Today’s Market News :
* Sensex and Nifty indices closed higher on Tuesday, driven by late buying in banking stocks and a positive global market trend, despite declines in Maruti Suzuki and Cipla.
* Elcid Investments’ stock price skyrocketed from Rs 3.53 to Rs 236,250 in a single day, marking a historic increase of 66,92,535%, making it India’s most expensive stock, surpassing MRF’s previous record.
* The surge was driven by a special call auction for price discovery, aimed at addressing the significant gap between the stock’s market value and its impressive book value of Rs 5,85,225.
* Elcid holds a 1.28% stake in Asian Paints, which constitutes 80% of its total market cap, highlighting the company’s substantial asset backing despite its previous low trading volumes.
* The Australian dollar is nearing a three-month low due to persistent inflation, indicating that an interest rate cut by the Reserve Bank of Australia is unlikely this year.
* The U.S. dollar remains strong as economic indicators suggest a resilient American economy, with markets adjusting their expectations for future rate changes.
* Political uncertainty in Japan and upcoming economic data releases in Europe and the UK are contributing to fluctuations in currency values, particularly for the yen and sterling.
* Godavari Biorefineries IPO was open for subscription from October 23 to 25, with allotment finalized on October 28.
* The market debut of Godavari Biorefineries is taking place today, October 30.
* Indian gold buyers have continued to purchase extensively for Dhanteras and Diwali, despite record high prices, anticipating further increases in gold value.
* The robust demand for gold is expected to support global prices and could widen India’s trade deficit, putting pressure on the rupee.
* Investors are diversifying their portfolios by increasing allocations in gold and silver, with turnover during this year’s Dhanteras expected to be significantly higher in value terms compared to last year.
