Stock Market Live Updates: Sensex, Nifty trade flat; auto stocks in focus

Mid-day Market Update: Indian shares show little change; auto stocks shine

Indian shares were flat on Thursday, as the rally in financials and IT stocks since the U.S. Federal Reserve’s rate pause fizzled out. At noon trade, the NSE Nifty 50 index eked out a gain of 0.06% to 19,454.85, while the S&P BSE Sensex edged 0.08% lower to 65,027.65. Stocks advanced on BSE at 12 noon on November 9, 2023, were 1,780 against 1,707 stocks that declined; 159 stocks remain unchanged. Total stocks traded were 3,646. The number of stocks that recorded a 52-week high was 207, and those that hit a 52-week low was 21. Major gainers on the NSE at 12: M&M (2.82%); Apollo Hospitals (1.85%); IndusInd (1.64%); Tata Motors (1.44%); Hero Motorcorp (1.34%) Major losers: Tech Mahindra (-1.56%); Tata Consumers (-1.24%); Hindustan Unilever (-1.16%); UPL (-0.95%); JSW Steel (-0.89%)

Nifty Today: Major gainers, losers at noon trade

Major gainers on the NSE at 12:

M&M (2.82%); Apollo Hospitals (1.85%); IndusInd (1.64%); Tata Motors (1.44%); Hero Motorcorp (1.34%)

Major losers:

Tech Mahindra (-1.56%); Tata Consumers (-1.24%); Hindustan Unilever (-1.16%); UPL (-0.95%); JSW Steel (-0.89%)

Sensex Today: Mid-day trends in advance-decline ratio

Stocks advanced on BSE at 12 noon on November 9, 2023, were 1,780 against 1,707 stocks that declined; 159 stocks remain unchanged. Total stocks traded were 3,646. The number of stocks that recorded a 52-week high was 207, and those that hit a 52-week low was 21.

Stock Market Live Updates: Tamilnad Merchantile Bank opens new branches, stock trade flat

Tamilnad Merchantile Bank has informed the exchange about opening of new branches. The stock trades at ₹535.90 on the BSE, down by 0.35%.

Sectoral Watch: Steel mills seek ₹2,000-₹6,000 per tonne hike from car makers for October supplies

India’s steel-makers have begun negotiations for a price hike in auto-grade offerings, that is supplies to car companies and auto OEMs. Indications are that they have sought a Rs 2,000-Rs 6,000 per tonne increase across categories, on the back of rising raw material prices, mostly coal.

The price hike for hot rolled coils (HRCs) is expected around Rs 2,000-3000 per tonne, and for cold rolled coils Rs 4,500-6,000 per tonne.

Share Market Live Updates: Central Depository Services shares jump 4% after Meena Pednekar’s latest appointment

Central Depository Services (India) informed the exchange about the appointment of Meena Pednekar, Vice President – Admission Cell and Regulatory Compliance Department of the Company with effect from November 09, 2023. The stock rose by 4.11% on the NSE, trading at ₹1,674.70.

Stock Market Live Updates: Piramal Pharma shares rise after receiving USFDA’s EIR inspection report

Piramal Pharma informed the exchange that the company has received USFDA’s EIR report after inspection at a manufacturing facility located in Bethlehem, USA. The stock rose by 2.85% on the NSE, trading at ₹118.90.

Share Market Live Updates: Wardwizard Innovations & Mobility Q2 net profit falls 3.6% Y-o-Y, shares rise

Wardwizard Innovations & Mobility reported its standalone net profit for the quarter ended September 2023 at ₹2.41 crore as against ₹2.50 crore in the same quarter previous year. The stock rose by 2.21% on the BSE, trading at ₹51.55.

Stock Market Live Updates: Bajaj Consumer Care shares rise marginally after posting surge in Q2 net profit

Bajaj Consumer Care reported its standalone net profit for the quarter ended September 2023 at ₹38.40 crore as against ₹31.76 crore in the same quarter previous year. The stock trades at ₹238.30 on the NSE, up by 0.02%.

Share Market Live Updates: TBO Tek files offer document with SEBI for IPO

TBO Tek, a travel distribution platform, filed Offer Document with SEBI for an IPO proposing to raise funds through the issue of equity shares of face value ₹1 each, comprising of fresh issue of equity shares aggregating up to Rs 400 Crore and an offer for sale of up to 15.6 million equity shares.

TBO proposes to utilize the Net Proceeds from the Fresh Issue for the Growth and strengthening of the platform by adding new Buyers and Suppliers, Unidentified inorganic acquisitions and general corporate purposes.

The Offer for Sale comprises of up to 2.03 million equity shares by Gaurav Bhatnagar; up to 572,056 equity shares by Manish Dhingra; up to 2.6 million equity shares by LAP Travel collectively referred to as “Promoter Selling Shareholders” and up to 3.76 million equity shares by TBO Korea and up to 6.65 million equity shares by Augusta TBO referred to as “Investor Selling Shareholders”.

Share Market Live Updates: CRISIL launches five sub-category-level benchmarks for AIFs

CRISIL MI&A Research on Wednesday launched its alternative investment fund (AIF) benchmarks for March 2023, including five new ones in the sub-category-level — social venture funds, SME funds — both in Category I; real estate funds – residential (debt-oriented) in Category II; and long-only equity funds (open-ended) and long-only equity funds (closed-end), both in Category III.

With this, CRISIL now provides peer comparison for AIFs in 15 sub-categories within the broad AIF categories I, II, and III (listed below) to help investors analyse performance and evaluate investments.

“AIFs are one of the important sources of funding not only for early-stage start-ups, but also for companies that require growth capital. The growth of the AIF industry thus bodes well for economic development. AIF benchmarks help investors arrive at their decision and thus aid growth of the industry,” says Jiju Vidyadharan, Senior Director, CRISIL Market Intelligence & Analytics.

“The five new sub-category benchmarks will support granular comparison of strategies. The new real estate funds – residential (debt-oriented) category, which is a carve-out of real estate funds – residential, forms ~88% of the total valuation coverage of real estate funds – residential in the CRISIL AIF benchmarks for March 2023. The long-only sub-category is divided almost equally among closed and open-ended funds in terms of assets under management,” says Piyush Gupta, Director, Funds Research, CRISIL Market Intelligence & Analytics.

Stock Market Live Updates: Sharp India’s CFO Sunil Sane quits, shares rise

Sharp India Ltd informed the exchange about the resignation of Sunil Sane from the position of Chief Financial Officer. The stock rose by 2.80% on the BSE, trading at ₹51.

