Top Stories | ?6 lakh cr BSE mcap erased in market selloff, US elections due tomorrow, Oct auto sales beat and more
In yet another volatile session, the BSE-listed companies collectively lost nearly 6 lakh crore rupees in market capitalisation, with the Nifty 50 ending below the psychological 24,000 mark.
Future market movement will depend on some key global events in the absence of strong domestic cues: The US presidential elections, due tomorrow, and the Fed decision on interest rates. Locally, Maharashtra elections are due on Nov 20.
Oil prices have advanced after OPEC+ agreed to push back its December production increase by one month and tensions again escalated in the Middle East.
Coming to economic data, India's manufacturing sector activity gained momentum in October after decelerating for three months, driven by an increase in demand and job creation. The PMI came in at 57.5, up from an eight-month low of 56.5 in September.
Auto sales in October beat estimates, even as the year-on-year growth trend remained mixed. Meanwhile, India’s automotive sector is accelerating into an electrified future this November, with Maruti, Royal Enfield, and Mahindra unveiling their latest electric vehicles (EVs).
Stock Market Sell-Off: Nearly half of Nifty 50 stocks are down over 10% since it made a record high
The Nifty 50 is down 9% from the record high level of 26,277 it had made on September 27 this year. 48 out of the 50 Nifty constituents are trading with losses since that day. Nearly half of the Nifty constituents are trading with losses of 10% or more, with three of them even shedding more than 20%.
Most of the top losers on the Nifty since September 27 are earnings accidents, meaning those stocks whose earnings for the September quarter failed to impress the street.
Nifty 50 closes below 24,000; ?6 lakh crore wiped out from BSE mcap
The benchmark Nifty 50 index ended lower on Monday, while the BSE-listed companies collectively erased nearly 6 lakh crore rupees in market capitalisation, as selling pressure intensified ahead of the outcome of the US presidential elections as well as the US Fed decision on interest rates.
The Nifty 50 closed 309 points lower at 23,995, marking a decline of over 1%. Despite recovering from intra-day lows, over 40 Nifty stocks closed in the red, led by heavy losses in the two-wheeler sector.
US Election 2024: Trump kicks off final campaign push with 4 rallies across 3 key states
Donald Trump plans four rallies in three states, beginning in Raleigh, North Carolina and stopping twice in Pennsylvania with events in Reading and Pittsburgh. He ends his campaign with a Monday night (November 4) event in Grand Rapids, Michigan.
As the US presidential election nears its climax, the historic race between Donald Trump and Kamala Harris reaches its final day. Both campaigns are racing to turn out supporters in a contest defined by unprecedented events.
Trump, the 78-year-old former president, has battled both legal issues and attempts on his life to secure his spot on the Republican ticket. Meanwhile, Vice President Kamala Harris emerged as the Democratic nominee in July after President Joe Biden bowed out, following a faltering campaign and mounting party pressure. Harris' campaign now has the potential to make her the first female president in US history.
With over 77 million ballots already cast, turnout is expected to reach record levels on Tuesday. Both campaigns have intensified efforts to mobilise supporters in battleground states, where results are anticipated to be close. Harris focuses her efforts on Pennsylvania, concluding with a rally featuring Lady Gaga and Oprah Winfrey, while Trump holds events across three states, ending his campaign in Grand Rapids, Michigan.
Israel cuts ties with UN agency supplying aid to Gaza
Israel on Monday (November 4) announced the termination of its agreement with the United Nations Relief and Works Agency (UNRWA), which serves as the primary aid provider for Palestinian refugees in Gaza.
This decision is seen as a move to enforce recently passed legislation aimed at severing ties with the agency and preventing its operations within Israel. Israeli officials claim that UNRWA has been infiltrated by Hamas, a charge the agency denies, asserting that it maintains strict neutrality in its operations.
Oil rises as OPEC+ delays output hike and Iran steps up rhetoric
Oil advanced after OPEC+ agreed to push back its December production increase by one month and tensions again escalated in the Middle East.
Brent rose as much as 2% to more than $74 a barrel, while West Texas Intermediate climbed above $70. The producer group had intended to begin returning 180,000 barrels a day from next month, but they will now keep supply restrained for the rest of the year.
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India's manufacturing sector gains momentum in October after decelerating for three months
India's manufacturing sector activity, HSBC Purchasing Managers' Index (PMI), for the month of October came in at 57.5, up from an eight-month low of 56.5 in September. As per S&P Global, the growth was driven by an increase in demand and job creation.
In Purchasing Managers' Index (PMI) parlance, a print above 50 means expansion while a score below 50 denotes contraction. The HSBC India Manufacturing PMI is compiled by S&P Global from responses to questionnaires sent to purchasing managers in a panel of manufacturers.
Auto stocks decline despite exceeding sales estimates — Mahindra stands out
Maruti Suzuki, Tata Motors as well as Mahindra and Mahindra beat estimates for October car wholesales, even as the year-on-year growth trend remained mixed. Two-wheeler makers including TVS Motor Company and Hero MotoCorp witnessed largely in-line numbers for the month.
Amid the overall mixed wholesales trend reported over the weekend, a majority of auto stocks traded in the red.
India’s EV sector ramps up: Maruti, Royal Enfield, and Mahindra set to unveil new electric models in November
India’s automotive sector is accelerating into an electrified future this November, with key players unveiling their latest electric vehicles (EVs). Maruti Suzuki, Royal Enfield, and the Mahindra Group are all lined up with ambitious offerings that promise to reshape the EV landscape.
Prices of sugar have fallen due to excessive buildup of sugar stock: ISMA
“There can be a crisis for the industry if ethanol prices are not revised,” said Prabhakar Rao, President, Indian Sugar Mills Association (ISMA).?
Rao told Manisha Gupta that prices of sugar have fallen due to excessive build-up of sugar stock. He added that average price for sugar last year was ?38/kg which has now fallen to ?35-35.50/kg.
Uttarakhand Bus Accident: 36 people killed after bus falls into a gorge in Almora
At least 36 people were killed and 27 others injured on Monday, 4 November, after a Garhwal Motors Users' bus fell into a deep gorge in Uttarakhand’s Almora district. The bus was travelling from Garhwal to Kumaon when it met with an accident near Kupi in Ramnagar, at the Pauri-Almora border.
Approximately 60 passengers were on board the 43-seater when the bus fell into a 200-metre-deep gorge. Police and SDRF personnel quickly reached the scene, and search and rescue operations are currently underway.
Maharashtra polls: Nominations of 7,994 candidates across 288 assembly seats found valid
Nomination papers of 7,994 candidates filed across the 288 assembly constituencies in Maharashtra, where polling will take place on November 20, were found valid after scrutiny, election officials said.
On the other hand, the nomination papers of 921 candidates were found invalid, a statement issued by the office of the state Chief Electoral Officer (CEO).
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Visionary Leader & Strategic Growth Architect | FMCG & Pharma Brand Builder | Driving Scalable Impact for Enterprises | Organizational Transformation Advisor | Keynote Speaker
3 个月Not interested. Instead interested to know when will the 2 deadliest blood bath stop and how US plans to stop both. ??
Study Abroad Professional | Counselled 10k+ Students | University Promoter | Keynote Speaker | Global Traveller
3 个月It doesn’t matter, both the parties are ruled, directed and orchestrated by same people