Market Savera - 21/10/2024
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All three major U.S. stock indexes closed higher Friday, each reporting a sixth straight week of gains as markets were boosted by an earnings-driven jump in Netflix shares and broader gains across technology stocks. This marked the longest string of weekly advances in 2024 Crude oil futures fell on Friday, declining more than 7% on the week after data showed China's economic growth slowed and investors digested a mixed Middle East outlook. More than 70 S&P 500 companies have reported earnings this season. Of those, 75% have beaten expectations. Foreign investors are on track to sell a record amount in Indian equities in October in absolute terms, as fund managers diverted their focus from richly valued local equities to China in hopes that Beijing's recent stimulus may boost its ailing economy. Foreign portfolio investors have sold a net amount of $8.4 billion so far this month, surpassing the previous record outflow of $8.35 billion, recorded in March 2020 - the start of the COVID-19 pandemic. China cut benchmark lending rates as anticipated at the monthly fixing on Monday Ceat is also expanding its PCR (passenger car radial) capacity in its Chennai plant. Multi Commodity Exchange (MCX) reported a net profit of ₹153.6 crore for Q2FY25 against a loss of Rs 19.1 crore a year ago. Tejas netweok registered a profit of Rs 275.2 crore as against a net loss of Rs 12.6 crore, a year ago. Asia’s benchmark stock indices were mixed Monday morning, while gold touched a record high as tensions in the Middle East stoked demand for the asset as a safe haven. Nifty 50 snapped a three–session losing streak on October 18. AT close, Nifty was up 0.46% or 113.6 points at 24863.4. Nifty could face resistance from 25128 in the near term while 24568 could provide support. Indian markets could open flat, in line with mixed Asian markets today and despite higher US markets on Oct 18
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