As the first quarter earnings season progressed, 158 companies, such as Pidilite, Godrej Consumer, NHPC, BSE, and ABFRL, announced their results. Godrej Consumer was projected to show a 46% increase in net profit but a slight dip in revenue. Kotak Securities highlighted growth in domestic volume and various categories.
On Tuesday, Sensex fell by 166 points and Nifty closed below 24,000 amidst market volatility. Stocks like Airtel, Marico, and KPR Mill showed varied performances. Analyst Viral Chheda provided strategic recommendations, suggesting waiting for dips before making new entries, with specific entry and stop-loss levels to maximize long-term gains. The analysis includes future performance forecasts.
Samsung and Nvidia have yet to sign a supply deal for the approved eight-layer HBM3E chips but will do so soon, the sources said, adding that they expect supplies would start by the fourth quarter of 2024. The latest test approval follows Nvidia's recent certification of Samsung's HBM3 chips for use in less sophisticated processors developed for the Chinese market, which Reuters reported last month.
The next 90 days of the presidential campaign will see a fierce competition in the Rust Belt and the Sun Belt. Vice President Kamala Harris aims to secure "Blue Wall" states such as Wisconsin, Michigan, and Pennsylvania by selecting a Midwestern governor as her running mate. These states are crucial for Democrats to retain the White House.
Taiwan's Ministry of National Defence (MND) reported that 21 Chinese military aircraft were detected on Tuesday. The aircraft included J-16 and KJ-500 models. Of the 21 People's Liberation Army (PLA) aircraft, 18 crossed the median line of the Taiwan Strait. They entered different areas of Taiwan's Air Defence Identification Zone (ADIZ).
Gold prices decreased on Wednesday, influenced by a stronger U.S. dollar and rising Treasury yields, while the likelihood of a September rate cut by the Federal Reserve cushioned the fall. Spot gold fell 0.2% to $2,385.23 per ounce, and U.S. gold futures declined 0.3% to $2,425.50. The dollar's gains made gold costlier for other currency users.
Daljit Singh Chaudhary, Director General of the Border Security Force (BSF), visited the Integrated Check Post (ICP) Petrapole and the highly sensitive Border Out Post Ranaghat in the North 24 Parganas district of West Bengal on Tuesday. The visit aimed to assess the tactical and operational preparedness and deployment strategies of the BSF at these crucial locations.
BOJ Deputy Governor Shinichi Uchida clarified that the Bank of Japan would refrain from raising interest rates amid financial market volatility. The strengthening yen and market fluctuations globally play critical roles in the BOJ's policy decisions. Thus, current monetary easing will continue until stable economic and market conditions are restored.
