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MARKETS News :
Markets move in positive trajectory: Sensex opens over 300 points higher, Nifty above 11,860; HDFC Bank up 2% Q2 Results impact.
Wall Street | The S&P 500 posted a nominal gain on Friday as further clarity regarding the timeline for the development of a corona virus vaccine and much better-than-expected retail sales data brought buyers back to the market,The Dow also joined the S&P in positive territory, both indices snapping a three-day losing streak driven by halted vaccine trials and continued wrangling in Washington over a new pandemic relief package. But the Nasdaq ended the session lower. The Dow Jones Industrial Average rose 112.11 points, or 0.39 percent, to 28,606.31, the S&P 500 gained 0.47 points, or 0.01 percent, to 3,483.81 and the Nasdaq Composite dropped 42.32 points, or 0.36 percent, to 11,671.56.
US Industrial Production | US industrial production fell 0.6 percent in September, the weakest showing since industrial output tumbled in the spring when the economy was slowed by widespread lockdowns resulting from the coronavirus. The Federal Reserve reported Friday that industrial production suffered its first decline since a 12.7 percent drop in April during the spring lockdowns.
Asian Stock Market | Asian markets started higher on Monday, buoyed by hopes of a US fiscal package before the U.S. presidential elections next month and expectations of a coronavirus vaccine by the end of this year, though the mood was still cautious as infections jump. MSCI’s broadest index of Asia-Pacific shares outside Japan added 0.26 percent for its second straight day of gains.
China Q3 GDP | China’s economic recovery disappointed in the third-quarter, growing 4.9 percent from a year earlier and missing analyst expectations, data from the National Bureau of Statistics showed on Monday. The growth was slower than the 5.2 percent forecast by analysts in a Reuters poll, and followed 3.2 percent growth in the second quarter. The economy grew 0.7 percent in the first nine months from a year earlier, the data showed.
Crude Oil | Oil prices edged up in early Asian trade on Monday ahead of China’s economic growth data, which is expected to show recovery in the top oil importer, offsetting concerns of an impact from the virus’ resurgence on consumption and rising supply. Brent crude for December inched up 4 cents to $42.97 a barrel by 0018 GMT and US West Texas Intermediate crude was at $40.90 a barrel, up 2 cents, a day before the November contract expires.
The dollar clung to gains on Monday, supported by investor worries about the looming US election and the fading prospects of any fiscal stimulus. The pound strengthened 0.1% and the kiwi gained 0.3%. The euro was unchanged. The Chinese yuan held firm..
Gold and silver prices struggled for direction amid muted global rates. On MCX, December gold futures fell to Rs 50,653 per 10 gm while silver futures edged slightly lower to Rs 61,512 a kg. In international markets, gold was unchanged at $1,901.54 an ounce.
Rupee | The rupee on Friday settled almost flat at 73.35 against the US dollar in the absence of any fresh trigger. At the interbank forex market, the rupee opened at 73.41 against the greenback, and after witnessing a volatile trading session closed at 73.35, higher by just 1 paisa from its previous close of 73.36.
Indian indices opened higher on Monday, tracking gains in Asian peers, led by gains in financials after HDFC Bank reported better than expected numbers in the September quarter. At 9:17 am, the Sensex was trading 335 points higher at 40,318 while the Nifty rose 117 points to 11,879. HDFC Bank rose 2 percent post the earnings. On the Nifty50 index, ONGC, HDFC, Dr Reddy’s, HDFC Bank, and Coal India were the top gainers while UPL, Adani Ports, TCS, Hero Moto and Eicher Motors led the losses. Broader markets were also in-line with the benchmarks with the Nifty Midcap and Nifty Smallcap indices up around 0.5 percent each.
HDFC Bank on Saturday reported a 16 percent rise in its consolidated net profit at Rs 7,703 crore for the second quarter ended September 30. The private sector lender had posted a consolidated net profit of Rs 6,638 crore in the corresponding quarter a year ago. On the asset front, gross non-performing assets (NPAs) of the bank fell to 1.08 percent of the gross advances as on September 30, 2020, as against 1.38 percent a year earlier. Brokerages maintain Buy call on HDFC Bank.
Jet revival on track… The first step in the resurrection of Jet Airways was taken on Saturday as the airline’s lenders approved a resolution plan by investors based in Dubai and London. However, the path to Jet’s revival remains long and arduous and will require a fresh business plan with low costs, capital infusion and efficient management. Jet needs airport slots and flying rights to make any headway in its new life.
Market is in positive trajectory and investors are advised to take advantage and act accordingly.
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