The domestic markets saw a rise for the second consecutive week, with RailTel, TVS Motor, and IREDA among the top gainers. Technical Analyst Pravesh Gour provided insights on these stocks, mentioning their positive technical indicators and potential future gains. Key support and resistance levels were also discussed.
Kerala Governor Arif Mohammed Khan expressed belief in Chief Minister Pinarayi Vijayan's commitment to initiate legal action if victims of sexual abuse in the Malayalam film industry file complaints. The Kerala government has set up a special investigation team after the Justice Hema Committee report uncovered extensive sexual harassment in the film industry.
Gold prices rose on Monday, extending gains from the previous session after Federal Reserve Chair Jerome Powell indicated support for an interest rate cut next month. The dollar's near eight-month low and falling benchmark yields boosted gold's appeal, while geopolitical tensions between Hezbollah and Israel added to market influences. SPDR Gold Trust's holdings also saw a slight decrease.
The Maharashtra Cabinet has given the nod to the central government's Unified Pension Scheme, starting April 1, 2025. This scheme integrates features of both the old and new pension systems, offering a guaranteed pension amount. Employees with 25+ years of service will receive 50% of their last salary, along with inflation-adjusted increases.
Premier Energies aimed to raise ₹2,830 crore via an IPO starting on August 27, allocating ₹1,291 crore for capacity expansion. The promoter's stake was set to decrease to 66%. The company projected revenue growth driven by India's push for renewable energy. It planned substantial capacity enhancements by 2026, using funds from the IPO, debt, and internal accruals.
As many as 36 people were killed in two separate bus accidents in Pakistan, according to local authorities. The incidents occurred in two different regions, with 12 people losing their lives on the Makran Coastal Highway in Balochistan and 24 in a ravine accident near Pakistan-occupied Jammu and Kashmir (PoJK).
The Reserve Bank of India has decided to offer early redemptions for 30 Sovereign Gold Bond series maturing from October 2024 to March 2025. Investors can choose to withdraw early starting September 2024. Financial experts advise against early redemption to maximize benefits, as past bond holders earned an average return of 10.94%.
The People's Bank of China clarified that it does not intend to ban legitimate investments or trading in government bonds but issued warnings to smaller financial institutions over the risks of rapidly increasing their holdings of long-dated securities.
Last week, the Nifty index exhibited a choppy but positive trend, with potential gains towards 25,100-25,200. Analysts noted important support levels and recommended buying opportunities during minor dips. Stocks such as ICICI Bank, Nykaa, Sun Pharma, and Bajaj Auto showed positive momentum. Investors were advised to cautiously maintain and seek long positions.
Telegram has denied allegations of its CEO, Pavel Durov, failing to curb criminal activity on its messaging app, stating that the company abides by EU laws and its moderation is within industry standards.
JJP Leader Dushyant Chautala accused former Haryana Chief Minister Bhupinder Singh Hooda of land corruption and underlined the importance of urban planning. He revealed JJP's decision not to ally with BJP in the upcoming Haryana Assembly elections, asserting that JJP would play a crucial role in the state's future political landscape.
Indian equities could see a boost early this week, inspired by Wall Street's gains after US Federal Reserve chairman Jerome Powell hinted at upcoming interest rate cuts. The potential easing of rates may encourage foreign investments in emerging markets like India, which have seen a cautious approach from investors recently.
Lot of sectors are dependent on the rural sector and with the monsoon season this year being good and the upcoming festive season, we believe that could lead to a big demand for a whole host of sectors including the consumers, the durables, the automobiles, the agri-related sectors and that should kind of drive the earnings growth for the remaining part of the year.
The yen climbed to a three-week high against the dollar due to differing stances by the Federal Reserve and Bank of Japan. The dollar fell to its lowest levels against the euro and sterling, as Fed Chair Powell signaled a dovish shift, contrasting BOJ chief Ueda's hawkish approach.
Oil prices increased amid concerns about the Gaza conflict escalating regionally. Brent and U.S. crude futures rose as fighting between Hezbollah and Israel intensified, potentially impacting oil supplies. An optimistic economic outlook fueled by anticipated U.S. interest rate cuts also contributed to the price surge, while the U.S. bolstered its Strategic Petroleum Reserve.
Indian stock markets gained for two consecutive weeks, reflecting positive cues from the U.S. where Fed Chair Powell suggested upcoming rate cuts. Market sentiment was bolstered by expectations of economic softening. The rupee weakened, oil prices increased, and foreign investors became net buyers, indicating market optimism.
Happy Monday! Cloud kitchen firm Rebel Foods is in talks for a $100-150 million funding round. Details of this and more in today’s ETtech Morning Dispatch
Hezbollah leader Hassan Nasrallah stated the group would review its rocket and drone attack on Israeli military targets before deciding on further actions. In a televised address, he claimed the operation went as planned and dismissed Israeli military claims of pre-emptive strikes preventing a larger attack. The attacks were in response to a slain Hezbollah commander.
Stocks in news: The domestic market edged higher for the second week, moving closer to record highs. Key shares like Trent, BEL, and LTIMindtree attracted attention due to index changes. Transport Corporation announced its first equity buyback. Ambuja Cements experienced significant block deals. Ashoka Buildcon won an MMRDA project. Several other companies also highlighted important developments.
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