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Indian stock Market Market nose-dived today due to the global market fall. The US markets ended weak yesterday (-1.1%), and today major Asian and European indices are down in the range -0.4% to -1.0%. The rally that we saw over the last few months was mainly because of two factors:
(1) better-than-expected corporate results in the September quarter and
(2) Stimulus package to support economies during the pandemic.
However, there is some uncertainty regarding the next stimulus, which is something that the markets may be concerned.
Gold Prices tumbled today:-
Gold and silver prices tumbled today market 0.8% and 1.8%, respectively. Due to the optimism over the vaccine, the associated risk may reduce in the global economy. This is putting pressure on gold prices. But at the same time, rising Covid cases pose a threat to economic recovery, thus hinting at the need for a fresh stimulus.
L&T gave sharp moves for another bullet train order
L&T has bagged yet another order worth 7000 cr. The company’s order flow has picked up momentum in the market over the last month. Consequently, its share price has risen by 20% this month. The order is to build an 87-km stretch of the Mumbai-Ahmedabad bullet train project. In October, the company had won a mega demand for a 237-km space of the same project. Together, these projects account for over 60% of the total distance of 508 km between Mumbai and Ahmedabad.
Titan gained traction during the festive season
Titan’s jewellery business, which contributes about 80% of the total revenues in the market, registered a 15% growth in the 30-day festive period (from Dussehra to Diwali) this year, as compared to the same period last year. Meanwhile, the watch and wearables business, which had seen a slower recovery in Q2, has now reached sales levels of the previous year.
The market breadth also turned negative with 36 of the Nifty50 stocks ending in the red. Among the sectoral indices, the Nifty Bank index dived 2.8%. Though in coming days we will witness substantial recovery in the Market.
Regards,
StockTradingF&O team
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