Stock Market Live Updates: Major Gainers and Losers

Major gainers on the BSE at 11 am:Jaiprakash Associates (6.91%); Polymed (6.76%); Welcorp (6.44%); PFC (6.01%); Techno Electric (5.97%) Major losers:MTAR Technologies (-8.61%); Cressanda Solutions (-6.88%); Pricol (-6.14%); Midhani (-5.91%); Valiant Org (-5.65%)

Share Market Live Updates: China slips into deflation

China’s consumer prices swung back into contraction and factory-gate deflation persisted in October as domestic demand struggled, weighing on the outlook for any broader-based recovery in the world’s second-largest economy.

The consumer price index dropped 0.2 per cent in October from a year earlier, data from the National Bureau of Statistics showed on Thursday, as per a Reuters report.

Stock Market Live Updates: Mirae Asset MF launches UPI AutoPay Mandate

Mirae Asset Mutual Fund has launched UPI AutoPay Mandate for SIP registrations.

This is one of its kind Industry initiative jointly developed by Mirae Asset Mutual Fund, KFintech, and BillDesk to help investors of Mirae Asset Mutual Fund register SIP mandate using the UPI AutoPay feature simplifying the overall investment process which reduces the investment time, thereby improving the overall investment experience.

UPI AutoPay allows an investor to automate their recurring Systematic Investment Plan payments. The payments will be deducted from the bank account on a particular date.

Mirae Asset Mutual Fund UPI AutoPay facility enables a hassle-free monthly deduction from the investor’s bank account to invest in their desired Mirae Asset Mutual Fund schemes, making the investment process more convenient and disciplined. Investors can now enable recurring e-mandate using all UPI applications supporting UPI AutoPay.

Stock Market Live Updates: RBI Governor: Monetary policy remains vigilant in managing inflation

Monetary policy remains watchful and actively disinflationary to progressively align inflation to the target, while supporting growth: RBI Governor Shaktikanta Das

While growth remains on track, inflation is on a path of moderation, though it is still above the target: Das

Indian economy has sailed through the turbulent waters smoothly during the recent years…The confidence and trust in India’s prospects are at an all-time high

In the current uncertain environment, it is best to avoid any sense of complacency. We remain agile and continue to fortify our macroeconomic fundamentals and buffers

Driven by its inherent dynamism and supported by a prudent policy mix, growth is getting stronger foothold while inflation is also coming under control: Das

Our economic performance also owes a lot to the very calibrated, focused and targeted monetary and fiscal responses since the pandemic: Das

Linking of the UPI with fast payment systems of other countries is being undertaken: Das

Linkage of fast payment systems of India and Japan may also be explored to leverage the power of fintech and make cross-border payments more efficient and less costly: Das

Although financial innovation enhances ease of payment and lowers its cost, they also pose risks and challenges to the financial system. These risks have a bearing on overall financial stability and market integrity: Das

RBI intends to play a dual role of acting as promoter of innovation as well as being the regulator: Das

While promoting innovation, our focus is on ensuring a well-regulated ecosystem that addresses systemic risks and challenges: Das

Stock Recommendations: Restaurant Brands Asia (Accumulate)

Restaurant Brands Asia (RBA IN) – Amnish Aggarwal – Head of Research, Prabhudas Lilladher Pvt Ltd.

Rating: ACCUMULATE | CMP: Rs114 | TP: Rs145

Q2FY24 Result Update – India – strong 2H guidance, Indonesia shows initial recovery

Quick Pointers:

§ BK India ADS at Rs126k, SSG at 3.5%, 2H SSG expected at 8-9%

§ Indonesia expected to be cash breakeven in FY24, Popeyes ADS 30% higher than BK ADS, 50% growth in chicken and 35% in Burgers

Restaurant Brands Asia (RBA) had shown broad based recovery in 2Q24 led by 3.5% SSG in India and margin beat lead by steady GM and lower increase in overheads. Indonesia business has reported strong 50% growth in chicken and 35% in burgers in a seasonally weak quarter. 2H24 outlook in India better with 1) seasonal uptick in 3Q resulting in improved store traffic 2) higher stores openings (46 in 2H) 3) sustained benefits from value meal and innovations and 4) strong growth in smaller towns. We believe margin expansion in India business will be slightly curtailed in 2H due to overheads associated with accelerated store openings. Indonesia operations is showing initial signs of recovery led by 1) relaunch/innovation in Whopper range 2) new range of chicken offerings 3) desserts scalability and 4) sustained traction with 30% higher ADS in Popeyes then BK.

Given strong SSG guidance beyond FY24, we now expect India business to report FY26 PBT from operations of Rs276mn versus Rs165mn earlier. We value the company at Rs 145 (Rs142 earlier) on SOTP basis. Accumulate.

Stock Market Live Updates: Welspun Corp partners with MRPL for renewable energy supply; stock surges 7.27%

Welspun Corp has entered into an arrangement for supply of renewable energy under group captive structure with Mounting Renewable Power Limited (MRPL), a subsidiary of Welspun New Energy Limited. The stock surges by 7.27% on the NSE, trading at ₹490.15.

Technicals: Nifty prediction today – Nov 9, 2023: Index is range bound

Nifty 50 (19,450) opened today’s session slightly higher at 19,457.40 versus Wednesday’s close of 19,443.50. But the index is now back to near yesterday’s closing level of 19,450. The benchmark index is staying flat despite positive cues from the Asian market. Interestingly though, the mid- and small-cap indices are up today after the first hour of trade.

Stock Recommendations: Cummins India (HOLD)

Cummins India (KKC IN) – Amit Anwani – Research Analyst, Prabhudas Lilladher Pvt Ltd.

Rating: HOLD | CMP: Rs1,767 | TP: Rs1,811

Q2FY24 Result Update – Healthy Q2; eyes on exports, CPCB-IV transition

Quick Pointers:

§ Industrial segment witnessed revenue growth of ~20% YoY, driven by strong traction in road construction segment.

§ CPCB-IV products accounted for ~30% of domestic power gen sales.

