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Indian stock market surges as financial stocks rally on strong US data

On November 22, the BSE Sensex surged by 1,599 points (2.1%) to reach 78,754, while the NSE Nifty rose by 478 points to 23,828, driven by a rally in financial stocks and strong US labor market data. Market breadth was positive, with 2,123 shares gaining and 1,218 declining. Key gainers included Reliance Industries, ICICI Bank, and Tata Motors, while the Nifty PSU Bank index rebounded by 2.47% after a previous decline.

Indian markets rebound after seven-day decline amid mixed global cues

Indian equity markets ended a seven-day losing streak on November 19, with the Nifty closing at 23,518.50, up 64.70 points or 0.28%. Key gainers included M&M, Trent, and HDFC Bank, while SBI Life Insurance and Reliance Industries were among the top losers. The market was closed on November 20 for Maharashtra Assembly polls, with sectors like media, auto, and realty showing gains, while metal and oil & gas sectors declined.

Ramkrishna Forgings poised for growth with UBS target price of 1500 rupees

Ramkrishna Forgings has seen a 33% increase in share value in 2024, significantly outperforming the Nifty 50"s 8% rise. UBS projects a potential upside of nearly 60%, setting a target price of ₹1,500, driven by factors such as EV penetration, recent acquisitions, and growth in various sectors. The company reported a 17.2% revenue growth to ₹1,054 crore and a net profit surge of 131% to ₹190 crore in Q2 FY24, bolstered by a one-time gain from a subsidiary sale.
10:20 19.11.2024

markets rebound as sensex jumps over 1000 points amid investor optimism

Markets experienced their largest single-day gain in two months, with the Sensex rising over 1,000 points and the Nifty surpassing 23,750, driven by a broad-based rally. Despite this rebound, experts caution that sustained recovery is unlikely due to foreign institutional investors" selling and concerns over weak earnings growth in FY25. The market may consolidate around current levels with sideways movements.

Nifty IT index drops 3 percent amid Powell's interest rate comments

The Nifty IT index fell nearly 3% on November 18, following comments from Federal Reserve Chair Jerome Powell, who indicated no urgency to cut interest rates amid strong economic growth and persistent inflation. Major IT firms like TCS and Wipro saw declines of 2-4%, while midcap stocks also faced losses. Despite this setback, the tech index has risen 16% year-to-date, outperforming the Nifty 50's 8% gain.

Nifty reports single-digit earnings growth for second consecutive quarter

Nifty companies reported a 4% year-on-year profit growth in Q2, marking the second consecutive quarter of single-digit growth, driven by SBI, Hindalco, ONGC, ICICI Bank, and Axis Bank. However, underperformance from BPCL, JSW Steel, and others offset gains, with consumption and asset-quality stress in BFSI sectors noted as weak spots. FY25 earnings projections have been downgraded by 7%, with a mere 5% growth expected, the weakest since FY20.

quarterly earnings reports reveal mixed results across various sectors

The Q2 earnings season for FY25 is underway, with major companies like Apollo Hospitals, Kansai Nerolac Paints, and Trident set to release their results. While many firms have reported, the overall corporate earnings scorecard has been weak, with only 62% meeting or exceeding profit expectations, particularly in the consumption sector. Notably, GAIL's earnings missed expectations due to lower gas trading margins, while Power Grid's profit remained flat year-on-year.

generative ai and interest rate cuts boost growth in it sector

Nuvama Institutional Equities reports that the IT sector is poised for growth, driven by strong deal momentum and opportunities in Generative AI, particularly following the recent US Federal Reserve interest rate cut. The Nifty IT index saw a half-percent increase, with HCLTech, Persistent Systems, and Tech Mahindra leading the gains. Q2FY25 results showed a positive turnaround, with most companies exceeding revenue growth expectations and maintaining FY25 guidance, despite some underperformance due to ongoing investments.

Nifty IT index falls nearly 3 percent amid disappointing US tech earnings

The Nifty IT index fell nearly 3% on October 31, driven by disappointing earnings from major US tech companies. All ten constituents, including Infosys, Tech Mahindra, and TCS, saw declines of 2-5%. Meta Platforms reported weaker user growth and warned of rising infrastructure costs, while Microsoft's revenue guidance also missed expectations.
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