Market Savera - 18/11/2024

Stock Market Updates

US stocks fell on Friday after Jerome Powell signaled there’s no need for the Federal Reserve to rush with rate cuts as the economy is holding up.

Automakers like Tesla Inc. and Rivian Automotive Inc. slumped as Reuters reported President-elect Donald Trump plans to eliminate the $7,500 consumer tax credit for electric-vehicle purchases.

Data earlier Thursday in the US showed producer prices exceeded consensus forecasts. Jobless claims were below expectations and touched the lowest level since May. The October producer price index released Thursday rose 0.2%, matching forecasts from economists polled by Dow Jones. PPI excluding food and energy ran faster than forecast.

Japan’s economy eked out an annual rate of 0.9% growth in the July-September period as consumer spending held up, government data showed Friday..

China on Friday reported strong growth in retail sales and a decline in real estate investment in October, signaling that the country’s recent stimulus push has already worked to bolster certain sectors of its flagging economy.

Global brokerage firm CLSA has raised India allocation to a 20 percent overweight while cutting exposure to China in a tactical reversal, citing India’s stable economic conditions and robust foreign flows waiting on the sidelines to re-enter.

The Indian economy is in a sweet spot, with a mix of solid growth and moderating inflation, Moody's Ratings said, forecasting a 7.2% GDP growth in the 2024 calendar year and 6.6% in the next.

Piramal Capital & Housing Finance Limited (PCHFL), a wholly-owned subsidiary of Piramal Enterprises, is seeking bids to sell two pools of non-performing loans (NPLs) worth Rs 702 crore through a Swiss challenge auction

Cyient has announced the expansion of its partnership with Allegro MicroSystems Inc to develop next-generation magnetic sensors and power semiconductor products for the automotive industry

Hyundai Motor India Ltd is betting big on CNG fuel option with sales of models equipped with the technology witnessing increasing demand across rural and urban markets

Asian stocks were mixed early Monday as traders reined in expectations of Federal Reserve interest rate cuts following fresh signs of US economic resilience and ahead of a “quiet” week for economic data from the region.

Nifty 50 ended lower for the sixth session in a row on Nov 14 and recorded the worst declining streak since Oct 7. At close, Nifty was down 0.11% or 26.4 points at 23532.7.. Nifty ended lower for second week in a row falling 2.55% and fell for 6 out of the past 7 weeks as earnings from India Inc. continued to weigh on investors' sentiment at a time when increase in safe–haven assets like the dollar index, and US treasury yields weighed on risk assets like emerging markets' equities. Nifty could stay in the 23338-24099 band in the coming week with a higher chance of a bounce beginning soon.

Indian markets could open lower, despite mixed Asian markets today and muted US markets on Nov 13