Cummins India (KKC) reported decent quarterly performance with revenue declining 2.6%, due to de-stocking of inventory at dealer level and EBITDA margins expanding by 294bps YoY to 17.8%. EBITDA margin expansion was mainly due to softening commodities prices, stable product pricing and favorable product mix. Management expects H2 to be better driven by 1) continued demand & normalizing inventory levels in domestic powergen segment, 2) pickup in industrial segments especially construction sector and 3) continued demand from sectors such as data center, manufacturing etc. Export market is likely to be muted in near term owing to demand slowdown from key geographies such as Europe, North America, Africa etc. Management guided for double digit revenue growth with 100bps EBITDA margin improvement for FY24.

We expect Cummins’ outlook to remain intact given 1) strong domestic demand in power gen across sectors with CPCB-IV product witnessing traction 2) improving margin profile and 3) ample room for growth in distribution business. The stock is trading at PE of 38.9x/34.2x/30.4x FY24/25/26E. We roll forward to Sep’25E and maintain ‘Hold’ rating on stock with revised TP of Rs1,811 (Rs1,788 earlier) valuing it at 33x Sep’25E (35x FY25E earlier).

Stock Recommendations: Exide Industries (BUY)

Exide Industries (EXID IN)

Result Report Q2 FY24

Recommendation: BUY

CMP: Rs 266

Target Price: Rs 325

Potential Return: +22%

Li-ion project on-track to start by end FY25

EXID’s 2QFY24 results was better led by better than expected gross margins at 31.1% (+60bp YoY/ +280bp QoQ) resulted in EBITDA/ADJ.PAT beat of 6-11% to our/street estimates. The sharp expansion QoQ is due to favorable product mix. The management indicated 10.4% YoY growth in revenues was led by volumes as pricing remained stable. The demand outlook is stable to positive for the base business for auto/industrial vertical, as current volume growth is expected to sustain in 2HFY24E. Further, re-configured products for exports (to avoid antidumping) to benefit exports recovery in the near-term. We believe recent increase in lead prices (by ~14% YoY and +3% QoQ vs average of 2Q) to influence margins ahead. While EXID’s LAB business is expected to grow 7‐8% CAGR over 3‐5 years, significant ramp-up in EV cell manufacturing and order wins to act as key re-rating trigger for the stock. We estimate Revenue/EBITDA/PAT CAGR of 12%/25%/31% over FY23‐25E as we cut FY24 EPS by 3.5% to factor in for lead inflation. We have raised target multiple to 16x (v/s 15x) to factor in for increased order inflow for its packs business and maintain BUY with TP of Rs325 (16x Mar-25 EPS + 50% holdco discount to HDFC Life stake

Stock Recommendations: Stove Kraft (BUY)

Stove Kraft Ltd (STOVEKRA IN)

Result Report Q2 FY24

Recommendation: BUY

CMP: Rs 503

Target Price: Rs 624

Potential Return: +24.1%

Guidance maintained despite weak 1H; re-iterate BUY

New products launched has been meeting with the strong response and company is falling short of manufacturing capacity to supply products like air-fryers. We feel STOVEKRA can achieve double digit revenue growth and margin delivery can be achieved as operating leverage kicks in. Considering strong growth potential, success of new products and management sticking to its guidance despite subdued 1H on both revenue as well as margin front is encouraging. We estimate STOKRA to deliver revenue CAGR of over FY23-25E of 13% which looks achievable given the expansion in distribution and new product launches. We have estimated EBITDA margin of 10% in FY24 is lower than management guidance of 11% factoring for some additional expenses. With strong growth potential and improvement in EBITDA margins, we remain positive on the stock and reiterate our BUY rating with TP of Rs624 valuing the company at 22x FY25E EPS.

Stock Market Live Updates: Nifty Realty stocks surge at this hour with Brigade and Sobha leading the way

Top Nifty Realty stocks at this hour: Brigade (4.92%); Sobha (4.23%); Swan Energy (2.60%); Prestige (2.59%); Oberoi Realty (1.59%)

Stock Recommendations: Carysil Ltd (

Carysil Ltd (CARYSIL IN)

Result Report Q2 FY24

Recommendation: BUY

CMP: Rs 693

Target Price: Rs 882

Potential Return: +26%

On track to achieve Rs7-7.25Bn revenue target for FY24!

We reckon, CARYSIL should witness improvement in demand from hereon. Hence, we expect Quartz volumes to grow by 18%CAGR over FY23-FY25E. Also, with ramp-up in stainless steel biz & better trajectory in UK subsidiary’s, we expect Revenue to grow by 23%CAGR over FY23-FY25E. Incrementally with better volumes, margins are likely to expand, hence we reckon EBITDA margins to improve by 250bps over next 2-years. At CMP, the stock trades at P/E(x) of 23x/17x on FY24E/FY25E EPS of Rs 31/40, both revised upwards by 25%/10% respectively, largely due to better-than-expected performance of UK subsidiaries & higher margins. We continue to value the company at P/E(x) of 22x on FY25E EPS, arriving at a target price of Rs882. Hence, we maintain our BUY rating on the stock.

Stock Recommendations: Schneider Electric Infrastructure

LKP Research

SCHNEIDER ELECTRIC INFRASTRUCTURE

Q2 FY24 Result Update

Business momentum remains positive across its traditional and emerging businesses and we expect this to continue as core data improves which reflects on the overall business it operates in with adequate digitalization opportunities and positive outlook ahead. Further, company’s performance has been consistent for FY22, FY23 and H1FY24 wherein execution has remained strong with consistent margin improvement and expects it to continue with strong order book and pipeline ahead including focus of management remains on collections and cash. Overall company remains optimistic in the short to mid-term with support from the government in the form of investment, reforms and policies. Considering the strong H1FY24 performance we are increasing the estimates and target upwards given strong margin beat in first half. Hence, we maintain BUY with a revised TP of ₹400

Stock Market Live Updates: Bank Nifty prediction today – Nov 9, 2023: Exhibits bullish bias but a barrier ahead

Bank Nifty opened today’s session lower at 43,626.10 versus Wednesday’s close of 43,658.65. But it has now recovered to 43,710, up 0.1 per cent.

The breadth of the index is giving it a bullish bias as the advance/decline ratio stands at 7/5. AU Small Finance Bank, up 2.4 per cent, is the top gainer whereas SBI, down 0.5 per cent, is the top loser.

Currency Market Live Updates: Rupee moves up 5 paise to 83.25 against dollar in early trade

The rupee appreciated 5 paise to 83.25 against the US dollar in morning trade on Thursday, as crude oil prices and the American currency retreated from their elevated levels.

However, a muted trend in domestic equities and sustained foreign fund inflows weighed on investor sentiment.

At the interbank foreign exchange, the rupee opened at 83.25, higher by 5 paise over its previous close.

