Share market and trading News

State-run ONGC will start pumping crude from its $5-billion project off the Andhra coast in the next fortnight, bringing on stream the delayed project that is pivotal for reversing the company’s declining fortunes as a result of maturing fields. Output from the KG-DWN 98/2, the second deep sea project in the east coast after RIL-BP’s KG-D6 acreage, will give a fillip to domestic oil production at a time when dependence on imports is rising on the back of expanding oil demand. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/ZKN58Ht

Indian manufacturing has accelerated through the second quarter of 2023-24 and is likely to continue for the subsequent quarters of the financial year 2023-24, notwithstanding the slowdown in developed nations, industry body FICCI's latest quarterly survey revealed. The existing average capacity utilization in the Indian manufacturing sector is around 74 per cent, slightly higher than the 73 per cent recorded during the previous quarters. It sought responses from over 380 manufacturing units from both the large and SME segments with a combined annual turnover of over Rs 4.88 lakh crores. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/bcBfGQl

The Indian rupee fell 4 paise against the US dollar due to negative trends in domestic equities and foreign fund outflows. The rupee opened at 83.31 against the dollar and reached a low of 83.32. Experts predict that the RBI may intervene to keep the rupee within the 83.20-83.30 range. Meanwhile, the dollar index was trading lower, and global oil benchmark Brent crude futures declined. In the domestic equity market, the BSE Sensex and NSE Nifty both experienced declines. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/itKg6SZ

The Sensex crossed the 65,000 mark during Sunday's Muhurat trading session, closing at 65,259 points, a 0.6% increase from Friday's close. This marked the start of Samvat year 2080. Nifty also saw a gain, closing at 19,526 points, up 0.5%. Muhurat trading is considered auspicious and is followed by the Gujarati trading community. The Sensex usually shows an uptick during this session as individual traders buy stocks while institutions are closed for Diwali. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/QYEwioW

Diwali stock picks 2023: These mid-cap stocks offer investors diverse opportunities based on sectoral strengths and individual company performance as we embark on Samvat 2080. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/Ey2jYai

Foreign Portfolio Investors (FPIs) have continued to sell Indian equities, with over Rs 5,800 crore being dumped this month due to rising interest rates and geopolitical tensions in the Middle East. This trend started in September and has continued into November, although the intensity of selling has decreased. Experts believe that the selling trend may not continue as the US Federal Reserve has indicated a dovish stance. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/ko9xcEi

China's Alibaba Group Holding and JD.com saw sales increases for Singles' Day, with both companies reporting higher gross merchandise value and order amounts compared to the previous year. The annual shopping event, which serves as a barometer for Chinese consumption sentiment, focused on a low-price strategy this year. China's postal delivery companies also experienced a significant increase in packages handled during this period. The earnings reports from Alibaba, JD.com, and Tencent next week will provide insights into the recovery of domestic consumption. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/yCn3B2r