Markets continued to fall for 6th day in a row

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Early trade on Thursday saw a decline in equity benchmark indices, maintaining their sluggish momentum amid a downward trend in global markets and new outflows of foreign funds.

The 30-share BSE Sensex dropped 502.5 points to 63,546.56. The Nifty fell 159.55 points to 18,962.60.

One of the Sensex companies, Tech Mahindra, witnessed a nearly 3% decline in trading following the announcement of a 61% decline in consolidated net profit to Rs 505.3 crore for the July–September period, mainly as a result of reduced client spending.

Titan, JSW Steel, Tata Motors, Nestle, Mahindra & Mahindra, Bajaj Finserv, and Bajaj Finance were among the other notable laggards. Axis Bank emerged victorious, reporting a 10% rise in net profit to Rs 5,864 crore for the September 2023 quarter, primarily attributable to higher interest income.

The benchmark BSE dropped by 522.82 points, or 0.81 percent, on Wednesday to close at 64,049.06. The Nifty fell 159.60 points, or 0.83 percent, to 19,122.15.

Rupee falls 6 paise to 83.23 against US dollar

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For the third straight day, the rupee fell against the US dollar, losing 6 paise to 83.23 in early trade on Thursday. This decline was attributed to both a strong US dollar and unfavorable sentiment in the equity market.

Forex dealers claimed that despite the fact that crude oil prices were nearing USD 90 per barrel due to geopolitical unrest in the Middle East, the Indian rupee was also under pressure from the large-scale selling of stocks by foreign investors.

The local currency fell 6 paise from its previous close to open weakly at 83.19 on the interbank foreign exchange market, and it later reached its lowest level of 83.23 against the US dollar.

The rupee has fallen for three days now. On Monday, it fell 4 paisa, and on Wednesday, it fell 1 paisa. Due to Dussehra, forex markets were closed on Tuesday. The rupee’s closing value against the US dollar on Wednesday was 83.17.

Analysts linked the record increase in US Treasury yields to the dollar’s strengthening following encouraging US home sales data on Wednesday.

In the meantime, the dollar index, which measures the strength of the US dollar relative to a basket of six other currencies, was up 0.20 percent at 106.75 on Thursday.

Benchmark Brent crude fell 0.31% to USD 89.85 per barrel in the global oil price market.

Regarding the domestic equity market, the Nifty fell 152.15 points, or 0.80%, to 18,970, while the Sensex fell 478.55 points, or 0.75 percent, to 63,570.51.

According to exchange data, foreign institutional investors sold stocks on Wednesday for a total of Rs 4,236.60 crore.

Rupee rises 5 paise to 83.11 against US dollar

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Early on Wednesday, the rupee gained 5 paise to 83.11 against the US dollar, tracking a decline in the US dollar and a drop in the price of crude oil on the international market.

Forex traders reported that despite pressure from a muted sentiment in the domestic equity markets, some buying by foreign equity investors supported the Indian currency(Rupee).

The Rupee gained 5 paise from its previous close to open stronger by 8 paise at 83.08 on the interbank foreign exchange market. It then touched its lowest level of 83.11 against the US dollar.

The rupee ended the day 4 paise weaker against the US dollar, at 83.16. Due to Dussehra, forex markets were closed on Tuesday.

US yields pulled back from a record high, according to Gaurang Somaiya, a Forex and bullion analyst at Motilal Oswal Financial Services. As a result, the dollar declined against its major crosses.

According to him, it is anticipated that the USD-INR (Spot) will “trade sideways with a negative bias and quote in the range of 82.80 and 83.20.”

The US GDP report, which is anticipated tomorrow, will now be closely watched by market players as it has the potential to cause further erratic fluctuations in bond yields and currency markets. After initial manufacturing data came in below expectations, the euro and pound dropped during yesterday’s trading session, Somaiya continued.

The dollar index, which measures the strength of the US dollar relative to a basket of six other currencies, was down 0.09 percent at 106.18 in the meantime.

Benchmark Brent crude for global oil prices increased by 0.05 percent to USD 88.11 per barrel.

Regarding the domestic equity market, the Nifty was down 11.20 points, or 0.06 percent, at 19,270.55 points, while the Sensex fell 48.16 points, or 0.06 percent, to 64,530.02 points.

Exchange data shows that foreign institutional investors purchased stocks on Monday for a total of Rs 252.25 crore.

Early trading saw a market rebound on solid global trends

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Following a severe beating in the previous trade, benchmark equity indices rose in early trade on Wednesday due to favorable trends in international markets and inflows of foreign capital.