Stock Market Live Updates at 10.30 a.m.

Benchmark equity indices declined in early trade on Thursday amid continuous foreign fund outflows and mixed trends from global markets.

At 10.30 a.m., the 30-share BSE Sensex declined 62.05 points to 64,933.70. The Nifty dipped 21.15 points to 19,422.35.

Among the Sensex firms, Tech Mahindra, Reliance Industries, Hindustan Unilever, HDFC Bank, Infosys and JSW Steel were the major laggards.

Mahindra & Mahindra, ICICI Bank, Maruti, Wipro, Larsen & Toubro and Tata Motors were among the gainers.

In Asian markets, Seoul, Tokyo and Shanghai were trading in positive territory, while Hong Kong quoted lower.

The US markets ended on a mixed note on Wednesday.

Global oil benchmark Brent crude climbed 0.23 per cent to $79.72 a barrel.

Foreign Institutional Investors (FIIs) offloaded equities worth Rs 84.55 crore on Wednesday, according to exchange data.

Stock Market Live Updates: Vinati Organics subscribes to ₹28 crore worth of additional equity shares, stock dips 0.42%

Vinati Organics Limited has subscribed to the additional 2,84,13,000 fully paid-up equity shares of the face value of ₹10 each at par, amounting over ₹28 crore. The stock trades at ₹1,761 on the NSE, down by 0.42%.

Stock Market Live Updates: Syncom Formulations stock surges 13.74% on strong September 2023 financial results

Syncom Formulations (India) stock jumps 13.74% on the NSE, trading at ₹10.35 after the company reported its financial results for the period ended September 2023.

IPO Watch: Ask Automotive IPO subscription updates

Ask Automotive IPO has been subscribed 1.71 times as of 10:15 am on the closing day, November 9, 2023. The QIB portion has been subscribed 0.06 times, NII 3.22 times; and retail 2 times.

Stock Recommendations: SUDARSHAN CHEMICAL: Q2 FY24 Result Update

LKP Research

SUDARSHAN CHEMICAL INDUSTRIES LIMITED

Q2 FY24 Result Update

In the near-term SCIL continues to face headwinds particularly from the export market, however softening of the prices, raw material prices and some other costs coupled with uptick in volumes in the domestic market has aided SCIL’s strong recovery. Despite declining prices across its product categories the company says it saw early signs of volume gains which helped domestic market to grow 16% YoY. We believe recent headwinds in the overall pigment industry will be transient and that shifting of global players away from pigment businesses (Top players like BASF & Clariant selling pigment biz), China +1 and sustained demand recovery will be some of the key tailwinds for the overall pigment industry and are likely to benefit SCIL as well.

We believe that challenges like a) consolidation in pigment industry, b) high inflation in developed economies, c) weak geopolitical scenario, d) sharp volatility in commodity prices and e) supply chain disruptions are expected to hit mid-sized and small pigment players resulting in benefit to major players like SCIL.

We forecast a Revenue/EBITDA/PAT CAGR of 11.2%/31%/92% over FY23–25E vs 11.2%/26%/76% CAGR earlier, on the back of low base and a swift recovery in volumes in the domestic market despite muted pricing growth. We have factored in a FY24/FY25 EBITDA margin of 12%/12.7%. We retain ‘BUY’ and our TP of ₹605 (25.4x FY25 Adj. EPS of ₹23.9).

Stock Recommendations:

J.B. Chemicals & Pharmaceuticals (JBCP IN) – Param Desai – Research Analyst, Prabhudas Lilladher Pvt Ltd.

Rating: BUY | CMP: Rs1,462 | TP: Rs1,675

Q2FY24 Result Update – Margin surprise

Quick Pointers:

§ Reiterate CDMO revenue guidance of $100mn over next 3-4 years.

§ Adj for ESOP (Rs 77mn), OPM came in at 28.5%.

J.B. Chemicals & Pharmaceuticals (JBCP) Q2FY24 EBITDA growth of 32% YoY was 6% above our estimate aided by higher margins. Revenue growth across domestic formulation (+11% YoY) and contract manufacturing business (+5% YoY) continue to remain healthy. We believe JBCP will continue with its growth momentum driven by 1) geographical expansion of legacy brands 2) improvement in MR productivity 3) scale up in Sanzyme, Azmarda and Razel franchise 4) launch of new products & therapies 5) scaling up contract manufacturing business and 6) improvement in FCF generation. Our FY24/25E EPS stands broadly remains unchanged. We expect EPS CAGR of 29% over FY23-26E. At CMP, the stock is trading at 27x FY25E P/E adjusted for ESOP and amortization charges. We maintain our ‘BUY’ rating with revised TP of Rs1,675/share (Rs1,500 earlier), valuing at 30x Sept 2025E EPS adjusted for ESOP and amortization charges.

Stock Recommendations: GE T&D India

GE T&D India (GETD IN) – Amit Anwani – Research Analyst, Prabhudas Lilladher Pvt Ltd.

Rating: HOLD | CMP: Rs386 | TP: Rs367

Q2FY24 Result Update – Healthy Q2; focus on improving profitability

Quick Pointers:

§ Order inflow came in at Rs10.8bn up 122.6% YoY, driven by continued strong demand.

§ Order prospects continue to remain strong for next couple of quarters from AIS, GIS substation, power transformers and grid automation.

We revise our FY24/25E estimates upwards by 26.5/21.8%, factoring in EBITDA margin expansion and strong demand outlook. GE T&D (GETD) reported decent quarterly performance with revenue flat at Rs7bn and EBITDA margins coming in at 8.7% driven by focus on operational efficiencies, streamlining resource allocation and enhancing execution capabilities. Net debt has reduced sharply to Rs114mn vs Rs1.7bn in March 2023, driven by better cash flows and working capital situation. Going forward, management will be focusing on healthy profitable orders, better productivity, cost controls and working capital improvement. Management expects healthy order intake on the back of major traction in HVDC ordering in the medium term.

We believe healthy order pipeline, strong order book (Rs43.4n) and management’s focus on margin improvement augers well for medium term revenue and profit growth. The stock is trading at PE of 54.6x/36.6x/27.7x FY24/25/26E. We roll forward to Sep’25E, and maintain ‘Hold’ rating on stock with TP of Rs367 (Rs260 earlier) valuing it at PE of 30x Sep’25E (30x FY25 earlier).

Stock Market Live Updates: Nelcast stock jumps 12.82% on the NSE, trading at ₹190.50.

