The Buzz in Business: Top News of the Day (November 6)
Discover the top business headlines that are trending across the world today!
IT Stocks Boost Markets as Sensex, Nifty Open Strong Amid U.S. Election Watch
The stock market opened strong on Wednesday, with IT stocks leading gains as investors closely monitored U.S. election developments. By 10:31 am, the BSE Sensex had risen by 251.87 points to 79,728.50, and the NSE Nifty was up 74.20 points at 24,287.50.
All 13 major sectors showed early gains, with the IT index up 3% due to positive signals from the U.S. economy, particularly an unexpected rise in services activity, crucial for Indian IT firms that depend on the U.S. for revenue. Jefferies analysts, led by Mahesh Nandurkar, highlighted that potential U.S. corporate tax cuts could boost demand for Indian IT services.
Notable stock movements included a 3% drop in Titan shares following a Q2 profit decline, impacted by inventory losses tied to a gold import tax cut. Dr. Reddy's rose 2.1% on positive growth forecasts, while GAIL gained 6%, beating Q2 profit expectations with strong natural gas marketing performance.
Festive Demand Boosted October Auto Sales: Two-Wheeler and Passenger Vehicle Segments Lead with Double-Digit Growth
Automobile retail sales in October saw a 32% increase year-on-year, primarily fueled by stronger rural demand and the festive season. The two-wheeler (2W) and passenger vehicle (PV) segments experienced notable growth, rising by 36% and 32%, respectively.
The three-wheeler segment rose by 11%, commercial vehicles by 6%, and tractors by 3%. Month-on-month, total retail sales jumped 64%, as per the Federation of Automobile Dealers Associations (FADA). In the PV sector, Maruti Suzuki led with a 35% increase, followed by Hyundai (30%), Tata Motors (31%), and Mahindra & Mahindra (56%). Overall PV sales for the month were 4,83,159 units. Inventory levels improved, decreasing to 75-80 days from 80-85 days.
In the 2W market, Hero Motocorp saw a 38% rise, with Honda at 37%, TVS Motor at 39%, and Bajaj Auto at 28%, totaling 20.65 million units, up 36% from last year.
Bitcoin Surges Past $75,000 Following Trump’s Election Victory, Boosting Crypto Market Optimism
Bitcoin prices surged over 10% on Wednesday, crossing the $75,000 mark for the first time, spurred by excitement over Donald Trump's victory in the 2024 U.S. election. The Republican win is seen as a positive signal for the crypto industry, with investors anticipating favorable policies. Trump's recent endorsement of digital currencies at the 2024 Bitcoin conference had already fueled optimism for a Republican boost to the sector.
Since its launch in 2009, Bitcoin has risen after each election cycle, hitting new highs. Sumit Gupta, CoinDCX's co-founder, noted that Bitcoin's consistent growth shows its resilience as a long-term asset. He added that Trump's victory could lead to crypto-friendly regulatory appointments, reducing ambiguity and encouraging institutional investment.
Balaji Srihari of CoinSwitch pointed to strong ETF inflows and election speculation as reasons for Bitcoin's rise, while other cryptocurrencies like Dogecoin, Solana, and Shiba Inu saw similar volume increases, according to Mudrex CEO Edul Patel.
India’s Ambitious Bid for 2036 Olympics Advances as IOA Submits Intent Letter
Amid internal conflicts between President P.T. Usha and executive council members, the Indian Olympic Association (IOA) has taken a bold step toward hosting the 2036 Olympics and Paralympics. On October 1, the IOA submitted a "Letter of Intent" to the International Olympic Committee’s (IOC) Future Host Commission, officially moving from “informal” to “continuous dialogue” in the selection process.
Despite the challenges, Usha affirmed India’s commitment to the bid, expressing optimism about India's potential as a host. Prime Minister Narendra Modi had already emphasized the nation’s aspiration to host the Games at the 141st IOC session in Mumbai in October 2023, as well as in his Independence Day speech. While Ahmedabad is a likely candidate for the host city, India faces stiff competition from countries like Saudi Arabia, Qatar, and Turkey. The IOC will make a decision after elections next year.
