Trade Financial News

Asian stocks eked out gains following mixed results from Wall Street tech companies and as traders prepare for next week’s US election and Federal Reserve rate decision. Shares gained in Japan, but slipped in Australia and South Korea. US contracts advanced in Asia after the S&P 500 closed up 0.2% and the Nasdaq Composite rose to a record. In late US trading, Alphabet Inc. climbed more than 5% as the Google parent’s earnings beat estimates, while Advanced Micro Devices Inc. sank 7% amid a lackluster revenue forecast.

trading session. So when Elcid Investments, a little-known sparsely traded micro-cap holding company made this eye-popping surge in Tuesday's trade, Dalal Street participants took notice. The extraordinary surge in the stock was on account of a special call auction for price discovery in investment holding companies, organised by stock exchanges.

Bank shares jumped on Tuesday, emerging as the top gainers in the day's trading, as investors lapped up shares of some larger lenders amid uncertainty over near-term market prospects. The Nifty Bank index advanced 2.1% on Tuesday, while the benchmark Nifty gained 0.5%. Ten of the 12 stocks on the Nifty Bank index gained at close on Tuesday. Federal Bank was the biggest gainer, soaring 8.5% after its second-quarter results exceeded expectations. SBI was up 5% and ICICI Bank gained 3%.

Dalal Street presented a study in sharp contrasts — and lofty records. First, foreign investors pulled Rs 1 lakh crore out of Indian equities in October, beating the record in the Covid-ravaged March of 2020 with consummate ease. Yet, the fall in equity gauges was nowhere as devastating as in that month, with domestic funds more than matching the sales momentum through record purchases. In the bargain, domestic institutional investors (DII) may have, for the first time this millennium, pulled ahead of overseas funds in owning locally listed firms — another record that points to the shifting centre of gravity in the ownership of Indian risk assets. To be sure, detailed ownership data for October-December will be published in January. Yet, by September end itself, the ownership gap between foreign institutional investors (FII) and DIIs had narrowed to a record low of 109 bps, underscoring the growing influence of domestic capital in Indian equities. “There has been a dramatic shift in ownership in Indian capital markets over past few quarters, with local investors taking the lead and FIIs losing influence,” said Pranav Haldea, MD, Prime Database Group.

Chinese economy looks like it is taking a major hit from certain provinces, that is making their possibilities of finishing on a high, even more difficult. The economic slowdown in China is slowly becoming a harsh reality, with the Asian country seeing five provinces going through a sharp downswing effect in recent days, with Tibet and Jilin taking centerstage in this doomsday scenario, according to a Bloomberg report.

Bitcoin (BTCUSD) traded around $73,000 Tuesday for the first time since March, gaining traction ahead of the U.S. presidential election as investors poured billions into spot bitcoin exchange-traded funds.

The European Union says it will impose duties on imports of electric vehicles from China from Thursday, after talks between Brussels and Beijing failed to find an amicable solution to their trade dispute

A boost from COVID-19 treatment sales helped bush Pfizer to a better-than-expected third quarter and higher forecast for the year

Sensex and Nifty50 ended higher for the second straight day on Tuesday, as gains in banking and financial stocks helped the indices reverse course in the final hour of trading after having spent the day under pressure due to some tepid earnings reports and persistent foreign selling. The NSE Nifty 50 rose 0.52% to 24,467, while BSE Sensex gained 0.45% to 80,369. Both the indices had dropped about 0.7% each earlier before the U-turn sparked a second straight day of gains.

The Canadian dollar is at risk of falling to lows only seen during big economic shocks as forces once again line up against the currency, economists warn.

Insurance Co on Tuesday bought shares of PNB Housing Finance worth Rs 90 crore through an open market transaction. According to the block deal data available on the BSE, HDFC Standard Life Insurance Company Ltd purchased a little over 10 lakh shares or 0.4 per cent stake in PNB Housing Finance. The shares were picked up at an average price of Rs 900 apiece, taking the transaction value to Rs 90 crore.

Kamala Harris and former President Donald Trump traded bitter attacks while racing to woo the voters in key battleground states that could decide the outcome of the razor-tight contest. On Monday, Trump, the Republican nominee, addressed a rally at the McCamish Pavilion on the campus of the Georgia Institute of Technology in Atlanta where he rejected attempts by Democrats to compare him with the Nazis. «The newest line from Kamala and her campaign is that anyone who isn't voting for her is a Nazi,» he said at the capital city of Georgia. Georgia is one of the seven key battleground states that could decisively swing the November 5 election in favour of either candidate.