Stock Market Live Updates: Spencer’s Retail reports widening of Q2 net loss to ₹70.12 cr

Spencer’s Retail, a part of the RP Sanjiv Goenka Group, on Wednesday reported widening of its net loss to ₹70.12 crore for the second quarter this fiscal from ₹53.78 crore for the same period last fiscal.

Stock Market Live Updates: Top bank partners with IntellectAI to transform custodial services; stock gains 1.98%

A top bank in market capitalisation, has joined forces with IntellectAI, the WealthTech and InsurTech arm of Intellect Design Arena Ltd. The bank has chosen IntellectAI’s eMACH.ai Custody Edge platform to reshape the landscape of custodial services in the country. The stock rises by 1.98% on the NSE, trading at ₹676.10.

Stock Recommendations: Apollo Tyres — CMP: INR 410 Target Price: INR 412 (INR 381)

ICICI Securities

Apollo Tyres’ (APTY) standalone Q2FY24 EBITDAM was up 130bps QoQ at 19.1%, driven by scale efficiencies and cost control, with GM only being up 30bps QoQ. Exports, which typically account for ~15% of standalone revenue, saw volume decline of ~40% YoY, although up 7% QoQ. EU EBITDAM improved ~100bps QoQ to ~14% with revenue up 17% QoQ to EUR 169mn. Consolidated FCF of INR 7bn during H1FY24 helped APTY reduce net debt/EBITDA to 1.0x vs 1.4x in Mar’23. Amidst elevated profitability and limited capex, annualised RoCE was ~16% in H1FY24 as against sub-12% in recent years. Maintain HOLD with a revised DCF-based TP of INR 412 (earlier: INR 381), implying ~14x

FY25E EPS. Change in TP is due to 23%/20% higher FY24E/FY25E EPS led by ~230bps/180bps increase in consolidated EBITDAM estimates

Stock Market Live Updates: Brigade Enterprises stock soars 6.91% on strong Q3 results

Brigade Enterprises stock surges by 6.91% on the NSE, trading at ₹742.70 after the company reported its financial results for the period ended September 2023.

Stock Market Live Updates: MTAR Technologies Q2 net profit drops 17.1%, shares fall 8%

MTAR Technologies Ltd, which is engaged in the manufacturing and development of precision-engineered systems for clean energy, has reported a decrease in the net profit in the second quarter ended September 30, 2023. The firm reported a net profit of Rs 20.5 crore in the quarter as against Rs 24.7 crore in the comparable quarter last year, showing a decline of 17.1 per cent.

On Thursday, the company’s shares are trading at Rs 2,346.55, down by 8 p.c. There is a spurt in volume by more than 3.17 times in the early trade.

Stock Market Live Updates: JSW Steel’s October 2023 crude steel production surges 12% ; stock trades flat

JSW Steel reported consolidated Crude Steel production for the month of October 2023 at 23.12 lakh tonne, grew by 12% y-o-y. Capacity utilisation at Indian operations level stood at 95% for October 2023. The stock trades at ₹754.50 on the NSE, down by 0.29%.

Commodities Market Live Updates: Crude oil prices fall due to rising US inventories, natural gas prices slide on warmer weather forecast

International and domestic crude oil futures extended losses on Wednesday falling for a third straight session after a report showed an outsized rise in U.S. oil inventories while demand in the country was seen falling.

API showed U.S. crude oil inventories rose by 11.9 million barrels for week ending November 3, after a 1.347-million-barrel rise in crude inventories in the prior week.

Adding to the bearish outlook, the EIA forecasted for a 300,000 bpd drop in U.S. demand this year, while gasoline demand will fall to the lowest in decades in 2024.

Additionally, China economic numbers continue to struggle and continued to weigh on sentiments.

From an intraday perspective, international crude oil prices have started with small gains on Thursday morning in Asian trading on short covering and as markets shrug off data.

However, investors await fresh triggers so markets could remain range bound.

The range for the NYMEX WTI December is $74.00 to $77.00, while that for MCX November crude futures is 6,200 to 6,400.

NYMEX and domestic gas futures extended losses on Wednesday as most weather models forecast a much warmer temperatures over the next 15-days.

However, downside was capped as U.S. natural gas stockpiles likely decreased by 6.5 billion cubic feet last week, when cold weather likely boosted demand for heating.

From an intraday perspective, NYMEX natural gas prices have started flat this early Thursday morning in Asian trade as investors await fresh triggers.

The range for the NYMEX Gas December is $3.045 to $3.175, while that for MCX natural gas November contract is 254 to 262. — Sriram Iyer, Senior Research Analyst at Reliance Securities

Commodities Market Live Updates: Gold prices dip on profit-taking and dollar strength; eyes on Fed Chair Powell’s speech

International and domestic gold prices eased on Wednesday as investors take profits as safe-haven buying eases while the dollar rises.

Meanwhile, the highly anticipated Fed Chair Powell’s speech at a conference celebrating the Fed’s Centennial of the Division of Research and Statistics did not provide any indication of the course of monetary policy.

Reflecting investors sentiments, SPDR Gold Trust ETF fund, said its holdings fell 0.03% to 867.28 tonnes on Wednesday.

However, the U.S. Treasury Yields continued to ease on Wednesday and capped downside in bullion.

From an intraday perspective, LBMA spot and COMEX futures of gold and silver futures started flat this early Thursday morning Asian trading as investors again await cues from Fed Chair Powell speech tonight as well.

Downside could be limited as benchmark 10-year U.S. Treasury yields held near their lowest in more than a month, while the Dollar also remained subdued this Thursday morning.

Intraday, the range for COMEX December gold is between $1,940 to $1,972, while COMEX December silver is $22.120 to $22.985.

Domestically, the range for MCX gold December is 59,825 to 60,320, while that for MCX silver December is 70,330 to 71,585. — Sriram Iyer, Senior Research Analyst at Reliance Securities

Commodities Market Live Updates: Base metal prices react to dollar strength, supply concerns, and mixed China data

International and domestic copper prices continued to struggle on Wednesday as the Dollar showed strength.

Downside was capped as October refined copper production in China was below expectations at 993,800 tonnes, down 1.8% from the previous month.

Meanwhile, international and domestic zinc prices rose on Wednesday on the back of supply concerns after a fire hit a large Russian mine operation in the wake of recent mine suspensions.

Adding to supply concerns, LME zinc inventories have more than halved since early September.