Discover the top business headlines that are trending across the world today!
IT Stocks Boost Markets as Sensex, Nifty Open Strong Amid U.S. Election Watch
The stock market opened strong on Wednesday, with IT stocks leading gains as investors closely monitored U.S. election developments. By 10:31 am, the BSE Sensex had risen by 251.87 points to 79,728.50, and the NSE Nifty was up 74.20 points at 24,287.50.
All 13 major sectors showed early gains, with the IT index up 3% due to positive signals from the U.S. economy, particularly an unexpected rise in services activity, crucial for Indian IT firms that depend on the U.S. for revenue. Jefferies analysts, led by Mahesh Nandurkar, highlighted that potential U.S. corporate tax cuts could boost demand for Indian IT services.
Notable stock movements included a 3% drop in Titan shares following a Q2 profit decline, impacted by inventory losses tied to a gold import tax cut. Dr. Reddy's rose 2.1% on positive growth forecasts, while GAIL gained 6%, beating Q2 profit expectations with strong natural gas marketing performance.
Festive Demand Boosted October Auto Sales: Two-Wheeler and Passenger Vehicle Segments Lead with Double-Digit Growth
Automobile retail sales in October saw a 32% increase year-on-year, primarily fueled by stronger rural demand and the festive season. The two-wheeler (2W) and passenger vehicle (PV) segments experienced notable growth, rising by 36% and 32%, respectively.
The three-wheeler segment rose by 11%, commercial vehicles by 6%, and tractors by 3%. Month-on-month, total retail sales jumped 64%, as per the Federation of Automobile Dealers Associations (FADA). In the PV sector, Maruti Suzuki led with a 35% increase, followed by Hyundai (30%), Tata Motors (31%), and Mahindra & Mahindra (56%). Overall PV sales for the month were 4,83,159 units. Inventory levels improved, decreasing to 75-80 days from 80-85 days.
In the 2W market, Hero Motocorp saw a 38% rise, with Honda at 37%, TVS Motor at 39%, and Bajaj Auto at 28%, totaling 20.65 million units, up 36% from last year.
Bitcoin Surges Past $75,000 Following Trump’s Election Victory, Boosting Crypto Market Optimism
Bitcoin prices surged over 10% on Wednesday, crossing the $75,000 mark for the first time, spurred by excitement over Donald Trump's victory in the 2024 U.S. election. The Republican win is seen as a positive signal for the crypto industry, with investors anticipating favorable policies. Trump's recent endorsement of digital currencies at the 2024 Bitcoin conference had already fueled optimism for a Republican boost to the sector.
Since its launch in 2009, Bitcoin has risen after each election cycle, hitting new highs. Sumit Gupta, CoinDCX's co-founder, noted that Bitcoin's consistent growth shows its resilience as a long-term asset. He added that Trump's victory could lead to crypto-friendly regulatory appointments, reducing ambiguity and encouraging institutional investment.
Balaji Srihari of CoinSwitch pointed to strong ETF inflows and election speculation as reasons for Bitcoin's rise, while other cryptocurrencies like Dogecoin, Solana, and Shiba Inu saw similar volume increases, according to Mudrex CEO Edul Patel.
India’s Ambitious Bid for 2036 Olympics Advances as IOA Submits Intent Letter
Amid internal conflicts between President P.T. Usha and executive council members, the Indian Olympic Association (IOA) has taken a bold step toward hosting the 2036 Olympics and Paralympics. On October 1, the IOA submitted a "Letter of Intent" to the International Olympic Committee’s (IOC) Future Host Commission, officially moving from “informal” to “continuous dialogue” in the selection process.
Despite the challenges, Usha affirmed India’s commitment to the bid, expressing optimism about India's potential as a host. Prime Minister Narendra Modi had already emphasized the nation’s aspiration to host the Games at the 141st IOC session in Mumbai in October 2023, as well as in his Independence Day speech. While Ahmedabad is a likely candidate for the host city, India faces stiff competition from countries like Saudi Arabia, Qatar, and Turkey. The IOC will make a decision after elections next year.