Marico Ltd, which beat estimates in Q2, flagged concerns regarding food price hikes and retail inflation on Tuesday in its Q2 exchange filing. The homegrown FMCG further noted that these concerns will be monitored in the near term. However, the company expects encouraging demand trends owing to above-normal monsoon season, the Centre's budgetary allocations towards boosting the rural economy and upcoming festive season. «Amidst the backdrop of improving macro-indicators, we expect a gradual uptick in the growth of our core categories in the domestic business through the ongoing initiatives to enhance the profitability of our General Trade (GT) channel partners and transformative expansion in our direct reach footprint under Project SETU,» it said in its filing.

Rana Sugars Ltd.(up 2.82%), DCM Shriram Industries Ltd.(up 2.74%), Balrampur Chini Mills Ltd.(up 2.35%), Uttam Sugar Mills Ltd.(up 2.31%), Simbhaoli Sugars Ltd.(up 2.18%), Dalmia Bharat Sugar and Industries Ltd.(up 2.05%), Ponni Sugars(Erode)Ltd.(up 1.93%), Dhampur Sugar Mills Ltd.(up 1.72%), Magadh Sugar & Energy Ltd.(up 1.69%) and Rajshree Sugars & Chemicals Ltd.(up 1.66%) stood among the top gainers.

Sandip Sabharwal, asksandipsabharwal.com, says while there is nothing safe in the market, IDFC First Bank stocks can be the relatively safe sparklers. For those willing to take higher risks, Ahluwalia Contracts can be the high-risk rockets while InterGlobe Aviation or IndiGo can be the perfect value bomb. This Dhanteras, which safe sparkler or safe bets should one look at? Sandip Sabharwal: Now, there is nothing safe in the stock market as such. It is all about relative safeness. I think IDFC First Bank is pretty well placed at the current prices. The results which came out over the weekend reflected that there is resilience in the business model. The core business is doing well. When you look at every bank, the key to look at is the asset quality of the bank and the deposit growth quality of the deposit and then the credit growth and the reported profitability. So, in all these parameters, it is doing very well. Its net NPAs are very similar to that of ICICI Bank or HDFC Bank.

smallcap stock called Elcid Investments has just re-written Dalal Street's history with its share price skyrocketing from just Rs 3.53 to Rs 236,250, an impossible-looking jump of 66,92,535% in one day. Elcid is now India's most highly-priced stock as it has surpassed MRF's share price of Rs 1.2 lakh. Such a sharp jump is unheard of in India's history and reminds investors of the crypto mania of 2021 when prices of several cryptocurrencies just went through the roof in a matter of days.

Subscribe to enjoy similar stories. Mumbai: A combination of regulatory tightening and nervousness due to the recent pullback in equities has dragged down turnover in the cash market and the number of trades on NSE to a six-month low, per market veterans. The average daily turnover on NSE, which commands a 94% market share, declined almost 12% sequentially to ₹1.07 trillion in the month through 28 October from the previous month.

In a trading statement published today (29 October), the UK's largest DIY investment platform reported assets under administration of £157.3bn as of 30 September, up from £155.3bn at the start of the quarter.   The increase was fuelled by £1.5bn in positive market movements and £500m in net new business, a slowdown from £600m in the same period last year and £1.6bn in the previous quarter. Net inflows into the firm's Active Savings business rose to £800m. However, the platform recorded £300m in net outflows, a shift from £100m in the same period last year and £900m in net inflows over...

In a trading statement today (28 October), managers Richard Watts and Nick Williamson said the sale of Featurespace to Visa and Klarna's upcoming IPO, which they expect in the first half of 2025, could generate a total £200m of potential liquidity.  This amount, which represents 38% of the trust's market cap, would be in addition to the trust's current £109m liquidity position, following $57m proceeds from the sale of Graphcore to SoftBank and the drawdown of a £70m loan facility from Barclays Bank.  According to Chrysalis, the forthcoming liquidity from the Featurespace sale and Klar...

As the government considers imposing additional duties to curb the influx of cheaper steel imports, which are impacting domestic producers, the Engineering Export Promotion Council of India (EEPC India) as well as steel producer Jindal Steel have voiced their concerns about the potential effects of these protectionist measures. EEPC India, the organisation advocating for engineering goods exporters, is against limiting steel imports from cost-effective markets. According to the council, curbing steel imports from China will severely impact the engineering goods sector, especially MSMEs, which depend on competitively priced steel to sustain operations. “It is imperative to keep domestic steel prices competitive. The price differential between Chinese steel and Indian-produced steel is significant. This price advantage enables downstream industries, especially MSMEs, to remain competitive in domestic and global markets,” says Arun Kumar Garodia, Chairman of EEPC India.

Anant Raj Ltd will raise up to Rs 2,000 crore via Qualified Institutional Placement (QIP) for expansion and development of projects. Earlier this year, the company had raised Rs 500 crore QIP and used part of the funds raised to bring down the debt and working capital requirements.