Indices at 10:00 am
▼ Nifty50 12,812 (-0.36%)
▼ Sensex 43,677 (-0.34%)
▼ Nifty Midcap 100 18,947 (-0.45%)
▼ Nifty Smallcap 100 6,295 (-0.44%)
In the news
US jobless claims and new home sales growth beat expectations
- In the US, applications for unemployment benefits rose more than expected, indicating that the economic recovery is still an uphill task.
- Meanwhile, sales of new homes also beat expectations. The increase in home sales could be attributed to attractive mortgage rates and requirement of more space as people work from home.
- Amid this contradiction, the Dow took a pause and dipped 0.5%. Today, the US markets will be closed for Thanksgiving Day.
Trading in LVB shares suspended today, merger with DBIL effective on 27 November
- As per RBI, branches of Lakshmi Vilas Bank (LVB) will operate as DBS Bank India Ltd (DBIL) and the amalgamation will come into force from 27 November 2020.
- Meanwhile, trading in equity shares of LVB shall be suspended from today.
Siemens surges amid improved outlook and strong order book
- Infrastructure and energy solutions provider Siemens reported a 4.7% year-on-year drop in net profit to ₹333 crore in the September quarter. The company mentioned that the profit was impacted due to expenses of ₹285 crore incurred during the lockdown.
- The company has an order backlog of ₹3,500 crore—over one year’s revenues. The management is seeing an uptick in business. It believes that government spending in infrastructure will be crucial at this juncture and will have a cascading impact for revival in demand.
- Shares of Siemens are up 7.6% today, in an otherwise subdued market.
Sectoral indices
- Most sectoral indices are trading in the red today with the Nifty Bank index (-0.4%) and Nifty Auto index (-0.4%) among the top losers. IndusInd Bank (-1.9%), ICICI Bank (-0.6%), Maruti (-1.5%) and Eicher Motors (-2.1%) are seeing selling pressure. Meanwhile, Nifty Pharma index (+0.1%) is marginally positive.
Global markets
- Key Asian markets are a mixed bag today as Japan’s Nikkei 225 index (+0.4%) and Hong Kong’s Hang Seng Index (+0.01%) are up, whereas China’s SSE Composite Index is down (-0.1%) today.
Fact of the day
There’s actually a word for ‘the day after tomorrow’ – Overmorrow.
Source: Insider
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