China’s central bank, the People’s Bank of China, injected 642.4 billion yuan ($90.23 billion) through seven-day reverse repos to offset the maturing of 789 billion yuan in MLF loans and 61 billion yuan in reverse repo loans, maintaining ample banking system liquidity despite a net cash withdrawal of 207.6 billion yuan.
Posts in category Economic Times
Big movers on D-Street: What should investors do with HDFC AMC, HCL Tech and Sterling and Wilson? (16-10-2024)
The Benchmark BSE Sensex surged by nearly 592 points; Nifty reclaimed 25,000 on Monday, bolstered by a firm global market trend. Key stocks in focus included HDFC AMC, HCL Tech, and Sterling and Wilson, with significant movements and promising technical indicators suggesting further upside potential.
Fed’s Bostic says his ‘dot’ was for 25 bp more in cuts in 2024 (16-10-2024)
Atlanta Federal Reserve President Raphael Bostic indicated projecting just one more 25 basis points interest rate cut this year, differing from the median projection of 50 basis points. Bostic emphasized adapting his forecast based on inflation and job market data while keeping his options open.
Q2 results today: Bajaj Auto among 19 companies to announce earnings on Wednesday (16-10-2024)
Bajaj Auto is anticipated to showcase a 24-29% year-on-year revenue growth for Q2, driven by higher volumes and increased average selling prices, with PAT growth estimated at 22-24%. Other companies reporting results today include Mphasis, Crisil, and South Indian Bank.
Oil steadies after sharp falls as Middle East uncertainty persists (16-10-2024)
Oil prices rose in early Asian trade amid ongoing uncertainty over the Middle East conflict, despite recent declines due to demand concerns. Brent crude climbed 0.3% while U.S. crude dropped 0.4%. Analysts expect U.S. crude stockpiles to rise, and both OPEC and IEA have cut 2024 oil demand forecasts.
Wall Street indexes end lower as chip, oil stocks drop (16-10-2024)
Wall Street’s stock indexes closed lower with the Nasdaq falling 1%, hit by declining chip stocks due to demand concerns and potential export caps on AI chips. Energy stocks also tumbled as oil prices fell. Despite some positive earnings, UnitedHealth shares plunged, and Citigroup reported mixed results. Defensive sectors like real estate outperformed.
Gold holds steady as attention turns to US data (16-10-2024)
Gold prices remained steady in early Asian trading as investors watched for U.S. economic data to gauge future Fed rate cuts. Market participants expect a high probability of a 25 basis point cut in November. Key U.S. retail sales, industrial production, and jobless claims data are anticipated.
GIFT Nifty down 70 points; here’s the trading setup for today’s session (16-10-2024)
The short-term trend of Nifty continues to be choppy and the market is now placed within a broader range of 25,200-24,900 levels. A decisive move above 25,200 levels could open the next upside of around 25,500-25,600 levels in the near term. Immediate support is placed at 24,900 levels, said Nagaraj Shetti of HDFC Securities.