Nifty50: 18,403 ▲ 74 (+0.4%)
Sensex: 61,872 ▲ 248 (+0.4%)
8,000,000,000
Not some gazillionaire’s net worth. That is the number of people living, breathing and walking on planet Earth today (as per a United Nations projection). Yep, Homo sapiens or us human beings may have just hit a planetary milestone today. Interestingly, it took us a mere 12 years to grow from 7 to 8 billion. But don’t go looking for another planet just yet. Going forward, the UN also expects our numbers to decline.
- Guess what else hit a new milestone today? The Sensex, which hit an all-time high of 61,872 on a closing basis.
- In all, 36 of the Nifty50 stocks closed higher.
- As imports increased and exports decreased, India’s October trade deficit widened to $26.9 billion against $25.7 billion in September 2022.
Among the Nifty sectoral indices, Oil and Gas (+0.7%) and Bank (+0.7%) saw maximum gains, while Media (-0.2%) and Realty (-0.1%) were the top losers.
| Top gainers | Today's change |
| Power Grid | 216▲ 5.1 (+2.4%) |
| ONGC | 142 ▲ 3.1 (+2.2%) |
| ICICI Bank | 913 ▲ 18 (+2.0%) |
| Top losers | Today's change |
| HDFC Life | 533 ▼ 5.4 (-1.0%) |
| Grasim | 1,736 ▼ 12 (-0.7%) |
| Cipla | 1,122 ▼ 6.6 (-0.5%) |
What’s trending
⭐ HAL flies high on order news
HAL (NSE): 2,523 ▲ 32 (+1.3%)
Shares of Hindustan Aeronautics were in top gear, rising 1.7% intraday. This after the company said it received a letter of intent to supply 9 additional indigenous advanced light helicopter (ALH) MK III to Indian Coast Guard. The announcement came right after HAL delivered the last of the 16 ALHs promised to the Indian Coast Guard.
⭐ ONGC shares rally
ONGC (NSE): 142 ▲ 3.1 (+2.2%)
ONGC reported mixed numbers in Q2. The company’s net profit fell 30% YoY to ₹12,825 crore. Profits declined because the government levied windfall tax on gains the company made from rising international oil and gas prices. However, net sales have increased by 57% YoY to ₹38,320 crore. The company also announced an interim dividend of ₹6.75 on each share of ₹5.
⭐ Adani-NDTV open offer gets SEBI nod
NDTV (NSE): 383 ▲ 18 (+4.9%)
Adani Group can roll out its open offer to acquire an additional 26% stake in NDTV or New Delhi Television Limited. Market regulator SEBI has given the final okay. Following the approval, shares of NDTV were up by nearly 5%. Adani Group will roll out the open offer on 22 November and it will close on 5 December.
⭐ Industry loan demand set to increase
Some good news on the economy front. According to a new report, bank credit or the amount of loans banks give, is expected to grow by 15% year-on-year in the current and next fiscal year. This is a vital marker of economic activity. More loans means more economic activity, and a stronger economy. In the current fiscal, retail and SME segments have powered credit growth. However, corporate credit or loans to big industry is expected to take the lead and become a large contributor in FY24.
In Focus
Inflation falls. Time to celebrate yet?
As the RBI Governor had hinted on Monday, India’s retail inflation fell to a three-month low of 6.77% in October. The wholesale price index (WPI) dropped to 8.39% in the same month, the lowest level since March 2021. What does that mean for you and me? Read on.
The consumer price index (CPI) tracks prices we pay for food and other requirements in the marketplace. These prices have fallen below 7% for the second time in FY23. The decline was largely due to a slower rise in food prices. Food inflation dropped an entire percentage point from September’s 8.6% to 7.01% last month. Service sector inflation also dropped to a 29-month low of 5.9%. But, let’s not break out the bubbly yet. The decline in the overall inflation reading is also because last October’s numbers were significantly high.
Meanwhile, wholesale inflation or ‘mandi ka bhaav’, came in single digits in October, a 19-month low. This was largely owing to a fall in the price of food, mineral oils and basic metals.
However, like we said earlier, it’s not the time to celebrate just yet. The RBI is mandated to keep inflation within a target range of 2-6%. Even with the current decline, prices are well above that and have stayed that way for more than three successive quarters now.
Now, the crux of the matter. How does this impact us? For starters, any fall in prices is good news as our home budgets play catch-up with rising prices. Will this bring down interest rates and your home loan EMI? Well, that is something for the wise men and women of Mint Street to ponder over and answer. RBI is scheduled to meet next on 7 December. Watch this space for all the updates!
IPO Corner
The IPO of Inox Green Energy Services sailed through on its last day. The IPO was subscribed 1.55 times, while the IPO of Mumbai-based realty-firm Keystone Realtors received a muted response and was subscribed by 0.41 times on Day 2. Click here to apply to these IPOs on Upstox.
Good to know
What is hyperinflation?
Hyperinflation is used to describe situations where the prices of all goods and services increase uncontrollably over a specific period of time. It usually occurs when there is a massive rise in money supply, which is not supported by economic growth. The surge in money supply is often caused by the government pumping more money into domestic markets. Hyperinflation might occur in times of war and economic turmoil, like what happened recently in Sri Lanka. In such times, prices of basic goods like food, fuel skyrocket as they are in short supply. As a result, the value of the currency plunges to dramatic levels.
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