Most other base metals ended mixed with LME alumnium easing further, while lead and nickel prices gaining on Wednesday.

From an intraday perspective, COMEX copper has started marginally stronger this early Thursday morning in Asian trade after mixed data from China early this morning.

China inflation data released showed that October CPI fell 0.2% year on year, while PPI data fell 2.6% year on year and was broadly in line with a poll.

The data is suggesting that multiple stimulus measures from Beijing did little to stimulate overall spending and will keep upside limited in base metals.

Intraday, the range for COMEX December Copper is $3.615 to $3.685, while that for MCX copper November is 700 to 711. — — Sriram Iyer, Senior Research Analyst at Reliance Securities

Nifty Today: Major gainers, losers at 9.30 a.m.

M&M (2%); Coal India (1.17%); Apollo Hospitals (1.16%); BPCL (1.08%); Hero Motocorp (0.65%)

Major losers:

Tata Consumers (-1.10%); Tech Mahindra (-0.70%); HDFC Life (-0.56%); Sun Pharma (-0.56%); ONGC (-0.54%)

Stock Market Live Updates: Organic Recycling Systems Ltd Announces Strong Financial Results: ₹12.63 crore revenue, EBITDA of ₹5.62 crore

Organic Recycling Systems Limited is a technology engineering (TEPC) has posted its revenue of ₹126.348 million with EBITDA of ₹56.274 million (EBITDA margin of 45%) and PAT of ₹20.148 million (PAT margin of 16%).

Stock Market Live Updates: R.P.P. Infra Projects Q2 standalone net profit soars to ₹16.95 crore

R.P.P. Infra Projects reported its standalone net profit for the quarter ended September 2023 at ₹16.95 crore as against ₹3.27 crore in the same quarter previous year.

Stock Market Live Updates: Welspun shares up nearly 6% on strong Q2 numbers

Welspun Corp’s shares are up nearly 6% after the company posted a net profit in the second quarter compared to loss year ago

Stock Market Live Updates: DroneAcharya expands global reach with operations in five countries

DroneAcharya Aerial Innovations Limited has commenced full-fledged operations in five diverse countries: Philippines, Thailand, UK, US, and Qata

Stock Market Live Updates: TD Power Systems and BRUSH SEM forge oil & gas generator supply partnership

TD Power Systems Ltd (TDPS) and BRUSH SEM s.r.o (Czech Republic) have entered into two agreements, in terms of which TDPS will manufacture and supply Generators primarily for the Oil and Gas market based on Baker Hughes BRUSH technology design and TDPS design, respectively.

Stock market live updates: Here’s what Anand James, Chief Market Strategist at Geojit Financial Services, said on market trends

Nifty outlook:

Upsides dominated yesterday, but stopped just shy of the 19475 objective pencilled in for yesterday. Momentum appears to have eased though, and we favour a turn lower from either 19475, 19550 or 19630. For such a move, 19360 should suffice as the near term downside marker, but the 19840 view shall continue to be intact, as long as 19170 holds.

Derivative outlook:

Nifty weekly contract has highest open interest at 19500 for Calls and 19300 for Puts while monthly contracts have highest open interest at 19500 for Calls and 19000 for Puts. Highest new OI addition was seen at 19500 for Calls and 19400 for Puts in weekly and at 19500 for Calls and 19400 for Puts in monthly contracts. FIIs increased their future index long position holdings by 2.40%, increased future index shorts by 3.20% and decrease in index options by 12.50% in Call longs, 12.50% in Call short, 21.63% in Put longs and 31.39% in Put shorts. – Read more

USD-INR outlook:

USDINR inched higher yesterday, but did not see 83.3, pipped yesterday to trigger a sell on rallies approach. This is awaited today. As maintained yesterday, congestion point at 83.19 could pivot down moves, and momentum may not kick in until below 82.98. Alternatively outright rise above 83.4 could call for extended upsides aiming 84 initially.

Stock market live updates: Ashoka Buildcon’s Q2 FY24 results

Total Income of ₹1,590 Crore in Q2 FY24 against ₹1,310 Crore in Q2 FY23

EBITDA of ₹172 Crore with an EBITDA margin of 10.8% in Q2 FY24

Market news: Crude oil futures traded higher on Thursday morning despite deflationary indications from China, a major consumer of crude oil in the global market.

At 9.20 am on Thursday, January Brent oil futures were at $79.72, up by 0.23 per cent; and December crude oil futures on WTI (West Texas Intermediate) were at $75.53, up by 0.27 per cent. November crude oil futures were trading at ₹6312 on Multi Commodity Exchange (MCX) in the initial trading hour of Thursday morning against the previous close of ₹6274, up by 0.61 per cent; and December futures were trading at ₹6342 as against the previous close of ₹6305, up by 0.59 per cent.

Opening Bell: Sensex, Nifty open flat; Adani Ports in focus

Equity benchmarks BSE Sensex and NSE Nifty50 opened on a flat note on Thursday. Stocks in Asia advanced after US equities hit their hottest winning streak in two years, as investors cling to hopes that interest rates have peaked.

Australian and Japanese shares rose, while futures contracts for Hong Kong were flat. Those moves followed a 0.1% gain for the S&P 500 on Wednesday, it’s eighth consecutive advance and the best run for the index since November 2021.

Adani Ports and SEZ Ltd (0.75 per cent up) is the top gainer among the Nifty50 stocks followed by BPCL, Mahindra and Mahindra, Dr Reddy’s and Hero MotoCorp. On the other hand, Tech Mahindra and HDFC Bank have lost the most.

Stock market live updates: Jefferies’ take on Gujarat Pipavav Port

Jefferies has said that Gujarat Pipavav will find it hard to maintain its market share given Adani group’s aggressive expansion plans across the coast of India. Strong balance sheet and operational cash flows limit downside, it said.

It added that aggressive competition from Mundra leading to further market share loss.

Stock market live updates: LKP Research’s take on Schneider Electric Infrastructure’s Q2 results

Schneider Electric Infrastructure’s business momentum remains positive across its traditional and emerging businesses and we expect this to continue as core data improves which reflects on the overall business it operates in with adequate digitalization opportunities and positive outlook ahead. Further, company’s performance has been consistent for FY22, FY23 and H1FY24 wherein execution has remained strong with consistent margin improvement and expects it to continue with strong order book and pipeline ahead including focus of management remains on collections and cash.

