Welcome to our weekly roundup of stock market highlights. In this edition, we’ll give you a quick overview of key events and changes in the financial world. Let’s dive right in:
Table of Contents
Stock Market News
1. Strong US GDP Growth: The US reported robust GDP growth, with a 4.9% increase in the July-September quarter, a significant improvement from the previous quarter’s 2.1%.
2. India’s Fuel Innovation: India has started producing ‘reference’ petrol and diesel used for testing automobiles, showcasing advancements in the country’s automotive sector.
3. ECB Holds Interest Rates Steady: The European Central Bank decided to keep interest rates unchanged, marking the first time since July 2022, in a move aimed at stabilizing the European economy.
4. Facebook India’s Ad Revenue Surge: Facebook India recorded a 13% growth in gross ad revenue, reaching Rs 18,308 crores for the financial year ending on March 31, 2023, reflecting the continued importance of digital advertising.
5. Revenue from Scrap Disposal: India’s coal ministry generated revenue of Rs 28.79 crores through a special campaign to dispose of scrap materials, a unique source of income.
6. Sri Lanka Offers Free Visas: Sri Lanka is extending a welcoming hand to travelers from seven countries, including India, China, Russia, Malaysia, and Japan, by offering free visas.
7. BSE Transaction Charges Increase: The Bombay Stock Exchange (BSE) has raised transaction charges in the equity derivatives segment, effective from November 1.
8. US-India Trade: The United States has emerged as India’s largest trading partner for the April-September period in this financial year, surpassing China.
9. Flipkart’s Financials: Flipkart reported a total revenue of Rs 56,013 crores in the 2023 financial year. However, it also noted a net loss of Rs 4,834 crores, highlighting the competitive and evolving e-commerce landscape.
Market Performance This Week:
Here’s a snapshot of market performance throughout the week:
- Monday: Market remained closed for a holiday.
- Tuesday: Nifty closed at 19,282, marking a 1.34% decrease.
- Wednesday: Nifty closed at 19,122, down by 0.83%.
- Thursday: Nifty ended the day at 18,857, with a 1.39% drop.
- Friday: The week ended on a slightly positive note with Nifty closing at 19,047, up by 1.01%.
Market Comparison with the Previous Week:
- SENSEX in India closed at 63,782.80, marking a 2.47% decrease.
- NIFTY in India closed at 19,047.25, down by 2.53%.
- GOLD prices in India rose to Rs 60,862, an increase of 0.65%.
- SILVER prices in India fell to Rs 71,484, down by 0.85%.
- DOW JONES in the US ended at 32,418.05, showing a 2.14% decrease.
- NASDAQ in the US closed at 12,643.01, with a 2.62% decline.
In summary, the stock market has seen fluctuations this week, with varying trends in different sectors and regions. Investors should stay vigilant and adapt to these changes as the financial landscape continues to evolve.
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