The recovery of the markets was also aided by declining crude oil prices.

In early trading, the 30-share BSE Sensex increased 193.64 points to 64,765.52. The Nifty reached 19,336.30, up 54.55 points.

The top gainers among the Sensex companies were JSW Steel, Tata Steel, HCL Technologies, Kotak Mahindra Bank, State Bank of India, and Axis Bank.

NTPC, Titan, Infosys, and Hindustan Unilever were a few of the underachievers.

Seoul quoted lower in the Asian markets, while Tokyo, Shanghai, and Hong Kong traded in the positive territory.

Tuesday’s US market close was positive.

The benchmark for world oil, Brent crude, increased by 0.07 percent to USD 88.13 per barrel.

Exchange data indicates that on Monday, equities worth Rs 252.25 crore were purchased by Foreign Institutional Investors (FIIs).

“The Israel-Hamas conflict’s uncertainties will continue to affect markets in the near future.

According to V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, “positive news like a decline in US bond yields and weakening crude can help the market to revive but it may not sustain given the uncertainty surrounding the West Asian conflict.”

Tuesday’s stock markets were closed due to the Dussehra holiday.

On Monday, the BSE benchmark fell 825.74 points, or 1.26 percent, to close at 64,571.88. The Nifty dropped to 19,281.75, down 260.90 points, or 1.34 percent.

S&P: India’s economy is to rank 3rd by 2030

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September saw stagnation in global economic growth for the second month in a row, but India remained a shining example of economic resilience, growing at one of the fastest rates in almost 13 years. This occurs at the same time that developed market private sector output—including manufacturing and services—saw a slight decline, according to a report published by S&P Global Market Intelligence.

S&P Global Market Intelligence’s Asia Credit Outlook 2023 projects that by 2030, India’s economy will rank third in terms of size. In the medium to long term, the expanding Indian economy will present numerous opportunities.

If the predicted course is followed, India’s economy will surpass that of Germany and Japan to become the third largest in the world by 2030. India’s GDP is predicted by S&P Outlook to reach USD 7.3 trillion by 2030.

With a GDP of USD 3.7 trillion in 2023–24, India has the fifth-largest economy in the world right now. In 2022, it surpassed the UK to become the fifth-largest economy. According to a report by S&P Global Market Intelligence, India’s economy exhibited remarkable strength, maintaining its position as the top emerging economy with remarkable growth momentum.

Out of all these economies, India’s growth picked up speed starting in August, and its output grew at one of the fastest rates in less than 13 years. The report claims that throughout the year 2023, the Indian economy grew steadily. A significant rise in new business, fueled by favorable market dynamics and favorable demand conditions, contributed to India’s strong expansion.

The remarkable growth trajectory of India can be attributed to both its manufacturing and services sectors. China and Russia, on the other hand, saw slower growth starting in August and saw more moderate expansions. Due to softer service sector cost inflation, price pressures for emerging market companies somewhat decreased, but businesses were still able to pass on higher costs more quickly thanks to strong demand growth.

As a result, rising market selling price inflation hit its highest point in 14 months, raising hopes for company profits.

While selling price inflation decreased in September, developed market profit margins were under pressure from input cost increases that were occurring at a faster pace.

Nevertheless, despite the challenge of higher prices on clients’ demand in an environment of high interest rates and softening global economic conditions, developed market selling prices continued to rise at a rate well above the long-run average.

India’s continued growth underscores the opportunities and challenges brought about by the constantly changing global economic landscape, as the gap between emerging and developed markets widens.

In early trade, the rupee falls 3 paise to 83.15 against the dollar

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Due to foreign fund outflows and a stronger US dollar in overseas markets, the rupee fell 3 paise to 83.15 against the US dollar on Monday in limited trade.

According to foreign exchange dealers, the rupee’s losses were limited by a correction in crude oil prices and solid opening trade on domestic stock markets. Against the US dollar, the local currency started the interbank foreign exchange market 3 paise lower at 83.15.

In morning trade, the rupee fluctuated within a narrow range of 83.15 to 83.09 against the US dollar, ultimately closing at 83.15. On Friday, it had closed nearly flat at 83.12.

Due mostly to the Israel-Hamas conflict and a persistent increase in US bond yields, foreign portfolio investors, or FPIs, have pulled out of Indian equities totaling more than Rs 12,000 crore thus far this month.

