Discover the top business headlines that are trending across the world today!
The markets opened November on a cautious note, with the S&P BSE Sensex dropping nearly 1,500 points in intraday trading to hit a low of 78,233. Technical analysts suggest further downside, with the index potentially falling to 72,000, erasing all gains made in 2024.
The Sensex is approaching support at the 78,120 level, initially the Resistance 1 (R1) for the year, now likely to act as a support. Meanwhile, the NSE Nifty 50 could test its 200-day moving average (DMA) at 24,450, with a possible decline to 22,900. In a worst-case scenario, the Nifty might drop to 20,850, retracing 61.8% of its previous rally from April 2023 to September 2024. October saw the Sensex dip by 4,911 points, reflecting investor caution due to geopolitical tensions, U.S. election uncertainty, central bank policies, and mixed corporate outlooks, which continue to affect sentiment in early November.
Reliance Industries Ltd (RIL) shares dropped by 4% amid a major market downturn, falling to Rs 1,285.35 from the previous close of Rs 1,339.10 on the BSE. This decline brought the company's market cap down to Rs 17.48 lakh crore, with a turnover of Rs 94.46 crore as 7.25 lakh shares changed hands, making it one of the highest turnovers of the day. The stock reached a peak of Rs 1,608.95 on July 8, 2024, and a low of Rs 1,149.08 on November 10, 2023. So far in 2024, RIL has slipped 0.30% but gained 11.34% over the past year. With a beta of 1.2, the stock is volatile, trading below its 5, 20, 50, 100, and 200-day moving averages. JM Financial maintains a positive outlook on RIL, projecting strong earnings growth with potential recovery in retail and telecom segments.
The Reserve Bank of India (RBI) has opened applications for the role of deputy governor, seeking candidates with at least 25 years of public administration experience. Eligible applicants should have held positions equivalent to a government secretary or have worked in Indian or international public financial institutions. The position offers a salary of Rs 2.25 lakh per month.
The RBI's current deputy governors include Dr. MD Patra, M. Rajeshwar Rao, T. Rabi Sankar, and Swaminathan J. The bank also encourages "persons of exceptional merit" with relevant experience on a national or international level to apply. Candidates must be under 60 years old as of January 15, 2025.
The role, with a three-year tenure and reappointment possibility, requires applicants to submit a form, CV, photo, and three references. The deadline for applications is November 30.
India's manufacturing sector saw an upswing in October, with the Purchasing Managers’ Index (PMI) rising to 57.5 from 56.5 in September, signalling a solid improvement in operating conditions, according to S&P Global data released Monday. October's output growth was driven by an increase in both new orders and international demand, which spurred production and raised the need for raw materials. Suppliers met these needs efficiently, while manufacturers added staff to meet demand despite rising material costs. Both input prices and selling prices rose at a stronger rate, reflecting mounting inflationary pressures in the sector. Notably, new orders saw a rebound after a slower pace in September, with new contracts coming in from regions such as Asia, Europe, Latin America, and the U.S. The month’s data also indicated that freight, labor, and material costs contributed to inflation, prompting manufacturers to expand hiring more significantly than in previous months.