Overall, company remains optimistic in the short to mid-term with support from the government in the form of investment, reforms and policies. Considering the strong H1FY24 performance we are increasing the estimates and target upwards given strong margin beat in first half. Hence, we maintain BUY with a revised TP of ₹400

Stock market live updates: MOFSL’s take on Prestige Estates

Best ever quarter, driven by successful launches

– PEPL has had a strong start to the year with Rs 11,000 crore of bookings in 1HFY24 and is about to enter a seasonally strong second half. Management now aims to achieve over Rs 20,000 crore of pre-sales in FY24 vs. initial guidance of Rs 16,000 crore. Consistent scale-up in residential business will continue to provide strong visibility of cash flows.

– As company continues to invest on residential land and capex for future growth we expect company to report net cash deficit over next two years and eventually turn positive from FY26 onwards with a peak debt of Rs 9,000 crore. Scale-up in residential business and progress on commercial execution will continue to provide visibility on substantial rental step-up over next four-five years which is right now not fully baked into the valuations.

– We reiterate buy rating with revised TP of Rs 1,000

Stock market live updates: Revolt Motors, a part of RattanIndia Enterprises, has bagged an order from Adani Green Energy for environment friendly electric motorcycles.

Revolt Motors will supply the electric bikes for Adani Green’s corporate fleet

Stock market live updates: Here’s what Vikas Jain, Senior Research Analyst at Reliance Securities, said on outlook for Nifty50 and Bank Nifty

NIFTY-50 OUTLOOK

NIFTY-50 has closed in a doji candle, trending near the 100 day average and an either side move could be expected from current levels. f On the higher side, a crossover of 19,500 levels would push the index higher to 19800 levels over the next few days. f RSI is sustaining above the average line and other key technical indicators are positively poised. f Highest call OI has moved to 19,500 strike while on the downside the highest put OI is at 19,300 for the weekly expiry.

BANK NIFTY OUTLOOK

BANK NIFTY opened higher and failed to sustain at higher levels and witnessed profit booking in the second half to close near the low point of the day. f The index has closed in an inside range of the previous day’s candle and crossover of 43,800 levels will give an upward breakout. f RSI has crossed the average line and other key technical indicators are positively poised for a higher breakout. f Bank Nifty 44,000 CE has the highest OI while on the downside it has moved higher to 43,500 for the put options OI.

Stock market live updates: Pre-market views by Avdhut Bagkar Technical and Derivatives Analyst, StoxBox

US market indices, S&P 500 and Nasdaq, eked out small gains on Wednesday to extend their recent winning streaks as investors considered Federal Reserve officials’ recent comments for signals on the path of interest rates and focused on the direction of Treasury yields.

US Treasury yields have retreated sharply since the benchmark 10-year Treasury note topped 5% in late October, as comments from Fed officials and softer labour data led to growing expectations the central bank had reached the end of its rate-hike cycle.

Most Asia-Pacific markets edged higher on Thursday after indices in the region fell for two straight days, as investors focused on inflation data from China. Indian shares are likely to open on a positive note Thursday after Brent crude and WTI contracts fell more than 2% overnight to hit their lowest since mid-July on concerns over declining demand in the US and China.

On the stock-specific news, our focus would be on Adani Ports, Apollo Hospitals, Bosch, Muthoot Finance, Zee Entertainment, Ashok Leyland, Torrent Power, Piramal Enterprises, and Globus Spirits, among others, ahead of their September quarter results.

Stocks in focus: Inox Wind

Inox Wind, a part of the Inox GFL Group, said that CRISIL has upgraded its ratings from Crisil BBB+ to Crisil A- (long term rating), Crisil A2 to Crisil A2+ (short term ratings) with

stable outlook in relation to ratings of its banking facilities.

CRISIL’s rationale for upgrading Inox Wind’s ratings reflects the steps undertaken by the promoters in fiscal 2024 to reduce debt leading to significant improvement in the financial risk profile, improvement in the business risk profile which the company has demonstrated by delivering significant improvement in operating performance in the first half of fiscal 2024 and commercialisation of the 3.3 MW turbine.

The upgrade in ratings also reflects Inox Wind’s market position, focus on cost efficiencies, healthy order book and robust execution capabilities.

Stock market live updates: Here’s what Shrikant Chouhan, Head – Equity Research
Kotak Securities, said on market trends

The benchmark indices witnessed subdued activity at higher levels, with Nifty gaining 31 points while Sensex rose by 33 points. Among the various sectors, realty and pharma indices outperformed, with both rising over 1 per cent, while financial and IT stocks saw intraday profit-booking. From a technical standpoint, the market is currently consolidating at higher levels following a promising uptrend.

On the daily chart, the index has formed a small candle near the 20-day Simple Moving Average (SMA), indicating indecision between the bulls and bears. Our view is that the broader market structure is bullish, but if the index falls below 19400/64825, we could see a quick intraday correction. For day traders, 19400/64825 could act as a trend-deciding level, above which the market is likely to continue the positive momentum till 19500-19550/65200-65350.

Conversely, selling pressure is expected to increase below 19400/64825, below which it may retest 19350-19315/64600-64500 levels./64600-64500 levels. For intraday traders, the strategy should be to buy Nifty if it crosses 19470 but with a strict stop loss at 19400 levels.

The bank nifty should support for the market to move towards 19500 or 19550 levels. It has support at 43400 and at 43200. Above 43900 it would move towards 44300 and 44500 levels. Buying is advisable above 43900 levels with a strict stop loss at 43600.

Stock market live updates: Here’s what Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd, said on market trends

Nifty is witnessing early upward momentum and appears to be the standout bullish Diwali theme in town, largely unaffected by relentless selling from FIIs. However, the likelihood of this pressure jeopardizing Nifty’s recent optimism seems slim, given its standing as a standout bullish theme. Encouragingly, WTI crude oil futures have reached a three-month low at $75 per barrel, despite signals of supply cuts from Saudi and Russia, setting Nifty’s targets at 19,500 and possibly 19,789. Traders are increasingly confident that the Federal Reserve has concluded its historic tightening cycle, with expectations leaning towards a rate cut in June.

Yet, with all eyes on Fed Chair Powell’s upcoming speech, more aggressive traders might prefer a cautious stance. Technically, sustained selling below the Nifty 19,221 level could make the benchmark vulnerable. Nifty’s options data hints at a probable trading range of 18,900-19,700, with 19,600 remaining a crucial resistance zone. As Q2 results from various companies like Adani Ports, Aurobindo Pharma, Bosch, and others are set to be revealed today, the overall sentiment suggests Nifty will likely continue to shine amid the welcome decline in oil prices.