In the meantime, the dollar index, which measures the strength of the US dollar relative to a basket of six other currencies, increased by 0.12% to 106.30.

With the global oil benchmark Brent crude falling 0.79 percent to USD 91.43 per barrel on Monday, oil prices eased.

In terms of the domestic equity market, the Nifty was up 3.8 points, or 0.02 percent, at 19,546.45 points, while the Sensex increased 9.55 points, or 0.01 percent, to 65,407.17 points.

Israel-Hamas war impacts negatively on market

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Following the lead of the global market, Nifty ended the day on a negative note, as did other sectoral indexes, according to Vaibhav Vidwani, Research Analyst, Bonanza Portfolio.

The Nifty metal had a 0.88 percent drop. He said, “The Israel-Hamas conflict, FII outflows, and the weak Q2 earnings of major firms have negatively impacted market confidence.” Major Nifty loses included Wipro, Tech Mahindra, UPL, Bharti Airtel, and Hindalco Industries; winners included Bajaj Auto, LTIMindtree, Nestle India, Hero MotoCorp, and UltraTech Cement.

Ultimately closing with 46 points at 19625 levels, Nifty began the day down but recovered part of its losses, according to Siddhartha Khemka, Head of Retail Research at Motilal Oswal Financial Services.

Today’s top industries included auto, FMCG, and consumer durables. The market will be heavily influenced by US Fed Chair Jerome Powell’s speech late on Thursday as it will offer some clarity on potential future rate hikes. This would keep market mood muted, as would the worsening conditions in the Middle East.

Stock Market Highlights, Sensex and Nifty

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In response to a strong increase in the price of crude oil globally, profit-taking in banking, financial, and energy companies caused the equity benchmark index, the Sensex, to fall 551 points and finish below the 66,000 mark on Wednesday.

According to dealers, investors’ appetite for risk was further reduced by a slow trend in the world equities markets as a result of persistent geopolitical concerns.
The 30-share BSE Sensex fell 551.07 points, or 0.83 percent, to close at 65,877.02 following a day’s respite. It dropped to 65,842.10 during the day by 585.99 points, or 0.88 percent.

The Nifty dropped to 19,671.10, down 140.40 points, or 0.71 percent.

Stock market lost for the third day in a row

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Markets dropped for a third day as a result of dropping global stocks and rising Brent crude oil prices. For the third day in a row, benchmark equity indexes closed down on Monday due to poor trends in global markets and an increase in Brent crude oil prices brought on by Middle Eastern conflict.


At 66,166.93, the 30-share BSE Sensex was down 115.81 points, or 0.17 percent. It dropped 243.36 points, or 0.36 percent, to 66,039.38 over the day.

At 19,731.75, the Nifty was down 19.30 points, or 0.10 percent.


The main losers in the Sensex pack were Nestlé, Tata Consultancy Services, IndusInd Bank, Asian Paints, Bharti Airtel, Tech Mahindra, UltraTech Cement, Kotak Mahindra Bank, and Hindustan Unilever. Among those who gained were Tata Steel, JSW Steel, HCL Technologies, Axis Bank, Power Grid, and Mahindra & Mahindra.

2024 Apple Watch Expected to Lack Significant Innovations

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2024 Apple Watch Expected to Lack Significant Innovations:

Apple analyst Ming-Chi Kuo suggests that the 2024 Apple Watch is unlikely to bring significant innovative features and will not incorporate a micro-LED display. Kuo noted in a Medium post on Tuesday that the highly anticipated blood glucose monitoring feature may not materialize until 2025, indicating a delay of at least two years for these additions to the Apple Watch.

Additionally, Kuo anticipates a decline of approximately 15 percent in Apple Watch shipments for this year, projecting a range of 36-38 million units. He mentions that the Apple Watch’s success has been driven by repositioning in the past and may require further adjustments if there is another year-over-year decline in 2024.

Kuo suggests that integrating Vision Pro headsets with the Apple Watch could create a groundbreaking health management experience that could boost the shipment momentum for both products.

On a separate note, Apple’s 3nm chipsets, which have recently entered the market with the Apple A17 Pro, are expected to experience reduced demand in 2024. Kuo predicts that the demand for this emerging technology may be weak next year, causing major players to scale back.

2024 apple watch expected to lack significant innovations
2024 Apple Watch Expected to Lack Significant Innovations

This reduced demand for 3nm chips is expected to lead to Apple decreasing its chip orders next year, resulting in a 20 to 30 percent reduction in EUV equipment shipments for the Netherlands-based semiconductor company ASML.

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