Monday saw Indian stocks retreating from record highs as selling pressure in financial sectors weighed down the benchmark indices. Investors were anticipating the upcoming corporate earnings season and the Budget announcement later this month for market direction. In currency news, the rupee ended slightly weaker against the US dollar. Stock recommendations were also given for Harsha Engineers and Chennai Petroleum Corp.
Indian Stocks Retreat from Record Highs as Selling Pressure in Financials Weighs Down
Indian stock markets witnessed a correction on Monday, retreating from their recent record highs. The benchmark BSE SENSEX index closed 0.76% lower at 60,682.81 points, while the NIFTY 50 index fell 0.69% to end at 18,074.05 points.
The decline was primarily driven by selling pressure in financial stocks, with heavyweight banks such as HDFC Bank and ICICI Bank losing ground. Other sectors that contributed to the downturn included metals, power, and real estate.
Anticipation of Earnings Season and Budget
Investors were cautious ahead of the upcoming corporate earnings season, which is set to begin later this month. The earnings reports will provide insights into the financial performance of listed companies and can influence their stock prices.
Additionally, the Union Budget for the financial year 2023-24 is scheduled to be presented on February 1. Investors are eagerly awaiting the Budget announcement for potential policy changes and economic measures that could impact market sentiment.
Currency Update
The Indian rupee ended the day slightly weaker against the US dollar, with a depreciation of 0.09% to close at 82.77 per dollar.
Stock Recommendations
In a separate development, brokerage firms issued stock recommendations for Harsha Engineers and Chennai Petroleum Corp.:
Top 5 FAQs
1. What caused the decline in Indian stocks on Monday? A: Selling pressure in financial stocks, anticipation of earnings season, and the upcoming Budget announcement.
2. Which sectors were most affected by the downturn? A: Financial, metals, power, and real estate sectors.
3. What is the expected impact of the earnings season on stock prices? A: Earnings reports will provide insights into company performance and can influence stock prices.
4. When is the Union Budget for 2023-24 scheduled to be presented? A: February 1, 2023.
5. Which companies did brokerage firms recommend for investment? A: Harsha Engineers and Chennai Petroleum Corp.
BHPian ak916 shares their experience of successfully renewing their vehicle's RC after 20 years at the KA03 RTO. Providing valuable tips and insights, the BHPian suggests visiting the RTO at 11am and following a specific process to save time and avoid delays. The post also encourages staying updated with the Indian automotive industry through various social media platforms.
Air India is celebrating Black Friday with a 96-hour sale offering up to 12% off on international flights and 20% off on domestic flights. Customers can book tickets until December 2 and travel until October 30, 2025. Additional discounts are available for payments made via UPI, debit cards, and credit cards, with further discounts for ICICI Bank credit card holders. Students and senior citizens can also enjoy exclusive discounts, making this the perfect opportunity to plan your next trip.
The Indian Institution of Management (IIM) Calcutta has released the provisional answer key of the IIM CAT 2024 exam on its official website. Candidates can now use their user ID and password to access the answer key and their response sheets to roughly calculate their scores. The answer key is available for download in PDF format.
IndiGo, one of India's leading airlines, has announced a Black Friday sale that offers discounted fares and services across its domestic and international network. The sale, available for booking from November 29 to December 2, offers one-way fares starting from INR 1,199 for domestic flights and INR 5,199 for international destinations. IndiGo is also providing flexible options for passengers to choose their seats and offering discounts on excess baggage and FastForward services. This sale showcases IndiGo's commitment to providing exceptional travel services at an unbeatable value to its customers.
In line with the rapid growth of the Indian economy, Groww Mutual Fund has launched an open-ended equity scheme called 'Groww Multicap Fund' with a minimum investment amount of Rs. 100. The fund, managed by Anupam Tiwari, will follow a disciplined multicap framework with a focus on growth, quality, and valuation discipline. With a bottom-up approach for mid and small cap stocks and a top-down approach for large cap stocks, the fund aims to capitalize on the diverse opportunities in the Indian market. According to Varun Gupta, CEO of Groww Mutual Fund, this fund offers investors a structured way to participate in India's transformative journey.
Newgen Software, a provider of a unified digital transformation platform, has received a purchase order worth Rs 32.44 crore from the Reserve Bank of India. The order is for the implementation and maintenance of the Regulatory Application Management System (RAMS) and spans a period of seven years. The company's stock has been performing well in the market, with a 69.69% surge in one year and a 532.78% gain in two years. With a one-year beta of 1.1, Newgen Software also exhibits very low volatility. The company's core products of NewgenONE platform include Contextual Content Services, Low Code Process Automation, Omnichannel Customer Engagement, and Artificial Intelligence Cloud.
The Indian economy saw a slump in its GDP growth rate in the second quarter of the current fiscal year, coming in at only 5.4% compared to the projected 6.5%. This decrease was driven by slow growth in manufacturing and mining, along with weak government expenditure and private consumption. However, the Ministry of Statistics and Programme Implementation remains hopeful, stating that the overall growth in the first half of the fiscal year was 6.2%. The Reserve Bank of India has projected a growth rate of 7.2% for the full fiscal year.
The Enforcement Directorate (ED) has conducted a series of raids on businessman Raj Kundra and associates for their alleged involvement in a money laundering case connected to the distribution of pornographic material. The searches are being conducted across 15 locations in Mumbai and Uttar Pradesh. The investigation centers on the suspects' use of mobile applications and digital platforms for the dissemination of illicit content.
As Black Friday approaches, brands such as Xandres, Armedangels, Veja, Freitag, and JBC are offering alternative initiatives to counter the overconsumption and impulse buying associated with the shopping holiday. These initiatives include repair services, pausing before purchasing, swapping items, and drawing attention to water use in the fashion industry. By promoting sustainable consumption and encouraging people to cherish what they already have, these brands are taking a stand against the negative impact of Black Friday.
Get ready to save big this holiday season as Black Friday, the unofficial kickoff to the Christmas shopping season, is just around the corner. Originating in the United States during the late 1960s, this day has evolved into a global phenomenon, with retailers worldwide offering massive discounts and special deals. Despite its humble beginnings, Black Friday is now a shopping tradition celebrated by millions, with e-commerce platforms playing a crucial role in its popularity. Find out more about the history, significance, and global impact of this highly anticipated shopping extravaganza.