Stock market live updates: Burman family denies allegations of independent directors of Religare Enterprises

The Burman family, which has made an open offer to acquire a majority stake in Religare Enterprises, has denied the allegations made by the independent directors of the company and claimed that it is being targeted for raising questions on few issues in the company.

“Some of these allegations are being made because we drew the attention of the Company by our letter dated October 26 to the Board of REL, to certain share trades by a certain senior executive at REL immediately prior to the launch of our open offer,” said Burman family spokesperson.

“We are concerned that instead of dealing with the legitimate queries raised in our letter the attention of regulatory authorities / Board / public shareholders is being deflected to such falsehoods,” he added.

The independent directors of the company had written a letter to Sebi, RBI and IRDA alleging fraud and other breaches against Burman family which had made the open offer to Religare investors in September.

Stock market live updates: Nifty set to open higher tracking Asian peers

Indian shares are set to open higher on Thursday, tracking Asian peers, following a drop in oil prices to their lowest levels in more than three months.

India’s GIFT Nifty was up 0.24% at 19,528.50 as of 8:05 a.m. IST, over 80 points above the benchmark Nifty 50’s Wednesday close of 19,443.50.

Stock market live updates: Kaveri Seed Q2 PAT trebles to ₹10.72 crore

The net profit of Kaveri Seed Company has gone up by three times to ₹10.72 crore in the second quarter ended September 30, 2023, against ₹2.72 crore in the comparable quarter last year. The firm registered a revenue of ₹96.12 crore in the quarter (₹84.49 crore). The board has recommended a dividend of ₹5 per equity share of ₹2 each.

“Despite stable volumes in rice and cotton, our strategic approach has transformed better realisations into substantial revenue growth, fuelling a significant improvement in margins,” GV Bhaskar Rao, Chairman & Managing Director, said.

Stock market live updates: Birla Corporation reports Q2 net profit of ₹58.37 crore

Birla Corporation, the flagship company of MP Birla group, on Wednesday reported a consolidated net profit of ₹58.37 crore for the second quarter of this fiscal against a net loss of ₹56.46 crore for the same period last fiscal.

The company’s revenue from operations rose 14.30 per cent year-on-year to ₹2,285.83 crore for the period under review (₹1,999.83 crore), according to a stock exchange filing.

Stocks to watch today: Som Distilleries and Breweries

Som Distilleries and Breweries said the Income Tax Department has been conducting a search & seizure operation at its Corporate office and Factories since November 7, 2023.

The Company, which has its registered office in Dehi and corporate office in Bhopal, in a regulatory filing, said it has been co-operating with the officials during the proceedings and responded to the clarifications and details sought by them.

“The business operations of the Company continue as usual and have not been impacted due to the search. We will comply with our legal obligation for disclosure from time to time

and will update you on further developments in near future as and when the situation permits,” per the filing.

Stocks in news: Eris Lifesciences

Ahmedabad-based Eris Lifesciences said it has availed a Term Loan Facility from Citi Bank N.A. amounting to Rs. 280 Crores for financing the acquisition of the Nephrology and Dermatology businesses pertaining to the Indian Territory of Biocon Biologics Limited. Eris has provided the lender exclusive charge on assets acquired through the slump sale transaction, including hypothecation charge on brand portfolio acquired from Biocon Biologics Limited, as security.

Stock market live updates: Bata Q2 net profit dips 38% on lower revenue

Footwear major Bata India on Wednesday reported a 38 per cent year-on-year fall in its consolidated net profit to ₹33.99 crore for the second quarter this fiscal due to lower revenue and a one-time charge for introducing a voluntary retirement scheme.

The company had posted a net profit of ₹54.82 crore for the second quarter last fiscal. During the period under review, revenue from operations fell 1.3 per cent y-o-y to ₹819.11 crore (₹829.75 crore).

Stock market live updates| Zee-Sony merger: Punit Goenka in no mood to give up CEO post as Sony explores other options

Even as Sony Corp balks against appointing Punit Goenka as the MD and CEO of the Zee-Sony merged entity, Goenka has no plans to relinquish his future role in the merged entity.

Sources close to matter told businessline that Goenka’s ambitions for the MD position have been bolstered after the Securities Appellate Tribunal set aside SEBI’s order that barred him from taking up any key managerial position. Read on to know more about Punit Goenka’s bid to become the new chief of the Sony-Zee merged entity.

businessline analysis| Geopolitical situation, Fed action to weigh on returns in Samvat 2080

Market observers expect high single-digit returns for the benchmark indices in Samvat 2080 as well.

The general elections to be held next year, coupled with global interest rates, bond yields, inflation and geopolitical issues may be key factors that dictate market movement this year.

Interest rates are widely expected to have peaked and the US Federal Reserve may keep rates steady from here on. Read on to know outlook for Samvat 2080.

Stock market live updates: Stock to buy today: Century Plyboards (I)

The short-term outlook is bullish for Century Plyboards (I). The stock surged over 4 per cent on Wednesday. That rise has taken it above the 100-Day Moving Average (MA) resistance poised around ₹650. Prior to this rise, the stock had found strong support below ₹630 this week.

The 100-Day MA will be an immediate support now.

Stock market live updates| Day trading guide: Intraday supports, resistances for Nifty50 stocks

Here are the intraday supports and resistances for widely traded stocks such as Reliance Industries, ITC, ONGC, Infosys, HDFC Bank, TCS, and SBI

Markets news: Oil holds near three-month low with demand headwinds growing

Oil held near its lowest in more than three months as bullishness in wider financial markets was offset by signs that demand is weakening and supplies remain ample, per a Bloomberg report.

West Texas Intermediate edged higher toward $76 a barrel after losing almost 7% over the previous two sessions, while global benchmark Brent settled below $80 for the first time since July, the report added.

Stock market live updates: Asian shares climb as US stocks hit hot streak

Stocks in Asia advanced after US equities hit their hottest winning streak in two years, as investors cling to hopes that interest rates have peaked, per a Bloomberg report.

Australian and Japanese shares rose, while futures contracts for Hong Kong were flat. Those moves followed a 0.1% gain for the S&P 500 on Wednesday, it’s eighth consecutive advance and the best run for the index since November 2021.

The upward momentum weighed on Wall Street’s so-called fear gauge. The VIX index marked its longest slide since October 2015 and is hovering at a level last seen in the middle of September.