Market Savera - 13/11/2024

Stock Market Updates

Wall Street's three major indexes closed lower on Tuesday as investors booked some profits from a post-election rally and waited eagerly for U.S. inflation data due this week.

Treasury yields soared and the dollar hit the highest level in two years ahead of a key inflation report.

India’s retail inflation rose to a 14-month high of 6.2 percent in October compared with 5.5 percent in the previous month, as food inflation galloped on the back of rising vegetable prices. CPI breached RBI’s upper band target of 6 percent for the first time in over a year, raising fears that the Reserve Bank of India may hold rates for the eleventh consecutive time at its meeting in December.

India’s factory output, measured by the Index of Industrial Production (IIP), grew 3.1% YoY in September, as against (-)0.1% in August, mainly due to an uptick in manufacturing activity.

Tata Chemicals arm TCEL approves Rs 655-crore investment for new UK sodium bicarbonate plant

Varun Beverages announces Rs 1,631-crore acquisitions in Tanzania, Ghana and India to expand global footprint

Sunteck Realty Q2FY25 results: Pre-sales grow 32% to Rs 524 crore

Asian stocks fell to the lowest level in almost two months before US inflation data that may further cut confidence in the pace of Federal Reserve interest-rate cuts.

Nifty fell for the fourth consecutive session on Nov 12 and closed at the lowest in 4.5 months amidst dull buying interest which failed to offset the FPI sales.

IT stocks are proving to be resilient in this down trending market. Nifty now seems headed to 23670. On bounces 24151 may be tough to breach in the near term.

Indian markets could open flat to mildly lower, in line with mostly lower Asian markets today and negative US markets on Nov 12