On November 14th, the Indian stock markets took a pause in celebration of Diwali Balipratipada, bringing a temporary halt to trading activities. The USD-INR forex market also remained closed for the day, while commodity markets saw some action in the evening session, providing updates on precious metals.
Market Highlights:
- Asian Markets: With the exception of Hong Kong, all other Asian markets closed positively, indicating a general positive trend in the region.
- Wholesale Inflation: Wholesale inflation in India stood at -0.52% in October, primarily driven by a decline in food prices. It’s noteworthy that wholesale inflation has remained negative since April, reflecting certain economic challenges.
- Coal Production Plans: The Union Coal Ministry aims to boost coal production to 1,404 million tonnes by 2027 and further to 1,577 million tonnes by 2030, signaling a strategic move to meet energy demands.
- Government Procurement: Goods and services procurement through the government portal GeM has surpassed Rs 2 lakh crore in the current financial year, indicating substantial activity in the government procurement sector.
Stock Market Updates:
- ICICI Bank: Jaiprakash Associates has reached a settlement agreement with ICICI Bank, potentially impacting the financial landscape for both entities.
- BPCL: Planning a significant expansion, Bharat Petroleum Corporation Limited (BPCL) is set to increase its fuel retail network by adding 14,273 pumps.
- RVNL: Rail Vikas Nigam Limited (RVNL) has secured a Rs 311 crore order from the Central Railway for the construction of tunnels and bridges in Madhya Pradesh, contributing to infrastructure development.
- Tata Steel: The Dutch division of Tata Steel is expected to reduce its workforce by approximately 800 jobs at the IJmuiden plant, reflecting adjustments in response to market conditions.
- GAIL: GAIL has achieved a significant milestone by completing the world’s first ship-to-ship liquefied natural gas (LNG) transfer, showcasing advancements in the energy sector.
- Dabur: Dabur, a prominent consumer goods company, is gearing up to launch its spice brand Badshah in overseas markets, expanding its global footprint.
Market Performance:
In the short term, gold and silver experienced slight upward movements, with gold at ₹59,815 (▲ 0.22%) and silver at ₹70,136 (▲ 0.94%). The USD-INR pair was on holiday. In the US market, the Dow Jones index rose by 0.16%, while the Nasdaq saw a slight decline of 0.22%.
Long-Term Returns:
Over the past 20 years, the Indian indices Sensex and Nifty observed a holiday. Meanwhile, the US indices, Dow Jones and Nasdaq, exhibited positive long-term returns, growing at a rate of 6.43% p.a. and 10.21% p.a., respectively.
The markets showcased a mix of celebratory pause, economic indicators, and corporate developments, painting a dynamic picture of the financial landscape. As we look forward, these insights provide a glimpse into the factors shaping market trends in the near and distant future.
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