 2023 are reflected upon by generations to come, the cuts at Bank of America are unlikely to be remembered. It's Credit Suisse, Morgan Stanley, Goldman Sachs and Citi that have made the most noise about trimming heads in 2023. But it's Bank of America that has quietly cut the most.

2023 has been a funny year in investment banks. After a poor bonus round for 2022, it might have expected that people would move in search of more lucrative seats. Instead, 2023 has been characterized by fear of moving into a new role. 

Domestic benchmark index NSE Nifty fell 104.65 points to 19566.45, while the BSE Sensex traded 362.95 points down at 65514.07. On the other hand, Shakti Pumps, GKW Ltd, DB(Intl)Stock, PNB Gilts and Jindal Poly Investm stocks hit their fresh 52-week highs today.

Bajaj Auto jumped over 5% to hit a 52 week high of Rs 5,395 on the NSE on Thursday as the Street cheered BofA's post earnings commentary on the stock and its upward revision of the price target. The domestic brokerages have kept a mixed view on the two-wheeler stock. In the domestic pack, Kotak Institutional Equities recommended a Sell, while Nuvama and Motilal Oswal took a hold and neutral stance, respectively raising concerns on exports outlook.

Colgate-Palmolive (India) Ltd. traded 0.44 per cent up at Rs 2064.9 on Thursday at around 10:50AM (IST), while the benchmark BSE Sensex declined 348.4 points to 65528.62. As many as 1,967 shares changed hands on the counter with a total value of Rs 0.41 crore.

Zydus Lifesciences Ltd.(up 0.82 per cent), GlaxoSmithKline Pharmaceuticals Ltd.(up 0.36 per cent), Lupin Ltd.(up 0.22 per cent) and Laurus Labs Ltd.(up 0.01 per cent) were among the top gainers. Ipca Laboratories Ltd.(down 1.76 per cent), Biocon Ltd.(down 1.71 per cent), Cipla Ltd.(down 1.61 per cent), Granules India Ltd.(down 1.17 per cent) and Dr.

MphasiS Ltd. traded 1.61 per cent up in Thursday's trade at 10:30AM (IST). Around 9,661 shares changed hands on the counter.

Page Industries Ltd. traded 0.15 per cent up at Rs 38675.9 at 10:40AM (IST) on Thursday, even as BSE benchmark Sensex dropped 390.51 points to 65486.51. The stock had closed at Rs 38617.3 in the previous session.

Bajaj Auto Ltd.(up 4.54 per cent), Hero MotoCorp Ltd.(up 2.1 per cent) and TVS Motor Company Ltd.(up 0.52 per cent) were among the top gainers. Bharat Forge Ltd.(down 1.5 per cent), Tata Motors Ltd.(down 1.02 per cent), Balkrishna Industries Ltd.(down 1.01 per cent), Tube Investments of India Ltd.(down 0.96 per cent) and Ashok Leyland Ltd.(down 0.91 per cent) were the top losers on the index.

Dabur today fell up to 2.5% to day's low at Rs 520.45 after it was reported that its subsidiaries were among companies sued in the US and Canada by customers alleging that the use of hair relaxer products had caused ovarian cancer, uterine cancer and other health issues. «Currently, the cases are in the pleadings and early discovery phases of litigation. There are various motions pending as well.

Benchmark NSE Nifty index fell 99.0 points to 19572.1 amid selling in frontline bluechip stocks. However, stocks such as Gensol Engg, Winsome Yarns, Delta Corp, Xelpmoc Design and Navin Fluorine, touched their fresh 52-week low.

One 97 Communications, the parent company of Paytm, with a ‘Buy’ rating and a target price of ₹1,300 per share, implying an upside of over 37% from Wednesday’s closing price. India's leading payments player, Paytm has accelerated monetization of its large ecosystem with ramp-up of credit business.

An independent assessment of Origin Energy’s $18.7 billion takeover offer from two North American suitors has beefed up shareholders’ leverage to argue for a higher offer, despite it being deemed fair and reasonable.

Investing.com-- Most Asian currencies were muted on Thursday, nursing steep overnight losses as the dollar firmed tracking a spike in Treasury yields before a closely-watched address by Federal Reserve Chair Jerome Powell.

Feroze Azeez, Deputy CEO, Anand Rathi Wealth, “the Indian market has operated with high inflation and a high interest rate economy for long periods of time. So, I do not see that as a big risk for India and if you look at the correlation between yields and the cash flows of FII, the correlation is significantly lower this time around.” In the US 10-year, 4.8% has been breached. What are the other downside risks to the markets that can play out over the next year or so because markets are very close to all-time highs? Of course, the 10-year Fed rate is at 4.8%. The last 10 years’ average of the 10-year Fed rate is 2.2%. We are trading at 150% greater in the US market. If you compare that to the Indian situation, the 10-year G-Sec average for the last 10 years is close to 6.8%. We are at 7.3%, that is just less than 10%. But in the US 10-year, there is a 150% rise, that is point one.

Gold prices edged higher on Thursday to hover near a 2-1/2-month high as escalating Middle East turmoil lifted demand for the safe-haven asset, while investors looked forward to U.S. Federal Reserve Chair Jerome Powell's speech due later in the day. FUNDAMENTALS * Spot gold was up 0.2% at $1,950.83 per ounce by 0127 GMT, after hitting its highest since Aug. 1 on Tuesday.

U.S. Federal Reserve will keep its key interest rate on hold on Nov.

BSE Sensex closed 551.07 points lower at 65,877.02, while the NSE Nifty 50 declined 140.40 points to settle at 19,671.10. Nifty 50 formed a long bear candle on the daily chart, which is indicating a double top type pattern at 19,840 levels as per daily chart. Nifty is placed within a broader high low range of 19,840-19,635 levels and is now placed at the edge of downside breakout of the lower range.

By Prerana Bhat

Bajaj Finance led a slide in financials after disappointing results and due to nagging concerns over elevated oil prices and US interest rates as well as the Middle East conflict. The NSE Nifty 50 index closed 0.71% lower at 19,671, while the S&P BSE Sensex fell 0.83% to 65,877. Here's how analysts read the market pulse: «As long as the index is trading below 19800, the weak sentiment is likely to continue and could slip till 19600-19575. On the flip side, a minor pullback rally is possible if the index surpasses the intraday resistance of 19720, and above the same, we could see one quick intraday rally till 19780,» said Shrikant Chouhan, Head of Research (Retail) at Kotak Securities. Rupak De, Senior Technical analyst at LKP Securities, said, «Nifty found resistance at 19,850, which led to a fall towards 19,650.

FOX Business correspondent Madison Alworth shares why for many first-time homebuyers, the American dream is delayed as a result of high mortgage rates and home prices on 'Varney and Co.'