The benchmark stock market indices opened higher on Wednesday (October 27). At 09:16 AM, the Sensex was up 168.05 points or 0.27 percent at 61518.31, and the Nifty was up 37.90 points or 0.21 percent at 18306.30. About 1,339 shares have advanced, 400 shares declined, and 76 shares are unchanged.
Dow Jones hits record high
The Dow Jones Industrial Average was up 125.39 points, or 0.35 percent, at 35,866.54 to hit a record high. The S&P 500 was up 24.64 points, or 0.54 percent, at 4,591.12, and the Nasdaq Composite was up 94.73 points, or 0.62 percent, at 15,321.44.
China's industrial firms report profits
Profits at China’s industrial firms rose at a faster pace in September even as surging raw material prices and supply bottlenecks squeezed margins and weighed on factory activity.
Profits jumped 16.3 percent on-year to 738.74 billion yuan ($115.72 billion) the statistics bureau said on Wednesday, quickening from the 10.1 percent gain reported in August.
RBI imposes penalties on two co-op banks
The Reserve Bank of India (RBI) on 26 October imposed monetary penalties on two cooperative banks for various rule violations. These two banks are Vasai Vikas Sahakari Bank, Maharashtra and the Citizens Urban Co-operative Bank Ltd., Jalandhar, Punjab.
A penalty of Rs 7 lakhs was imposed on Citizens Urban Cooperative Bank for violation of norms related to income recognition, asset classification, provisioning. Also, a penalty of Rs 90 lakhs was imposed on Vasai Bank on similar violations, the RBI said.
US consumer confidence up in October
US consumer confidence unexpectedly rose in October as concerns about high inflation were offset by improving labor market prospects, suggesting economic growth was picking up after a turbulent third quarter.
The consumer confidence index increased to a reading of 113.8 this month from 109.8 in September, ending three straight monthly declines. The measure, which places more emphasis on the labor market, remains below its peak of 128.9 in June.
The rise contrasted with the University of Michigan's survey of consumers, which showed sentiment falling early this month.
Results today- Larsen & Toubro, ITC, IndusInd Bank, Bajaj Auto, Titan Company, Lupin, Maruti Suzuki India, Punjab National Bank, SBI Life Insurance Company, Zee Entertainment Enterprises, Aarti Drugs, Adani Enterprises, Adani Ports and Special Economic Zone, Aegis Logistics, Apollo Tricoat Tubes, Arvind, Asahi India Glass, Astec Lifesciences, Balaji Amines, Cummins India, Dalmia Bharat, Deepak Nitrite, Exxaro Tiles, Geojit Financial Services, Greenpanel Industries, Happiest Minds Technologies, IIFL Finance, IIFL Wealth Management, India Grid Trust, Indian Overseas Bank, JK Paper, KEC International, KPR Mill, Lakshmi Machine Works, Mahindra Logistics, Phillips Carbon Black, Poonawalla Fincorp, PSP Projects, Ramco Systems, Raymond, Reliance Power, Shriram City Union Finance, SKF India, Sona BLW Precision Forgings, Tata Chemicals, Tube Investments of India, Torrent Power, TTK Prestige, United Breweries, United Spirits, and Welspun India.
Gold prices shed nearly 1%
Gold prices snapped five straight sessions of gains, shedding nearly 1 percent as the dollar firmed and strong earnings lowered investor appetite for the safe-haven asset. Spot gold was down 0.85 percent at $1,792.449 per ounce, while the US gold futures for December delivery settled down 0.7 percent to $1,793.40 per ounce.
US crude stockpiles rose more than expected last week, but that did little to ease fears that demand will continue outstrip supply amid an ongoing energy crunch.
West Texas Intermediate, the benchmark traded at $84.47 a barrel on the news, after settling up 89 cents at $84.65 a barrel.
US crude inventories increased by 2.3 million barrels for the week ended Oct. 15. That compared with a build of 3.3 million barrels reported by the API for the previous week. Economists were expecting a build of about 1.7 million barrels.
The API also showed that gasoline inventories rose by 530,000 barrels last week, and distillate stocks increased by 986,000 barrels.The official government inventory report due Wednesday is expected to show weekly US crude supplies increased by about 1.9 million barrels last week.
Dollar edges up in narrow-range trading
The US dollar edged up on Tuesday in narrow-range trading as markets awaited news from upcoming central bank meetings that might spark volatility.Analysts said the dollar might continue to hold steady pending a slew of central bank meetings and economic data that could shift views on interest rates, inflation and growth rates.
Six stocks under F&O ban
Six stocks - Canara Bank, Indiabulls Housing Finance, Indian Energy Exchange, NMDC, SAIL, and Sun TV Network - are under the F&O ban.