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The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
The Sensex surged 721.31 points to 79,765.05, while the Nifty rose 208.50 points to 24,122.70, driven by gains in auto, pharma, energy, and infrastructure stocks. However, PSU banks faced declines amid perplexing volatility in foreign institutional investor activity, with a significant sell-off of Rs 11,756 crores noted recently. Investors are advised to remain cautious as stock-specific actions are anticipated following the inclusion of 45 new stocks in the F&O list.
Hungarian Prime Minister Viktor Orban has nominated his finance minister, Mihaly Varga, to lead the National Bank of Hungary starting in March, following the end of Governor Gyorgy Matolcsy’s term. Orban is also expected to consolidate economic policy under a "superministry" by appointing Marton Nagy as finance minister, although this has not been officially confirmed.
South African stocks are on a record-setting rally, up over 7% in dollar terms since the establishment of a business-friendly unity government in July, significantly outperforming emerging-market peers. The positive momentum is bolstered by eight months without disruptive power blackouts and inflation falling below the central bank's target, raising hopes for interest rate cuts. However, concerns remain about whether companies can meet rising earnings expectations to sustain this growth into 2025.
SMI is up in pre-market trading as US futures rise following the holiday break, while the dollar weakens against the franc. The yen surged to a six-week high of 150 per dollar after Tokyo's inflation data exceeded expectations, increasing speculation of a Bank of Japan interest rate hike next month. Analysts note that rising inflation and strong monthly activity bolster the likelihood of this move in December.
Kazakhstan has raised its benchmark interest rate to 15.25% from 14.25%, marking the first increase since 2022. This decision comes amid concerns that a declining national currency could lead to a further rise in inflation, despite economists' expectations for no change.
Marine Le Pen is intensifying pressure on Prime Minister Michel Barnier's government with threats to destabilize it unless her anti-austerity budget demands are met. In response, Barnier's administration is considering concessions, including reversing electricity tax hikes, as French borrowing costs rise to levels comparable to Greece's. The political tension is heightened by the looming return of Donald Trump, which could further complicate France's economic situation.
Hemant Soren was sworn in as the Chief Minister of Jharkhand and announced plans to initiate legal action to recover Rs 1.36 lakh crore in coal dues owed by the Centre. This decision follows his recent appeals to the Prime Minister and Home Minister for the release of these crucial funds for the state.
On November 29, the Sensex surged over 400 points, while the Nifty reclaimed 24,000, driven by strong gains in pharma and energy stocks. This rebound follows a significant decline the previous day, as markets adjust to expectations of a slower pace of rate cuts amid persistent inflation concerns. By 9:45 am, the Sensex rose 407.27 points to 79,451.01, and the Nifty increased by 129.50 points to 24,043.70, with 1,793 shares advancing against 1,041 declining.
The Reserve Bank of India (RBI) will hold its Monetary Policy Committee meeting on December 6, with expectations that the repo rate will remain at 6.5%. Home loan interest rates and EMIs will stay unchanged if the status quo is maintained. Additionally, Axis Bank is introducing a redemption fee for EDGE Rewards and revising credit card charges, while AU Small Finance Bank is updating its reward point policy for the Ixigo AU credit card, prompting cardholders to review the new terms.
Marine Le Pen has criticized the proposed French budget as “bad, unjust, and violent,” raising concerns about potential economic and political instability. Her actions could threaten the stability of Michel Barnier’s government and the Eurozone as a whole. Meanwhile, Brussels is set to approve spending plans for all countries except the Netherlands due to disagreements over public spending figures.
Central Bank Actions
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08:00 29.11.2024
Hungarian Forint
National Bank of Hungary
HUN
Viktor Orbán
Mihaly Varga
György Matolcsy
Márton Nagy
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