Market Commentary 8th November 2019, Investment Research

Market Commentary 8th November 2019

Market Commentary 8th November 2019, Investment Research: US market were in record high on easing of the trade tensions between USA and China. Not only US but the world stocks rallied on account of the easing tension between US China trade war.

The stock market opened in red today. Sensex was down 88.43 points at 40565, and the Nifty down 34.50 points at 11977. ICICI Bank, PowerGrid  and Sun Pharma are the top gainers while Yes bank and Tatasteel were the top losers.The most active stocks were Colgate Palmolive, ICICI Bank till the opening session. Indian Rupee also declines in early trade today. It opened lower by 34 paise at 71.30 per dollar versus previous close 70.96.

At the closing time, Sensex closed 330 points in the red 40323 and the Nifty closed 103 points down at 11908. Yes Bank and Indusind bank were the top gainers and Sunpharama and Vedanta were the top losers. Yes Bank and ICICI were the most active stocks.

Market Commentary 8th November 2019, News Highlights:

  • Global Rating Agency has announced the changing outlook on the Indian Economy to negative from stable. But have maintained sovereign rating of BAA2. The change in outlook for this time means that the upgrade in rating in near future in unlikely. BAA2 is notch above the last investment grade.
  • Loan-growth in Asia’s No. 3 economy lean to 8.8% in October, the lowest level in two years, RBI data show. Bank credit to private, non-financial companies accounts for more than half of India’s gross domestic product, according to data from the Bank for International Settlements.
  • Share of Workhardt was down over 4% intraday on Friday after the company posted the consolidated net loss of 94.2 Crore vs loss of 31 Crore.
  •  Consolidated net profit Of Magma Fincorp went down 61.4 percent at Rs 29.5 crore against Rs 76.6 crore YoY. Consolidated revenue grew 6.4 percent at Rs 663 crore against Rs 622.6 crore YoY.
  • Mahindra and Mahindra has reported 23.8% fall in the September quarter net profit 1355 Crore against Rs 1778 Crore in a year ago period. EBIDTA was down  16.7 percent at 1541 Cr. Vs 1849 Cr.
  • The share of Raymond today touched upper circuit at 20% on the business demerger. The company said the separate entity will be listed through mirror shareholding structure, which means every shareholder of Raymond Ltd will be issued the shares of the new company in the ratio of 1:1.