INDIAN STOCK MARKET LATEST NEWS AND U.S MARKET UPDATES [Nov 12” 2024]

 

U.S. Markets on Friday [08-11-2024]:

Dow Jones: +0.7%
Nasdaq: +0.06%
S&P 500: +0.1%
Russell 2000: +1.47%

Highlights:

• Dow Gains: Boosted by banking stocks, with JPMorgan Chase and Goldman Sachs rising 1-2%.
• Bank of America and Citigroup both gained 2%, driven by investor optimism that a potential return of Donald Trump to the White House could result in more favorable banking regulations.

Notable Movers:

• Tesla: +9%, continuing its upward trend.
• GameStop: +10%, fuelled by retail investor interest.

Technology Sector:

• Apple: -2%
• Microsoft and Amazon: Both slipped by 1%, reflecting a softer day for major tech.

Cryptocurrency Surge:

• Bitcoin: Breaks above $87,000, with expectations for deregulation adding to momentum.
• Crypto-related stocks: Coinbase (+20%) and Mara Holdings (+30%) rallied on the news.

Other Assets:

• Dollar Index: 105.44
• Brent Crude: $72/barrel
• Gold: Down 2.5% at $2,618/ounce
• 10-Year US Yield: 4.34%

INDIAN STOCKS TO WATCH:

Positive Impulse for The Day:

• ONGC: Results largely in line; EBITDA stands at ₹17,025 crore vs. an estimate of ₹17,199 crore.
• Bank of India: NIM at a 9-quarter low, but results show steady performance despite lower-than-expected NII.

• Britannia: Revenue growth at 5% YoY with volumes rising by 8%, close to the expected range of 8-9%.

• Hindalco: Strong earnings; Aluminium upstream EBITDA up 79% YoY.

• L&T Tech: Plans to acquire AI software firm Intelliswift in California for $110 million.

• Asian Paints: Guidance revised for FY25 with an expectation of single-digit growth.

• Jubilant Food works: Domino’s LFL growth reported at 2.8%, in line with the poll estimate of 2-3%.

• Hindustan Copper: Revenue up by 68%, with a 25% YoY increase in EBITDA.

• Ramco Cements: Lower-than-expected volume decline; EBITDA up by 320 bps.

• Inox Wind: Secures repeat order from Continuum Energy for an 87 MW project.

• Shree Cement: Earnings broadly in line; margin reported at 15.9%.

• BLS International: Strong margin expansion, up by 1,280 bps YoY and 610 bps QoQ.

• RVNL: Emerges as the lowest bidder for a ₹294 crore project with South Central Railway.

• HG Infra: Standalone margin up by 50 bps; profit increases by 44% YoY.

• Insecticides India: EBITDA up by 9% with a margin increase of 250 bps YoY.

• Triveni Turbine: Reports a 50% rise in EBITDA, with margin expanding by 300 bps YoY.

Negative Impulse for The Day:

• Bank of India: NIM at a 9-quarter low, with NII falling below estimates.

• Asian Paints: FY25 volume growth guidance revised downward, now expecting single-digit growth.

• Jubilant Foodworks: Results in line, but Domino's LFL growth at 2.8% remains on the lower end of estimates.

• NMDC: Margin misses estimate by 750 bps, though a 2:1 bonus issue has been announced.

• TVS Supply: EBITDA down by 9% with a margin contraction of 150 bps YoY.

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