Stock Market LIVE Updates, Friday, November 8, 2024: Having pared their opening losses, benchmark Indian equity indices were trading on a muted and volatile note on Friday.

At 10 AM, the BSE Sensex was higher by 28 points, or 0.04 per cent, at 79,570, while the Nifty 50 was at 24,197, down 1.5 points, or 0.01 per cent.

After the muted open, only five stocks, including Infosys (up 1.20 per cent), followed by Tech Mahindra, Sun Pharma, HDFC Bank, and HCLTech, out of the 30 on the BSE Sensex were trading in the green.

Losses on the index were led by Reliance Industries (down 1.66 per cent), followed by Tata Motors, Maruti Suzuki, ICICI Bank, and NTPC.

On the Nifty 50, only nine out of the 50 stocks were trading in the green. Gains were led by Infosys (up 1.27 per cent), followed
by Apollo Hospital Enterprises, Wipro, Tech Mahindra, and Hindalco Industries, while losses were capped by BPCL (down 2.32 per cent), followed by Tata Motors, Reliance Industries, Coal India, and Maruti Suzuki India.

Across sectors, the IT index was the top gainer, climbing over 1 per cent, followed by the Metal, Pharma, Health and Consumer Durables indices. All the other sectoral indices were trading with losses, with the OMC index dragging the most, falling 1.07 per cent.

The Nifty Bank and Financial Services indices were down 0.19 per cent and 0.09 per cent, respectively.
In the broader markets, the Nifty Midcap 100 was down 0.13 per cent and the Nifty Smallcap 100 was down 0.37 per cent.

Markets in India were likely to react to the US Federal Reserve cutting interest rates along expected lines, a day after Republican candidate Donald Trump emerged as the next president of the US.
  The Fed lowered rates by 25 basis points on Thursday, as expected, noting that the job market has generally eased while inflation is moving toward its 2 per cent target – saying price pressures had “made progress,” compared with prior language that it had “made further progress.”
 
Benchmark equity indices  BSE Sensex and Nifty 50 retreated from Wednesday’s higher close, and ended lower by over 1 per cent each on Thursday.
  At close, the BSE Sensex was down by 836.34 points, or 1.04 per cent, at 79,541.79, while the Nifty 50 was at 24,199.35, declining by 284.67 points, or 1.16 per cent.
  The broader markets also settled in the red, with the Nifty Midcap 100 and Nifty Smallcap 100 falling 0.43 per cent and 0.75 per cent, respectively.
  Among sectoral indices, the Nifty Metal index was the top laggard, declining 2.73 per cent. Besides, Auto, Pharma, Realty, and select Healthcare indices also dropped over 1 per cent each. The Nifty PSU Bank index ended flat on Thursday.
  Meanwhile, the BS BFSI Insight Summit enters its third and last day today, Friday, November 8.
  The event will see notable thought leaders, including Dr V Anantha Nageswaran, Chief Economic Advisor to the Government of India; Debashish Panda, Chairperson, IRDAI; Devina Mehra, Founder, Chairperson and MD of First Global; and KV Kamath, Independent Director and Non-executive Chairman of Jio Financial Services, among others discuss a host of topics at the event today. Tune in to catch all the LIVE updates here.

  On the second day of the summit, a panel of market gurus concurred that despite the Indian economy being on a structurally sound path, the equity valuation ‘premium’ for the Indian stock markets has ‘limited room to expand’ in the short-to-medium term. READ MORE

In another panel during the event, top top mutual fund executives said that the momentum in the MF inflows can take the assets under management (AUM) past the Rs 100 trillion milestone in the next two-three years. READ MORE
  Asia-Pacific markets, meanwhile, climbed on Friday, following the US Fed’s action.
  Japan’s Nikkei 225 climbed 0.3 per cent, while the broad-based Topix rose 0.1 per cent.
  South Korea’s Kospi was up 0.7 per cent, and the small-cap Kosdaq gained 1.5 per cent.
  Hong Kong’s Hang Seng index advanced 1 per cent, while mainland China’s CSI 300 saw a gain of 1.01 per cent. The Shanghai Composite was ahead by 0.6 per cent.
  Australia’s S&P/ASX 200 rose 0.9 per cent.
  That apart, shares on Wall Street scaled record highs on Thursday, lifting stock markets around the world, while US Treasury yields retreated further after the Federal Reserve cut interest rates and as investors processed a second Donald Trump presidency.
  The S&P 500 rose 0.74 per cent, the Dow Jones Industrial Average was flat, and the Nasdaq Composite jumped 1.5 per cent. The S&P 500 and the Nasdaq both ended at all-time highs for a second consecutive day.
  The MSCI index for world stocks climbed 0.9 per cent, also to a record high.
  Europe’s broad STOXX 600 index rose 0.6 per cent after Asian shares gained earlier in the day, with even onshore Chinese blue chips rising 3 per cent as investor optimism over potential stimulus outweighed concerns about worsening trade tensions.
  Stocks are “rewarding the presumed likelihood of corporate tax cuts and perceiving a general penchant toward deregulation across industries as positive for earnings,” said Naomi Fink, chief global strategist at Nikko Asset Management.
  Treasury yields extended declines after the Fed’s rate cut, though some investors warned that rates may not fall as steadily as some might have expected under a second Trump administration.
  The benchmark 10-year yield was last at 4.3355 per cent, down 9 basis points on the day, after a 14 basis point rise on Wednesday, and the 30-year yield was last at 4.5393 per cent, down over 6 bps after the previous day’s 15 bp jump.
  The dollar fell 0.7 per cent against a basket of its peers after logging its biggest one-day gain in more than two years on Wednesday.
  The euro climbed 0.7 per cent to $1.0803 after Wednesday’s 1.8 per cent fall, as investors also digested political turmoil in Germany where Chancellor Olaf Scholz sacked Finance Minister Christian Lindner.
  In advance of the Fed, the Bank of England also cut interest rates by a quarter point on Thursday for only the second time since 2020. The bank said future reductions were likely to be gradual, as it saw higher inflation after the new government’s first budget last week.
  Central banks in Norway and Sweden also held meetings on Thursday, though they met market expectations and did little to disrupt currency markets.
  Bitcoin reversed earlier losses and vaulted to another record high of $76,780 overnight. Trump had vowed to make the United States “the crypto capital of the planet.”
  Gold added 1.8 per cent, following Wednesday’s more than 3 per cent tumble, to $2,707.21 an ounce. However, that was still not far from its recent record high of $2,790.15.
  Oil reversed losses from a sell-off triggered by the US presidential election.
  Brent crude oil futures rose 0.6 per cent to $75.4 per barrel. US West Texas Intermediate (WTI) crude also added 0.5 per cent to settle at $72.04.   (With inputs from Reuters.)