Stock Market Live Updates, Monday, October 14, 2024: India’s benchmark stock indexes rose on Monday after Wall Street closed at a record high on Friday.
At around 11:10 am, the BSE Sensex rose 463.92 points or 0.57% to 81,845.28 and the Nifty 50 rose 128.20 points or 0.51% to 25,092.
On the BSE Sensex, 11 out of 30 stocks were trading in the red, with Axis Bank (down 0.73 per cent) limiting the decline, followed by Bajaj Finance, Ultratech Cement, Bharti Airtel and Titan, which rose. The rate was led by JSW. Steel (up 1.71 per cent), Larsen & Toubro, Infosys, HDFC Bank and Tech Mahindra followed.
In Nifty 50, 36 out of 50 stocks rose, with Wipro (up 2.21 per cent) followed by JSW Steel, Hero MotoCorp, Larsen & Toubro and BPCL, while Axis Bank (down 0.81 per cent). It continued. ), Bajaj Finance, Ultratech Cement, Cipla and Bharti Airtel followed.
Across sectors, pharmaceuticals, healthcare and consumer durables were under some pressure, while the rest of the sector indexes rose.
The metal index rose the most, followed by the PSU banks index. Banking stocks, financial services stocks, auto stocks and IT stocks also rose.
In the broader market, the Nifty Midcap 100 was almost flat, while the Nifty Smallcap 100 was up 0.25%.
Indian stock markets remained in consolidation mode on Friday, with the BSE Sensex index closing 230.05 points or 0.28% lower at 81,381.36. Nifty 50 ended 34.20 points (0.14%) lower at 24,964.25.
In the broader market, both BSE MidCap and BSE SmallCap index outperformed their benchmarks, rising 0.44% each.
Sector-wise, the Nifty Pharma index rose by 1.2%, followed by the Nifty Metal index by 0.94%. On the contrary, the Nifty Bank index fell by 0.7%, the biggest decline.
Indian investors will be keeping an eye on the September inflation and overall inflation statistics due to be released today.
Retail inflation is expected to exceed the RBI’s medium-term target of 4% in September for the first time since July, according to a Reuters poll.
Separately, HCL Tech and Reliance Industries are scheduled to report second quarter results today.
Asia-Pacific markets opened higher on Monday as investors assessed the weekend’s press conference from China and braced for a series of economic data releases in the region.
Chinese Finance Minister Lan Huo’an suggested at a press conference that there is considerable scope to increase deficit spending to support the economy.
Meanwhile, China faced deepening deflationary pressures in September, with consumer prices rising just 0.4% year-on-year, the lowest in three months, and the producer price index falling 2.8%, the first in six months. This was a significant decline. Both numbers were lower than expected by economists, who had expected the CPI to rise by 0.6% and the PPI to fall by 2.5%, Reuters reported.
On Monday, China is scheduled to release trade statistics for September, with exports expected to grow 6%, slowing from August’s 8.7% increase, while imports are expected to grow 0.9% (up 0.5% in August). be done. .
Analysts are also looking forward to a busy week of economic data, including third-quarter GDP, September industrial production growth, retail sales and the unemployment rate.
The Japanese market was closed today due to a public holiday.
Mainland China’s Shanghai Composite Index rose 0.62%, while the CSI300 index rose 0.11%.
Hong Kong’s Hang Seng Index fell 0.79%, while Australia’s S&P/ASX 200 Index rose 0.5%. South Korea’s Kospi rose 0.46%, while the small-cap Kosdaq fell 0.43%.
Global stocks rose on Friday, helped by U.S. bank profits, continuing a weekly upward trajectory, but inflation and consumer confidence reports solidified expectations for the Federal Reserve to cut interest rates. As a result, U.S. bond yields almost fell.
The U.S. final demand producer price index was flat in September, slightly below the 0.1% rise expected by economists polled by Reuters. Following an earlier 0.2% rate hike in August, the Fed showed that inflation remained cool, giving the Fed room to continue lowering rates.
PPI rose 1.8% in the 12 months to September, compared to expectations of 1.6%.
The consumer price index on Thursday turned out to be slightly higher than expected due to higher commodity prices.
The preliminary value of this month’s Consumer Sentiment Index released by the University of Michigan was 68.9, and the final value for September was 70.1, which was lower than the expected 70.8 as high prices reduced shopping appetite.
On Wall Street, U.S. stocks rose, with the Dow and S&P 500 closing at record highs, and bank stocks rose 4.21%, the largest single-day increase since May 2023, when the quarterly earnings season began. It became the maximum. JPMorgan rose 4.44% and Wells Fargo jumped 5.61%.
Earnings growth for the S&P 500 is expected to be 4.9%, down slightly from 5.2% in early October, according to LSEG data.
The Dow Jones Industrial Average rose 409.74 points, or 0.97%, to 42,863.86, the S&P 500 rose 34.98 points, or 0.61%, to 5,815.03, and the Nasdaq Composite Index rose 60.89 points, or 0.33%, to 18,342.94.
But while the electric car maker promised a lot at its robotaxi event, there were few practical details, with Tesla shares down 8.78% and gains muted.
MSCI’s global stock index rose 4.56 points, or 0.54%, to 852.75, marking its fourth rise in five weeks. In Europe, the STOXX 600 index closed 0.55% higher as investors turned their attention to China’s fiscal stimulus, corporate earnings season and the European Central Bank’s (ECB) expected rate cut next week.
According to CME’s FedWatch tool, expectations that the Fed will cut rates by 25 basis points at its November meeting have been volatile in recent trading, at 88.4%, with the market pegging the probability of no interest rate change at 11.4%. It incorporates 6%.
U.S. yields were volatile, with the benchmark index heading lower as investors gauged the Fed’s interest rate path. The yield on the benchmark 10-year U.S. Treasury note fell 0.5 basis point to 4.089%, while the yield on the 2-year bond, which typically moves in conjunction with interest rate expectations, fell 5 basis points to 3.089%. It became 949%.
The 10-year Treasury yield rose about 11 basis points on the week and is poised for a fourth straight week of gains. The yield on two-year Treasury notes is on the rise for the second consecutive week, at nearly 7 basis points.
In the foreign exchange market, the dollar index, which measures the dollar’s value against a basket of currencies, rose 0.05% to 102.94.
Oil prices fell, but secured a second straight week of gains as investors weighed the impact on U.S. demand from hurricane damage against widespread supply disruptions if Israel attacked Iranian oil facilities.
On this day, US crude oil fell by 0.38% to settle at $75.56 per barrel, and Brent crude oil fell by 0.45% to settle at $79.04 per barrel.
(Information provided by Reuters.)
