Today’s Market News :
* Indian indices experienced a decline of over 1% on Thursday, primarily due to profit-booking, concerns regarding foreign inflows, and weak corporate earnings, leading to a bearish sentiment in the market.
* The Nifty 50 index fell 1.16% to 24,199.35, with analysts indicating that a failure to sustain above 24,200 could worsen market sentiment, while a bullish outlook remains for a target of 25,350 in the short term.
* Stocks such as Apollo Hospitals and JSW Holdings showed bullish momentum, while others like Indigo Paints and Hindustan Zinc indicated bearish trends, reflecting mixed market activity.
* Ola Electric is set to announce its Q2 results today, facing challenges such as declining market share and rising consumer complaints, which have led to a significant drop in its stock price.
* The company’s market capitalization has halved since its debut, falling from over Rs 66,000 crore to just over Rs 33,000 crore, with its market share hitting a 16-month low of 27%.
* Despite these challenges, global brokerage HSBC has maintained a ‘buy’ rating on Ola Electric, although it has cut the stock’s target price due to expectations of slower market penetration and ongoing service issues.
* Gold prices fell by Rs 1,650 to Rs 79,500 per 10 grams, driven by weak demand from local jewellers and a subdued global trend.
* Silver also saw a significant drop, plunging Rs 2,900 to Rs 93,800 per kg, influenced by reduced offtake from industrial units and coin makers.
* Market participants are closely watching the Federal Reserve’s meeting for potential rate cuts, which could impact future gold prices.
* Sagility India IPO allotment results are expected today, with the IPO receiving a strong response, achieving an overall subscription of 3 times.
* The shares are anticipated to list on exchanges on November 12, with a current grey market premium (GMP) of Rs 0.3, indicating a modest premium over the issue price.
* Sagility India reported a significant decline in profit for the quarter ending June 2024, despite a rise in revenue, highlighting challenges in operating margins and increased taxes.
