The 30-share BSE Sensex was down 101.66 points at 78680.58
Electric vehicles have become a major flashpoint in a broader trade dispute over the influence of Chinese government subsidies on European markets and Beijing's burgeoning exports of green technology to the bloc.
Swiggy IPO: Swiggy's IPO, scheduled to open on November 6th, has a grey market premium of Rs 20. The company has set the IPO price band at Rs 371-390 per share, with plans to raise Rs 4,499 crore in fresh equity. Despite reducing its valuation to $11.3 billion, the IPO has attracted investments from prominent figures in sports and entertainment.
The stock traded at a P/E multiple of 72.00, while the price-to-book value ratio stood at 7.33.
ChatGPT, acting as Nostradamus, predicts a surprise outcome for the 2024 US election. Neither Trump nor Harris will win. An unexpected candidate will become president. The AI predicts unrest and violence around the election results. It also suggests Harris will remain influential even if she loses. Trump will face legal battles but remain a force in US politics.
New-age tech companies in India, despite grand IPOs, are facing a harsh reality in the stock market. Many, including Paytm and Nykaa, have seen their stock prices plummet, highlighting investor concern over profitability. While Zomato has shown a turnaround, upcoming IPO hopeful Swiggy's path to profitability remains a key concern for potential investors.
A total of 12,537 shares changed hands on the counter till 09:58AM (IST).
The PSU banking stock peaked at Rs 129 on June 4, 2024, but lost momentum, closing at Rs 103 on November 1, marking a 20% decline. Currently trading around the neckline of a Rounding Bottom breakout on weekly charts, it presents a potential entry point for medium-term investors. While it initially broke out from this pattern in February 2024, the upward momentum waned by June, offering renewed opportunity at this level.
The Nifty IT index was trading 0.1 per cent at 40461.05.
Joe Rogan has endorsed Donald Trump for the upcoming US election. Rogan confirmed his endorsement on X. He recently interviewed Trump for almost three hours. The endorsement is significant as the election is close. Trump is competing against Kamala Harris. Harris has the support of many celebrities. Rogan's endorsement may influence younger and independent voters.
Gold and silver prices dipped slightly in early Tuesday trading as investors took a cautious stance ahead of the U.S. Presidential election. Despite a weakening dollar and mixed global equities, analysts predict continued volatility in precious metals throughout the week due to major market events.
Tata Steel may report a loss for the second quarter of FY25. Analysts predict declining realizations and rising costs will impact both domestic and European operations. While sales volume has increased, lower steel prices are expected to affect revenue. EBITDA may decline due to weaker realizations.
HDFC Securities advises reducing holdings in V-Guard Industries with a target price of Rs 420, although it currently trades at Rs 438.7. V-Guard reported a slight decline in total income for Q2, but improvements in certain segments were noted. The Sunflame brand underperformed, and rising costs limited profit margin growth. Promoters and institutional investors hold substantial stakes.
On the eve of the 2024 election, Pennsylvania emerged as a key battleground state. Democrats seized on a comedian's joke about Puerto Rico at a Trump rally. They aimed to sway Latino voters, a crucial demographic in the tight race. Harris campaigned in areas with large Puerto Rican populations. She highlighted her commitment to the island and its residents.
Bank Loans: Aggressive lending practices in India have led to a surge in retail-loan defaults, sparking concerns about the impact on the stock market and the broader economy. Several banks have reported increased stress in unsecured loans, causing their shares to decline. Analysts predict the situation will persist for several quarters as credit costs remain high and loan demand slows.
Several stocks, including IndusInd Bank, Bajaj Finance, and Nestle India, have seen target price downgrades from analysts, with revised targets indicating upside potential ranging from 7% to 42% from current prices.
Despite improvements in inflation, immigration, and crime rates since their peak during the Biden administration, former President Donald Trump continues to campaign on a platform of fixing these issues. He claims these problems are at a crisis level, contradicting current data, and promises to restore the country to its former glory.
Eicher Motors' Royal Enfield launches its first electric motorcycle, the Flying Flea C6, marking entry into the EV space. The bike features innovative design, with 28 patents and in-house developed tech.
Indian benchmark equity indices continued their decline for a second day, driven down by major players like HDFC Bank and Reliance Industries. This followed the previous day's steepest drop in a month, attributed to the U.S. election uncertainty.
The Karnataka government is organizing a joint Assembly session to commemorate the 100th anniversary of the 1924 Belagavi Congress session led by Mahatma Gandhi. Chief Minister Siddaramaiah has invited former US President Barack Obama, a Gandhi admirer, to attend the event. The session will be held at the Suvarna Vidhana Soudha in Belagavi, with the date contingent on Obama's confirmation.
Bollywood superstar Salman Khan received a threat demanding Rs 5 crore, according to a police official. The message, sent to the Mumbai traffic police helpline, claimed to be from the brother of gangster Lawrence Bishnoi.
Motilal Oswal Financial Services has given a neutral rating to Procter & Gamble Hygiene & Healthcare, setting a target price of Rs 16,500. The company shows potential for growth in the feminine hygiene segment and higher margin gains. Despite expensive valuations, P&G Hygiene focuses on product innovation and customer acquisition, with no medium-term triggers seen.
Meta said that it would make its AI models, called Llama, available to federal agencies and that it was working with defense contractors such as Lockheed Martin and Booz Allen as well as defense-focused tech companies including Palantir and Anduril.
Virat Kohli, the renowned cricketer, offers valuable insights for every individual, regardless of their zodiac sign. His journey emphasizes the significance of determination, perseverance, and adaptability in achieving success. From leadership qualities to emotional intelligence, Kohli's approach to life provides a roadmap for personal and professional growth.
Indian Railway Finance Corporation (IRFC) reported a 4% YoY rise in Q2 FY24 profit after tax (PAT) to Rs 1,612.65 crore, with revenue from operations up by 2%. The company declared an interim dividend of Rs 0.80 per share. IRFC shares have surged 113% over the past year but have declined 20% in the last three months.
